Sharmin Mossavar-Rahmani: Long US stocks Amid Volatility | 9 Oct 2026 | Goldman Sachs

Executive Summary

In this institutional strategy briefing, Sharmin Mossavar-Rahmani, Chief Investment Officer of Wealth Management at Goldman Sachs, presents a conviction-weighted case for maintaining strategic long positions in US equities amidst prevailing macroeconomic volatility. The central narrative emphasizes that long-term equity returns are inextricably anchored to underlying earnings growth, where the United States maintains a structural, multi-decade advantage over international developed and emerging markets. While acknowledging near-term valuation debates and periodic drawdown risks, Goldman Sachs' Investment Strategy Group (ISG) explicitly advises against market timing, capital flight into cash, or reliance on non-cash-flow-generating assets (such as physical commodities, gold, or crypto assets) as structural portfolio hedges. High-quality US Treasuries remain the definitive defensive ballast, with long-term capital appreciation driven by disciplined asset allocation and fundamental earnings convergence.

---

Key Takeaways