Executive Summary
Goldman Sachs' departing chief equity strategist David Kostin delivers a sobering reality check on the next decade of returns, predicting the S&P 500 will deliver just 3-6.5% annually through 2035—well below historical averages. His core thesis centers on an unprecedented concentration risk: the largest 10 stocks now comprise 33% of the index, trading at 30x earnings versus 50x in 1999 and 40x in 2021. While this suggests we're not in a valuation bubble, Kostin argues investors are being compens...
Key Investment Opportunity
Healthcare Value Rotation Play
Healthcare trades at 30-year relative valuation lows while maintaining strong execution and cash generation. Policy uncertainty has created an artificial discount that should compress as regulatory clarity emerges. Large-cap pharma offers defensive characteristics with mean reversion upside as relat...
...and 1 more investment opportunities
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