High inflation, amid warnings of a global recession, is forcing investors to tear up the rule book. Since the financial crisis, bonds have been seen as a safe bet—even if they did not promise much of a return. Equity markets, led by soaring tech stocks, were where fortunes were made. Both have plunged this year.  In a world where rising interest rates have left governments worrying about how to afford their debts, and companies will struggle to raise cash, investors need new strategies. On this week’s podcast, hosts Alice Fulwood, Soumaya Keynes and Mike Bird ask what those new rules of investing look like. Wei Li, global chief investment strategist for the world’s biggest investor, BlackRock, argues this new macroeconomic era is here to stay. And Mohamed El-Erian, chief economic adviser to Allianz, says investors need to focus on picking winners within stocks and bonds. Sign up for our new weekly newsletter dissecting the big themes in markets, business and the economy at www.economist.com/moneytalks  For full access to print, digital and audio editions, subscribe to The Economist at www.economist.com/podcastoffer Hosted on Acast. See acast.com/privacy for more information.