This slide looks at the performance of various asset classes in different inflation environments. The top left chart shows high and rising inflation, relative to median inflation of 2.5% back to 1988. The top right shows high and falling inflation, the bottom left shows low and rising inflation, and the bottom right shows low and falling inflation. In 2020, we were in a low and falling inflation environment in which equities performed well. Going forward we could be in an environment in which inflation is low and rising, in which case areas like REITs and gold can help protect portfolios.