As volatility in equity and credit markets begins to ease, investors find themselves navigating a landscape where the fundamentals of capital markets are undergoing significant shifts that haven’t been witnessed in more than a decade. The era of abundant liquidity is waning, marked by a rising cost of capital, and equity markets contending with a sustained and heightened risk-free rate. Equity issuance may face smaller initial offers, whereas volatility may return to debt markets as issuers grapple with persistently high rates alongside priced-in rate cuts. All that, while contending with technological shifts across the industry, adding another layer of complexity. Amid the murky waters ahead, what are meaningful changes in the public markets and alpha generation? As we draw close toward the Fed’s interest-rate pivot, are investors pausing to take stock across the market? What remains of investable themes at home and abroad for the rest of 2024?