The bear market isn’t anywhere close to being over and investors shouldn’t be getting too excited about what the new year will bring for their stock holdings, according to Goldman Sachs.
The authors of Goldman’s note suggested that investors shouldn’t be deceived by the recent gains into thinking equities were back on an upward trajectory, arguing the recent rally was not sustainable.
“The conditions that are typically consistent with an equity trough have not yet been reached,” strategists at the investment banking giant said in a note on Monday.
They argued that before a prolonged recovery could go ahead, interest rates needed to peak and stock valuations needed to fall to levels more in line with a recession…
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