The Index Is A Lie, AI Is Holding The Tape; Top Goldman Trader Warns Midterms 'Probably Won't Be Risk Positive'

As growth becomes scarcer, the composition of growth matters increasingly, according to Goldman Sachs global head of equity custom baskets Louis Miller. (pro subs can read the full 'Global Reflections' note here).

The market is likely to favor compounders with durable growth profiles over high-growth cyclicals, which may face slowing momentum as higher rates, elevated oil prices, and rising energy costs create headwinds.

Rates-sensitive equities have felt the pain.