With Stocks In ‘Optimism Phase,’ Goldman Is Overweight Just One Asset

Stocks are in an "optimism phase." You can tell because they're going up. But also because, as Goldman's Christian Mueller-Glissmann and Cecilia Mariotti wrote in an asset allocation update, valuations are rising "despite muted earnings growth and a late-cycle setup with rising yields." What accounts for that? Well, a lot of things, but Mueller-Glissmann called the A.I. narrative "a key trigger," even as he acknowledged that the odds of a soft landing have improved. At the same time, reced