Group 1 - The core viewpoint is that despite the current pricing of the U.S. stock market downplaying the risks of tariffs leading to an economic recession, Goldman Sachs' chief global equity strategist Peter Oppenheimer remains cautious about potential impacts on stock prices even if trade agreements are reached [1][2] - Oppenheimer's analysis indicates that the recent market volatility reflects a "sharp decline followed by a strong rebound," characterizing it as an event-driven bear market, with potential risks from escalating tariff policies not fully priced in [2] - The strategy of diversifying investments into international markets has proven effective, as evidenced by the MSCI ex-U.S. global index rising 17% this year, significantly outperforming the S&P 500's 8.6% increase [1] Group 2 - Oppenheimer emphasizes that the structural changes and cyclical evolution are central to Goldman Sachs' analytical framework, which aims to mitigate the influence of short-term market emotions through a systematic decision-making model [3] - The relative competitiveness of the U.S. market is declining faster than what current valuations reflect, prompting a shift towards geographic diversification [2] - Oppenheimer's previous warnings about the overvaluation of the U.S. stock market were based on its atypical performance compared to other markets over the past decade, which has raised concerns about excessive concentration in the U.S. market [2]