Goldman Sachs strategist Christian Mueller-Glisman gave current cross-asset allocation suggestions in a report to clients on Wednesday: maintaining tactical neutrality for all types of assets for the next three months, and slightly risk-biased for the next 12 months. Specific examples include overallocation of stocks, low distribution, and neutrality in bonds, commodities, and cash. On the same day, Peter Oppenheimer, head of global stock strategy at Goldman Sachs, gave a more cautious return forecast in a television interview, believing that although the medium to high single-digit returns in most markets over the next 12 months are “relatively acceptable,” they will be significantly lower than the gains already achieved in the past year. The signals released by the two materials on the same day were quite consistent: the long-term appeal of risky assets is still there, but the easiest money to earn may have already been earned.

Goldman Sachs strategist Christian Mueller-Glisman gave current cross-asset allocation suggestions in a report to clients on Wednesday: maintaining tactical neutrality for all types of assets for the next three months, and slightly risk-biased for the next 12 months. Specific examples include overallocation of stocks, low distribution, and neutrality in bonds, commodities, and cash. On the same day, Peter Oppenheimer, head of global stock strategy at Goldman Sachs, gave a more cautious return forecast in a television interview, believing that although the medium to high single-digit returns in most markets over the next 12 months are “relatively acceptable,” they will be significantly lower than the gains already achieved in the past year. The signals released by the two materials on the same day were quite consistent: the long-term appeal of risky assets is still there, but the easiest money to earn may have already been earned.