Premium"...Then Something Went Wrong" - Goldman Macro Trader Explains How We Got Here
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Goldman Sachs Managing Director and macro trader, Bobby Molavi, summarized last week in two simple words: "Pain trade".
The backdrop for sentiment and activity was near perfect at the start of the year.
A performing market, some stories people believed (US exceptionalism) others were being debated (Ai capex) but ultimately many/most expected a decent tail wind for markets….especially for US and US exposed assets. An expectation of a strong $ and rich paper driving M&A activity. A belief in Trump fueling animal spirits. The transformational value of Ai continuing to drive the Nasdaq/Mag 7 higher.
