Goldman Sachs mener, vi befinder os i en ny investerings-cyklus. Vi bevæger os fra håbet om en økonomisk genrejsning til en mere holdbar vækstfase. Der er stadig udsigt til kursstigninger trods de mange risici på kort sigt – omkring politik, virus og økonomi.
Hope to Growth
We believe we are in the first innings of a new investment cycle.
As the market transitions from the initial ‘Hope’ phase – driven by the prospect of economic recovery – into the more sustainable ‘Growth’ phase, we may experience volatility as equity returns are likely to moderate.
Still, as returns transition from valuation- to earnings-led, the bull market should continue despite near-term risks in policy, the virus, and the economy.
Source: Goldman Sachs Global Investment Research. As of October 9, 2020.