Goldman Sachs anbefaler nye strategier for 2021 og årene fremover, og de bygger på de forandringer, som coronakrisen medfører: Investorerne skal tænke mere globalt, men på specifikke selskaber og ikke regioner, og de skal fokusere på de mindre selskaber og ikke på giganterne, bl.a. fordi de store kan blive hæmmet af nye reguleringer. De skal også investere mere i miljøvenlige selskaber og selskaber, som tager mere hensyn til klimaet, befolkningen og økonomien i en bred forstand. Sagt med andre ord: Gode afkast kommer i stigende grad fra en ESG-ansvarlig strategi.
Climate of Change
As we look into 2021 and beyond, it is increasingly evident to us that global policymaking, while important, will be less governed by the latest political victory than by the realities of massive sovereign deficits, shifting demographics, and environmental conditions.
COVID-19 has only accelerated this climate of change and the need for prescriptive solutions and investment.
Furthermore, as we enter a hopefully long and sturdy global recovery, we should keep in mind a few important lessons from 2020, including:
1) the value of addressing tactical uncertainty with strategic discipline, risk management, and quality, 2) most investment horizons are much longer than election cycles, and
3) the opportunity set is becoming more idiosyncratic and global.
The remainder of this edition of the Market Know-How will focus on summarizing our macro expectations and providing a framework for positioning in 2021.
We emphasize:
- Broadening global exposure that focuses on company-specific opportunities rather than geographic beta.
- Moving down in cap to seek exposure to secular growth themes while reducing the concentration and regulatory risk of current mega-cap growth companies.
- Complementing high quality core bonds with private credit for potentially attractive yield premiums and diversification benefits.
- Investing sustainably through environmentally, socially, and economically aware strategies.
