"Metamorphic": Goldman's Pasquariello Sees One Last Push Higher, Then A 2027 Drowning In The Most Net Stock Supply Since 2000

Twenty-seven years on Wall Street, and this week Tony Pasquariello had to reach for a new word.

"For the first time in my life, I used the word metamorphic," Goldman's head of global hedge fund coverage confesses at the end of his latest weekly note (available to pro subs), which he picked up while re-reading Friday Night Lights. Considering that Thursday was the Nasdaq 100's worst day since Covid (-6.36%) and Friday's payrolls came in at 165K, a 5-sigma beat that put a December hike back on the table, the vocabulary upgrade seems fair.