Goldman Sachs Exchanges Equity risks and alts opportunities
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May 13, 2025 
David Kostin, Chief U.S. Equity Strategist at Goldman Sachs Research, and Padi Raphael, Global Co-Head of Third-Party Wealth Management at Goldman Sachs Asset Management, dive into market dynamics post-tariff announcements. They explore how US stocks are recovering, the impact of tariffs on second-quarter earnings, and contrasting investor sentiments. The discussion highlights the balance between market optimism and economic risks, emphasizing diversification and emerging trends in private markets for savvy investors.
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Market Optimism Despite Tariffs
- The market recovered after President Trump's tariff announcement due to optimism about potential tariff delays and better-than-expected Q1 earnings.
- This optimistic view suggests investors currently expect no recession despite high stock valuations.
Tariff Risks in Q2 Earnings
- Second quarter earnings face risks from tariff impacts on consumer demand and input costs squeezing margins.
- Investors await Q2 results alongside the expiration of the tariff delay to gauge the true impact.
Investor Engagement Amidst Uncertainty
- Investors remain uncertain but highly engaged, seeking to capitalize on volatility and short-term market dislocations.
- Advisors are focusing on diverse solutions for changing market dynamics rather than avoiding risk.