While February’s vol shock now seems a distant memory – an aberration – investors cannot ignore the spectre of inflation, and its impending threat to portfolios, nothing has changed here. So in today’s briefing we highlight a couple of interesting pieces from Gavekal and QMA that look at portfolio construction in an inflationary world. The QMA piece is freely available to read below (as a minor non-monetary benefit). We also look at China with J Capital Research, and the inevitable decline of it’s GDP growth, which is becoming more and more obvious this year as Xi pulls on the reins of China’s investment-led growth. Rallying DM equity markets may well be the pain trade for many, amid the continued narrow breadth of stocks, so we highlight MRB’s very bullish take on EM equities, which is overweight, especially looking at banks.