"We're all EM Investors Now..." It's a provocative macro thesis... If the Fed hikes to control inflation, it risks blowing up the Treasury’s balance sheet. If it keeps rates low to manage debt service, it risks further dollar debasement. In our most recent article, we explore diversifiers that may help make a portfolio resilient to this thesis. And – of course – how return stacking helps introduce these diversifiers with the humility that the thesis could be 100% wrong.