Inflation, interest rates and rising geopolitical tensions may be the hot button issues at the moment,

but longer term structural changes are also playing a bigger role in shaping market returns.

So what are the investment implications of these structural shifts?

We are entering what I would call a postmodern cycle and over the medium term it will mean lower returns

at the index level for investors in equities.

I'm Alson Nathan Oppenheimer, Chief Global Strategist

and Head of Macro Research in Europe in Goldman Sachs Research.

Peter is just out with a new book entitled Any Happy Returns,

Structural Changes in Markets,

which looks at long-term market trends,

what he refers to as Supercycles, and why these supercycles tend to be the

primary driver for returns.

I'll talk with Peter about where we are in the current cycle and what that means for investors.

Peter, welcome out to the program.

Thank you, Allison.

Great to be here.

And first, let me just say,

congrats on the book.

It's just out, very exciting.

Thank you so much.

And this is actually your second book which is absolutely amazing to me knowing what you do every day for your day job at Goldman Sachs finding time to write not one but two books is quite a feat so again congratulations on that.

I appreciate it thank you. But setting all of that aside you've just published as I

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