Will US Stocks Outperform in 2026?

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Goldman Sachs

Business

4.3 • 1.1K Ratings

🗓️ 27 January 2026

⏱️ 21 minutes

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Summary

Goldman Sachs’ Sharmin Mossavar-Rahmani, head of the Investment Strategy Group and chief investment officer of Wealth Management, shares her team’s investment views for the year ahead. Find all our outlooks for the year ahead here: https://www.goldmansachs.com/insights/outlooks/2026-outlooks This episode was recorded on January 9, 2026. The opinions and views expressed herein are as of the date of publication, subject to change without notice and may not necessarily reflect the institutional views of Goldman Sachs or its affiliates. The material provided is intended for informational purposes only and does not constitute investment advice, a recommendation from any Goldman Sachs entity to take any particular action, or an offer or solicitation to purchase or sell any securities or financial products. This material may contain forward-looking statements. Past performance is not indicative of future results. Neither Goldman Sachs nor any of its affiliates make any representations or warranties, expressed or implied, as to the accuracy or completeness of the statements or information contained herein and disclaim any liability whatsoever for reliance on such information for any purpose. Each name of a third-party organization mentioned is the property of the company to which it relates is used here strictly for informational and identification purposes only and is not used to imply any ownership or license rights between any such company and Goldman Sachs. A transcript is provided for convenience and may differ from the original video or audio content. Goldman Sachs is not responsible for any errors in the transcript. This material should not be copied, distributed, published, or reproduced in whole or in part or disclosed by any recipient to any other person without the express written consent of Goldman Sachs. Disclosures applicable to research with respect to issuers, if any, mentioned herein are available through your Goldman Sachs representative or at www.GS.com/research/hedge.html. Goldman Sachs does not endorse any candidate or any political party. This material represents the views of the Wealth Management Investment Strategy Group and is not a product of Goldman Sachs Global Investment Research (GIR). It is not research and is not intended as such. The views and opinions expressed by ISG may differ from those expressed by GIR, LP, or other departments or businesses of Goldman Sachs. Past performance is not indicative of future results which may vary. Copyright 2026, Goldman Sachs, all rights reserved. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	2020 was a strong year for U.S. stocks, but they actually underperformed major markets around the world.
0:12.4	So will U.S. assets lead or lag in 26? I'm Alison Nathan, and this is Goldman Sachs exchanges.
0:22.8	Today I'm pleased to sit down once again with Charmine Masavar Romani, head of the Investment Strategy Group and chief investment officer of wealth management.
0:31.4	Charmine and her team recently published their 18th annual outlook in which they take stock of the world's most consequential, economic,
0:37.9	and market trends and present their recommendations for clients.
0:41.8	Charmine, welcome back to exchanges.
0:43.4	Thanks a lot.
0:44.2	Glad to be here.
0:45.4	I always look forward to this annual conversation, and we have so much to talk about.
0:49.2	But let's start with a brief look back at equity performance in 2025.
0:53.8	You've become very well known for
0:55.5	your views on long-term U.S. exceptionalism. But in 2025, that proved true on the growth side.
1:02.4	We did have U.S. growth outperform meaningfully relative to consensus and to other major economies,
1:09.1	but not really on the asset side. U.S. stocks did rise significantly,
1:14.0	but they underperformed their global peers. So in hindsight, was that underperformance surprising,
1:20.8	and what drove it? Alison, you're quite right. We're known for having a couple of key investment themes.
1:26.6	First and foremost, U.S. preeminence.
1:29.2	And we use the word preeminence to indicate that relative to other parts of the world, both developed
1:35.6	and emerging markets, we believe U.S. is preeminent. And we go in the report through a whole list of
1:42.5	factors. And we believe that that is still true.
1:45.0	What does that imply for investments?
1:47.0	An overweight to US assets, but never totally at the expense of non-US assets.
	...

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