2023 Outlook: Short-term pain, long-term gain

We know from experience that the last leg of a steep climb towards the peak can prove treacherous and markets often tend to overshoot here. That implies more discomfort as exhaustion and capitulation take hold. But brighter prospects will eventually follow.

Our 2023 outlook also digs deep into the world of sustainable investing. Climate change and biodiversity will still create headlines in the year ahead, but other topics will come to the fore as well – most prominently the cost-of-living crisis and income inequality.