Goldman Sachs’ Peter Oppenheimer - Concentration & Correction: What To Do Next | #572

The Meb Faber Show - Better Investing

The Idea Farm

Business, Investing, Management

4.7 • 938 Ratings

🗓️ 28 February 2025

⏱️ 64 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

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 ----- For detailed show notes, click here ----- Sponsor: YCharts enables financial advisors to make smarter investment decisions and better communicate with clients. Get 20% off your initial YCharts Professional subscription when you start your free trial ----- Follow Meb on X, LinkedIn and YouTube To learn more about our funds and follow us, subscribe to our mailing list or visit us at cambriainvestments.com Follow The Idea Farm: X | LinkedIn | Instagram | TikTok ----- Interested in sponsoring the show? Email us at [email protected] ----- 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. ----- Meb's invested in some awesome startups that have passed along discounts to our listeners. Check them out here! ----- Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Welcome to the Medfavor show, where the focus is on helping you grow and preserve your wealth.
0:10.9	Join us as we discuss the craft of investing and uncover new and profitable ideas, all to help you grow wealthier and wiser.
0:16.9	Better investing starts here.
0:19.5	Metfabor is the co-founder and chief investment officer at Cambria Investment Management.
0:22.5	Did it industry regulations, he will not discuss any of Cambria's funds on this podcast.
0:25.8	All opinions expressed by podcast participants are solely their own opinions and do not reflect
0:28.9	the opinion of Cambria investment management or its affiliates.
0:31.2	For more information, visit cambrain investments.com.
0:34.7	This episode is sponsored by our friends at Y charts.
0:39.8	If your team is still chasing down the latest version of a chart, table, or portfolio, it's time for an upgrade. YCharts just made collaboration
0:45.2	way easier with enhanced sharing. Now you can instantly share charts, tables, portfolios, and
0:50.3	dashboards across share groups, keeping everyone on your team on the same page without the
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1:00.1	your dashboard modules with just a couple of clicks. No more copying, pasting, formatting,
1:05.0	just a faster, cleaner workflow so you can spend less time wrangling data and more time focused
1:10.1	on growing your business
1:11.1	and strengthening client relationships. Click on the link in the show notes to see why top advisors
1:16.2	trust Y charts to save time and grow AUM and get 20% off your initial Y charts professional
1:21.9	subscription when you start your free Y charts trial and tell them that Meb sent you new customers only.
1:29.5	Welcome, everybody. Today's guest is Peter Oppenheimer. Peter is the chief global equity
1:34.8	strategist head of macro research for Goldman Sachs. He's been a leading authority for clients on
1:40.0	issues shaping financial markets for over two decades at Goldman. He's also the author of
	...

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