This 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'll be talking to Charmine, most of our Romani, chief investment officer of the private

wealth management division here at Goldman Sachs.

Charmine is going to be talking through her team's 2020 Investment Outlook in a report entitled

Room to Grow.

Charmin, welcome to the program.

Thank you, Jake. So Charmine, at the beginning of every year, your team and you put out an outlook for investors.

And this year the title is Room to Grow, but what I love is to look at the cover art and it's always

interesting, it's always symbolic symbolic and this year it's a

baobob tree which I heard of a baobab tree but I don't know exactly what it means so

can you explain to me the significance of the tree?

As you point out, we always spend a lot of time on the cover.

We want our clients to be able to look at the cover

and literally get the key message from that alone.

And the title room to Grow here is to suggest that both the

economy has further room to grow as well as this bull market because all our clients

are saying isn't this expansion coming to an end isn't this bull market

coming to an end and the reason we chose a baobab tree is because it's a tree

that lives for a very long time it's called tree of life but we're also signaling that while we can have this expansion and this bull market lasts a little bit longer like every tree trees don't go to the sky.

So this will not last forever, but for 2020 our expectation is that it's

going to continue to grow.

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