Goldman Sachs explores the resilience of the US economy and equity market, arguing that structural advantages such as innovation, profitability, and policy flexibility continue to support its global leadership. The paper highlights that US companies consistently generate higher margins and returns on equity than peers, reinforcing their dominant positioning.
Outlook – US Resilient
Goldman Sachs
Sharmin Mossavar-Rahmani
Research
116 Pages
Key Takeaways
Superior Profitability Metrics: US companies deliver ~13–15% ROE versus ~9–11% for international peers, supporting sustained valuation premiums.
Earnings Growth Advantage: US earnings growth exceeded non US markets by ~2–3% annually over the past decade, compounding performance differentials.
Market Concentration Reality: The top 5 US stocks represent over 20% of the index, increasing both return potential and concentration risk.
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