Jan Hatzius, Chief Economist at Goldman Sachs, and David Kostin, Head of U.S. Equity Strategy, tackle the macroeconomic uncertainties as we approach 2025. They discuss the potential impacts of new administration policies on tariffs and inflation, emphasizing how these factors affect market dynamics. The duo explores the balance of investor sentiment amid high valuations, the role of AI in shaping market expectations, and the complexities of economic growth linked to migration trends. Their insights provide a roadmap for navigating the turbulent waters of today’s economy.

David Kostin, Chief US equity strategist at Goldman Sachs Research, and Owen Lamont, Senior VP and portfolio manager at Acadian Asset Management, delve into market concentration and investor fears. They discuss how the top 10 S&P 500 stocks dominate the market, potentially leading to lower long-term returns. They also debate whether concerns about volatility and risk are overstated and explore how AI and geopolitical factors might influence future market stability. Their insights challenge the conventional wisdom surrounding concentrated investments.

David Kostin, a US equities expert from Goldman Sachs Research, and Ryan Hammond from the portfolio strategy team discuss the remarkable 25% rally of the S&P 500 this year. They dive into the impact of mega-cap tech stocks and the potential for mid-cap equities. The duo also examines the cyclical phases of the AI industry, emphasizing key players like NVIDIA. Additionally, they share insights on the upcoming earnings season, investor sentiment, and projections for the S&P 500 leading up to 2025, reflecting optimism amid uncertainties.

David Kostin, Chief US equity strategist at Goldman Sachs Research, discusses the sustainability of the US stock market rally, including the dominance of AI companies, Nvidia's underperformance, market valuations, interest rates, election uncertainties, investor positioning, demand for US stocks, and the transition from active to passive funds.

David Kostin, Chief US equity strategist at Goldman Sachs, shares his expert insights on M&A activity and the S&P 500. He discusses the anticipated easing cycle by the Federal Reserve and its implications for stock prices. Kostin emphasizes investing in small and mid-sized businesses, targeting acquisition-ready companies for high risk-adjusted returns. He also explores the strategic focus on stocks with merger potential ahead of regulatory changes in 2025, highlighting the importance of diversification in a volatile market.