HOUSE_OVERSIGHT_026909.jpg
1.37 MB
Extraction Summary
6
People
3
Organizations
2
Locations
3
Events
2
Relationships
4
Quotes
Document Information
Type:
Financial market report / internal memo
File Size:
1.37 MB
Summary
This document is a 'Sunday Night Insight' report from Goldman Sachs' Investment Strategy Group dated October 14, 2018. It analyzes a recent 7.8% drop in US equities, with the authors arguing that this does not signal the end of the bull market, citing strong economic fundamentals. While the document does not explicitly mention Epstein, the 'HOUSE_OVERSIGHT' Bates stamp suggests it was part of a document production to Congress, likely regarding financial institutions' relationships with Epstein.
People (6)
| Name | Role | Context |
|---|---|---|
| Sharmin Mossavar-Rahmani | Chief Investment Officer |
Listed author/officer on the Goldman Sachs report
|
| Brett Nelson | Head of Tactical Asset Allocation |
Listed author/officer on the Goldman Sachs report
|
| Maziar Minovi | Managing Director |
Listed author/officer on the Goldman Sachs report
|
| Andrew Dubinsky | Vice President |
Listed author/officer on the Goldman Sachs report
|
| Michael Murdoch | Vice President |
Listed author/officer on the Goldman Sachs report
|
| Mary Rich | Vice President |
Listed author/officer on the Goldman Sachs report
|
Organizations (3)
| Name | Type | Context |
|---|---|---|
| Goldman Sachs |
Header organization, Investment Management Division
|
|
| Investment Strategy Group |
Sub-division of Goldman Sachs issuing the report
|
|
| House Oversight Committee |
Implied by Bates stamp 'HOUSE_OVERSIGHT'
|
Locations (2)
| Location | Context |
|---|---|
|
Context of 'US equities' and 'US economy'
|
|
|
Mentioned regarding trade tensions
|
Relationships (2)
Listed together on Goldman Sachs report leadership
Listed together on Goldman Sachs report leadership
Key Quotes (4)
"The 7.8% intraday peak-to-trough decline in US equities between September 21st and October 11th has rattled investor confidence."Source
HOUSE_OVERSIGHT_026909.jpg
Quote #1
"As a result, some of our clients have asked whether this drop signifies the beginning of the end of a nearly 10-year bull market."Source
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Quote #2
"We do not think so."Source
HOUSE_OVERSIGHT_026909.jpg
Quote #3
"The steady factors we highlighted in our annual Outlook—such as economic growth, benign inflation, robust earnings, and low probability of recession—have not dissipated."Source
HOUSE_OVERSIGHT_026909.jpg
Quote #4
Full Extracted Text
Complete text extracted from the document (1,450 characters)
Investment Management Division | Goldman Sachs
Investment Strategy Group
Sunday Night Insight
October 14, 2018
The Unsteady Undertow Commands the Seas (Temporarily)
[Chart Text: Steady, Unsteady]
Sharmin Mossavar-Rahmani Chief Investment Officer
Brett Nelson Head of Tactical Asset Allocation
Maziar Minovi Managing Director
Andrew Dubinsky Vice President
Michael Murdoch Vice President
Mary Rich Vice President
Investment Strategy Group
Sunday Night Insight
October 14, 2018
The Unsteady Undertow Commands the Seas (Temporarily)
[Chart Text: Steady, Unsteady]
Sharmin Mossavar-Rahmani Chief Investment Officer
Brett Nelson Head of Tactical Asset Allocation
Maziar Minovi Managing Director
Andrew Dubinsky Vice President
Michael Murdoch Vice President
Mary Rich Vice President
The 7.8% intraday peak-to-trough decline in US equities between September 21st and October 11th has rattled investor confidence. Numerous headlines of stock market “carnage” have further eroded their confidence. As a result, some of our clients have asked whether this drop signifies the beginning of the end of a nearly 10-year bull market.
We do not think so. So far, this pullback is actually smaller than the two prior downdrafts we experienced in late January and in mid-March, neither of which derailed the US economy nor the bull market. The steady factors we highlighted in our annual Outlook—such as economic growth, benign inflation, robust earnings, and low probability of recession—have not dissipated. Furthermore, while the investor focus has shifted to the risks around the unsteady undertow, most of these factors are, on balance, less concerning today than they were at the beginning of 2018.
Of course, that is not the case across all geopolitical concerns. While trade tensions with Mexico and
1
HOUSE_OVERSIGHT_026909
We do not think so. So far, this pullback is actually smaller than the two prior downdrafts we experienced in late January and in mid-March, neither of which derailed the US economy nor the bull market. The steady factors we highlighted in our annual Outlook—such as economic growth, benign inflation, robust earnings, and low probability of recession—have not dissipated. Furthermore, while the investor focus has shifted to the risks around the unsteady undertow, most of these factors are, on balance, less concerning today than they were at the beginning of 2018.
Of course, that is not the case across all geopolitical concerns. While trade tensions with Mexico and
1
HOUSE_OVERSIGHT_026909
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