Global Equity Markets in Flux

Goldman Sachs Exchanges

Julia McGonagle

Business

4.4 • 1K Ratings

🗓️ 9 July 2015

⏱️ 22 minutes

🔗️ Recording | iTunes | RSS

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Summary

Kathryn Koch, head of Fundamental Equity Client Portfolio Management within Goldman Sachs Asset Management, discusses key trends impacting equity markets globally, including the ongoing Greek debt negotiations, stock volatility in China, and the boom in M&A activity. This episode was recorded on July 6, 2015. The views and opinions expressed herein should not be construed as an offer to buy or sell any securities and such views and opinions may differ from those of Goldman Sachs Global Investment Research or other departments or divisions of Goldman Sachs and its affiliates. This information may not be current and Goldman Sachs has no obligation to provide any updates or changes. Neither Goldman Sachs nor any of its affiliates makes any representation or warranty, as to the accuracy or completeness of the statements or any information contained in this podcast and any liability therefor (including in respect of direct, indirect or consequential loss or damage) is expressly disclaimed. Goldman Sachs is not providing any financial, economic, legal, accounting or tax advice in this podcast. In addition, the receipt of this podcast by any listener is not to be taken as constituting the giving of investment advice by any Goldman Sachs entity or individual to that listener, nor to constitute such person a client of any Goldman Sachs entity. Copyright 2015 Goldman Sachs. All rights reserved.

Transcript

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0:00.0	This is exchanges at Goldman Sachs where people from our firm share their insights on developments shaping
0:14.1	markets, industries in the global economy. I'm Jake Seward, global head of corporate communications
0:18.3	here at the firm. With six months of the year in the books, this is a natural time to reflect on key trends
0:23.7	driving market activity around the world. My guest today is Katie Kach, a senior
0:28.6	investment professional with Goldman Sachs Asset Management. Katie, welcome to the program.
0:33.7	Thank you for having me.
0:35.1	So you recently convened the Fundamental Equity Strategy Group, investment professionals from
0:40.2	around the world, and talked about trends driving the marketplace.
0:43.7	We're going to talk a little bit about those trends today.
0:46.3	Let's start with the U.S. economy.
0:47.3	Sure.
0:48.3	After six years of performance, strong performance, a lot of people including our clients are starting to question valuations.
0:55.0	What do you think?
0:56.0	You know, U.S. equity markets are up about 240% since the trough in 2009 and in addition to that they're in the 99th
1:06.5	percentile of their valuation so it's very natural for investors to feel like
1:11.5	markets have run too much.
1:13.0	And from our vantage point,
1:15.0	we actually went into 2015,
1:17.0	the least bullish we've ever been on US equities since 2009.
1:22.0	And actually, that's still our view. We think overall market returns
1:25.2	from U.S. equities are going to be quite muted. However, we think the environment's going
1:29.9	to be really rich for stock selection. So selectively bottom up, you know, we do find some
	...

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