文档介绍：Outlook
Investment Management Division
Half Full
“Everything we hear is an opinion, not a fact. Everything we see is a perspective…”
Attributed to Marcus Aurelius
Investment Strategy Group | January 2017
Sharmin Mossavar-Rahmani
Chief Investment Officer
Investment Strategy Group
Goldman Sachs
Brett Nelson
Head of Tactical Asset Allocation
Investment Strategy Group
Goldman Sachs
Additional Contributors
from the Investment
Strategy Group:
Matthew Weir
Managing Director
Maziar Minovi
Managing Director
Angel Ubide
Managing Director
Farshid Asl
Managing Director
Matheus Dibo
Vice President
Mary Catherine Rich
Vice President
This material represents the views of the Investment Strategy Group in the
Investment Management Division of Goldman Sachs. It is not a product of
Goldman Sachs Global Investment Research. The views and opinions expressed
herein may differ from those expressed by other groups of Goldman Sachs.
2017 OUTLOOK
Dear Clients,
Readers of our previous Outlook publications may recall that this page typically
summarizes the key themes of our economic and financial market prospects for the
coming year. However, for 2017 we decided that a brief overview would not suffice,
given the current environment of high market valuations, great policy uncertainty,
significant geopolitical tensions and, in all likelihood, an unconventional US
presidency.
Since the trough of the global financial crisis, we have consistently emphasized US
preeminence and maintained a strategic overweight to US equities relative to global
market capitalization-weighted benchmarks. Tactically, we have had an overweight
allocation to US equities and US high yield bonds from as early as mid-2008. Even
when US equities became more expensive, we continued to recommend that clients
stay fully invested at their strategic allocations. Indeed