Multi-Asset Investing

Secular Forces Are Carving New Paths for Active Investing

The coronavirus has accelerated and redirected long‑term trends.

The world has taken a new turn in 2020, and the range of potential outcomes is almost impossible to quantify. We believe we are at the cusp of a new era because of the profound impact of the acceleration of a number of secular structural forces of change, which we call the “six Ds.” The first five of these are: constructive destruction, technological disruption, geopolitical disorder, demographics, and mounting public debt. While these forces have existed for some time, the coronavirus disease—the sixth D—has forced them into plain sight and may have accelerated some changes and added new ones, deflecting the future economic and market environment to a new trajectory.

Get the full story.

We’re ready to share our latest thinking, but industry regulations require you to register or sign in to continue reading this article. Thank you for understanding.

Just one more step.

To continue, you are required to read and accept our Terms & Conditions. Thank you for understanding.

Important Information

This material is provided for informational purposes only and is not intended to be investment advice or a recommendation to take any particular investment action.

The views contained herein are those of the authors as of December 2020 and are subject to change without notice; these views may differ from those of other T. Rowe Price associates.

This information is not intended to reflect a current or past recommendation concerning investments, investment strategies, or account types, advice of any kind, or a solicitation of an offer to buy or sell any securities or investment services. The opinions and commentary provided do not take into account the investment objectives or financial situation of any particular investor or class of investor. Please consider your own circumstances before making an investment decision.

Information contained herein is based upon sources we consider to be reliable; we do not, however, guarantee its accuracy. Actual future outcomes may differ materially from any forward-looking statements made.

Past performance is not a reliable indicator of future performance. All investments are subject to market risk, including the possible loss of principal. International investments can be riskier than U.S. investments due to the adverse effects of currency exchange rates, differences in market structure and liquidity, as well as specific country, regional, and economic developments.These risks are generally greater for investments in emerging markets. Fixed-income securities are subject to credit risk, liquidity risk, call risk, and interest-rate risk. As interest rates rise, bond prices generally fall. All charts and tables are shown for illustrative purposes only.

T. Rowe Price Investment Services, Inc.

© 2020 T. Rowe Price. All rights reserved. T. ROWE PRICE, INVEST WITH CONFIDENCE, and the bighorn sheep design are, collectively and/or apart, trademarks or registered trademarks of T. Rowe Price Group, Inc.

Dismiss
Tap to dismiss

Manage Subscriptions

Unsubscribe All
OK

Change Details

Congratulations! You are now registered.

Start subscribing to receive email updates.

Ok

Sign in to view and
manage your subscriptions.

Register

Download

Latest Date Range
Download Cancel

This content is restricted for Institutional Investors use only. We were not able to validate your status as an Institutional Investor with the information you provided at registration.

Please contact the T. Rowe Price Team with questions or to revise your status.

1-800-564-6958

You will need to accept the Terms & Conditions again.

Ok

You have updated your email address.

An activation email has been sent to your new email address from T. Rowe Price.

Please click on the activation link in order to receive email updates.

Ok

You have an existing account

Click OK to view your subscriptions.

OK

Confirm Cancel