Many issues remain to be clarified concerning the PEPP. : Muted and constrained economic growth, continued low yields and quantitative easing, combined with a poor investment return outlook, loom over Europe’s pension sector. Although the prospect of a trade war is the tail risk that has most worried fund managers since mid-2018, other potential perils look more threatening. In particular the problems associated with the extended bout of extraordinary monetary policy have yet to become fully apparent. Has the world entered a new paradigm in which growth, inflation and value investing are dead?