Michael Contopoulos, Deputy Chief Investment Officer, Richard Bernstein Advisors

With early exposure to Paul Tudor Jones and then stints on the sell-side in credit research, Michael Contopoulos is now Deputy CIO of Richard Bernstein Advisors, a macro-oriented asset manager overseeing roughly $20 billion across long-only portfolios. Our discussion centers on portfolio construction in an era of extreme equity concentration and shifting global leadership. On the equity side, the firm is under-weight the most concentrated segments of U.S. equities and overweight international markets, citing valuation gaps, earnings acceleration abroad, and under-ownership by investors. Using his background in quantitative credit strategy and a Merton framework for modeling spread risk, Michael brings a structural lens to today’s corporate debt markets. Our conversation focuses on the surge in long-dated issuance tied to AI infrastructure build-outs. He argues that history rarely rewards lenders who finance capital-intensive growth booms at their peak. Drawing parallels to late...