The last decade was a goldilocks period for investors—while low interest rates depressed fixed income returns, both public equities and private markets delivered steady performance against a low-inflation backdrop. This calm world has become a lot more turbulent. Inflation is at record levels and might stay elevated for longer despite interest rates rising at a record pace. Supply chain disruptions, geopolitical risks, and labor shortages threaten economic growth, and any wrong move by central banks might create a recession or a period of stagflation. At the same time, long-term trends require investors' attention to both shaping the ecosystem and generating high net-of-inflation returns: demographics, the transition to renewable energy, and the digitization of large parts of the economy. How are long-term investors expected to navigate those uncertain times, and deliver on their mandate? In this new world, what is the right balance between public and private markets? What paradigms for portfolio construction need to be revisited? What are the best strategies to drive returns and mitigate an ever-evolving landscape of risks?