Any Happy Returns : Structural Changes and Super Cycles in Markets

“Clear and well-written, and can be seen as a helpful primer on a wide range of issues independent of its main theses” – The Society of Professional Economists - Reading Room

“An invaluable read for economic history buffs, the book also offers hints on how to invest wisely that will appeal to other readers too.”– Financial Times

‘An in-depth but accessible analysis of the complex factors that impact structural changes in financial markets and investor opportunities.’

In Any Happy Returns: Structural Changes and Super Cycles in Markets, celebrated author Peter C. Oppenheimer delivers his much-anticipated follow-up to The Long Good Buy. The book discusses how structural changes in macroeconomic drivers, geopolitics, government policy and social attitudes all combine to drive secular super cycles that help to explain investor returns.

The author focuses on what he calls the Post-Modern Cycle, what it's likely to look like, how it will unfold and what investors should focus on. You'll also find:

• An introduction to the history of cycles and structural ‘Super Cycles’, and what has driven them.
• A detailed analysis of Super Cycles since 1945, including the Post-War Boom, the Great Moderation, the post Global Financial Crisis and Pandemic era.
• The specific drivers of the emerging Post-Modern Cycle amid a higher cost of capital, bigger governments, more proactive industrial policy, greater regulation, and less globalisation.
• Oppenheimer focuses on the developments in technology and AI, and on efforts to de-carbonise economies, and how these might impact financial market returns and opportunities.

An invaluable resource for students of economic and financial history, and for investors, Any Happy Returns is essential reading for anyone seeking insights into upcoming market conditions and returns.

PETER C. OPPENHEIMER has nearly 40 years of experience working as a macro research analyst. He is Chief Global Equity Strategist and Head of Macro Research in Europe within Global Investment Research at Goldman Sachs. Prior to working at Goldman Sachs, he worked as chief investment strategist at HSBC and in a variety of other research roles at James Capel, Hambros Bank and Greenwells, where he started his career in 1985. Peter is a trustee at both the Development Committee for the National Institute of Economic & Social Research and The Anna Freud National Centre for Children and Families. He enjoys cycling and painting.