Although the "new normal" may not be as different as many people expect, investing will be changed for the foreseeable future. After another round of quantitative easing and skyrocketing fiscal debt, policy and markets are unlikely to return to the markets of the early 2000s—or even pre-COVID. This discussion will explore the impact of the central banks' involvement across asset classes and a near-zero discount rate on asset managers, return profiles, and allocations.