For most of last year, central banks and the market had managed to toe the line that inflation was transitory and monetary largesse could continue. That all changed in the final months of 2021 and January seems to have found investors in a far more sober mood. And this month’s Alpha* investment trust report seems to suggest we are at an inflection point, with lots of new trusts – stout, income generating types – featured. This makes some sense in the context of heightened concerns about persistent inflation and interest rate rises. Pershing Square is one of these new arrivals.