From Goldman Sachs, December 4:
Podcast:
From Assets to Alpha: David Kostin on US Equities
Goldman Sachs Research’s David Kostin discusses the recent equity market volatility, the AI trade, and the opportunities for investors today. Kostin, who is retiring as chief US equity strategist at the end of 2025, also reflects on his 31-year career at Goldman Sachs.
This episode was recorded on December 2nd, 2025.
Transcript:
Speaker: 20-plus percent forecast for stocks next year.
That's courageous. A lot of people, they like to come out with, you know, eight to twelve and, you know, that's what they come out with. What makes you so confident?David Kostin: There are three reasons that we're confident. The first is the economy.
Allison Nathan: That's the voice of David Kostin, back when he made his first TV appearance in 2010 on CNBC. Kostin, who's retiring as our chief US equities 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.David Kostin: Allison, it's great to be here.
Allison Nathan: 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 30 years. You've been here for 31. I have been here for 28. 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.
David Kostin: I am going to miss you, along with many other colleagues here at the firm, but I am going to be an advisory director in calendar year 2026. And so I'll be interacting with some 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.
Allison Nathan: 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?
MUCH MORE, 27 page PDF
Interesting throughout but particularly if you Ctrl + F bubble
