Staying afloat amid titanic forces: Multi-asset in 2021

When dealing with choppy seas, investors need to be in the right type of boat, says Dan Kemp, chief investment officer EMEA at Morningstar. Today's markets are subject to two vast and competing forces: the pandemic on the one hand and the vast central bank and government stimulus on the other. Where these two forces meet, it creates waves and any multi-asset portfolio must be sufficiently robust to stay afloat through all conditions. "You don't know when the next wave is coming from, so it is no good focusing on one outcome", he says. "You need to survive the ups and the downs. If you on...