It seems increasingly desirable to abandon the goal of 'growth' and focus on 'development', even in those societies where growth is still possible. In practice, it also seems very difficult to form any new consensus. The likelihood is that policies and goals will become steadily less coherent, the absurdities and contradictions increasingly evident, and that we will all have to muddle through as best we can. As investors, our task will be to find companies and managers with the resilience to survive, and ideally prosper, in increasingly chaotic conditions.
