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DoubleLine Podcasts

S11 E8: Goldman Sachs’ David J. Kostin on Profit Margins, Duration and ESG

DoubleLine’s Jeffrey Sherman and Sam Lau welcome David J. Kostin, chief U.S. equity strategist at Goldman Sachs, to talk about the dramatic comeback of profit margins (2:34), the impact of duration on investing (5:08), the demand and supply for equities (13:52), and the resurgence of retail trading (22:45), among other topics. Messrs. Sherman and Kostin also get into special purpose acquisition companies, SPACs, with Mr. Kostin detailing their nuanced appeal in the pandemic era (18:00). Mr. Lau brings up the impact of the Federal Reserve’s monetary policy on the U.S. equity market and the market’s potential reaction to a Fed tapering of asset purchases (30:20). Mr. Kostin notes that tapering is not tightening, and Goldman sees tightening, starting to hike rates, beginning in 2023. The trio also looks at the rise of ESG investing (34:50) (“E, S and G are three interesting letters of the alphabet, but they’re really not related to one another,” says Mr. Kostin) before getting into Mr. Kostin’s allocation advice (41:34). This episode was recorded Sept. 21, 2021.

Guest Speaker Bio

The views and opinions expressed herein are as of the date recorded and should not be construed as an offer to buy or sell any securities. Such views/opinions may differ from those of DoubleLine Capital or other of its affiliates and are subject to change without notice. DoubleLine has no obligation to provide any updates or changes. The following audio presentations represent DoubleLine’s intellectual property. No portion of these presentations may be published, reproduced, transmitted or rebroadcast in any media in any form without the express written permission of DoubleLine. DoubleLine has no obligation to provide any updates or changes. To receive permission from DoubleLine please contact [email protected].

Neither DoubleLine nor any of its affiliates makes any representation or warranty as to the accuracy or completeness of the statements or any information contained in this podcast and any liability therefore (including in respect of direct, indirect or consequential loss or damage) is expressly disclaimed.

DoubleLine is not providing any financial, economic, legal, accounting or tax advice in these podcasts. The receipt of these podcasts by any listener is not to be taken as constituting the giving of investment advice by any DoubleLine entity or individual to that listener, nor to constitute such person a client of any DoubleLine entity. The portfolio risk management process includes an effort to monitor and manage risk, but does not imply low risk.

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