How to Invest for A Hundred Years | Inigo Fraser Jenkins

The Hundred Year Portfolio shifts the focus of long-horizon investing from traditional asset allocation to a governance-first mindset centered on purchasing power preservation. As the post-1980 investment regime—characterized by benign inflation and negative stock-bond correlation—breaks down, multigenerational investors must navigate radical uncertainty driven by AI, climate change, and geopolitical instability. Inigo Fraser Jenkins, Chief Investment Strategist at AllianceBernstein, argues that standard benchmarks are inadequate for these challenges. Instead, successful wealth stewardship requires prioritizing real assets, such as equities and direct real estate, while adapting to higher tax regimes and fiscal strain. By moving away from Markowitz-style diversification and toward a total portfolio approach, investors can build resilience against systemic shifts that threaten to erode capital over decades, rather than relying on short-term market cycles.