{
  "docId": "019dd923-5e88-73ef-bd5a-16f06e21d85d",
  "docSlug": "859fd9d3a5bec613",
  "documentTitle": "Goldman Sachs Ayco Outlook 2024 Webinar Materials",
  "authorId": "GoldmanSachs",
  "authorName": "Goldman Sachs",
  "documentKindSlug": "consulting-deck",
  "documentKindLabel": "Consulting deck",
  "sourceTypeSlug": "equity_research",
  "sourceTypeLabel": "Equity research",
  "presentationDate": null,
  "orientation": "portrait",
  "aspectRatio": 0.773,
  "pageNumber": 6,
  "pageCount": 12,
  "prevPage": 5,
  "nextPage": 7,
  "slideType": "appendix_methodology",
  "function": "present_framework",
  "density": "balanced",
  "nDataPoints": 6,
  "notes": "The slide discusses the limitations of CAPM and introduces a six-factor model as a more robust alternative for strategic asset allocation.",
  "elementsJson": [
    "paragraph",
    "kpi_table"
  ],
  "metadataConfidence": 0.95,
  "imagePath": null,
  "slideHref": "/slides/019dd923-5e88-73ef-bd5a-16f06e21d85d/6",
  "deckHref": "/decks/019dd923-5e88-73ef-bd5a-16f06e21d85d",
  "deckJsonHref": "/decks/019dd923-5e88-73ef-bd5a-16f06e21d85d.json",
  "deckAnchorHref": "/decks/019dd923-5e88-73ef-bd5a-16f06e21d85d#slide-6",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "Relative to the CAPM, our multi-factor model more than doubles the average estimation precision.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd952-1d6d-7403-aea0-44b830cba4f9",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.6,
        "w": 0.8,
        "x": 0.1,
        "y": 0.1
      },
      "kind": "paragraph",
      "text": "The text provides a detailed critique of the Capital Asset Pricing Model (CAPM) and argues for the superiority of multi-factor models in explaining asset returns and risk premiums.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a9ab9287-d04c-4435-8917-e6974141d856",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.38,
        "x": 0.52,
        "y": 0.75
      },
      "kind": "table",
      "text": "Equity: Market risk; Term: Inflation and interest rate risk; Funding: Risk in short-term credit conditions; Liquidity: Risk in market-wide liquidity conditions; FX: Systematic exchange rate risk; EM: Risks specific to emerging markets",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "e64ecff4-69e2-47d5-b520-732ccdef033f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.38,
        "x": 0.52,
        "y": 0.71
      },
      "kind": "title",
      "text": "EXHIBIT 1: Six-Factor Model for Estimating Expected Returns",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "13adeb08-0a58-4c63-a33b-ef884d96a786",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "Table data",
      "slug": "table-data",
      "agent": null,
      "layer": "slide",
      "matchId": "df784a0b-41d9-4615-9d9d-7da8e2b1589e",
      "evidence": "table/data: Equity: Market risk; Term: Inflation and interest rate risk; Funding: Risk in short-term credit conditions; Liquidity: Risk in market-wide liquidity conditions; FX: Systematic exchange rate risk; EM: Risks sp",
      "confidence": 0.9
    }
  ],
  "frameworks": [
    {
      "name": "Multi-factor model",
      "slug": null,
      "matchId": "6db3ad25-2e83-42f9-aaf0-c36c2d8f2ee3",
      "evidence": "The text explicitly describes a six-factor model for expected returns.",
      "confidence": 1
    }
  ],
  "arcBeats": [
    {
      "to": 6,
      "from": 5,
      "beatId": "d7460cc4-f723-4774-b6e4-0ff6b5dea3a4",
      "arcName": "The Consultant's Gambit",
      "arcSlug": "consultants-gambit",
      "beatName": "Solution & Approach",
      "beatSlug": "consultants-gambit-solution-approach",
      "evidence": "Introduction to advancing strategic asset allocation in a multi-factor world and methodology for a six-factor model",
      "position": 2,
      "confidence": 0.8,
      "parentBeatName": "Turn",
      "parentBeatSlug": "turn"
    }
  ],
  "loops": [
    {
      "to": 9,
      "from": 6,
      "name": "Zoom In",
      "slug": "06-zoom-in",
      "bestFor": "Technical deep-dives, case studies, detailed analysis",
      "matchId": "bb377d98-9315-4535-83e4-250b5d69a933",
      "evidence": "Exhibits providing detailed data and analysis",
      "position": 0,
      "objective": "What are the benefits of a multi-factor approach?",
      "structure": "The Big Picture -> Key Area of Focus -> Specific Detail -> Implication",
      "confidence": 0.7,
      "description": "Start broad, then progressively focus on specific details that prove your point"
    },
    {
      "to": 10,
      "from": 6,
      "name": "Mece Breakdown",
      "slug": "40-mece-breakdown",
      "bestFor": "Problem structuring, ensuring completeness, strategic analysis",
      "matchId": "b0923f47-e87b-4109-b1cb-650ffea08aa8",
      "evidence": "Exhibits breaking down the methodology and application",
      "position": 1,
      "objective": "How does the multi-factor approach work?",
      "structure": "The Whole -> Category A (distinct) -> Category B (distinct) -> Category C (distinct) -> Complete Coverage",
      "confidence": 0.6,
      "description": "Divide a complex topic into mutually exclusive, collectively exhaustive categories"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}