【出版时间及名称】：2010年美国证券市场投资策略报告
【作者】：高盛
【文件格式】：PDF
【页数】：75
【目录或简介】：
Table of contents
2010 Outlook: cyclical start; defensive finish 3
Investment Recommendations: Our best ideas for 2010 6
The anticipated path of the market in 2010 8
US economic backdrop for 2010 12
Excess capacity: implications for the US equity market 15
S&P 500 earnings forecast: $76 per share in 2010 and $90 in 2011 20
Valuation: Our year-end 2010 target for the S&P 500 is 1250 25
Money flow: A bullish back-drop for stock investors in 2010 32
Inter-sector correlations remain elevated but should fall in 2010 36
Strategic Themes and Investment Recommendations 39
1. International exposure: Buy our BRICs Sales basket <GSTHBRIC> 40
2. Buy S&P 500 companies with operating leverage <GSTHOPHI> 44
3. Sector positioning: Pro-cyclical for the near-term 48
4. High Sharpe Ratio trades 52
5. Uses of Cash: How companies will spend money in 2010 55
Mutual funds: Strong 1Q relative returns set stage for a strong 2009 64
Hedge funds: regaining lost performance and turning cyclical 67
Our 2009 scorecard: Index, Sectors, and Thematic trades 69
Appendix A: S&P 500 Market cap & net income by sector since 1974 70
Appendix B: GS Portfolio Strategy Baskets on Bloomberg 71
Disclosure 71
Disclosures 72