Strategy Matters

The HALO effect: Heavy Assets, Low Obsolescence in the AI era

Mar 24, 2026
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After more than a decade of under‑investment (particularly in Europe), Goldman Sachs Research analysts believe that higher real yields, geopolitical fragmentation, and supply chain rewiring have shifted equity leadership back toward tangible productive assets. They introduce the "HALO" framework—Heavy Assets, Low Obsolescence—to identify companies that are less exposed to technological obsolescence.
 

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    The HALO Effect: Heavy Assets, Low Obsolescence in the AI Era