'Expectations Are No Longer Cheap': Top Goldman Trader Warns 'Hedge The Risks That Everyone Knows...But Few Actually Own'

Market sentiment has kicked off 2026 on a very strong note.

Top Goldman Sachs trader, Lee Coppersmith, notes that their Risk Appetite Indicator has accelerated to ~0.9 – a 96th percentile reading historically and the highest level since early 2025.

At these levels, small pullbacks tend to become more frequent and outsized equity returns are rarer.