Economies move in cycles, and each cycle brings its own challenges and opportunities. In many aspects, the current cycle has shown signs of aging and we are likely in late cycle. As investors debate the chances of growth or recession, we think the journey merits its own consideration. Staying on the sidelines could prove costly, while we believe an active, diversified approach across public and private markets may be the best way to navigate near-term uncertainties and seize late-cycle opportunities.

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