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February 2017

Policy, Risk and the Markets

What can trump the markets in 2017?

Political developments in the US, Europe and UK create the sense of a world in transition. In a live roundtable, our senior portfolio managers discussed four key areas of transition, as described in our 2017 Investment Outlook, and the key implications for investors. Below, we present highlights from the live discussion. 

Globalism to Populism

Globalization has been a defining trend for a generation. Now, we believe a rising tide of populism is challenging this trend and creating new risks and opportunities. Our portfolio managers discussed the implication of recent geopolitical events and upcoming elections in Europe, as well as the impact on trade and emerging markets.


Regulation to De-Regulation

While the new US administration is emphasizing less regulation, other countries continue to increase regulation. Our portfolio managers discussed how this divergence in regulatory regimes may influence global growth and business trends.


Monetary to Fiscal Policy

Years of focus on monetary policy are giving way to a focus on fiscal policy. Our portfolio managers discussed the increasing divergence in policy across the US and Europe and outlined implications for interest rates across global markets as well as corporate spending. 


Stagnation to Inflation

After a prolonged period of low growth and low inflation, concerns about secular stagnation now appear to be giving way to concerns about inflation risk. Our portfolio managers discussed how a pick-up in inflation could impact global markets and corporate profitability. 


What Does This Mean for Investors?

In a round-robin discussion, our portfolio managers highlighted the current opportunities and risks they see across multiple asset classes in light of these transitions.



GSAM Investment Outlook
2017 Investment Outlook

We are pleased to share our 2017 Investment Outlook. We’ve synthesized views from across our investment teams around the world and outlined key signposts we are watching in the year ahead.

February 06, 2017 | GSAM Connect
Executive Power: How Markets are Reacting to the Trump Administration

Our portfolio managers discuss the impact of populism and the new US administration on investing and the markets.

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