The technology sector has faced a dramatic pullback, with technology stocks delivering one of the steepest declines in years. In a detailed discussion anchored in recent market dynamics, Brook Dane, a portfolio manager with Goldman Sachs Asset Management, and Peter Callahan, a U.S. TMT sector specialist in Goldman Sachs’ Global Markets Division, unpack the forces driving the rout and explore its broader implications for investors, firms, and policy alike. Recorded on May 17, 2022, the conversation provides a granular view of how macro shifts, sector-specific fundamentals, and market psychology converge to shape the current environment for tech equities. The discussion aims to illuminate not only where the sector might be headed next but also how practitioners are interpreting risk, pricing dynamics, and strategic opportunities within a volatile market. It is important to note that this material reflects a market discussion rather than a formal research product, and listeners should understand that the information presented is drawn from publicly available sources, may not be current, and is subject to change. The views expressed in the talk may differ from those of Goldman Sachs’ other departments or divisions, and no financial advice or recommendation is being offered or implied. The discourse emphasizes risk awareness, management strategies, and prudent decision-making rather than a solicitation to transact in any securities.
Market Context: Tech Stocks Under Pressure and the Broader Investment Landscape
Technology equities have entered a period of pronounced weakness, marked by a sharp and rapid drawdown that stands out within the sector’s historical performance. What is unfolding is not merely a correction driven by one-off earnings surprises or a single round of macro news; rather, it reflects a structural adjustment in the valuation framework that has governed tech equities for much of the post-crisis era. The sell-off has accelerated as investors reassess growth assumptions in an environment where inflation pressures, interest-rate expectations, and macro volatility interact with sector-specific catalysts. In this context, tech shares have traded in a fashion that underscores both the sensitivity of these assets to discount-rate shifts and the market’s evolving appetite for risk, particularly in areas that had benefited from exceptionally accommodative financial conditions during the earlier stages of the recovery.
From a portfolio management perspective, the retreat in technology stocks has reverberated across asset classes, with many investors recalibrating exposures to reflect heightened sensitivity to interest rates, capital allocation discipline, and the balance between growth and value-oriented opportunities. The discussion emphasizes that the tech rout, while severe, is not occurring in a vacuum; it is embedded within a broader reallocation process as markets price in a more normalized policy stance, a rebalanced earnings outlook, and a shift in the risk premia embedded in equity valuation multiples. The conversation also highlights that the tech sector’s performance is inextricably linked to ongoing technology cycles, including hardware refreshes, software platforms, cloud infrastructure, and digital services, all of which interact with capex trends, supply chains, and end-market demand. In sum, the current market setup reflects a convergence of cyclical headwinds and secular structural factors that collectively redefine risk-reward landscapes for technology equities.
Further, the discussion notes that investors are simultaneously weighing the implications of a more disciplined capital market environment against the long-term growth potential of technology-enabled businesses. As monetary policy moves toward greater normalization, the resulting impact on discount rates has a disproportionate effect on high-growth equities with significant future profit streams. This effect is particularly pronounced for names with elevated valuations that previously benefited from low yields and abundant liquidity. Yet, amid the retracing of prices, the conversation underscores opportunities that may arise from robust fundamentals, durable competitive advantages, and the ability of select technology firms to monetize innovation through scalable platforms, high incremental margins, and strong cash generation. The market’s current phase is thus characterized by a delicate balance: the potential for consolidation and sector rotation alongside the enduring demand for transformative technology that can drive long-run earnings power for the most resilient players.
From a sector-wide lens, the tech sell-off also interacts with broader market dynamics, including shifts in consumer sentiment, enterprise technology spending cycles, and the pace of digital transformation across industries. The portfolio perspective recognizes that technology names span a wide spectrum—from semiconductors and cloud providers to consumer electronics and enterprise software—each with distinct drivers and risk profiles. As a result, the process of assessing risk and opportunity within tech requires a nuanced approach that accounts for company-specific fundamentals, competitive dynamics, and the macro backdrop. In practice, this means distinguishing between companies that can sustain above-market growth with prudent capital deployment and those whose projections depend heavily on external funding conditions or the continuation of favorable financing terms. The message from the discussion is clear: the current environment demands rigorous scenario analysis, disciplined risk controls, and a vigilant eye toward valuation discipline, not broad generalizations about the technology sector as a whole.
Root Causes: What Is Driving the Rout Across Technology Stocks
The conversation identifies several interlinked catalysts behind the tech sector’s recent weakness, each contributing to a multi-faceted re-pricing of technology equities. At the core is a shifting macro regime: rising expectations for interest-rate normalization and a more cautious stance on inflation can compress the valuations of growth-oriented equities that rely on longer-duration cash flows. When discount rates rise, the present value of future profits declines, especially for firms with aggressive growth trajectories and substantial upfront investments. This dynamic disproportionately affects technology businesses, whose long-term earnings streams and capital-intensive models render them sensitive to macro policy shifts. The discussion emphasizes that this is not merely a short-term reaction to quarterly results but a broader recalibration of risk premiums tied to growth sectors versus more cyclical or defensive areas of the market.
Another pivotal driver is the normalization of the post-pandemic spending surge that had previously boosted technology revenue growth. In pandemic-era conditions, many tech companies benefited from accelerated demand for digital infrastructure, cloud services, cybersecurity, and consumer devices as households and businesses adopted remote-work and e-commerce solutions. As the global economy transitions toward a more normalized operating environment, demand patterns begin to stabilize, and the pace of incremental growth deceleration becomes more pronounced for certain segments. The conversation highlights that while secular demand for technology remains intact, the incremental growth narrative has tempered as markets mature, competition intensifies, and customers optimize technology budgets to maximize returns on existing investments.
Valuation re-pricing emerges as a consequential factor in the current landscape. Investor sentiment has absorbed a repricing of multiples, particularly for companies with high price-to-earnings expectations or those with stretched capital structures. The discussion points out that multiple contraction does not necessarily imply deteriorating fundamentals across the board; instead, it reflects a re-allocation of risk tolerance, a re-evaluation of growth sustainability, and a heightened emphasis on cash-generative capabilities, profitability milestones, and capital efficiency. In this context, investors scrutinize balance sheets, cash flow generation, and the durability of competitive moats, while also distinguishing between firms with resilient earnings models and those whose profitability hinges on favorable market conditions or continued access to affordable capital.
geopolitics and regulatory considerations add another layer of complexity. The tech sector increasingly operates at the intersection of innovation and policy, where regulatory developments, national security concerns, data governance, antitrust scrutiny, and export controls can influence corporate strategies and market expectations. The discussion acknowledges that policy environments can alter validation paths for product lines, distribution strategies, and international expansion plans. Companies with diversified product portfolios, cross-border scale, and robust compliance frameworks tend to navigate regulatory changes more effectively, while those with higher exposure to sensitive technology categories may encounter greater friction in certain markets. This regulatory backdrop contributes to a higher degree of uncertainty in near-term earnings trajectories and underscores the importance of risk management practices that incorporate policy risk alongside traditional market risk.
Supply chain dynamics also play a meaningful role in the tech rout. Disruptions in semiconductor production, logistics bottlenecks, and the cadence of technology hardware updates collectively influence near-term revenue visibility and cost structures. The discussion stresses that the health of the supply chain is a key determinant of margin pressure and product availability, with knock-on effects for consumer demand and inventory management. Firms that demonstrate resilient supply chains, supplier diversification, and agile manufacturing capabilities may mitigate adverse effects, while those with concentrated exposures or longer lead times could face more pronounced headwinds. The analysis also notes that supply chain considerations interplay with capital expenditure cycles in the technology sector, affecting both the pace of product rollouts and the timing of strategic investments in critical components.
Finally, market structure and investor behavior contribute to the rout’s character. A period of increased sector rotation, heightened volatility, and a reallocation of risk budgets within portfolios amplifies price swings for technology names. The discussion highlights that traders, algorithmic systems, and risk parity strategies can magnify moves during periods of uncertainty, even when fundamental catalysts remain relatively stable. In such an environment, the importance of liquidity, risk controls, and disciplined entry/exit decisions becomes more pronounced. The combination of macro normalization, cyclical shifts in demand, policy-related uncertainty, and structural market dynamics coalesces to produce a layered, multi-dimensional pullback across the tech sector.
Implications for Investors and Markets: How the Rout Reshapes Portfolios and Strategies
For investors, the tech sell-off presents a mix of risk management challenges and potential opportunities. The discussion frames the implications around a core question: how to preserve capital while remaining positioned to benefit from the enduring innovations that technology firms can deliver. A central theme is diversification within and across technology subsectors. While some segments experience sharper pullbacks, others may exhibit greater resilience due to secular demand drivers, robust balance sheets, or superior execution. The talk emphasizes that a nuanced approach—one that weighs company-specific fundamentals against broader market forces—is essential to avoid overgeneralization across the sector. Investors are encouraged to scrutinize cash flow stability, balance sheet strength, and ability to fund research and development without compromising long-term growth goals.
Risk management takes a prominent role in strategic planning. In a volatile environment, refining risk controls—such as adjusting position sizes, implementing hedges, and evaluating correlations with other asset classes—can help dampen portfolio drawdowns while preserving upside potential. The speakers stress the value of disciplined rebalancing, clear triggers for taking profits, and predefined exit strategies that align with an investor’s risk tolerance and time horizon. They also highlight the importance of understanding liquidity dynamics, since some technology segments may experience episodic liquidity squeezes or elevated bid-ask spreads during sharp market moves. The overarching message is that effective risk management requires both structural safeguards and adaptive decision-making as market conditions evolve.
From an asset-management perspective, the rout informs tactical and strategic considerations. The discussion notes that portfolio managers must balance near-term volatility with long-term earnings potential, and that selecting a mix of secular growers and cyclicals within technology can help diversify exposure. It emphasizes the potential role of thematic exposures, such as cloud infrastructure, cybersecurity, AI-enabled software, and semiconductor supply chains, as components of a resilient tech allocation. The talk also touches on the importance of scenario planning and stress testing, ensuring portfolios are prepared for multiple potential macro outcomes, including persistent inflation, further policy normalization, and evolving geopolitical risks. In practice, this means establishing guardrails around leverage, liquidity, and concentration, while maintaining flexibility to pivot as new information about tech cycles and earnings becomes available.
The implications extend beyond pure financial considerations to corporate strategy and market expectations. For technology firms, the current environment can influence capital allocation decisions, R&D prioritization, and capital structure optimization. Companies may seek to bolster balance sheets, extend debt maturities, or accelerate cash-outflow strategies to weather macro uncertainty and sustain investment in growth initiatives. From an industry-wide angle, the discussion suggests that market participants will closely watch how firms communicate guidance, manage expectations, and demonstrate the durability of their competitive advantages under evolving macro conditions. The conversation implies that the tech sector’s longer-term trajectory remains positive, provided companies can translate innovation into repeatable, scalable profitability and adapt to the changing pricing and demand dynamics that accompany a more normalized interest-rate regime.
The conversations also consider how this rout interacts with broader market sentiment and cross-asset relationships. A key takeaway is that tech stocks do not act in isolation; their performance often mirrors shifts in macro risk appetite and sentiment toward growth versus value. The discussion points to possible spillovers into other high-growth areas, as well as potential rebounds if inflation shows signs of moderation and policy paths become clearer. For investors, tracking the calibration between macro indicators, earnings guidance, and equity valuations will be essential to identifying entry points, risk-adjusted returns, and the durability of the technology sector’s earnings power. Ultimately, the implications for markets hinge on a careful balance of recognizing the structural strengths of technology-enabled businesses while acknowledging the near-term volatility that a shifting macro regime can create.
Industry-Specific Dynamics: Semiconductors, Software, Hardware, and Platforms
The technology sector encompasses a broad spectrum of industries, each with unique drivers, cycles, and margin dynamics. In this section, the discussion unpacks the nuanced behavior within key subsectors, highlighting why the performance and valuation patterns diverge across semiconductors, software, platforms, and hardware. The following analysis is intended to provide investors and analysts with a granular understanding of where vulnerabilities lie and where durable growth may persist despite market turbulence.
Semiconductors, as the backbone of modern digital ecosystems, face a delicate mix of supply constraints and demand shifts. The supply chain in the semiconductor space remains a critical choke point, influenced by manufacturing capacity, geographic concentration of production, and the pace of innovation in process technology. The conversation underscores that semiconductor companies’ earnings visibility is highly sensitive to capacity utilization, inventory dynamics, and the timing of new node introductions. While the secular demand for advanced chips—from data centers to automotive electronics and consumer devices—remains robust, the near-term profitability of these players can be volatile when supply-demand mismatches emerge or when customers draw down build plans in response to macro uncertainty. The discussion emphasizes that investors should pay close attention to inventory levels, customer bookings, and the cadence of capital expenditure in end markets that consume semiconductors, as these factors collectively shape margin trajectories and revenue visibility.
Software and cloud-based platforms present a contrasting dynamic, characterized by scalable revenue models and high incremental profitability when operating leverage is favorable. The conversation highlights that software companies—especially those delivering cloud-native solutions, cybersecurity, and AI-enabled services—tend to benefit from recurring revenue streams and strong cash conversion. However, even within software, growth profiles are heterogeneous. Some segments exhibit high customer concentration, long-term contracts, and elevated churn risk during economic downturns, while others benefit from differentiated product ecosystems, high switching costs, and entrenched ecosystems that protect pricing power. The discussion notes that investors will scrutinize customer retention metrics, renewal rates, gross margins, and the sustainability of net retention as essential indicators of long-term profitability and strategic moat durability.
Platforms and digital services provide a different lens on technology value creation. These businesses often depend on network effects, user engagement, and data-driven monetization strategies. The talk explores how platform economics can sustain durable growth despite macro pressures, but also how regulatory scrutiny around data privacy, antitrust concerns, and cross-border data flows can introduce friction to growth and profitability. In practice, platform companies must demonstrate strong user acquisition, engagement, monetization efficiency, and effective governance to withstand a shifting policy environment and evolving consumer expectations. The discussion calls out the importance of measuring platform-specific metrics such as monthly active users, engagement depth, monetization per user, and the health of the ecosystem to assess long-term value creation.
Hardware devices and consumer electronics aside from semiconductors and software present their own cycle-related dynamics. The discussion points out that consumer demand remains highly sensitive to macro conditions, such as disposable income, interest rates, and supply chain execution that dictates product availability and pricing. While some hardware segments may experience cyclical recovery aligned with broader economic stabilization, others face secular headwinds as consumer preferences shift toward multi-purpose devices or more integrated ecosystems. The analysis also recognizes that hardware players can leverage cross-product bundling, cross-selling opportunities, and partnerships to sustain demand, but must manage cost structures and production lead times to protect margins.
A combined view across subsectors reveals how capital spending, innovation cycles, and competitive intensity interact with macro conditions to shape the tech sector’s overall trajectory. The discussion stresses that diversified exposure within technology—across semiconductors, software, platforms, and hardware—can help dampen idiosyncratic risk while providing participation in various growth modalities. It also highlights the importance of monitoring company-specific catalysts, such as product launches, strategic partnerships, and market share dynamics, to gauge which firms are most likely to weather volatility and emerge with market leadership. The takeaway is that sectoral rotation within technology is not uniform; it requires a disciplined framework for evaluating which segments offer the best balance of growth potential, resilience, and margin durability in the current macro environment.
Valuation, Earnings Trajectories, and Policy Landscape
A core theme in the discussion is the evolving valuation math that underpins technology equities in a changing macro world. Investors are re-evaluating the balance between growth prospects and the cost of capital, with discount-rate adjustments playing a central role in determining equity pricing. The conversation emphasizes that tech valuations have adjusted in response to the shift toward higher expected interest rates and a more cautious policy stance, leading to multiple compressions for many high-growth names. The analysis distinguishes between the near-term price action driven by macro shifts and the longer-term value created by sustainable earnings growth, technological leadership, and capital efficiency. In practice, investors are looking for a differentiated signal that combines earnings quality, free cash flow generation, and investment discipline, rather than relying solely on headline growth narratives.
Earnings trajectories for technology firms carry heightened sensitivity to macro conditions and execution efficiency. The discussion highlights that near-term earnings revisions may reflect macro uncertainties and the pace at which companies can convert revenue growth into margin expansion and cash flow. For firms with durable pricing power and scalable business models, the path to earnings resilience remains intact, though it may unfold with volatility on a quarterly basis. Conversely, companies with ambitious investment programs, high upfront costs, or elevated leverage may experience more pronounced volatility in earnings as market conditions evolve. The conversation stresses the importance of monitoring guidance accuracy, the cadence of capital expenditures, and the ability to translate product innovation into sustainable profitability.
Policy and regulatory developments form a meaningful backdrop to valuation and earnings prospects. The tech sector is increasingly exposed to antitrust considerations, data governance policies, export controls, and national security concerns that can influence business strategies and profitability horizons. The discussion notes that regulatory risk can affect market sentiment and the discounting of future cash flows, particularly for platform-enabled businesses with network effects and data-intensive models. While policy risk introduces a level of uncertainty, it also creates opportunities for firms that demonstrate robust governance, transparent data practices, and the capacity to comply with diverse regulatory regimes across geographies. The evolving policy landscape thus remains a key variable in assessing the relative attractiveness of different technology subsectors and individual stocks within the sector.
The valuation process also benefits from a disciplined, forward-looking approach that incorporates dynamic scenarios. The discussion advocates for a framework that tests resilience under multiple macro states, including scenarios with slower growth, higher inflation, and potential policy missteps, as well as scenarios with stronger growth, innovation breakthroughs, and policy clarity. This approach helps investors understand how sensitive different tech names are to the path of interest rates, earnings revisions, and competitive dynamics, enabling more precise risk-adjusted assessments. It further supports a focus on cash generation capacity, capital efficiency, and the ability to fund ongoing innovation without overextending balance sheets. The overarching conclusion is that the tech sector’s valuation story remains nuanced and highly dependent on a blend of macro context, company fundamentals, and policy risk.
Risk Management and Portfolio Strategy in a Volatile Tech Landscape
Against the backdrop of heightened volatility, risk management becomes the cornerstone of any credible investment plan focused on technology equities. The discussion underscores that protective measures, strategic diversification, and clear decision rules are essential to navigate an environment where sentiment can swing rapidly and fundamentals can diverge across subsectors. A practical takeaway is to structure portfolios with a blend of growth-oriented tech exposure and defensive characteristics, balancing high-growth prospects with segments that exhibit steadier cash flows and stronger balance sheets. This balance can help mitigate drawdowns while preserving the potential for upside capture when conditions stabilize or improve.
Hedging strategies are highlighted as a valuable tool in the risk manager’s toolkit. The conversation suggests considering a mix of options-based hedges, futures-based overlays, and dynamic beta management to hedge against downside risk without unduly constraining upside potential. The emphasis is on implementing hedges with clear rules for activation and deactivation, ensuring that they contribute to risk-adjusted returns rather than simply adding cost. In addition, portfolio construction should incorporate liquidity considerations, ensuring that allocations to technology equities do not become a liquidity constraint during periods of stress. The discussion also points to the importance of stress testing portfolios against plausible macro and company-specific shocks, including abrupt changes in funding conditions, supply-chain disruptions, or regulatory surprises that could unsettle market expectations.
From a strategic standpoint, the talk stresses that active risk management requires ongoing governance and disciplined decision-making. Investors should maintain clarity about long-term objectives, time horizons, and tolerance for volatility, and adjust exposure as warranted by fundamental shifts or evolving macro conditions. The conversation points to the value of maintaining a modular investment framework that can adapt to changing cycles, enabling investors to increase or decrease technology exposure in coherent, rule-based ways. It also highlights the potential benefits of incorporating thematic or factor-based exposures—such as growth, quality, momentum, and value tilt—into portfolios to capture different drivers of tech performance under varying market regimes. The overall message is that robust risk management, combined with disciplined portfolio construction and flexible tactical allocation, can help investors participate in the technology sector’s long-run growth while mitigating the risk of pronounced drawdowns.
Global Markets and Cross-Asset Interactions: Tech Rout Beyond Equities
The tech sector’s performance has implications that reverberate beyond equity markets, influencing cross-asset dynamics, correlations, and global risk sentiment. The discussion notes that the tech rout interacts with foreign exchange, fixed income, and commodity markets in ways that can either amplify or dampen volatility depending on the regime. When growth equities fall out of favor, investors may seek shelter in alternative assets or more defensive positions, which can lead to shifts in currency flows, demand for long-duration government bonds, and changes in commodity price dynamics. The conversation highlights that these cross-asset flows can, in turn, impact leverage, liquidity, and pricing across markets, creating a feedback loop that requires careful monitoring by traders and portfolio managers.
Correlation patterns across asset classes can become more pronounced during periods of tech-driven volatility. The discussion suggests that investors sometimes observe heightened co-movement between equities, particularly growth stocks, and longer-duration fixed income assets, as both respond to changes in expectations about future growth and discount rates. This relationship underscores the importance of cross-asset risk management and a holistic view of portfolio construction, where diversification across geographies, asset classes, and investment styles can help reduce the fragility of portfolios to sector-specific shocks. The talk also touches on the potential for policy-driven drivers—such as central bank communications, inflation data, and fiscal measures—to shape market expectations across asset classes, reinforcing the need for vigilant monitoring of macro indicators and policy guidance.
On the global stage, the tech rout interacts with regional growth dynamics, supply chain resilience, and geopolitical developments that influence technology strategy and market access. Companies with diversified geographic footprints, multi-region manufacturing networks, and flexible go-to-market models may be better positioned to navigate cross-border considerations and policy changes. The discussion emphasizes that the international dimension of technology investment requires careful assessment of currency exposure, tax regimes, regulatory compliance across jurisdictions, and the ability to adapt to evolving trade and sanctions landscapes. Collectively, these factors shape not only equity performance but also the broader environment in which technology firms operate and invest, highlighting the interconnectedness of technology cycles with global macro and geopolitical developments.
Case Studies and Historical Comparisons: Lessons from Past Tech Phases
Historical context provides a useful lens through which to interpret today’s tech-market dynamics. The conversation draws on lessons from prior cycles where technology equities experienced substantial volatility, evaluating similarities and differences with the current environment. In particular, the comparison to earlier periods of rapid growth during the tech-driven expansions helps illustrate how valuations, funding conditions, and market psychology can interact to produce pronounced price movements. The discussion emphasizes that while each cycle has its own unique characteristics, there are recurring themes—such as the tension between innovation-driven growth and the discipline of capital allocation—that recur in various forms across time.
One important takeaway from historical case studies is the importance of distinguishing temporary market moves from structural shifts in earnings power. Past episodes show that certain technology leaders ultimately recalibrated expectations and resumed a multi-year growth trajectory as fundamentals caught up with prices. Conversely, other periods have seen more persistent earnings disappointments, requiring broader sectoral reallocation and strategic pivots. The discussion highlights the role of durable competitive advantages, capital efficiency, and governance in determining whether a company can navigate adverse macro conditions and still deliver long-run value. Investors can glean from these comparisons a cautious optimism: the tech sector’s long-run upside potential often remains intact, even as prices fluctuate in the near term.
The historical arc also reveals that the speed and magnitude of market transitions can differ based on policy response, macro stability, and the pace of innovation adoption. The discussion notes that while policy normalization and rising rates contribute to near-term valuation pressures, they can also foster a healthier risk-reward dynamic as markets reprioritize capital deployment toward the highest-quality growth stories. This perspective suggests that investors who maintain a disciplined, evidence-based approach and avoid over-extrapolating from current drawdowns may position themselves to participate in recoveries and sustainable earnings growth. The case-study lens reinforces the principle that patient, fundamentals-driven investing tends to outperform in the long run, even when occasional cycles deliver painful volatility.
Conclusion
In summary, the technology sector’s recent sell-off represents a significant, multi-faceted phenomenon shaped by macro normalization, sector-specific fundamentals, and evolving policy considerations. The discussion with Brook Dane and Peter Callahan provides a detailed framework for understanding the drivers of the rout, the implications for investors and markets, and the strategic pathways that can help navigate a volatile environment. While valuation resets and volatility are expected to persist in the near term as markets digest new information, the underlying drivers of technology innovation—automation, digital infrastructure, data-driven services, and platform-enabled ecosystems—continue to offer meaningful long-term growth potential. The conversation underscores the importance of rigorous risk management, disciplined portfolio construction, and a nuanced understanding of cross-asset dynamics in order to balance risk and opportunity effectively.
Investors and market participants are encouraged to maintain a thoughtful, calibrated approach to exposure within the technology space. By assessing company-specific fundamentals, monitoring macro developments, and applying a disciplined framework for capital allocation, stakeholders can position themselves to weather near-term volatility while remaining aligned with the sector’s structural growth trajectory. The discussion ultimately highlights that the tech sector’s future does not hinge on a single narrative but on a confluence of factors—innovative capacity, operational discipline, financial resilience, and supportive policy environments. In this context, technology companies that demonstrate clear profitability pathways, sustainable competitive advantages, and strategic capital stewardship may continue to contribute to durable value creation for investors over the long run.
