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Mid-Year Perspectives

Investment Strategy | Live Insights

The Wealth Management Investment Strategy Group reaffirms that, despite heightened US economic policy uncertainty, its long-held investment themes—US Preeminence and Stay Invested—remain intact. The team also addresses economic implications of higher tariffs, risks to the outlook, and guidance on separating market signals from noise.

Sharmin Mossavar-Rahmani, Chief Investment Officer of Wealth Management and Head of the Investment Strategy Group (ISG), and Brett Nelson, Head of Tactical Asset Allocation for ISG, share their economic and financial market outlook in a discussion moderated by Nicola Gifford, Vice President in the Tactical Asset Allocation team.

The first half of 2025 has been marked by heightened volatility across financial markets, reflecting a combination of US policy uncertainty, geopolitical tensions, and recession concerns. This has raised several questions among clients which are addressed in this Live Insight video including:

  • Why ISG’s "US Preeminence" investment theme remains intact (0:47)
  • Reasons for "Staying Invested" in US equities (1:50)
  • Implications of higher tariffs on the economy (3:03)
  • Key risks to the outlook (5:39)
  • Final takeaways: Separating signal from noise in the months ahead (6:33)

"We're always telling clients we want to focus on the signal—the underlying trend, the economy, the earnings. The sources of volatility are the noise. There's just a fair amount of noise out there, especially in this kind of an environment."

- Sharmin Mossavar-Rahmani, Chief Investment Officer of Wealth Management and Head of the Investment Strategy Group

If you have questions about how the perspectives shared in this market update impact your financial portfolio, connect with your Goldman Sachs team.
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This material is intended for educational purposes only and is provided solely on the basis that it will not constitute investment advice and will not form a primary basis for any personal or plan’s investment decisions. While it is based on information believed to be reliable, no warranty is given as to its accuracy or completeness and it should not be relied upon as such. Information and opinions provided herein are as of the date of this material only and are subject to change without notice. Goldman Sachs is not a fiduciary with respect to any person or plan by reason of providing the material herein. Information and opinions expressed by individuals other than Goldman Sachs employees do not necessarily reflect the view of Goldman Sachs. Information and opinions are as of the date of the event and are subject to change without notice.

 

Investment Strategy Group. The Investment Strategy Group (“ISG”) is part of the Asset & Wealth Management Segment of Goldman Sachs and is not a part of Goldman Sachs Global Investment Research. Information and opinions expressed by individuals other than Goldman Sachs employees do not necessarily reflect the view of Goldman Sachs. Goldman Sachs does not provide accounting, tax or legal advice to its clients. 


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