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  • Goldman Sachs’ Abby Joseph Cohen told Bloomberg on Thursday that markets could see “considerable downside” before the election due to factors that financial models aren’t picking up. 
  • These factors include the outcome of the election and what Congress and the president will do next before election day, Cohen said. 
  • The senior investment strategist added that the market is vulnerable to volatility and disappointment given the”wide gaps” in the relative valuation of stocks.

Goldman Sachs’ Abby Joseph Cohen told Bloomberg on Thursday that markets could soon see “considerable downside” based on factors that financial models cannot predict.

What Congress will do next, what the president will say, and how the election will end cannot be forecasted by modeling, the senior investment strategist said.

“Those of us who have lived our professional lives really focusing in on the math, I think should feel very humble right now,” Cohen said.

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Goldman Sachs
GS
, along with other Wall Street giants, has been eyeing bitcoin and cryptocurrency markets this year—and has already taken some big steps into the space.

Those steps follow the bitcoin price, up some 40% so far this year and hovering at a little over $10,000 per bitcoin, finding support through a roller coaster 2020 as a potential hedge against a wave of inflation that some see on the horizon.

Now, after it was announced last month a 20-year Goldman Sachs veteran will be joining merchant bank Galaxy Digital in early 2021, the firm’s founder and chief executive, Michael Novogratz, has warned Goldman will soon be scrambling to catch up with its head start in bitcoin and crypto.

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November 3 is just around the corner, and Wall Street’s gaze has locked in on the race to the White House. Biden currently leads in the polls, but it’s still anyone’s race.  

Now, with President Trump’s COVID-19-related hospitalization rocking the last leg of the 2020 presidential election campaign, and Senate control also up for grabs, fears regarding a divided government are circling the Street. 

That said, this might not be such a bad thing, if you ask Goldman Sachs. “A divided government scenario would lead to a smaller change in interest rates and a reduction in political uncertainty,” the firm’s chief equity strategist David Kostin wrote. The strategist argues that such an outcome could push the S&P 500 to 3,700, which would reflect an 11% gain, with the index reaching 4,000 by mid-2021. 

But what will happen if Biden comes out on top? Kostin believes a blue wave wouldn’t be

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