That's not to say Golub is overly bullish on the broader market for this year — his 2023 price target for the S&P 500 is 4,050, just a smidge above current levels. That's because he expects earnings to drop a bit , but investors to find solace in the economy's resilience relative to expectations.
But there are still plenty of opportunities under the surface of the market despite the lackluster performance he expects on an index level, he said. These opportunity created by high expectations for a recession, he said.
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