Hitting the Hot Buttons: Investing for the Next 2 to 4 Years

April 1, 2022 |
2 minute read

Commonfund Forum 2022 featured an expert panel representing diverse perspectives to probe beyond the headline-grabbing news that has been driving financial markets in recent months. The accompanying video provides a front row seat for this vibrant exchange, while the summary below provides a glimpse into the lively and insightful discussion and the timely topics the panelists took on.

The panel was moderated by veteran CNBC reporter and analyst Sue Herera, currently the network’s anchor-at-large. The panelists were Mark Anson, CEO and CIO of Commonfund; Julia Coronado, founder and president, MacroPolicy Perspectives; and Vikram Mansharamani, global trend-watcher, Harvard University lecturer, author and investor.

Key Highlights follow. 

Click to Watch Video


“The Fed has a tougher needle to thread … but despite the Ukrainian uncertainties and geopolitical headwinds they have no choice but to remain hawkish and tighten.” (Coronado)

“No one is really watching the potential Iran nuclear deal … the concern is that there will be a negotiated settlement that opens the path to a nuclear bomb … that will be unacceptable to the Saudis and the Israelis. And suddenly it’s an ‘uh-oh.’” (Mansharamani)


“We face three headwinds: higher risk premia, higher inflation and lower growth.” (Anson)

“Horizon matters a lot in capital allocation. Europe is in for a tough year. The U.S. is a relative safe haven near term. But in the medium term it’s still a global economy.” (Coronado)


“The Fed can’t control energy prices.” (Anson)

“This latest wave is a classic supply shock tied to the war … it’s the kind that taxes consumers and businesses.” (Coronado)

The Economy

“Consumers are liquid, balance sheets are strong and loan delinquencies are down … but surveys show they are both depressed and happy at the same time.” (Coronado)

“For businesses, PPI exceeding CPI equals margin compression.” (Mansharamani)

Supply Chains

“Overnight we’ve gone from 40-plus years of just-in-time inventory management to just-in-case inventory management.” (Mansharamani)

“Some say we’re entering a period of deglobalization, but it’s more complicated than that … we’re not going into a world in which we re-shore everything into little national units … there will be more trading blocs as companies search for more supply chain resiliency.” (Coronado)


“The ESG trend is real … but maybe we’ve gone too far? The U.S. stops a pipeline but asks the Saudis to pump more oil … It’s actually better for the U.S. to pump more because we capture methane better.” (Mansharamani)


“Two points: 1) Climate change is real; 2) Who will pay for the drive to innovation? We should look to universities and independent labs for more progress.” (Anson)

Digital Currencies

“Essentially, bitcoin is the same as my United Airlines frequent flyer miles … it’s a digital currency, there is no physical format, its value is tracked by computer algorithms, since there’s no physical format it’s tied to my digital wallet through something called a frequent flyer number, it’s not the currency of the U.S. or any sovereign nation and yet I can trade it in for valuable goods and services.” (Anson)

“Bitcoin is a classic example of a bubble.” (Coronado)

Click to View All Forum Spotlights




Stay connected with the Insights Blog

Popular Blog Posts

Market Commentary | Insights Blog

Chart of the Month | The Surprising Relationship Between Money Supply and Inflation

The potential for rising inflation is becoming a top concern for many investors and consumers. Many believe that inflation is already here as evidenced by price increases in commodities, homes,...
Perspectives | Insights Blog

In Remembrance: Verne O. Sedlacek

A Gentle Giant The Commonfund community was shocked and saddened this week by the news of the sudden passing of our former President and CEO, Verne Sedlacek at the age of 67.
Investment Strategy | Insights Blog

What is an OCIO?

Outsourced investment management, once primarily a solution for small institutions with limited resources, is now used by a broad range of long-term investors. When properly implemented, outsourcing...


Information, opinions, or commentary concerning the financial markets, economic conditions, or other topical subject matter are prepared, written, or created prior to printing and do not reflect current, up-to-date, market or economic conditions. Commonfund disclaims any responsibility to update such information, opinions, or commentary. To the extent views presented forecast market activity, they may be based on many factors in addition to those explicitly stated in this material. Forecasts of experts inevitably differ. Views attributed to third parties are presented to demonstrate the existence of points of view, not as a basis for recommendations or as investment advice. Managers who may or may not subscribe to the views expressed in this material make investment decisions for funds maintained by Commonfund or its affiliates. The views presented in this material may not be relied upon as an indication of trading intent on behalf of any Commonfund fund, or of any Commonfund manager. Market and investment views of third parties presented in this material do not necessarily reflect the views of Commonfund and Commonfund disclaims any responsibility to present its views on the subjects covered in statements by third parties. Statements concerning Commonfund’s views of possible future outcomes in any investment asset class or market, or of possible future economic developments, are not intended, and should not be construed, as forecasts or predictions of the future investment performance of any Commonfund fund. Such statements are also not intended as recommendations by any Commonfund entity or employee to the recipient of the presentation. It is Commonfund’s policy that investment recommendations to its clients must be based on the investment objectives and risk tolerances of each individual client. All market outlook and similar statements are based upon information reasonably available as of the date of this presentation (unless an earlier date is stated with regard to particular information), and reasonably believed to be accurate by Commonfund. Commonfund disclaims any responsibility to provide the recipient of this presentation with updated or corrected information. Past performance is not indicative of future results. For more information please refer to Important Disclosures.