From Assets to Alpha: David Kostin on US Equities
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20 plus percent forecast for stocks next year. That's that's courageous. A lot of people they like to come out with, you know, eight to 12 and, you know, that's what they come out with. What makes you so confident?
There are three reasons that we're confident. The first is economy.
That's the voice of David Costin back when he made his first TV appearance in 2010 on CNBC. Costin, who's retiring as our chief US equity strategist this year, joined Goldman Sachs in 1994. Today, we'll get his take on US equity markets, and we'll also get the chance to hear some stories from his career as well as his uniquely informed views on how capital markets have changed over the past few decades. David, welcome back to Goldman Sachs Exchanges.
Allison, it's great to be here.
Can I first just say that I am sad that this will be the last time I am interviewing you on exchanges for our listeners and viewers? David and I have worked together for nearly thirty years. You've been here for thirty one. I have been here for twenty eight. For half of that time that I have been here, we have sat 20 feet away from each other. So I will really miss you dearly.
I am gonna miss you along with many other colleagues here at the firm. But I'm going to be an advisory director in calendar year 2026, so I'll be interacting with some of the clients and other internal people. So we'll have an opportunity to see each other. But I've had a great experience for the last three decades.
I want to take the opportunity to reflect on your very long career, but before we get into those reflections, let me take the opportunity to ask you for the last time about the markets. US equity markets have made new highs this year, but the markets have been pretty volatile over the past few weeks. So how would you characterize market sentiment right now?
Actually, at the start of the year, the sentiment was pretty optimistic. And then, of course, Liberation Day on the April 2 really created a lot of havoc and volatility increased dramatically. But that has receded in the last couple of months. And in fact, the market had a pretty monotonic increase, pretty steady increase from the low in April, and it was only recent when the government data stopped being released that it had a modest increase in volatility. I think the story of calendar twenty twenty five thus far has been actually volatility has been right in line with the last five years. T
And so in these last client conversations that you're having, are investors nervous or they're just seeing momentum in the market and think it's expected to continue in 2026?
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