By almost all accounts, 2022 was a difficult year for investors' portfolios.

While 2023 seems to have started out on a somewhat more positive note,

the road ahead looks foggy and uncertain.

So should investors stay invested in the markets?

We are recommending clients stay invested and that theme of staying invested applies much more to

U.S. equities than let's say emerging market equities.

I'm Allison Nathan and this is exchanges at Goldman Sachs. Today I have the great pleasure of speaking with my colleague Charmian Masovar

Ramani who is the head of the Investment Strategy Group, ISG, within GSA Asset and Wealth Management.

Charmine recently published her 15th annual outlook titled,

Caution Heavy Fog, which outlines her team's investment themes and recommendations for clients for the year ahead.

She mean, welcome back to the program.

Hello, Allison, thanks for having me on.

I always look forward to this conversation, so let's get started.

2023, as I said, looks to be off to a pretty strong start for the markets,

but we're still facing many economic and financial market uncertainties,

including the risk that the Fed over tightens or arguably has already

over tightened and creates a recession in the US, you're signing a 45 to 55

percent probability to the risk of a US recession this year.

That's the highest range from ISD in a decade.

So what's behind that view?

Allison, this could not have been a better day to have this conversation because we just

had the non-farm payroll release, the unemployment data is out there, and it was a very high

...