Research report

Q3 2022 3D Report: Sympathy for the devil

As the world shifts from globalization to regionalization, we examine and analyze how this shift will alter the investment backdrop.

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November 17, 2022 | 16 minute read

Over the years, I have referenced the great Isaiah Berlin’s essay, “The Hedgehog and the Fox,” which examines the dynamic of knowing many things vis-à-vis knowing one really big thing. Our view at Chiron is the really big thing now clearly is the most valuable. My fundamental analysis: The world is pulling itself apart and the nature of the next era, the complexion of the new gameboard, is becoming evident. Bretton Woods II is dying before our eyes. As we discussed to kick off the year, diamond eyes were likely to be much more important than diamond hands. Many of the paradigms that have created the great bull run from 2009–2022 are under pressure and the world is unlikely to revert to its pre-COVID globalized form.

This information is educational in nature and does not constitute a financial promotion, investment advice or an inducement or incitement to participate in any product, offering or investment. FS Investments is not adopting, making a recommendation for or endorsing any investment strategy or particular security. All views, opinions and positions expressed herein are that of the author and do not necessarily reflect the views, opinions or positions of FS Investments. All opinions are subject to change without notice, and you should always obtain current information and perform due diligence before participating in any investment. FS Investments does not provide legal or tax advice and the information herein should not be considered legal or tax advice. Tax laws and regulations are complex and subject to change, which can materially impact any investment result. FS Investments cannot guarantee that the information herein is accurate, complete, or timely. FS Investments makes no warranties with regard to such information or results obtained by its use, and disclaims any liability arising out of your use of, or any tax position taken in reliance on, such information.

Any projections, forecasts and estimates contained herein are based upon certain assumptions that the author considers reasonable. Projections are necessarily speculative in nature, and it can be expected that some or all of the assumptions underlying the projections will not materialize or will vary significantly from actual results. The inclusion of projections herein should not be regarded as a representation or guarantee regarding the reliability, accuracy or completeness of the information contained herein, and neither FS Investments nor the author are under any obligation to update or keep current such information.

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Andrew Korz

Director, Investment Research

Brian Cho, CFA

Managing Director, Head of Quantitative Research, FS Chiron Funds

Ryan Caldwell

Managing Director, FS Investments

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