Goldman says investors will reward companies spending for growth, so these stocks could be winners

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Goldman Sachs said improving economic conditions next year should support companies investing for future growth, and the firm has identified stocks that will lead the gains.

"Investors will reward companies investing for growth in 2021," Ryan Hammond, Goldman's U.S. equity strategist, said in a note. "During reflationary environments, companies investing for growth (capex and R&D, M&A) have typically outperformed."