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Richard Marston, PhD

James R. F. Guy Professor Emeritus of Finance, The Wharton School, University of Pennsylvania 

General Session 3: Disruptive Trends to Investing Now and in the Future

After an abrupt shutdown of the economy with the outbreak of covid, we have enjoyed a rapid though disjointed recovery. The monetary and fiscal policy response was extraordinary, but potentially disruptive to long run stability. The economic recovery to date has several disturbing features including supply bottlenecks, worker shortages, and an inflation surge. So also has the stock market resurgence, although lately the rally has become much less lopsided. Even in China where fast growth persisted for decades, disruptive changes have been introduced, this time by decree. Investors face some major disruptions both near-term and in decades ahead. These include a rapid but disruptive transition to green technology as well as other technological innovations that will upend industries. Investors will have to navigate these changes as the economy and markets move beyond the current recovery.


Richard Marston is the James R. F. Guy Professor Emeritus of Finance at The Wharton School of the University of Pennsylvania. He has taught asset allocation for more than 20 years in the CIMA Program sponsored by the Investments & Wealth Institute®. He is a past recipient of the Institute’s Matthew R. McArthur Award for outstanding contributions to investment management. Since 1999, he has been faculty director of Wharton Executive Education's Private Wealth Management Program, a week-long program for ultra-high-net-worth investors. Professor Marston has lectured on investments throughout the United States and in more than a dozen foreign countries. He is the author of numerous articles and books including Portfolio Design: A Modern Approach to Asset Allocation and Investing for a Lifetime. HE earned an AB from Yale College, a PhD from the Massachusetts Institute of Technology, and was a Rhodes Scholar at Oxford University.