FOR BROKER/DEALER OR FINANCIAL INSTITUTION USE ONLY. NOT FOR DISTRIBUTION TO THE GENERAL PUBLIC.
Eileen Rominger
Chief Investment Officer
GSAM
September 15, 2009
Remarks From GSAM’s CIO:
Where Do We See
Opportunity?
This material is provided for educational purposes only and should not be construed as investment advice or an offer or solicitation to buy or sell securities.
4:15 PM Eastern
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Confirmation code: 3541040
Conference Call Series
Goldman Sachs Asset Management
Conference Call Series
FOR BROKER/DEALER OR FINANCIAL INSTITUTION USE ONLY. NOT FOR DISTRIBUTION TO THE GENERAL PUBLIC.
1
Overview
In our view:
Recent market movements have been extreme, but not unprecedented — such market activity still presents
investment opportunities across various asset classes, despite the markets coming substantially off their lows.
Developed Market Equity — dislocated valuations in targeted companies allow investors to actively rebalance
portfolios.
Emerging Market Equity — despite a significant rally, we are still well below the peaks of 2007, presenting
interesting opportunities for both traditional, as well as quant investors.
Credit Markets — idiosyncratic volatility has risen exponentially, making credit selection critical.
Goldman Sachs Asset Management
Conference Call Series
FOR BROKER/DEALER OR FINANCIAL INSTITUTION USE ONLY. NOT FOR DISTRIBUTION TO THE GENERAL PUBLIC.
2
Market recap
Source: DataStream, IMD Investment Strategy Group
This information discusses general market activity, industry or sector trends, or other broad-based economic, market or political conditions and should not be construed as research or investment
advice. Please see additional disclosures.
Equity market indices Jan 2007 to August 2009
Equity market indices
Peak to
Trough
Drawdown
Trough to
Current
Peak to
current
Developed Markets
-54%
53%
-30%
US
-55%
56%
-30%
UK
-45%
48%
-19%
Germany
-57%
54%
-34%
Japan
-61%
38%
-46%
Australia
-49%
49%
-25%
Emerging Markets
-58%