‘Culture is Everything’: Sixth Street’s Alan Waxman on Flexibility and Alpha

‘Culture is Everything’: Sixth Street’s Alan Waxman on Flexibility and Alpha – Goldman Sachs Exchanges

Market views

Bullish

SPORTS— Sports teams are scarce assets with technology-enabled growth potential, representing consumer opportunities that can scale from local to global markets
HOUSING— Affordable housing presents the biggest supply-demand dislocation in the market with a 7 million unit shortage, creating significant investment opportunities despite societal and economic risks
LIVE— Live experiences have become increasingly valuable post-COVID as younger generations seek authentic offline interactions away from screens and phones
AI— AI is creating significant dispersion and alpha opportunities across sectors, with the key being identifying good versus bad business models rather than blanket exposure

Bearish

REALESTATE— The real estate sector faces massive recapitalization needs due to problematic vintages from 2019-2022 that are now stuck with unsustainable valuations
DIRECTLEND— Direct lending's anticipated golden era in 2022 lasted only 14 months, demonstrating how quickly market opportunities can evaporate

Not investment advice.