How Goldman Sachs’ John Waldron is navigating “a more uncertain time”

Bullish:

• $US_ECON - The US economy is showing strong resilience, with positive indicators in consumer spending, employment, and fiscal stimulus, despite recession predictions.

  • “I think we are seeing tremendous resilience in The US economy to start in The US.”

    John·0:36
• $IPO - The IPO market is showing signs of recovery with increased activity and improved market reception, indicating a return of risk appetite.

  • “Last, seven or ten business days, we've priced, 10 or so IPOs. So we've actually started to see some thawing in the markets and a little bit of risk appetite coming back. That's a very good sign.”

    John·12:07
• $GERMANY - Germany is poised for potentially significant fiscal spending, which could lead to interesting investment opportunities.

  • “Germany is on the precipice of potentially having a very interesting run-in terms of its fiscal spend. Germany has always been the country that has the least, you know, the the most fiscal headroom and the least willingness to use it, and now that's that's starting to change.”

    John·10:26

Bearish:

• $BONDS - The bond market is showing concerns about US fiscal deficits, leading to rising yields and a potentially bearish outlook for US bonds.

  • “I think the bond market is concerned about it. I don't think these rates are rising, because people aren't concerned about it. So I think the bond market is starting to be heard”

    John·8:09
• $USD - Global asset allocators are reevaluating their dollar exposure, potentially leading to a shift away from excessive dollar holdings.

  • “I think we've seen that excess start to come out. Probably not completely out, but start to come out. And I do think to your question that global asset allocators are reevaluating, a, do I wanna be that excessively oriented towards dollars, and b, do I wanna be unhedged.”

    John·8:36