Goldman's Kostin on Market Forecast, Liquidity, Margins

The transcript discusses market trends, focusing on the S&P 500, interest rates, and liquidity. It highlights predictions for the market, including potential rate hikes by the Fed and their impact on market valuation and earnings. The discussion also covers sources of demand for equities, such as corporate repurchases and pension funds. Economic scenarios for 2023 are explored, with a focus on earnings and potential recession impacts. Finally, investment strategies are considered, with a preference for larger cap companies due to their stronger balance sheets and ability to maintain margins.

What are the expectations for the S&P 500 in the first quarter according to the text?

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How does the speaker view the relationship between interest rates and the equity market?

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What is the anticipated impact of liquidity tightening on the market?

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What are the expected corporate repurchase levels for next year compared to this year?

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What is the speaker's view on earnings growth for the upcoming year?

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What factors are contributing to the vulnerability of earnings according to the speaker?

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What is the speaker's baseline assumption regarding the economic outlook for next year?

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