The selection of international Goldmans Sachs. (© Fotolia)
The strategist of Goldman Sachs, Peter Oppenheimer, offers a portfolio of major international companies that are recommended for purchase to accompany the next round stock. Among the fifty selected, only three French values !
The research team of Goldman Sachs, led by Peter Oppenheimer, has built a global portfolio of companies with prospects for superior growth, the future winners of the global economy.
The previous cycle of stock market has experienced a performance of unusual, worn by an expansion of valuation multiples, comparable to previous cycles of rise between 1945 and 1968 (the golden age of capitalism and the post-war reconstruction), and then between 1982 and 1999 (disinflation and reforms of the tools of production).
In the decade that has followed the financial crisis of 2008, the increase in valuations has been driven by lower interest rates and highly expansionary monetary policies. Thus, since the low of march 9, 2009, the progression of multiple accounts for 39% of the performance in the United States and 50% in Europe.
The dividends account for 25% in the United States and 46% in Europe, while the increase in profits does not justify that 36% of the return on investment across the Atlantic, and only 3% in Europe !
The price rise since 2009 is also characterized by an “over-performance” historic, both in its magnitude and in its duration, values of growth on the theme of the “value” (values discounted).
The strategist of the us bank believes that the return to the “value” may still take a few
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