For four decades, the formula was simple: keep labor costs low, borrow cheap, return cash to shareholders. It worked spectacularly as corporate profit margins reached record highs, the S&P 500 compounded at historic rates, and the investor class got very rich.
But that formula is now broken. According to Goldman Sachs’ global strategy team, what’s replacing it will reshape every asset class, every sector, and every assumption baked into modern portfolio theory.
