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2010-Strategies for plicated world
US equities in plicated global worldEuropean sovereign credit risk, China policy tightening, US regulationand a slowing domestic economy form the backdrop heading into risks have boosted the equity risk premium pressedvaluation, trumping the positive micro fundamentals of high profitmargins, strong EPS growth, and fortress corporate balance sheets.
June 28, 2010

2H 2010: Strategies for plicated world

Research Report
David J. Kostin
(212) 902-6781 @ Goldman Sachs & Co.
US equities in plicated global world
European sovereign credit risk, China policy tightening, US regulation and a slowing domestic economy form the backdrop heading into 2H. Macro risks have boosted the equity risk premium pressed valuation, trumping the positive micro fundamentals of high profit margins, strong EPS growth, and fortress corporate balance sheets.
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Stuart Kaiser, CFA
(212) 357-6308 @ Goldman Sachs & Co.
Shifting sector weights; still cyclically inclined
We raise Industrials and Consumer Staples to Overweight to join
Information Technology and Energy as our preferred sectors. We lower Materials to Neutral. Our sector weightings reflect a US equity market that is transitioning from an early to late cyclical phase. Our 3, 6, and 12-month S&P 500 price targets remain 1160, 1250 (year-end) & 1300.
Amanda Sneider
(212) 357-9860 @ Goldman Sachs & Co.
Yi Zhang
(212) 357-6003 @ Goldman Sachs & Co.
Themes: high Sharpe Ratio, high BRICs sales
Correlations of sector and stock returns remain extremely elevated. We mend several baskets to isolate important themes in the market. Our high Sharpe ratio basket consists of stocks wit/ best risk-adjusted returns. Firms with high sales to BRICs countries should outperform.
Goldman Sachs 3-month, 6-month,