Persistent inflation is no longer a passing phase – it is a growing threat to investment returns, while energy insecurity, strained supply chains and elevated geopolitical tensions have made uncertainty the defining feature of today’s markets.For decades, investment assumptions have relied on cheap and abundant energy; as that premise erodes, inflation takes hold. And inflation, as ever, can be the silent destroyer of real returns.Subscribe to gift this articleGift 5 articles to anyone you choose each month when you subscribe.Subscribe nowAlready a subscriber? Fetching latest articles