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Quantitative Investment Strategies

2021 key themes in review, key phrase usage in global earnings calls.

QIS looks at over 25,000 global earnings calls across 60+ countries in order to understand what phrases companies are communicating to the public and what topics are being discussed. In 2021, we observed increases in phrases such as “pandemic”, “social media”, “inflation”, “emission”, “retail investors”, “higher cost”, and “climate change.”

Leveraging machine learning techniques lets us monitor what companies are saying and helps us make data-driven investment decisions.

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Source: Goldman Sachs Asset Management. Based on data released as of December 31, 2021.

PRIMARY FACTOR PERFORMANCE IN 2021

The QIS Proprietary Value and QIS Quality factors performed positively in 2021, surpassing pre-pandemic levels. Although both traditional Quality and traditional Value exhibited positive performance in 2021, only traditional Quality has surpassed pre-pandemic levels. While performance for traditional Momentum was negative in 2021, performance for the QIS Proprietary version was relatively flat. Additionally, 2021 was a year with high factor dispersion within Value, with cheaper stocks trading at a 42% discount compared to more expensive stocks. This discount is higher than the ten-year average discount of 28%.

Traditional

Quality:  12-month ROE and debt to equity ratio

Momentum:  12 month historical price return

Value:  12-month operating cash flow to price ratio, projected EPS to price ratio, and B/P.

QIS Proprietary

QIS incorporates traditional versions of factors augmented with proprietary signals that leverage machine learning techniques to synthesize vast amounts of nontraditional, unstructured data.

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Sources: Goldman Sachs Asset Management. Based on data released as of December 31, 2021. S&P Dow Jones Indices LLC.

Past performance does not guarantee future results, which may vary.

REOPENING THE WORLD

Consumers massively altered their habits in response to the pandemic and associated lockdowns. The QIS team aggregates geolocation data, credit card transaction data, web traffic data, point-of-sale data and other metrics to help us understand which companies may be the beneficiaries of increased consumer attention. We believe that our alternative data signals have been valuable in navigating this evolving market environment.

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Source: Goldman Sachs Asset Management. Based on data as of December 31, 2021.

Past correlations are not indicative of future correlations, which may vary.

RISE OF RETAIL TRADING

During the course of the pandemic, individuals poured money into equities and options trading partly due to 1) pandemic factors, such as work from home & reduction in traditional entertainment options and 2) secular causes, such as reduced friction from zero commission trading & expansion of stock ownership. We monitor retail trading activity for alpha opportunities because we believe that retail trading exhibits patterns of short-term persistency due to autocorrelation of flows but medium-to-long-term reversal.

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Sources: Bloomberg. Goldman Sachs Asset Management. Goldman Sachs Global Markets Division. CNBC. Subredditstats.com. Statista.com

With the recently increasing inflationary pressures, the QIS team actively monitors different components of inflation in order to create a holistic investment view. Among other considerations, we look at which industries should expect to be impacted by inflation and use natural language processing to identify which industries mention inflation more frequently. Our analysis has found that these and other metrics measure very different features of inflation.

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ENVIRONMENTAL, SOCIAL, AND GOVERNANCE (ESG)

Investors poured a record $649 billion into ESG-focused funds worldwide through Nov. 30, up from $542 billion in 2020 and $285 billion in 2019. Additionally, support for environmental and social proposals at US shareholder meetings rose to 32%, a 5% increase from 2020 1 . In order to manage the potential paradigm shift of a transition to a low carbon economy, the QIS team has applied a strategic climate-aware tilt to all its equity alpha portfolios, with the objective of reducing the carbon footprint of our portfolios by at least 25% relative to benchmark.

The track record information and operational commitments on this page also relate to Goldman Sachs’s sustainability practices and track record at an organizational and investment team level, which may not be reflected in the portfolio of the product(s).

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Sources: Goldman Sachs Asset Management. Based on data as of December 31, 2021. Goldman Sachs Asset Management, ESG Considerations in the Equity Alpha Investment Process, December 2020. Goldman Sachs, Carbonomics, November 2021

1 Reuters. How 2021 became the year of ESG investing. November 4, 2021 

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Fixed Income Outlook 1Q 2022: Goldilocks and The Three Bulls or Bears?

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A Pessimistic Oil Market

Following the 15% selloff in oil prices over the last 3 weeks, forward prices now look unusually low relative to consensus and our own forecasts. We analyze the selloff, the implications of the large gap between consensus expectations and forwards, and the risks to our unchanged constructive Brent forecast.

We argue that near-term demand fears—related to US banking stress, China industrial weakness, and falling diesel margins—and financial amplification effects have driven the bulk of the recent selloff. Headlines about elevated oil supply in Russia and Iran, and fears of limited OPEC compliance to cuts have likely weighed on oil prices too, though we see these concerns as overblown. Statistically, we find that US banking stress and the OPEC cut together explain much of the daily price action over the last couple of months.

Today’s 29% gap between 12-months ahead Brent consensus expectations and the forwards ranks in the 98rd percentile vs. history. We find that future spot prices tend to end up significantly above forwards-implied levels when the consensus is above the forwards. A model using today’s gap suggests that spot prices in 12 months will end up 16% above today’s 12-month forwards outside a US recession, but 4% below in recession.

Our forecast remains that Brent rises to $95/bbl by December and $100/bbl by April 2024 as we expect large deficits in H2. While above-average DM recession risk and our China oil demand nowcast point to downside risk, we still expect rising EM demand to drive ¾ of the swing from the Q1 surplus to H2 deficits averaging 1½mb/d. The risks to our view that global supply edges down in H2 are two-sided with upside risks from Russia and Iran, but downside risks from potential additional OPEC cuts in H2 if oil prices were to not rise from here.

The Large Gap Between Consensus Expectations and Forwards Points to a Pessimistic Market Pricing Several Downside Risks

graph

Source: Bloomberg, Goldman Sachs Global Investment Research

Although Brent oil prices recovered modestly on Friday to $75/bbl, they remain 15% lower than 3 weeks ago. Forward prices now look unusually low compared to analysts’ consensus expectations that Brent spot prices will recover to $90/bbl in 12 months, and to our own $100/bbl forecast ( Exhibit 1 ). We analyze the drivers of selloff, the implications of this large gap between consensus expectations and forwards, and the downside risks to our unchanged constructive Brent forecast.

Exhibit 1 : Oil Forwards Now Look Unusually Low Compared to Consensus Expectations

graph

A Mostly Macro-Financial Selloff

We argue that the sharp selloff over the past 3 weeks reflects: (1) mostly recessionary fears about demand, (2) financial amplification effects, and (3) headlines about elevated oil supply in Russia, Iran, and other OPEC countries.

The substantial weakening in near-dated timespreads, our statistical analysis, and conversations with investors all suggest that near-term recessionary fears have driven much of the recent selloff.

The sharpest oil price drops have coincided with rising fears that regional banking stress will push the US in recession. Statistically, we find that US banking stress—proxied using US bank equity prices—and the OPEC cut announcement together explain much of the daily Brent price action over the last couple of months ( Exhibit 2 ). [ 1 ] In addition to US banking stress and US debt ceiling risks, weakness in Chinese industrial data, and falling distillate cracks are also fueling concerns about demand ( Exhibit 3 ).

Exhibit 2 : Rising Concerns About US Banks and Falling Oil Prices

graph

Source: Bloomberg, Haver Analytics, Goldman Sachs Global Investment Research

Exhibit 3 : Demand Concerns on Weak China Manufacturing Data and Falling Distillate Cracks

graph

We don’t think that US regional banking stress, weak China industrial data, and falling distillate cracks are harbingers for contractions in GDP or global oil demand.

Our economists see only a ¼ – ½pp growth hit from bank stress as large banks remain healthy, and Friday’s data confirmed US job growth remains strong. While global industrial activity is weak, the PMIs also suggest that services activity is still expanding very rapidly in China and fairly rapidly elsewhere. Finally, we estimate that c.2/3 of the $25/bbl sell-off in European distillate cracks since January reflects factors other than demand, including 1) excessively high prices ahead of the EU Russian product embargo, 2) significant refining additions, and 3) lower-than-expected gas prices and clean tanker freight rates.

We also believe that low liquidity, the interaction of negative gamma effects in options markets and banking-stress [ 2 ] , and trend-following algorithms have amplified the downward price pressure from selling by investors expecting recession. Liquidity was low at the start of last week following holidays in Asia and Europe, and the exodus of several bullish speculators following challenging recent performance.

While outsized responses to macro fears explain the bulk of the selloff, headlines about elevated oil supply in Russia and Iran, and fears about limited OPEC compliance have likely weighed on oil prices too, though we see these concerns as overblown.

As Exhibit 4 shows, our nowcast suggests that Russia produced around 11.1mb/d of total liquids in April, about 400k/d above our forecast that Russia would fully implement its pledge to cut production by 500kb/d from February levels. While markets appear focused on the salient rise in seaborne crude exports, especially to India, refinery runs and pipeline exports have fallen since February.

We, do, however suspect our nowcast overstates actual Russia production for three reasons. First, industry-level data reported by Bloomberg suggest that refinery runs have now declined by around 200kb/d more than implied by our Petrologistics and IIR data due to seasonal maintenance. Second, Bloomberg has also reported a rise in the share of idled and shut-in wells to 18.1% in March, a record high since May 2022. Third, Russia may be shipping oil from underground storage which our measures of stocks in refineries and ports don’t capture.

Exhibit 4 : While Our Nowcast Offers No Evidence of Russia Production Cuts; We Suspect That Actual Production Has Fallen

graph

We do not display NGLs on the chart as there were no changes in our assumed NGL production over the period.

Source: Petro-Logistics, Kpler, Industrial Info Resources, IEA, Goldman Sachs Global Investment Research

Turning to Iran, its oil minister said on Tuesday that crude oil production has reached above 3mb/d per day over the last 20 months, 250kd/above our standing 2.75mb/d forecast. Our estimation using seaborne exports suggests production jumped late last year, and has now moderated to 2.85mb/d, implying some upside risk.

Finally, a pick-up in gross exports by core OPEC countries in March and April has led to fears of limited compliance to production cuts. However, the more stable level of net exports—reflecting the large rise in imports of cheaper Russian oil—supports our view that OPEC producers will largely implement the voluntary cuts announced in April.

Mind the Gap

Following this mostly macro-financial driven selloff, forward prices now look unusually low compared to analysts’ consensus expectations ( Exhibit 1 ). In fact, today’s 29% gap between 12-months ahead Brent consensus expectations (90$/bbl) and the forwards (70$/bbl) ranks in the 98rd percentile vs. history. What tends to happen to spot prices historically when the consensus is much more optimistic than the forwards?

To find out, we regress the gap between realized spot prices 12 months ahead and the forwards on the gap between 12-months ahead consensus expectations and the forwards. We express both gaps as % of the forwards, and include a constant. [ 3 ] To be clear, we don’t assume that forwards are unbiased predictors of expected future spot prices. [ 4 ] Instead, we ask whether large gaps between consensus and the forwards predict larger-than-usual gaps between future spot prices and the forwards.

We find that, on average [ 5 ] :

Spot prices realize 4% above the consensus, and 7% above the 12-month forwards, consistent with a positive risk premium.

Spot prices end up significantly above forwards-implied levels when the consensus is above the forwards. Specifically, every 10% gap between the consensus and the forwards implies an additional 3% outperformance of spot versus the forwards (on top of the 6% outperformance when consensus and forwards are in line).

The predictive content of the consensus diminishes as the forecast horizon shortens, and disappears when the US economy ends up in recession.

What are the implications of this simple model for today’s outlook? The model suggests that spot prices in May 2023 will end up 16% above today’s 12-month forwards outside a US recession at 81$/bbl, but only 4% below at 67$/bbl in case of recession ( Exhibit 5 ).

Exhibit 5 : Today’s Large Gap Between Consensus and the Forwards Suggests Spot Prices Will Likely End Up Well Above the Forwards

graph

Some Downside Risks

We conclude by discussing why we and the consensus are more constructive on the price outlook than the forwards, and discussing the risks to our forecast that Brent rises to $95/bbl by December and $100/bbl by April 2024.

The main driver of our constructive forecast is the expected return to large and sustained deficits from June onwards, leading to inventory draws, and firming timespreads. As Exhibit 6 shows, we expect large deficits averaging 1.5mb/d in H2, and the IEA expects an even larger deficit averaging 2.0mb/d.

Exhibit 6 : We Expect Deficits to Average 1.5mb/d in H2

graph

Source: IEA, Goldman Sachs Global Investment Research

Further rises in EM demand and OPEC cuts are the two key pillars behind our call for H2 deficits.

We expect rising EM demand to drive ¾ of the 2mb/d swing from a moderate surplus in Q1 to sizable deficits in H2. Although our China oil demand nowcast of 15.8mb/d is modestly below our 16mb/d April forecast, we expect China oil demand to rise further. The key reasons include strong May services PMIs and travel data , substantial remaining room for growth in the services sector—especially for international travel—, and policymakers’ emphasis on the importance of services consumption such as tourism ( Exhibit 7 ).

We also continue expect a nearly 90% implementation rate for the 1.16mb/d announced cut to OPEC+ ex Russia production. The reason is that the countries which announced an additional cut have a strong compliance track record, and had implemented nearly 90% of the October 2022 cut by January 2023.

Exhibit 7 : Room for Growth in International Travel and Jet Fuel Demand

graph

Source: ICIS, OilChem, OAG, Jodi, IEA, Bloomberg, Kpler, Goldman Sachs Global Investment Research

We next quantify the four main sources of downside risk to our December $95/bbl forecast:

Moderate OECD-centric recession (-$10/bbl): This scenario assumes a moderate OECD recession starting in 2023Q3, lasting 4 quarters. It assumes a peak 4% hit to the level of GDP (relative to the GS baseline), which is slightly more moderate than the median historical recession in G10 economies, and modest spillovers to non-OECD economies. While the eventual hit to 2024Q2 prices relative to our baseline is sizable at -$22/bbl, the hit implied by our demand and pricing models to December 2023 prices is much smaller at just $10/bbl. The key reason is that spot oil markets generally price the near-term outlook for inventories, which only reach high levels after multiple quarters of demand damage. Exhibit 8 also suggests that oil markets are pricing an even more negative GDP outlook than this moderate recession (assuming the market shares our views on supply).

Exhibit 8 : A Moderate OECD-Centric Recession Would Lower Brent Prices Eventually by $22/bbl

graph

Source: Haver Analytics, Goldman Sachs Global Investment Research

Persistent China demand miss (-$3/bbl): This scenario assumes that the 250kb/d miss on our China April demand forecast implied by the nowcast monthly average persists, and implies $3/bbl of downside risk to our December 2023 forecast.

No Russia supply cuts (-$6/bbl): This scenario assumes that Russia keeps total liquids production flat at its February level of 11.2mb/d, and implies $6/bbl of downside risk. Our central assumption remains that Russia cuts production, largely in the context of OPEC+ coordination.

Higher Iran supply (-$3/bbl): This scenario assumes that Iran production exceeds our forecast by $250kb/d from March onwards, and implies $3/bbl of downside risk.

Taken together, our analysis suggests that the forwards are broadly consistent with the market pricing in all these four downside risk scenarios together (assuming the market has the same view on the rest of the balances), without any additional OPEC cut. That seems too pessimistic too us.

Exhibit 9 : Some Downside Risk To Our Constructive Brent Forecast

graph

Source: Goldman Sachs Global Investment Research

While the market appears too pessimistic, above-average OECD recession risk does skew the risks to our demand assumptions to the downside, on net. The risks to our view that global supply edges down in H2 are two-sided with upside risks from Russia and Iran, but downside risks from potential additional OPEC cuts in H2, and any potential geopolitical disruptions.

We suspect that OPEC likely first wants to observe the impact of its fresh production cuts over the next couple of months, including at the June 4th Joint Ministerial Monitoring Committee (JMMC). However, elevated OPEC pricing power should allow the group to deliver broader or additional cuts if oil prices were to remain around or below current levels in H2.

  • Daan Struyven

Romain Langlois

Investors should consider this report as only a single factor in making their investment decision. For Reg AC certification and other important disclosures, see the Disclosure Appendix , or go to www.gs.com/research/hedge.html .

Disclosure Appendix

We, Daan Struyven, Romain Langlois, Callum Bruce, CFA, Yulia Zhestkova Grigsby and Jeffrey Currie, hereby certify that all of the views expressed in this report accurately reflect our personal views, which have not been influenced by considerations of the firm's business or client relationships.

Unless otherwise stated, the individuals listed on the cover page of this report are analysts in Goldman Sachs' Global Investment Research division.

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Price target methodology: Please refer to the analyst’s previously published research for methodology and risks associated with equity price targets.

Pricing Disclosure: Option prices and volatility levels in this note are indicative only, and are based on our estimates of recent mid-market levels(unless otherwise noted). All prices and levels exclude transaction costs unless otherwise stated.

General Options Risks – The risks below and any other options risks mentioned in this research report pertain both to specific derivative trade recommendations mentioned and to discussion of general opportunities and advantages of derivative strategies. Unless otherwise noted, options strategies mentioned in this report may be a combination of the strategies below and therefore carry with them the risks of those strategies.

Buying Options - Investors who buy call (put) options risk loss of the entire premium paid if the underlying security finishes below (above) the strike price at expiration. Investors who buy call or put spreads also risk a maximum loss of the premium paid. The maximum gain on a long call or put spread is the difference between the strike prices, less the premium paid.

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For options settled by physical delivery, the above risks assume the options buyer or seller, buys or sells the resulting securities at the settlement price on expiry.

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3 Goldman Sachs Mutual Funds to Buy Today

Goldman Sachs Asset Management (GSAM) is a world-renowned company that has been providing investment management, portfolio design and advisory services to individual and institutional investors worldwide since 1988. Its strategies span asset classes, industries and geographies. As of Dec 31, 2023, GSAM had $2.81 trillion in assets under supervision worldwide.

The fund has more than 2,000 professionals across 31 offices worldwide. The company has a team of more than 800 investment professionals who capitalize on Goldman Sachs technology, risk-management skills and market insights. It offers investment solutions, including fixed income, money markets, public equity, commodities, hedge funds, private equity and real estate through proprietary strategies, strategic partnerships and open architecture programs.

Below, we share with you three top-ranked Goldman Sachs mutual funds, namely Goldman Sachs Small Cap Value Insights Fund ( GTTTX Quick Quote GTTTX - Free Report ) , Goldman Sachs Growth & Income Strategy Portfolio ( GOISX Quick Quote GOISX - Free Report ) and Goldman Sachs U.S. Equity Dividend and Premium Fund ( GSPAX Quick Quote GSPAX - Free Report ) . Each has earned a  Zacks Mutual Fund Rank #1  (Strong Buy) and is expected to outperform its peers in the future. Investors can  click here to see the complete list of funds .

Goldman Sachs Small Cap Value Insights Fund invests most of its assets in a diversified portfolio of equity investments in small-cap U.S. companies. GTTTX also invests in foreign companies whose stocks are traded in the United States.

Goldman Sachs Small Cap Value Insights Fund has three-year annualized returns of 8.2%. As of October 2023, GTTTX held 440 issues, with 1% of its assets invested in Summit Materials.

Goldman Sachs Growth & Income Strategy Portfolio seeks long-term capital appreciation by investing the majority of its net assets for investment in underlying equity funds. GOISX also invests in underlying dynamic funds and underlying fixed-income funds.

Goldman Sachs Growth & Income Strategy Portfolio has three-year annualized returns of 2.9%. GOISX has an expense ratio of 0.70%.

Goldman Sachs U.S. Equity Dividend and Premium Fund seeks to maximize income and total return by investing the majority of its net assets in dividend-paying equity investments in large-cap U.S. companies with market-cap within the range of the S&P 500 Index at the time of investment.

Goldman Sachs U.S. Equity Dividend and Premium Fund has three-year annualized returns of 8.6%. John Sienkiewicz has been one of the fund managers of GSPAX since April 2020.

To view the Zacks Rank and the past performance of all Goldman Sachs mutual funds, investors can  click here to see the complete list of Goldman Sachs mutual funds.

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Tech-driven rally built on “strong foundation”

The incredible US tech rally is built on sustainable and enduring fundamentals, according to Peter Callahan, a sector specialist within Goldman Sachs Global Banking & Markets.

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Lower battery prices are expected to eventually boost EV demand

Electric vehicle sales have hit a speed bump, and carmakers around the world are slowing their investment in EVs amid concerns about profitability. But even as our analysts lower their near-term sales forecasts, falling battery prices are expected to eventually boost EV sales.

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Beyond roads, bridges, and tunnels: the megatrends shaping infrastructure investments

Climate change, artificial intelligence, shifting supply chains, and population growth are among the broader forces that have boosted the returns—and popularity—of infrastructure investments. Goldman Sachs’ Teresa Mattamouros explains the implications for investors on the latest episode of Goldman Sachs Exchanges.

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Nubank’s David Vélez: Entrepreneurs can help solve Brazil’s biggest challenges

David Vélez, CEO and founder of Nubank, says startups in Brazil will find enormous opportunities if they tackle large challenges and focus on customers. Joined by Goldman Sachs President John Waldron, Vélez discusses his career and how Nubank reimagined Brazil’s traditional branch banking system in this Goldman Sachs Talks.

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The global market for humanoid robots could reach $38 billion by 2035

The worldwide market for humanoid robots is forecast to be bigger than analysts in Goldman Sachs Research expected even a year ago. The prospects for machines that help with everything from folding laundry to handling hazardous waste have improved as progress in artificial intelligence accelerates and investment in the sector grows faster than anticipated.

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Can tech continue to power equities to new highs?

Tech stocks are once again in focus, boosted by optimism over artificial intelligence. In the latest episode of The Markets, Goldman Sachs Research’s David Kostin, chief US equity strategist, looks at whether this rally can continue.

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Ron has covered since 2014 the world’s top oil and gas companies, focusing on their efforts to shift into renewables and low carbon energy and the sector's turmoil during the COVID-19 pandemic and following Russia's invasion of Ukraine. He has been named Reporter of the Year in 2014 and 2021 by Reuters. Before Reuters, Ron reported on equity markets in New York in the aftermath of the 2008 financial crisis after covering conflict and diplomacy in the Middle East for AFP out of Israel.

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The forecast for summer Brent was increased by $2.00 to $87/bbl but Goldman retains a 2025 price target of $80/bbl. The increase this summer is tied to faster OECD stock drawdowns and redirected oil flows thanks to interruptions in the Red Sea.

The first driver cited by Goldman analysts is what they characterize as a "modest geopolitical risk premium." They put the premium at just $2/bbl thanks to higher on-the-water stock levels tied to shipping disruption.

The second major driver comes from OPEC+. The cartel now has elevated spare

capacity that would likely handle any potential supply shocks and there is only a modest recession risk that limits downside risk. The Saudi decision not to increase its maximum sustainable capacity to 13 million b/d confirms that the Kingdom will do what it takes to insure a tight market. Meanwhile, U.S. shale consolidation has reduced the price elasticity of domestic supply. Large publicly traded producers will stick to moderate and price sensitive growth targets, analysts predict.

The third driver limiting volatility concerns the very tight balance between global supply and demand. Global demand should grow by 1.5 million b/d this year with non-OPEC ex Russia supply growth in close proximity at 1.3 million b/d. Upgraded growth estimates for India (120,000 b/d), the U.S. (90,000 b/d) and the Middle East (80,000 b/d) tend to be offset by slower Chinese growth as well as upward supply revisions for Canada and Guyana.

Buried in the analysis is a prediction that OPEC+ will extend current cuts through the second quarter. The bank does expect gradual and partial phase-out of the cuts in the second half of the year and sees a modest supply deficit of 500,000 b/d in the first quarter of 2024 easing to 400,000 b/d in the second quarter.

Upside risks include a potential interruption of traffic in the Strait of Hormuz as well as a possible cut of 750,000 b/d of Iranian supply. But Goldman also sees a possibility of OPEC+ extending cuts through the entire year, and ratchets Brent $7/bbl higher if that happens.

West Texas Intermediate prices are predicted to be $5/bbl under Brent from now through 2025.

This content was created by Oil Price Information Service, which is operated by Dow Jones & Co. OPIS is run independently from Dow Jones Newswires and The Wall Street Journal.

--Reporting by Tom Kloza, [email protected]; Editing by Michael Kelly, [email protected]

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Luminar Technologies (LAZR) Receives a Sell from Goldman Sachs

Goldman Sachs analyst Mark Delaney maintained a Sell rating on Luminar Technologies ( LAZR – Research Report ) today. The company’s shares closed today at $2.38.

According to TipRanks , Delaney is a 5-star analyst with an average return of 16.6% and a 61.57% success rate. Delaney covers the Consumer Cyclical sector, focusing on stocks such as Rivian Automotive, Tesla, and General Motors.

Currently, the analyst consensus on Luminar Technologies is a Hold with an average price target of $6.17.

See the top stocks recommended by analysts >>

Based on Luminar Technologies’ latest earnings release for the quarter ending September 30, the company reported a quarterly revenue of $16.96 million and a GAAP net loss of $134.34 million. In comparison, last year the company earned a revenue of $12.79 million and had a GAAP net loss of $117.55 million

TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.

Luminar Technologies (LAZR) Company Description:

Luminar is an automotive technology company providing LiDAR hardware and software products to enable vehicle safety and autonomy. The company, through its Autonomy Solutions segment, manufactures and distributes LiDAR sensors. Further, Luminar’s Advanced Technologies and Services division develops application-specific integrated circuits, advanced lasers, and pixel-based sensors.

Read More on LAZR:

  • Luminar sees achieving quarterly revenue run rate mid-$30M range for 2024
  • Luminar reports Q4 EPS (36c), consensus (19c)
  • Luminar Technologies options imply 26.5% move in share price post-earnings
  • LAZR Earnings Report this Week: Is It a Buy, Ahead of Earnings?
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We are seeking PhD candidate in economics or finance to join the Global Macro Research team within GIR. 

Global Investment Research (GIR) produces original, fundamental research and analysis of industries, companies and economies. Our research teams continually identify and analyze financial information, macroeconomic data and trends that affect companies, industries and markets on a regional and global scale. Our clients use these insights and investment ideas to develop their strategies. 

The Macro Research team focuses on the intersection between economics and financial markets across a wide class of assets including equities, rates, currencies, commodities and credit.

Job Summary & Responsibilities 

  • Generate unique, thematic written research 
  • Develop quantitative models to study the interaction between macroeconomic data and market variables. 
  • Interpret and comment on high-frequency economic data releases 
  • Build and maintain financial models 
  • Present economic/market views to external and internal clients

Preferred Qualifications  

  • PhD in Economics or Finance  
  • Meticulous attention to detail and strong organizational skills
  • A proven capability for original and thought-provoking research 
  • Ability to work both autonomously and in a close team setting 
  • An enthusiastic researcher 
  • Strong interpersonal and communication skills (written and verbal) and ability to interact with global stakeholders

Application Requirements:

  • Letters of Reference

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COMMENTS

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  4. Marquee

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  6. Market Insights

    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. This material has been prepared by GSAM and is not financial research nor a product of Goldman Sachs Global Investment Research (GIR).

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  20. Special Reports

    Special Reports. Throughout the year we publish special reports that may coincide with certain events such as stock market corrections, industry sector rotation or can be a stock or group of stocks we believe offers significant upside potential. We also issue an annual Thanksgiving Treats and Turkeys report (buys and sells), and our December ...

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  26. Team Bios

    Rob Goldman founded Goldman Small Cap Research in 2009. As part of his management duties, Rob leads the Firm's investment research strategy, and oversees a team of contractor analysts and editors, while serving as chief analyst. Since 2016, Rob has also served as Director of Research of Marble Arch Research Inc., an independent research firm ...

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  29. Associate Economist

    Goldman Sachs Careers Apply for your next opportunity with Goldman Sachs. We are seeking PhD candidate in economics or finance to join the Global Macro Research team within GIR. ... The Macro Research team focuses on the intersection between economics and financial markets across a wide class of assets including equities, rates, currencies ...