Goldman Sachs vurderer afkastmulighederne for de kommende år, og banken venter et markant fald i afkastet på aktier i forhold til det seneste år. Der kan blive tale om en halvering til 7,2 pct. i snit. Investorerne bliver nødt til at fokusere endnu mere på virksomhedernes indtjeningsevne.
Goldman Sachs:
New era, new expectations.
If equities deliver mid-single digit returns over the next decade, investors should rethink the role of income.
The Great Moderation
Equity markets have delivered remarkable returns in the decade since the Global Financial Crisis. Going forward, investors may face a decade of more modest returns given a starting point of elevated valuations, low interest rates, and moderate economic growth. We see a case for less reliance on capital appreciation and a greater effort to “lock in” total return through income potential.
Source: Bloomberg and GSAM.
