The past four decades have been labelled ‘great moderation’ – a benign period characterised by low inflation, strong growth and falling interest rates. This has been driven by improving demographics, the end of the cold war, rising globalisation and the opening of China. In the past few years, this stable period has come to an end. Over the next decade, a series of new forces will guide investment markets. These ‘megatrends’ are an important part of our decision making at Evelyn Partners, guiding us to areas of structural growth and away from significant risks. Our research has identified four structural themes driving markets today: shifting demographics, the changing world order, a bumpy energy transition and the technological revolution.   These themes inform individual stock selection, steering us towards those companies likely to see tailwinds over the next decade, while avoiding those facing significant disruption. They also help shape strategic asset allocation. In this episode, we explore these megatrends in greater depth.