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.
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