Goldman Sachs Asset Management signals a structural shift in global markets: the era of near-zero rates, full globalization, and central bank backstops has ended. Four major trends will reshape investment over 3–5 years: supply chain realignment (nearshoring, friendshoring), second-order AI deployment in business operations, a $80-trillion wealth transfer to new generations, and geographic diversification away from US-centric portfolios. The traditional 60/40 portfolio may no longer provide adequate risk protection; active portfolio management becomes increasingly valuable as market dispersion rises.