GS: Peak growth will limit S&P 500 upside

David Kostin, head of strategy at Goldman Sachs, does for the first time since this bull market started sound a slightly less bullish or even cautious. It is all about the "peak growth" thesis that we have pointed to in the past few weeks.
Kostin: "Investors buying S&P 500 as growth peaked have typically realized negative short-term returns and weak 12-month returns, consistent with the 3% upside to our year-end target of 4300"