From Assets to Alpha: David Kostin on US Equities

In this episode of Goldman Sachs Exchanges, Allison Nathan interviews David Kostin, the retiring chief US equity strategist at Goldman Sachs, about the current state of the US equity markets and his reflections on his career. Kostin addresses investor sentiment, the AI bubble, and market volatility, providing insights into why the market has been challenging for many investors. He identifies opportunities in healthcare, consumer retail, and AI beneficiaries, while also expressing concerns about market concentration and high valuations, which lead him to a relatively dour view of long-term S&P 500 returns. Kostin shares memories from his first day at Goldman Sachs and recounts impactful conversations with influential investors like George Soros and Warren Buffett, highlighting the evolution of capital markets and the changing role of a strategist over the past 30 years.