2min chapter

The Compound and Friends cover image

What's Really Going On At Goldman Sachs?

The Compound and Friends

CHAPTER

The S&P 500 Is a Shadow of Its Former Self

The S&P has been driven by valuation expansion on the expectations that lower inflation should allow for lower rates, which has yet to materialize. The bottom of consensus S&P operating earnings per share has come down over the last six months from 229 to 217. We continue to believe the combination of higher rates and our leading recession indicators will not be different this time. Although the significant lead time before recession is helping lift risk assets with a particular rotation into underperformers like the Russell 2000, Russell 1000, value and financials.

00:00

Get the Snipd
podcast app

Unlock the knowledge in podcasts with the podcast player of the future.
App store bannerPlay store banner

AI-powered
podcast player

Listen to all your favourite podcasts with AI-powered features

Discover
highlights

Listen to the best highlights from the podcasts you love and dive into the full episode

Save any
moment

Hear something you like? Tap your headphones to save it with AI-generated key takeaways

Share
& Export

Send highlights to Twitter, WhatsApp or export them to Notion, Readwise & more

AI-powered
podcast player

Listen to all your favourite podcasts with AI-powered features

Discover
highlights

Listen to the best highlights from the podcasts you love and dive into the full episode