Goldman Sachs portfolio strategists recommend gold as part of a diversified portfolio, emphasizing the role of real assets for inflation protection given shifts in the market that make traditional 60/40 less straightforward.
High yield bonds and leveraged loans have significantly outperformed broad bonds since 2021, and investors should allocate to credit for income and yield rather than for tighter spreads or lower rates, as spreads are already tight and rates are expected to stay on hold.