ROI Podcast | Episode 22 | Are Investors Ignoring a More Powerful Secular Growth Theme than AI? | Richard Bernstein | June 3, 2024
Manage episode 421804426 series 3524787
Richard Bernstein, CEO/CIO of Richard Bernstein Advisors, discusses deglobalization, the reindustrialization of America, and how most investors are ignoring one of the most powerful secular growth opportunities today.
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1. ROI Podcast | Episode 22 | Are Investors Ignoring a More Powerful Secular Growth Theme than AI? | Richard Bernstein | June 3, 2024 (00:00:00)
2. How do you deal with uncertainty about what's coming down the road as a strategist, as someone who's been on Wall Street for a long time? (00:01:33)
3. How do you explain the bizarre market dynamics where large cap stocks are outperforming small caps and high yield bonds are outperforming high quality bonds simultaneously? (00:03:19)
4. So which one's right, the bond market or the stock market? (00:05:09)
5. Are smaller stocks where investors should maybe find opportunities outside of just the largest companies? (00:06:12)
6. How do you explain the contradiction where manufacturing PMIs are showing contraction, but there's significant growth in factory construction? (00:07:50)
7. Do you think the CHIPS Act just pulled forward spending that would have happened anyway, or did it have a unique impact? (00:10:14)
8. You've been talking about deglobalization and the reindustrialization of America for over a decade. Has your thinking evolved over this time? (00:11:44)
9. Is deglobalization happening just between the US and some trading partners, or is it a broader global phenomenon? (00:13:09)
10. With globalization being disinflationary, will deglobalization be an inflationary force over the next several years? (00:14:35)
11. Does the potential for automation and AI to reduce labor costs influence your view on deglobalization? (00:17:04)
12. Do you think the COVID pandemic accelerated the deglobalization trend by exposing weaknesses in supply chains? (00:20:19)
13. With increasing energy demands from AI, cryptocurrency, and electrification, do you see utility infrastructure as a significant investment opportunity? (00:21:28)
14. Does the identity of the next president or the composition of the government have a big impact on equities, or should investors set them aside and recognize the cycles? (00:24:10)
15. With the period of secular disinflation potentially ending, will the Fed have a harder time bringing inflation down to their 2% target? (00:26:11)
16. Are you surprised that the Fed's significant rate hikes haven't had a bigger impact on economic growth? (00:26:47)
17. Is it still your view that the Fed won't be as aggressive in lowering rates this year as the market initially anticipated? (00:28:56)
18. Do we pay too much attention to what the Fed is doing, and should investors focus less on Fed actions? (00:30:49)
19. Are we early in the shift of the profit cycle, and do you think this trend of profit growth will continue? (00:33:00)
20. Do you have any book recommendations for our viewers? (00:35:11)
27 episodes