Whether inflation proves to be sustainable or not, historic evidence is that in such environments, portfolios of low price-to-earnings ratios outperform, says NTAsset’s Kenneth Ng. The fund is a specialist in small/midsized Southeast Asian and Indian shares. It is confident that its holdings will deliver almost a doubling of earnings over the next three years.

2020 was another glorious year for Big Tech as lockdowns and a stay-at-home culture gave an explosive boost to demands for its products and services. But perhaps it was the apogee of their decades-long rise from obscurity to emergence as the world’s most powerful corporations.