Investors are facing three macro and geopolitical paradigm shifts in the 2020s. The first is the transition from the Washington Consensus – a paradigm that gave us the Great Moderation – to the Buenos Aires Consensus, a paradigm that will give us… something else. The second is the US-China geopolitical conflict. Most investors have begun to extrapolate the previous decade linearly into the future, believing that the end point of the Sino-American rivalry must be a conflict akin to a Cold War. This is a mistake. The relationship is fraught with risks, but it will not neatly follow the outlines of the twentieth century. The third is the Race to Zero, an epochal transition of humanity’s “means of production” from the Industrial Revolution – and its Race to Scale – to the new age of efficiency.