Navigating 2025: Why investors need to diversify and hedge their portfolios

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• 00:00

  2024 was a great year for many U.S. investors.

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  But will the same strategies that worked so well keep working in 2025?

• 00:08

  I'm Allison Nathan, and this is Goldman Sachs Exchanges.

• 00:11

  To get their fresh outlooks for asset classes and portfolio strategies,

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  I'm sitting down with Christian Mueller-Glissman,

• 00:17

  who heads Asset Allocation Research in Goldman Sachs Research and Alexandra Wilson-Elizondo,

• 00:22

  Co-Chief Investment Officer of the Multi-Asset Solutions Business in Goldman Sachs Asset Management.

• 00:27

  Alexandra is joining me in our New York studio, and Christian is joining us remotely from our office in London.

• 00:33

  Christian, Alexandra, welcome to the program, and happy new year.

• 00:36

  Happy new year.

• 00:37

  Happy new year to you.

• 00:38

  So it's the first podcast of the new year, and I cannot think of a better way to kick it off.

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  But before we get into our 2025 views,

• 00:45

  let's start with a quick recap of what worked well and maybe not so well for portfolios in 2024.

• 00:52

  Alexandra, maybe give us a quick sense of that.

• 00:55

  Absolutely.

• 00:56

  The headline should read, Long Risk.

• 00:58

  Long Risk worked very well as both U.S. and global economies outperformed what the expectations were more broadly.

• 01:06

  But underneath that, in the broader indices, there was actually meaningful dispersion in sectors, regions, and size.

• 01:13

  Just some examples are that U.S. large caps outperformed small caps to the tune of 12.5%.

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