In our first episode of FTSE Russell Convenes, Season 4, we welcome Michael Brandt, Professor of Finance, Duke University at The Fuqua School of Business whose career on strategic and tactical asset allocation spans 25 years. In his discussion with Indrani De, Head of Global Investment Research at FTSE Rusell, Michael explains why asset allocators need to pay particular attention to market structure and the time frames we use to measure it. A focus of Michael and Indrani’s conversation is asset allocation in the current market environment, in particular financial market imbalances. Michael shares his knowledge on what is leading to them and where investors should be most concerned; impact at asset class level on the time horizon; implications for optimal frequency and timing for portfolio construction; and the issue of correlated strategies—where capital flows are happening right now and their tie-in to these imbalances.