Executive Summary
Goldman's European trading desk identifies a structural shift away from mega-cap tech concentration toward emerging markets and cyclical assets. Rich Pravoratsky notes that moving "a couple of dollars out of these companies into everything else is a massive impact" due to extreme S&P 500 concentration. The Russell 2000 has outperformed dramatically while big-cap tech faces capex constraints, DRAM shortages, and political pressure. Central bank gold demand accelerated after Russian asset confisca...
Key Investment Opportunity
Emerging Markets Broadening Trade
Structural rotation from concentrated US tech toward diversified EM exposure as investors seek growth outside mega-cap concentration
...and 2 more investment opportunities
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