A 29 minute listen.

In this Great Debate, prompted by an Octo Members opinion piece about the lack of medium and long term investing voices discussing investment markets, John Lappin talks to Mark Dampier about what he expects to be a difficult decade for investing.

He warns about groupthink and even the prospects for tried and tested approaches such as 60:40 portfolios “which have worked really wellover 40 years” but may not do well now. He sees challenges for both passive and active. He sees significant macro challenges but even if you understand them, suggests it is difficult to understand how toapply that to investments.

There may be a final leg of the bull market to go, but with $300trillion of debt globally and interest rates could rise significantly,and we may eventually see a huge deflationary bust. He sees some meriteven in gold.

“These things will boil to the surface this decade, the problem foradvisers is when and how is it going to hit markets. This is the mostdifficult period in my lifetime to actually advise people.”