Innovation and Inflation: Twin Forces Reshaping Portfolios

Exchanges

Goldman Sachs

Business

4.3 • 1.1K Ratings

🗓️ 13 May 2026

⏱️ 20 minutes

🔗️ Recording | iTunes | RSS

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Summary

Technology stocks have staged a formidable rally, elevating innovation from a thematic tilt to a core portfolio driver. Yet this tailwind arrives alongside a recurring challenge — an inflationary environment in which traditional fixed-income hedges have fallen short. Together, these forces are pushing asset allocators toward a fundamental rethink of portfolio construction, as Goldman Sachs' Christian Mueller-Glissmann and Alexandra Wilson-Elizondo discuss on Goldman Sachs Exchanges. Date of recording: May 7, 2026. The opinions and views expressed herein are as of the date of publication, subject to change without notice, and may not necessarily reflect the institutional views of Goldman Sachs or its affiliates. The material provided is intended for informational purposes only, and does not constitute investment advice, a recommendation from any Goldman Sachs entity to take any particular action, or an offer or solicitation to purchase or sell any securities or financial products. This material may contain forward-looking statements. Past performance is not indicative of future results. Neither Goldman Sachs nor any of its affiliates make any representations or warranties, express or implied, as to the accuracy or completeness of the statements or information contained herein and disclaim any liability whatsoever for reliance on such information for any purpose. Each name of a third-party organization mentioned is the property of the company to which it relates, is used here strictly for informational and identification purposes only and is not used to imply any ownership or license rights between any such company and Goldman Sachs. Diversification does not protect an investor from market risk and does not ensure a profit. THIS MATERIAL DOES NOT CONSTITUTE AN OFFER OR SOLICITATION IN ANY JURISDICTION WHERE OR TO ANY PERSON TO WHOM IT WOULD BE UNAUTHORIZED OR UNLAWFUL TO DO SO. Goldman Sachs Asset Management is not providing any financial, economic, legal, accounting or tax advice in this video document. Clients are encouraged to consult with their own tax advisors and other professionals regarding their specific circumstances with respect to any potential strategy or investment. A transcript is provided for convenience and may differ from the original video or audio content. Goldman Sachs is not responsible for any errors in the transcript. This material should not be copied, distributed, published, or reproduced in whole or in part or disclosed by any recipient to any other person without the express written consent of Goldman Sachs. Disclosures applicable to research with respect to issuers, if any, mentioned herein are available through your Goldman Sachs epresentative or at http://www.gs.com/research/hedge.html Goldman Sachs does not endorse any candidate or any political party. Copyright 2026. All rights reserved. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	This is a tough time to be managing a portfolio.
0:08.0	While equities have been volatile and highly responsive to headlines about the conflict in Iran,
0:13.0	the assets that allocators traditionally used for diversification and hedging have really not been doing their job.
0:19.0	So what's the best way to navigate this environment?
0:22.5	Is it time for investors to consider a new approach to balancing their portfolios?
0:27.1	And in the meantime, what tactical opportunities might be cropping up?
0:31.0	I'm Alison Nathan, and this is Goldman Sachs exchanges.
0:36.8	Today I'm speaking with Christian Mueller-Glismman, head of asset allocation in Goldman Sachs research,
0:41.3	and Alexandra Wilson-Ellisando, global co-head of multi-asset solutions in Goldman Sachs Asset Management.
0:47.3	Alexandra is here in our New York studio while Christian joins me from London.
0:51.3	Welcome back to exchanges, both of you.
0:53.3	Thanks for having me.
0:55.2	Thanks so much for having us.
0:59.7	Thanks so much has happened since the last time we talked. So I'm looking forward to this conversation.
1:04.6	Christian, let's start with you. Our listeners, of course, are very familiar with the headline-driven moves that we have seen across global equities over the last few weeks and beyond. But let's talk about what's going on with assets like bonds and gold.
1:14.6	We typically think of those assets as playing somewhat of a balancing role to equities in the portfolio,
1:20.6	but they haven't really been serving that role.
1:23.6	So what's going on?
1:24.6	Yeah, you're absolutely right.
1:26.6	It's been not easy for multi-asset portfolios.
1:29.3	And there's a bit of a deja vu similar to 2022 where I guess inflation is the culprit here.
1:35.0	We know that a 60-40 type portfolio can do a very good job in buffering growth shocks.
	...

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