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高盛:标普500指数十年大涨时代结束 面临来自美债等资产的竞争

Goldman Sachs: The S&P 500 Index is facing competition from assets such as US bonds at the end of a decade of sharp rise

Gelonghui Finance ·  Oct 21 17:02

Glonghui, October 21 | Goldman Sachs Group strategists said that as investors turn to other assets, including bonds, to seek better returns, US stocks are unlikely to maintain their higher-than-average performance over the past decade. According to analysts such as David Kostin, the total annualized nominal return of the S&P 500 index is expected to be only slightly higher than 3% over the next ten years. Over the past decade, this figure was 13%, and the long-term average was 11%. They also believe that the return on this benchmark index will lag behind US Treasury bonds by about 72%, and a 33% chance of falling behind inflation by the end of 2034. In an Oct. 18 report, the team wrote, “Investors should be prepared for stock returns over the next decade close to the low end of their typical performance distribution.”

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