Merryn Somerset Webb sits down with Troy Asset Management founder and chief investment officer Sebastian Lyon to unpack why markets look eerily calm despite mounting geopolitical shocks—and why investors should be far more focused on protecting wealth than chasing returns. Lyon argues we’ve entered a new era of sticky inflation, fragile portfolios, and looming risks in government bonds. He talks about how he’s positioning for volatility, and offers some ideas for navigating markets when the old rules—like 60/40—no longer apply. This conversation was recorded at a live Bloomberg.com subscriber event in London on March 17.

<p>Merryn Somerset Webb sits down with Troy Asset Management founder and chief investment officer Sebastian Lyon to unpack why markets look eerily calm despite mounting geopolitical shocks&mdash;and why investors should be far more focused on protecting wealth than chasing returns. Lyon argues we&rsquo;ve entered a new era of sticky inflation, fragile portfolios, and looming risks in government bonds. He talks about how he&rsquo;s positioning for volatility, and offers some ideas for navigating markets when the old rules&mdash;like 60/40&mdash;no longer apply. This conversation was recorded at a live Bloomberg.com subscriber event in London on March 17.</p>

Merryn Talks Money with Bloomberg senior columnist Merryn Somerset Webb is your key to understanding how markets work – and how you can make them work for you. Every episode features a relaxed but in-depth conversation with a fund manager, a strategist, a Bloomberg expert or just someone Merryn finds particularly interesting in any given week. Listen in for the kind of insights and explanations everyone can use to help them make better saving and investing choices.

<p>Merryn Talks Money with Bloomberg senior columnist Merryn Somerset Webb is your key to understanding how markets work – and how you can make them work for you. Every episode features a relaxed but in-depth conversation with a fund manager, a strategist, a Bloomberg expert or just someone Merryn finds particularly interesting in any given week. Listen in for the kind of insights and explanations everyone can use to help them make better saving and investing choices.</p>

Merryn Talks Money

Inflation Isn’t Done: Why the Next Shock Could Be Worse

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/41852025-5375-4226-a99c-b41300c74d7a/transcript