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World Cohen / Goldman Warns of Significant Downside Potential in Stocks

12:20  09 october  2020
12:20  09 october  2020 Source:   finanzen.net

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Goldman Sachs GS, -0.21% strategist Abby Joseph Cohen , who long ago emerged as the bullish face of the go-go days of the 1990s, was decidedly less optimistic on stocks in a Bloomberg interview Tuesday. “ ‘Overall, we are approaching a point of inflection. The really robust growth in GDP and the

(Bloomberg) - The equity market is at risk of significant declines ahead of the US elections as economic and political uncertainties rock strategists, says Abby Joseph Cohen of Goldman Sachs Group Inc.

“I'm quite concerned that there could be significant downside,” depending on “factors that we can't easily fit into our models,” the top investment strategist said in an interview with Bloomberg TV. “This includes: What will the Congress do? What will the president say? And the election result, of course. ”

Abby Joseph Cohen, America's best-known equity strategist in the 1990s, pointed to“ wide gaps ”between valuations within the stock market. The recovery rally since March has been largely driven by a handful of mega-cap tech companies. This could make the market more susceptible to disappointment. The markets only eased this week after US President Donald Trump announced that he would hold talks on a stimulus package until after next month's elections.

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A 0 billion breed of systematic investor that helped fuel last year’s market mayhem is now a whisker away from “maximum allocation” to stocks in the latest Now, the Goldman strategists “expect to see even higher allocations to equity in year-end filings, leaving very little re-allocation to support markets

Stocks keep reaching record highs. Goldman Sachs is worried that leaves investors vulnerable to surprises.

U.S. stock investors are trying to navigate political and economic risks © Bloomberg US stock investors are trying to navigate political and economic risks

"Those of us who really focus on mathematics in our professional life should, in my opinion, be very cautious at the moment, as we have to recognize that the models may not be able to To adequately reflect all of the volatility not only in the markets but also in the economy, in politics and of course in investor sentiment, ”said Joseph Cohen.

Goldman believes the S&P 500 index is currently ‘moderately’ undervalued, given corporate earnings growth expectations and accommodative measures by the US Federal Reserve, the strategist said. However, she warned that the “intense” volatility had increased ahead of the elections and that all eyes were currently on the negotiations on fiscal stimulus.

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A "landslide victory" for Joe Biden's Democrats could bring more certainty about the government's fiscal policies, according to Joseph Cohen. Investors now see the possibility of a Democratic victory as positive for the longer-term outlook for corporate earnings and economic growth in 2021 and beyond, she said.

'Landslide Victory'

“What we have seen from investors over the past few days is that a 'landslide victory' may not be that bad because it would give us more certainty about politics, especially those Fiscal policy to help our economy at this point, ”said the strategist.

She endorsed the comments made by Fed Chairman Jerome Powell that more fiscal support is needed to keep the economic recovery going.

Cohen said she found in her conversations with investors that market participants were unsure of what Trump's plans for the second term would be. There is also “disappointment” about the infrastructure policy and concern about possible environmental and health measures, she reported.

Heading of the original article:

Goldman’s Joseph Cohen Warns Over ‘Considerable’ Market Downside

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Lawyer in famed US interracial marriage case dies .
Bernard S Cohen's case, Loving v Virginia, was later used a precedent to allow gay marriage in the US.Bernard S Cohen represented the Loving couple in a lawsuit against the state of Virginia in 1967. Their name ensured it would be a landmark case, he told US media.

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This is interesting!