Goldman Eyes Biggest Fund Yet to Snap Up Discarded Buyout Stakes
Goldman Sachs Group Inc. is embarking on its most ambitious effort yet to offer an exit ramp for investors trapped in buyout funds.
The firm's asset-management unit has been pitching investors on the 10th iteration of its flagship secondaries fund, seeking to top the $14.2 billion it brought in for the preceding vehicle, according to people with knowledge of the matter.
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Both experiences contain important lessons for investors. 2025 In its first production surge, OPEC didn't materially cut back on supply increases until there was a material decrease in rig counts and shale production. 2020 gives us few clues, since the production surge ended quickly, once the nature and challenge of the pandemic became clear in early March. However, the biggest takeaway is that investors should not ""fight OPEC." A common adage on Wall Street is "don't fight the Fed." Essentially, this means don't be bearish when the Fed is aggressively easing or don't be overly bullish if the Fed is tightening policy. Similarly, investors should have a more risk-averse approach when investing in oil, whenever OPEC is increasing production. What Opportunities Does the OPEC Surge Create? Instead, investors should focus on the consequences of a multi month decline in oil prices, as these are where investment opportunities can be found. 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United Airlines (UAL) United Airlines (UAL) is a major beneficiary of lower oil prices as it reduces costs, boosts margins, and leads to an increase in consumer spending. As oil prices dropped by more than 50% between June 2014 and February 2015, UAL's stock was up by nearly 70%. UAL also brings outstanding financials given a solid balance sheet, low debt-to-equity ratio, and a rock-bottom forward P/E of 6.6 which is significantly cheaper than the S&P 500's forward P/E of 22. The company is also well-regraded by Wall Street analysts as it has 8 Strong Buy ratings and 3 Buy ratings with no Sell or Hold ratings. It also has a consensus price target of $103 which implies 30% upside. Another indication of strong performance is that the company has topped analysts' earnings expectations for 11 straight quarters. Similarly, the Zen Ratings are also bullish on the stock as it has a Strong Buy (A) rating. 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