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 and 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.
(0:00) Starts
(1:02) Introduction of Peter Oppenheimer
(2:22) The Four Phases of the Equity Cycle
(10:17) Thoughts on The US Market Today
(17:23) European Banks vs. US Tech Stocks
(20:32) Diversification and Sector Dominance in Equity Markets
(23:35) Long-term Structural Changes in Markets
(34:23) Personal and National Influences on Investing
(44:37) AI and Technological Investment Opportunities
(51:46) Valuation Cycles: China and the US
(58:02) Most Memorable Investment
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For detailed show notes, click here
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Past guests include Ed Thorp, Richard Thaler, Jeremy Grantham, Joel Greenblatt, Campbell Harvey, Ivy Zelman, Kathryn Kaminski, Jason Calacanis, Whitney Baker, Aswath Damodaran, Howard Marks, Tom Barton, and many more.
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Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com).
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