With Big-Tech Earnings Looming, Here's Goldman's Top 5 'Uncorrelated' Trades

While the world and their pet rabbit is waiting on big tech earnings, Goldman Sachs traders share their top US 'uncorrelated' trades...

1.Global obesity drugs (GSHLCBMI) vs unhealthy lifestyle (GSCBUHLT)

We like going long our global obesity drugs basket (GSHLCBMI) since it provides exposure to the leading companies (LLY and NVO) as well as potential emerging leaders in this space: market is moving beyond the dominance of a few key players, with new entrants and diverse therapeutic approaches intensifying competition. Large pharmaceutical companies are actively engaging in M&A and licensing deals to replenish pipelines and acquire next-generation obesity assets, as evidenced by Pfizer's acquisition of Metsera and Roche's deal with Zealand Pharma in late 2025.