Goldman Sachs’ Peter Oppenheimer on Concentration, Corrections & What To Do Next | #572

Today’s guest is Peter Oppenheimer, Goldman Sachs’ Chief Global Equity Strategist and Head of Macro Research. He’s also the author of Any Happy Returns: Structural Changes and Super Cycles in Markets, which explains how cycles help explain investor returns. In today’s episode, Peter discusses how structural changes in macroeconomic drivers, geopolitics, government policy and social attitudes all combine to drive secular super cycles that help to explain investor returns. Then he focuses on what he calls the Post-Modern Cycle, which features a higher cost of capital, bigger governments and less globalization. He also touches on how AI and de-carbonization may impact financial market returns and opportunities. Throughout the episode, Peter emphasizes the need for diversification in investment strategies to both manage risk and enhance returns.