In episode 91, Alex Proimos speaks with Lorne Johnson, managing director and director of institutional solutions at QMA (a PGIM company). This episode covers the market regimes and policy uncertainty and how to allocate based on assumptions of growth, inflation, and interest rates. We discuss how to manage a portfolio during a period of high convexity in interest rates, the suppression of volatility by central banks and asset correlations higher than in history. Finally, we talk about the role of leverage and hedging in portfolios and the importance of a portable alpha overlay.