However, the study in question came from the Coalition for a Prosperous America (CPA), an advocacy group whose representation of U.S. manufacturers gives it a clear reason to favor protectionist trade policies. The World Trade Institute, an academic research group, said the CPA study used "highly unusual and empirically unsupported" methods to generate the result the authors desired. In other words, the study lacks credibility.In February, the White House published a "fact sheet" crafted to ease concerns ab ...

Core Viewpoint - Goldman Sachs plans to acquire a portion of loans from Hong Kong developer New World [1] Group 1 - The acquisition is part of Goldman Sachs' strategy to strengthen its position in the Asian real estate market [1] - New World has been facing financial challenges, making its loans an attractive target for investment [1] - This move reflects a broader trend of investment banks seeking opportunities in distressed assets amid market fluctuations [1]

格隆汇12月18日｜据路透，知情人士透露，高盛集团已聘请精品科技投资银行Qatalyst Partners的联合创 始人Brian Cayne担任其软件投资银行业务的全球联席主管。Cayne预计将于明年1月正式加入高盛。 Cayne将常驻旧金山，与现任联席主管Joe Porter和Jason Rowe共同领导软件银行业务。 ...

Group 1 - Goldman Sachs has hired Brian Cayne as a global co-head of its software investment banking group, indicating a strategic move to enhance its advisory capabilities in the software sector [1][2][3] - Cayne will start in January and will co-lead the software banking practice with existing co-heads Joe Porter and Jason Rowe, reporting to Barry O'Brien and Jung Min [2][3] - The hire reflects Goldman's ambition to strengthen its position in the competitive software market, particularly in light of growth trends such as artificial intelligence [3][5] Group 2 - Goldman Sachs ranked No. 1 in global technology M&A in 2025 by deal value, advising on transactions totaling $337.8 billion, which represents a 42.5% market share [4] - Major deals this year included a $56.5 billion leveraged buyout of Electronic Arts and a $32 billion acquisition of cloud security firm Wiz by Alphabet [4] - The bank is undergoing a reorganization of its TMT investment banking division, focusing on infrastructure deals and AI, which includes the formation of new groups from its telecom and CoreTech teams [5][6]

Core Insights - Goldman Sachs Group has appointed Brian Cayne as a global co-head of its software investment banking group, indicating a strategic move to enhance its capabilities in the technology sector [1] Company Developments - The hiring of Brian Cayne, a co-founder of Qatalyst Partners, reflects Goldman Sachs' commitment to strengthening its software investment banking division [1] - This appointment may lead to increased deal flow and advisory opportunities in the technology sector, particularly in software [1] Industry Implications - The addition of experienced professionals like Cayne could position Goldman Sachs more competitively within the tech investment banking landscape [1] - This move may signal a broader trend of investment banks focusing on specialized sectors, such as software, to capture growth opportunities in the technology market [1]

Core Insights - Carlyle Group, a major U.S. private equity firm, has engaged Goldman Sachs to assist in its bid for assets from Lukoil, a Russian oil company facing sanctions [1] Group 1: Company Actions - Carlyle is actively pursuing Lukoil's overseas portfolio, indicating a competitive interest in the sanctioned firm's assets [1] - The involvement of Goldman Sachs suggests a strategic approach to navigating the complexities of acquiring assets from a sanctioned entity [1] Group 2: Industry Context - The bidding for Lukoil's assets reflects a broader trend in the private equity sector, where firms are seeking opportunities in distressed or sanctioned assets [1] - The situation highlights the increasing competition among private equity firms to acquire valuable international oil assets amid geopolitical tensions [1]

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The report highlights 15 key debates for 2025 that are likely to continue into 2026, focusing on various sectors including artificial intelligence, private credit, and macroeconomic factors [1] - There is a significant focus on the potential risks associated with alternative debt structures and high-leverage companies within the artificial intelligence ecosystem [4] - The report anticipates a further expansion of artificial intelligence transactions into platform stocks and productivity beneficiaries [9] - Concerns regarding private credit have arisen due to major losses and fraud allegations, indicating increasing risks in non-bank lending [12][13] - The recent rebound in the U.S. cyclical stock market reflects optimistic expectations for the macroeconomic outlook in 2026, with anticipated acceleration in economic growth and fiscal stimulus [15] - The report predicts a favorable fiscal stimulus environment for the upcoming year, driven by tax cuts, investment incentives, and new spending [17] - The K-shaped economic recovery is highlighted, showing disparities in consumer sentiment and sales growth between low-income and high-income segments [21] - The report suggests that 2026 may be a year of recovery for traditional economies, with rising commodity prices driven by a weaker dollar and increased inflation [23] - The outlook for Brent crude oil prices indicates significant downside potential compared to market expectations for 2026 [25] - The stablecoin market is currently valued at approximately $307 billion, dominated by Tether and Circle [29] - Despite strong economic performance in Europe, capital inflows remain notably sluggish [30] - The report has adjusted China's GDP growth forecast upward, which may negatively impact global GDP growth outside of China [36] - The report anticipates further strengthening of the euro against the dollar, which could adversely affect companies with high international sales [38] - South Korea is identified as the best-performing market year-to-date, with ongoing improvements in corporate sectors [40] - The ongoing technological competition between the U.S. and China remains intense, with both countries pursuing self-sufficient technology policies [42]

Investment Rating - The report does not explicitly provide an investment rating for the industry. Core Insights - The S&P 500 index has an average annual total return of +13% since 1945, with 79% of years yielding positive returns, indicating a high probability of profit in the stock market [4][5] - Investing $1,000 in the S&P 500 index in 1945 would result in approximately $7.3 million today, highlighting the power of compounding and the impact of seasonal investment strategies [5][6] - U.S. household net worth increased by 52% from $110 trillion at the end of 2019 to $167 trillion by mid-2023, indicating significant wealth accumulation [5] - The top 10% of U.S. households own 87% of the stock market, while the top 1% own 50%, reflecting wealth concentration in the equity market [6] - Since March 2009, the Nasdaq 100 index has seen a total return of +2,753%, with notable investment opportunities arising during market downturns [7] - The market capitalization of the seven largest tech companies has grown from $1 trillion to $21 trillion over the past thirteen years, indicating robust growth in the tech sector [7] - The average age of first-time homebuyers in the U.S. has reached a record high of 40 years, compared to 31 years in 1999, suggesting changing demographics in the housing market [12] Summary by Sections Historical Performance - The S&P 500 index has consistently provided positive returns, with a total return of +17% year-to-date, placing it in the 56th percentile historically [4] - The significant difference in returns based on investment timing emphasizes the importance of market timing and seasonal factors [5] Wealth Distribution - U.S. households, through direct ownership or funds, hold over 50% of the U.S. stock market, contrasting sharply with hedge funds that hold only 2% [5] - The concentration of stock ownership among the wealthiest households raises questions about market dynamics and accessibility for average investors [6] Economic Indicators - The increase in U.S. household net worth and the growth of the tech sector reflect broader economic trends and potential investment opportunities [5][7] - The projected growth of U.S. nominal GDP by nearly 280% by 2050 indicates a long-term positive outlook for the economy [11]

Group 1: Goldman Sachs - Goldman Sachs agreed to acquire Innovator Capital Management for approximately $2.0 billion, expected to be paid in cash and equity [1] - The acquisition is anticipated to close in the second quarter of 2026, pending regulatory approvals and customary closing conditions [1] - Goldman Sachs shares fell 1.2% to close at $879.15 [4] Group 2: Capital One Financial - Capital One Financial was selected as a final trade by Hightower Advisors' chief investment strategist [2] - Wolfe Research analyst initiated coverage of Capital One with an Outperform rating and set a price target of $270 [2] - Capital One Financial gained 0.8% to settle at $241.61 during the session [4] Group 3: Monster Beverage Corporation - Monster Beverage Corporation was named as a final trade by Virtus Investment Partners' senior managing director [2] - Stifel analyst maintained a Buy rating on Monster Beverage and raised the price target from $78 to $82 [3] - Monster Beverage shares rose 0.7% to close at $75.34 [4]

Core Viewpoint - KBW has raised the target prices for major financial institutions, indicating a positive outlook for these companies in the investment banking sector [1] Group 1: Target Price Adjustments - KBW increased JPMorgan's target price from $354 to $363, reflecting a bullish sentiment towards the company's performance [1] - Morgan Stanley's target price was raised from $184 to $202, suggesting confidence in its growth potential [1] - Goldman Sachs saw its target price increase from $870 to $971, indicating strong expectations for its future earnings [1]