This is the

is exchanges of Goldman Sachs where we discuss developments currently shaping markets,

industries in the global economy.

I'm Jake Stewart, global head of corporate communications

here at the firm.

Today we're joined by David Kostin, the one and only,

the firm's chief US equity strategist,

and David will be talking about his latest

research on how investors are viewing the outlook for stocks, which sectors are

recovering faster than others and his latest sets of estimates on where he thinks the S&P index will end up for the year 2020.

Welcome back to the program, David.

Thanks, Jake.

Nice to be here.

So we had you on back in January, which seems like eons ago.

At the time, your team's outlook was that the S&P would close the year

at 3,400.

What's your latest estimate in the light of everything

that's happened since then.

Well, it has indeed been a remarkable six months.

In fact, on February 19th, almost exactly six months ago,

the S.P. 500 reached an all-time high.

And in the interim, of course, the fastest and steepest bear market

...