Christian Mueller-Glissmann published a new research note titled "Macro Headwinds vs. Micro Tailwinds" on May 13, 2026, and simultaneously appeared on Goldman Sachs Exchanges to break down his firm’s latest outlook on market risk and portfolio construction.
During the Goldman Sachs Exchanges interview, Christian Mueller-Glissmann argued that investors should look toward real assets as inflationary pressures become more ingrained in the economy. He noted, "Usually, especially if it's oil, the only thing that does well is whatever causes the inflation, and you have winners and losers depending on what oil importers and exporters. And then eventually, as the inflation becomes more entrenched, traditional real assets like gold, infrastructure, TIPS, all of those do a bit better."
While Christian Mueller-Glissmann remains optimistic about the performance of listed infrastructure as inflation shifts, he is bracing for a transition period. He told listeners, "we think that period might still be ahead of us. And we found actually some of the best performances for infrastructure, like listed infrastructure, tends to be when inflation is falling from elevated levels." Market observers are now watching to see if his focus on TIPS and gold holds up against the "micro tailwinds" highlighted in his latest report.
