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  "documentTitle": "Goldman Sachs Ayco Outlook 2024 Webinar Materials",
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      "text": "In our view, completely ignoring different asset classes’ expected returns leads to suboptimal allocations. This is because not all risks receive a reward...",
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      "text": "Legend for Sources of Return: Equity, Term, Funding, Liquidity, FX, and EM Premiums.",
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      "text": "EXHIBIT 6: Robust Factor-Based Approach Generates “Smarter” Portfolios—An Example for a Universe of 21 Asset Classes",
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