(Un)Steady as She Goes: 2018 Investment Outlook

Goldman Sachs Exchanges

Goldman Sachs

Business

4.4 • 1K Ratings

🗓️ 9 February 2018

⏱️ 30 minutes

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Summary

The U.S. is in its second-longest equity bull market in the post WWII-era, at nearly nine years. Can financial markets continue on their upward course, or is the recent volatility a sign that bearish conditions are on their way? Sharmin Mossavar-Rahmani, chief investment officer of the Goldman Sachs Investment Strategy Group, discusses her team's 2018 investment outlook, titled (Un)Steady as She Goes, and explains its recommendation that clients stay invested in equities in the year ahead. This podcast was recorded on February 5th, 2018. 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 therefore (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. The portfolio risk management process includes an effort to monitor and manage risk but does not imply low risk. Copyright 2018 Goldman Sachs & Co. LLC. All rights reserved.

Transcript

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0:00.0	This is Exchanges at Goldman Sachs where we discuss developments currently shaping markets, industries, and the global economy.
0:15.6	I'm Jake Seward, Global Head of Corporate Communications here at the firm.
0:19.2	2017 was a remarkable year of global growth and declining unemployment rates.
0:24.8	This year, 2018 opened strong as the S&P 500 had its best January since 1997, although as we
0:31.6	sit and record this, the first week of February has started on a shakier note
0:36.5	So the question is will major economies and financial markets continue on their upward trajectory or get derailed.
0:43.4	To discuss that, we're joined by Charmine, most of our Ramani, chief investment officer of
0:48.0	Goldman Sachs Investment Strategy Group.
0:50.7	Charmine's team recently released its 2018 Investment Outlook.
0:54.6	Charmine's here to discuss that.
0:55.9	Charmine, welcome to the program.
0:58.0	Thank you very much.
0:59.2	You entitled your Investment Outlook a couple years ago, the last innings in 2017, last year's was half
1:06.3	full.
1:07.3	What is this year's report called and why?
1:10.3	Our title this year is actually Two-pronged. It's steady as she goes and unsteady as she goes.
1:16.0	And we're building on a theme that we've actually had now for the last five years.
1:20.0	You mentioned two of the titles, but if you actually go back to our 2014
1:25.0	outlook, we had called it within sight of the summit. So the key message has been
1:30.7	that there is more left to this recovery in Bullmarket. has been
1:35.0	conventional wisdom.
1:40.0	So with the title half full, we're trying to convey that the glass is half full,
	...

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