'This will be a foundational year for investors of all types,' says Chris Hyzy, Chief Investment Officer for Merrill and Bank of America Private Bank. 'Now is the time to review your portfolio in detail and prepare not only for next year but also the next decade.' Here are some near- and long-term moves to consider: 'During the first half of the year, you may want to emphasize high-quality bonds — U.S. Treasury bonds, investment-grade corporates and municipals, and higher-quality mortgage-backed securities — all of which are providing significant income for the first time in many years,' Hyzy says. 'Then, if inflation subsides and the Federal Reserve pauses its interest rate hikes, equities — especially in defensive and cyclical areas — may take over some of the momentum that bonds had provided.' 'But the most important thing is to position your portfolio for the long-term,' he adds. 'That means having broad diversification within stocks and bonds, with some exposure to alternative investments if you are a qualified investor — one for whom alternatives are appropriate. Also consider investing in some of the themes, such as digitization, healthcare, automation, climate mitigation and renewable energy, that are likely to help drive the world forward.'