Goldman's Anti-Taper Muppet-Baiting Presentation
With stocks experiencing their best 3-day run in six months, Goldman Sachs is quick to prepare the "use the recent downdraft to build toward their strategic allocation to equities" meme. In 16 pages of bright-and-breezy charts and commentary, Goldman interprets the Fed's (dovish) commentary, explains the dovish implications to buy stocks and risky debt, and throws cold-water on the fears of China. It appears we have nothing to fear but fear itself (oh, and a global marketplace experiencing near-crisis-level volatility and deleveraging) because it's all Goldilocks from here - as good is great, bad is good, and no news is absolutely bullish. Contrast this bonds bad, stocks good perspective with Jeff Gundlach's dismissal of the great rotation meme earlier.
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