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Here's why Goldman Sachs' gloomy 10-year stock market forecast is no reason panic

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The research emphasizes the importance of the kind of stock picking we do.

Gloom, not doom. That's how you could sum up new research from Goldman Sachs Chief U.S. Equity Strategist David Kostin, which came out late Friday night and is the talk of Wall Street as we start the new week. The first line of the note reads: "We estimate the S & P 500 will deliver an annualized nominal total return of 3% during the next 10 years.

David Kostin, Goldman Sachs chief U.S. equity strategist, speaks during an interview with CNBC on the floor of the New York Stock Exchange, July 11, 2018.That's how you could sum up new research from Goldman Sachs Chief U.S. Equity Strategist David Kostin, which came out late Friday night and is the talk of Wall Street as we start the new week.

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