A fundamental question for investors is, will central banks fail to exorcise the pandemic’s lingering inflationary shock, just as they failed to exorcise the inflationary shock that came from the collapse of Bretton Woods in 1971? For the time being, I remain cautiously hopeful that central banks will avoid the mistakes of the 1970s, which leads to the following three recommendations on a structural (2+ year) and on a cyclical (12-month) horizon: