This book provides a rigorous reappraisal of portfolio construction in an era defined by persistent inflation, elevated sovereign debt, and structural shifts in global capital markets. Challenging the assumptions embedded in Modern Portfolio Theory and the conventional 60/40 model, the book argues that traditional allocation frameworks fail to preserve real purchasing power under contemporary macroeconomic conditions.

Drawing on practitioner experience, empirical evidence, and a structured analytical framework, it develops a forward-looking method for evaluating asset classes based on real risk-adjusted returns, capital preservation, and inflation resilience. Public equities, fixed income, real estate, and private equity are reassessed through this lens, with particular attention to valuation dynamics, return dispersion, and the limitations of historical averages.

At the core of the book is a detailed examination of private credit as a contractual, income-generating asset class capable of delivering inflation-linked returns with downside protection through seniority and collateral. The volume introduces a practical allocation framework (GRID) and offers actionable guidance for institutional investors, wealth managers, and family offices seeking to construct resilient portfolios in a high-inflation, low-growth environment.

Gerhard Grueter is an investment practitioner with more than 25 years of experience in corporate finance, alternative investments, and portfolio management. He has advised corporations on capital structure and strategic finance decisions and managed alternative investment portfolios, including for family offices. Grueter combines academic research with applied investment expertise, with affiliations including London Business School and the University of Hamburg. His work focuses on portfolio construction, private markets, and long-term capital stewardship.