From Assets to Alpha: David Kostin on US Equities

Exchanges

Goldman Sachs

Business

4.4 • 1K Ratings

🗓️ 4 December 2025

⏱️ 27 minutes

🔗️ Recording | iTunes | RSS

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Summary

Goldman Sachs Research’s David Kostin discusses the recent equity market volatility, the AI trade, and the opportunities for investors today. Kostin, who is retiring as chief US equity strategist at the end of 2025, also reflects on his 31-year career at Goldman Sachs. The opinions and views expressed herein are as of the date of publication, subject to change without notice, and may not necessarily reflect the institutional views of Goldman Sachs or its affiliates. The material provided is intended for informational purposes only, and does not constitute investment advice, a recommendation from any Goldman Sachs entity to take any particular action, or an offer or solicitation to purchase or sell any securities or financial products. This material may contain forward-looking statements. Past performance is not indicative of future results. Neither Goldman Sachs nor any of its affiliates make any representations or warranties, express or implied, as to the accuracy or completeness of the statements or information contained herein and disclaim any liability whatsoever for reliance on such information for any purpose. Each name of a third-party organization mentioned is the property of the company to which it relates, is used here strictly for informational and identification purposes only and is not used to imply any ownership or license rights between any such company and Goldman Sachs. A transcript is provided for convenience and may differ from the original video or audio content. Goldman Sachs is not responsible for any errors in the transcript. This material should not be copied, distributed, published, or reproduced in whole or in part or disclosed by any recipient to any other person without the express written consent of Goldman Sachs. Disclosures applicable to research with respect to issuers, if any, mentioned herein are available through your Goldman Sachs representative or at http://www.gs.com/research/hedge.html. Goldman Sachs does not endorse any candidate or any political party. © 2025 Goldman Sachs. All rights reserved. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	20 plus percent forecast for stocks next year, that's courageous.
0:11.0	A lot of people, they like to come out with, you know, 8 to 12, and, you know, that's what
0:14.7	they come out with.
0:16.3	What makes you so confident?
0:18.2	There are three reasons that we're confident. The first is the economy.
0:22.6	That's the voice of David Koston back when he made his first TV appearance in 2010 on CNBC.
0:28.6	Coston, who's retiring as our chief U.S. equity strategist this year, joined Goldman Sachs in 1994.
0:34.6	Today we'll get his take on U.S. equity markets and we'll also get the chance to hear
0:39.5	some stories from his career, as well as his uniquely informed views on how capital markets
0:44.8	have changed over the past few decades. David, welcome back to Goldman Sachs exchanges.
0:52.2	Allison, it's great to be here.
1:02.4	Can I first just say that I am sad that this will be the last time I am interviewing you on exchanges for our listeners and viewers.
1:09.2	David and I have worked together for nearly 30 years. You've been here for 31. I have been here for 28.
1:13.4	For half of that time that I have been here, we have sat 20 feet away from each other. So I will really miss you dearly. I am going to miss you,
1:19.4	along with many other colleagues here at the firm. But I'm going to be an advisory director in
1:23.7	County Year of 2026. So I'll be interacting with some clients and other internal people.
1:28.7	So we'll have an opportunity to see each other. But I've had a great experience for the last three
1:32.7	decades. I want to take the opportunity to reflect on your very long career. But before we get
1:37.6	into those reflections, let me take the opportunity to ask you for the last time about the
1:42.5	markets. U.S. equity markets have made new highs this year,
1:47.2	but the markets have been pretty volatile over the past few weeks. So how would you characterize
1:52.4	market sentiment right now? Actually, at the start of the year, the sentiment was pretty optimistic.
	...

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