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Chart of the Week 1-9-2023

| January 09, 2023

Chart of the Week: New Year, New S&P 500?

The S&P 500's performance in 2022 was its seventh worst since inception and the third worst since 2000. Episodic volatility, lack of earnings growth, and a high cost of capital may pose headwinds for US equities in 2023, but there is a silver lining: since 1928, the index has only delivered consecutive years of negative returns eight times. History may be on investors' side as positive S&P 500 annual returns have followed a down year more than two-thirds of the time.

Source: Bloomberg and Goldman Sachs Asset Management. As of December 31, 2022.