Forward P/E Ratio and Subsequent 5-Year Annualized Returns With U.S. equities priced for perfection, the next five years could deliver slimmer returns. The businesses are exceptional, but price still matters. Even great stocks can disappoint…

S&P 500 Implied Correlation The S&P 500 is climbing, but not every stock is along for the ride. As correlations fall, investors are getting more selective and looking harder at fundamentals. Image: Goldman Sachs Global…

Valuation – S&P 500 Forward P/E Multiple Since October 2025, rising earnings estimates have pulled the S&P 500’s forward P/E down from 23 to 19, despite rising prices. The multiple is now at its 10-year…

Volatility Control Funds Estimated Equity Allocation Vol-control funds are stretched at the 98th percentile, leaving them close to max long with little firepower for another round of buying. A volatility spike could leave them exposed.…

Indexed Return of Cyclicals vs. Defensives and U.S. Current Activity Indicator U.S. stocks are turning more defensive as months of elevated interest rates cloud the growth outlook. Image: Goldman Sachs Global Investment Research

U.S. New Private Housing Units Authorized by Building Permits and Recessions In September, U.S. building permits declined to 1.400 million. Historically, building permits tend to peak and then decline prior to economic recessions. Image: Federal…

Small Cap Equity Positioning Small-cap positioning remains very light, sitting in the 16th percentile. Any pickup in investor interest could leave plenty of room to add risk. Image: Deutsche Bank Asset Allocation

Broad Market Year-to-Date Performance Europe has plenty of problems and plenty of pessimists. But European assets have outperformed U.S. markets over the past two years. Sometimes markets don’t get the story right. Image: BCA Research

S&P 500 Returns During Midterm Election Years S&P 500 usually rallies after midterms, with gains building from months after the election into the next year. Image: Goldman Sachs Global Investment Research

Valuation – S&P 500 NTM P/E The equal-weight index trades at 16 times forward earnings, versus 19 times for the benchmark. It’s no bargain, but the valuation gap may give investors a more attractive entry…

Total Factor Productivity in the U.S. AI has not yet sparked an economy-wide productivity surge in the U.S.. Adjusted for utilization, total factor productivity growth was flat in Q2. Image: BCA Research