Top Goldman Trader Sees Opportunity in Market Dislocation

Goldman Sachs trader Louis Miller argues that while the AI rally remains fundamentally sound, stretched positioning warrants hedging and a tactical shift toward energy security and rate-sensitive shorts.

Key Takeaways

• 1.Maintain long conviction in the AI Complex but utilize hedging solutions against near-term drawdowns and momentum reversals.
• 2.Energy Security, specifically US Domestic Solar, is the top non-AI thematic recommendation heading into midterms.
• 3.Europe offers uncrowded opportunities in Power and Systematic L/S themes, while shorting names exposed to China competition.

Table of Contents

• Protect Gains After 6 Great Weeks.
• Our Favorite non-AI theme is Energy Security.
• Europe = Uncrowded, Buy EU Power/ EU Theme of Themes and Short China Competition.
• Take Some Profits on Consumer Shorts
• Rate Sensitivity in Equities will Emerge
• Asia's pullback is tactical, not a structural break...

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