Goldman Sachs just dropped some interesting takes on where markets are headed. Yes, they're sounding the alarm on valuations—they're at historically elevated levels right now, no sugar-coating that. But here's the thing: they're not banking on a bear market showing up in 2026.

The setup is tricky. You've got rich valuations priced in across multiple asset classes, which typically spells caution for traders. Yet the investment bank's view suggests the broader macro backdrop might not crack hard enough to trigger a full-blown bear cycle next year.

This kind of analysis matters because it sits right at that intersection where traditional market cycles meet real-world catalysts. Are we heading into a correction? Possibly. A full bear? Apparently not on their radar for 2026. It's the kind of nuance that separates casual market chat from serious portfolio thinking.