Big dynamics in markets are still favorable for risk, says Goldman's Tony Pasquariello
December 19, 2025 • 4m 0s
Scott Wapner (Host of 'Closing Bell')
00:00.230
let's
ask
tony
pasquarello
he
is
head
of
hedge
fund
client
coverage
of
goldman
sachs
he's
back
with
us
at
post
nine
it's
good
to
see
Tony Pasquariello (Global Head of Hedge Fund Coverage)
00:06.750
you
welcome
back
thanks
Scott Wapner (Host of 'Closing Bell')
00:07.550
scott
nice
to
catch
up
with
you
before
we
get
out
of
here
for
twenty
twenty
five
you
know
there's
something
to
be
said
for
seeing
a
durable
trend
not
making
things
too
complicated
and
staying
with
the
story
for
a
considerable
period
of
time
i
just
described
you
because
your
Scott Wapner (Host of 'Closing Bell')
00:24.270
point
of
view
and
your
perspective
on
this
market
from
the
notes
that
i
have
read
consistently
and
mentioned
many
on
the
air
it
changed
and
you
are
as
you
say
responsibly
bullish
and
that
hasn't
changed
is
that
fair
Tony Pasquariello (Global Head of Hedge Fund Coverage)
00:35.990
i'll
take
it
yeah
i
think
you
just
set
me
up
for
a
giant
jinx
maybe
so
but
i'll
but
i'll
i'll
kindly
take
it
i
would
say
this
i
think
i
think
the
big
dynamics
in
the
game
are
still
favorable
for
risk
we
think
the
fed
will
continue
to
provision
more
liquidity
as
we
have
this
Tony Pasquariello (Global Head of Hedge Fund Coverage)
00:51.590
cyclical
upswing
in
the
economy
we've
got
S
and
P
earnings
up
twelve
percent
next
year
following
plus
eleven
percent
this
year
and
so
i
do
think
that
interplay
between
the
fed
and
the
trajectory
of
the
economy
alongside
this
earnings
growth
is
affirmative
of
a
bull
market
and
a
Tony Pasquariello (Global Head of Hedge Fund Coverage)
01:07.750
primary
trend
that's
still
Scott Wapner (Host of 'Closing Bell')
01:08.990
higher
been
tempted
i
guess
is
the
the
word
to
use
by
the
broadening
story
peeling
you
away
from
what's
gotten
you
to
the
dance
this
this
far
and
it
doesn't
sound
to
me
from
looking
at
your
notes
and
your
outlook
that
you
expect
anything
different
in
the
new
year
stay
big
don't
Scott Wapner (Host of 'Closing Bell')
01:27.550
get
caught
up
on
the
idea
that
small
caps
are
going
to
have
some
epiphany
in
the
in
the
new
year
and
have
a
tremendous
year
at
the
expense
of
what's
going
to
happen
with
the
large
cap
stocks
there
Tony Pasquariello (Global Head of Hedge Fund Coverage)
01:38.120
still
a
believer
US
mega
cap
tech
will
do
as
well
or
better
than
any
other
part
of
the
market
i
think
some
of
the
recent
broader
you've
seen
where
some
of
the
burden
of
leadership
has
shifted
from
the
AI
names
and
mega
cap
tech
to
large
cap
cycles
i
think
that's
a
good
thing
and
Tony Pasquariello (Global Head of Hedge Fund Coverage)
01:56.150
it's
consistent
again
consistent
with
our
view
that
the
economy
is
going
to
pick
up
a
bit
of
speed
so
that's
durable
then
but
potentially
i
think
that
is
durable
so
again
two
and
a
half
percent
GDP
growth
moving
up
from
two
percent
this
year
so
you
kind
of
go
from
trend
to
a
Tony Pasquariello (Global Head of Hedge Fund Coverage)
02:07.830
little
bit
above
trend
and
again
what
i
think
is
so
compelling
about
the
view
if
it's
correct
is
that
SP
earnings
growth
now
in
our
view
starts
to
embed
some
of
the
AI
productivity
being
delivered
to
large
cap
corporate
so
i'd
still
rather
make
my
bones
with
large
cap
than
i
Tony Pasquariello (Global Head of Hedge Fund Coverage)
02:24.470
would
with
small
cap
what
Scott Wapner (Host of 'Closing Bell')
02:25.830
about
the
idea
that
OK
we
know
about
the
large
cap
story
know
about
all
the
capax
and
and
everything
else
and
then
now
it's
time
to
really
lean
into
the
beneficiaries
of
all
of
the
AI
being
put
into
effect
so
to
speak
from
from
all
of
these
other
companies
and
and
that's
where
Scott Wapner (Host of 'Closing Bell')
02:43.150
you're
going
to
make
your
your
real
money
in
twenty
six
Tony Pasquariello (Global Head of Hedge Fund Coverage)
02:45.710
i
think
that
would
be
a
very
tidy
outcome
for
the
market
and
i
do
think
again
that
is
what
we
are
baking
into
our
equation
when
we
say
SP
earnings
will
be
up
again
double
digits
next
year
about
one
point
five
percentage
points
of
that
twelve
is
it
attributable
to
the
the
full
Tony Pasquariello (Global Head of Hedge Fund Coverage)
03:00.990
index
harvesting
those
productivity
gains
so
i
do
you
know
it's
in
the
doing
of
course
but
i
think
that
is
the
nature
of
the
bet
we're
making
where
we're
so
positive
on
growth
Scott Wapner (Host of 'Closing Bell')
03:09.230
they
sound
kind
of
skeptical
to
that
though
when
you
use
words
like
very
tidy
in
in
in
suggesting
perhaps
that
maybe
it's
a
little
messier
than
that
Tony Pasquariello (Global Head of Hedge Fund Coverage)
03:17.750
yeah
well
i
think
this
gets
into
some
of
the
local
narrative
around
tech
which
is
the
markets
asking
more
demanding
questions
around
valuation
around
financing
around
returns
around
the
the
the
growth
rate
of
capex
and
so
i
would
say
i'm
still
a
believer
you
want
to
be
open
Tony Pasquariello (Global Head of Hedge Fund Coverage)
03:34.870
minded
about
where
all
this
leads
but
the
public
market
as
it
does
as
it
imposes
that
discipline
is
asking
these
questions
whereas
in
the
three
years
here
to
four
scott
there
was
just
a
total
simplicity
to
it
which
is
this
is
being
funded
out
of
free
cash
flow
don't
overthink
it
Tony Pasquariello (Global Head of Hedge Fund Coverage)
03:49.630
nvidia
stocks
up
tenfold
in
three
years
because
its
earnings
are
up
tenfold
in
three
years
that
is
simple
i
think
it's
getting
a
little
bit
more
complex
as
we
move
forward
OK
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