Managing macro asset allocation for the long term

In a financial world where pundits continue writing their articles, blogs and analysis about an equity correction or a bond market crunch, would-be investors could be forgiven for keeping their cash in non-yielding bank accounts and accepting the eroding effects of inflation until a great opportunity presents itself.

The same pundits, however, are unlikely to be trumpeting the opportunity at the moment it arrives. In the meantime, there are returns to be had. The developed world has been through decades of underinvestment in infrastructure against a background of rising populations and greater asset usage, while the developing world aspires to follow where China has led in becoming a nation now considered an economic superpower.  As part of an alternative asset allocation, investing to take advantage of this theme appears to offer growth prospects for decades to come and has the advantages of meet...