Goldman Sachs says 2023 will be the year that picking individual stocks as a strategy will return.
Goldman Sachs says 2023 will be the year that picking individual stocks as a strategy will return, as the grip that macroeconomic conditions has on the market eases and major benchmarks remain stuck about where they are. "Although resilient macro data has outweighed a mediocre 4Q earnings season at the start of 2023, the S & P 500 has become less macro- and more micro-driven in recent months," wrote David Kostin, Goldman's chief U.S. equity strategist, in a note.
"Rising return dispersion and an increasing micro share of stock returns means more opportunity for stock pickers to capture alpha," wrote Kostin. Capturing or delivering alpha simply means assuming more risk in the stock market by taking an active rather than passive approach to investing in an attempt to outperform the market.
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