Goldman Trader Sees Risks Stacking Up for Lower-Quality Stocks
As stocks push toward all-time highs and a fear of missing out on the rally spreads among investors, a senior Goldman Sachs Group Inc. trader warned that there are valid reasons to meet the latest gains with caution.
This is especially true of lower-quality parts of the market, where stocks are being driven higher by short sellers forced to cover their positions, rather than by positive corporate fundamentals, Louis Miller, a managing director at Goldman, wrote in a note to clients on Tuesday.
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