Debasement & 'Running Hot': Top Goldman Macro Trader Says 2026 Is "All About The US, Stupid!"

So here we are at the start of 2026 with many markets at or near new all time highs, but before top Goldman Sachs macro trader, Bobby Molavi dives into what's ahead, we need to spend a quick second on 2025.

A year where (as is often the case) the headline returns masked the volatility, pain, noise and churn from point to point.

It felt like 4 years within a year where bull markets/bear markets, regional allocations, tech innovation vs tech bubbles, politics and geo-politics all came into and out of focus.

When zooming out...the big picture was one of lower rates, a soft landing, stable growth, high employment and value being applied to a transformational tech. 

In addition to this...this was continued retail buy the dip (over $550bn of net retail demand in 2025), continued corporate buy backs (over $1 trillion of authorisations for 25), the return of M&A (big and small) and a growing belief of a ‘debasement’ trend pushing people up the risk curve and into new (different) stores of value.