GS Global Macroscope_watermark
.pdfvk.com/id446425943
Goldman Sachs
Global Macroscope
Exhibit 35: S&P 500 in the 1976-1977 bear market |
Exhibit 36: S&P 500 in the 1973-1974 bear market |
with Yield Curve (RHS) |
with Oil price (RHS, Inverted) |
110 |
|
|
|
108 |
|
|
2.0 |
106 |
|
|
|
104 |
|
|
1.5 |
|
|
|
|
102 |
|
|
|
100 |
|
|
1.0 |
98 |
|
|
|
|
|
|
|
96 |
|
|
|
94 |
|
|
0.5 |
|
|
|
|
92 |
|
|
|
90 |
|
|
0.0 |
Jan-76 |
Jul-76 |
Jan-77 |
Jul-77 |
120 |
|
|
|
|
2.0 |
|
|
|
|
|
3.0 |
110 |
|
|
|
|
4.0 |
|
|
|
|
|
|
100 |
|
|
|
|
5.0 |
|
|
|
|
|
|
|
|
|
|
|
6.0 |
90 |
|
|
|
|
7.0 |
|
|
|
|
|
8.0 |
80 |
|
|
|
|
9.0 |
|
|
|
|
|
|
70 |
|
|
|
|
10.0 |
|
|
|
|
|
|
|
|
|
|
|
11.0 |
60 |
|
|
|
|
12.0 |
Jan-72 |
Jul-72 |
Jan-73 |
Jul-73 |
Jan-74 |
Jul-74 |
Source: Bloomberg, FRED, Goldman Sachs Global Investment Research |
Source: Bloomberg, FRED, Goldman Sachs Global Investment Research |
|
|
|
|
Exhibit 37: S&P 500 in the 1969-1970 bear market |
Exhibit 38: S&P 500 in the 1966 bear market |
|
with Inflation (RHS, Inverted) |
with Yield Curve (RHS) |
115 |
|
|
|
4.0% |
100 |
110 |
|
|
|
|
|
105 |
|
|
|
4.5% |
95 |
|
|
|
|
||
100 |
|
|
|
|
90 |
|
|
|
|
|
|
95 |
|
|
|
5.0% |
|
90 |
|
|
|
|
85 |
85 |
|
|
|
5.5% |
|
80 |
|
|
|
|
80 |
|
|
|
|
|
|
75 |
|
|
|
6.0% |
75 |
|
|
|
|
|
|
70 |
|
|
|
|
|
65 |
|
|
|
6.5% |
70 |
Jul-68 |
Jan-69 |
Jul-69 |
Jan-70 |
Jul-70 |
Oct-65 |
0.4
0.2
0.0
-0.2
-0.4
-0.6
-0.8
-1.0
Jan-66 |
Apr-66 |
Jul-66 |
Oct-66 |
Source: Bloomberg, Datastream, Goldman Sachs Global Investment Research |
Source: Bloomberg, FRED, Goldman Sachs Global Investment Research |
9 November 2018 |
21 |
vk.com/id446425943
Goldman Sachs
Other Disclosures
Global Macroscope
All MSCI data used in this report is the exclusive property of MSCI, Inc. (MSCI). Without prior written permission of MSCI, this information and any other MSCI intellectual property may not be reproduced or redisseminated in any form and may not be used to create any financial instruments or products or any indices. This information is provided on an “as is” basis, and the user of this information assumes the entire risk of any use made of this information. Neither MSCI, any of its affiliates nor any third party involved in, or related to, computing or compiling the data makes any express or implied warranties or representations with respect to this information (or the results to be obtained by the use thereof), and MSCI, its affiliates and any such third party hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of this information. Without limiting any of the foregoing, in no event shall MSCI, any of its affiliates or any third party involved in, or related to, computing or compiling the data have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages. MSCI and the MSCI indexes are service marks of MSCI and its affiliates. The Global Industry Classification Standard (GICS) were developed by and is the exclusive property of MSCI and Standard & Poor’s. GICS is a service mark of MSCI and S&P and has been licensed for use by The Goldman Sachs Group, Inc.
9 November 2018 |
22 |