The Great Moderation, the four-decade period of largely stable activity and inflation, is behind us. The new regime of greater macro and market volatility is playing out. A recession is foretold,; central banks are on the course to overtighten policy as they seek to tame inflation. This keeps us tactically underweight developed market equity's. We expect to turn more positive on risk assets at some point in 2023 - but we are not there yet. And when we get there, we don't see the sustained bull markets of the past. That's why a new investment playbook is needed.