30 TMI | THE SOUTHAFRICANTREASURER NEXT GENERATIONTREASURY The well-known investment commentator, Mohamed El-Erian, wrote in the Journal of PortfolioManagement, July 2020: “Powered by three drivers, the world is on course to emerge from the tragic Covid-19 crisis in a ‘NewNormal 2.0’—a world of even lower growth, even higher inequality, evenmore tenuous financial stability, and greater pressures on institutional integrity and By EbenMaré, Absa Asset Management and Associate Professor, Mathematics and Applied Mathematics, University of Pretoria and Leon Sanderson, Founder, WazoWaza Capital CleansingFlames orDestructiveFire? It hasoftenbeensaid that theonly certainties in lifearedeathand taxes.There is another absolute certainty, often ignored: Change! Some changemight be glacial – every-daywewake up, we are slightly different fromthe day before; this ismostly an afterthought, until one day younotice ‘these changes’.Then, there are the epic, ground-moving, earth-shattering changes to our lifestyle or general well-being; theCovid-19 pandemic, and its general repercussions, is one such example. CHANGE! We didn’t start the fire. It was always burning, since theworld’s been turning We didn’t start the fire. No, we didn’t light it, but we tried tofight it Billy Joel
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