Goldman Sachs(US:GS) Zhong Jin Zai Xian·2025-10-12 01:31Group 1 - The core viewpoint is that despite warnings about a potential bubble in the U.S. stock market, Goldman Sachs' Ashok Varadhan believes the current bull market is of high quality and that U.S. equities remain the best investment choice [1][2] - Varadhan attributes his optimism to several factors, including potential interest rate cuts by the Federal Reserve, fiscal benefits from the "Big and Beautiful" legislation, the market's ability to absorb tariff impacts, and the rise of artificial intelligence [2][3] - Goldman Sachs' Chief Global Equity Strategist Peter Oppenheimer also expresses optimism, stating that the U.S. stock market has not yet entered bubble territory, despite some similarities to past speculative bubbles [3] Group 2 - Oppenheimer notes that while there are some characteristics of past bubbles, such as rising valuations and a few stocks leading the market, the current situation differs as the total market value of tech companies related to new technologies does not significantly exceed their actual cash flows [3] - Varadhan highlights the strong momentum of artificial intelligence since the beginning of 2023 and suggests using the current market calm to increase "convexity," which can yield disproportionate returns during significant market movements [3][4] - Varadhan recommends buying put options on stock indices and call options on the dollar, describing these strategies as relatively inexpensive ways to protect against macroeconomic volatility [4]