Premium"The Saddest Day Of The Year": Goldman's Charts To End A Week When Momentum Round-Tripped To Zero And Capital Stopped Being Cheap
Some weeks need a 40-page strategy deck. This one only needed a dozen charts and a picture of golf clubs.
Closing out what was by any measure a brutal week for anyone running a hedge fund book, Goldman's Stockholm-based Jacob Malmstrom sent clients his "Few charts to end the week" note (available to pro subs), and his summary paragraph manages to squeeze the entire 2026 market narrative into about 200 words: