Core Insights - Goldman Sachs identifies emerging markets as the most favorable investment destination for the next year and five years, rather than the United States [1] Group 1: Emerging Markets Outlook - The expected basic return rate for emerging market stocks is the highest at 8%, with a probability of 55% [2] - There is a 20% probability that emerging market returns will exceed expectations, while there is a 25% probability of experiencing low single-digit negative returns [2] - The volatility of expected returns for emerging markets is the highest among all markets [2] Group 2: Other Market Predictions - The expected return for U.S. stocks, represented by the S&P 500 index, ranks second with a projected growth rate of 7% over the next 12 months and an average return of 6% over the next five years [6] - UK stocks and the MSCI All Country World Index are projected to have average returns of 5% over the next five years, ranking third and fourth respectively [7] Group 3: U.S. Stock Valuation - Despite U.S. stock valuations being at historical highs, Goldman Sachs denies the existence of a bubble, attributing high valuations to reduced volatility in the U.S. economy, which supports stronger corporate earnings stability [8] - The report indicates that valuation itself has limited impact on investment decisions regarding market entry or exit [8] Group 4: Recommended Investment Funds - Goldman Sachs recommends several funds expected to perform well, including iShares MSCI Emerging Markets ETF (EEM), SPDR S&P 500 ETF Trust (SPY), Franklin FTSE UK ETF (FLGB), and iShares MSCI ACWI ETF (ACWI) [8]