Episode summary
Dylan Jovine | Goldman Sachs Just Busted 7 Huge Market Myths for 2026
Summary
Dylan Jovine walks through Goldman Sachs’ 2026 outlook as a “Mythbusters” exercise, arguing that several popular market narratives are overstated. He says Goldman thinks the U.S. remains the main destination for global capital, that money has not been fleeing the country in any lasting way, and that tariffs have not changed that picture.
He also argues that the economy is less dependent on AI spending than many people believe because consumer spending remains the dominant driver of GDP. On stocks, he says Goldman does not see a crash setup despite elevated valuations, and expects the S&P 500 to keep rising in 2026 with about 7% total return and 10% earnings growth.
Jovine says Goldman’s most controversial call is that the real bubble is in Bitcoin, not U.S. equities. He agrees, calling Bitcoin a speculative asset with little real utility, and extends the warning to gold as a hedge, saying both gold and Bitcoin look overvalued and unreliable as portfolio protection.
Key takeaways
- Goldman says the U.S. is still the world’s preeminent investment destination, with capital returning after a brief April outflow.
- Goldman argues AI spending has been exaggerated as a GDP driver, while consumer spending still does most of the economic work.
- Goldman sees no stock-market crash setup and expects the S&P 500 to deliver about 7% total return and 10% earnings growth in 2026.
- Dylan Jovine agrees with Goldman that the bubble is in Bitcoin, not U.S. equities, and says Bitcoin has little practical utility.
- Goldman also warns that gold and Bitcoin are not good hedges, a view Jovine says led him to close gold positions.
Notable quotes
“they have seven myths that basically we're going to talk about they're busting here”
“the US has remained a global magnet, a magnet for global capital and tariffs haven't changed that”
“Goldman expects the S&P 500 to continue to rise in 2026 with a basease estimate of a 7% total return and 10% earnings growth”
“We do think Bitcoin is a bubble. We are even more convinced than we were in 2021 that Bitcoin has no real value”
“We do not recommend clients use gold or Bitcoin as a hedge in their portfolios”
How the episode opens
Good morning. This is Dylan Joy with Behind the Markets. Happy Monday.
Today's Monday, the 19th, January 19th, and first of all, I want to thank you everybody who attended the webinar on Friday at 1:00. It was a new time slot for us, but it was a lot of fun. We had a lot of great questions.
It's just been great. It's been great. I'm so grateful for you guys.
I truly am. Today, I'd like to talk about Goldman Sachs. They came out with their 2026 predictions, and I'm calling it kind of the Mythbusters edition.
Remember that show, Mythbusters? Great. These two scientists would go around and they would bust commonly held myths about different things.
Can a car survive a car accident at a certain speed? What happens if you add sugar to gasoline, a gas engine? Does the car actually stop?
They would do all these kind of scientific experiments and it was a lot of fun. And my son Teddy and I are watching it now because we like watching people blow things up in controlled experiments. Kind of fun.
Anyway, today let's talk about Goldman Sachs. This is a long- aaited and they have seven myths that basically we're going to talk about they're busting here. First of all, prediction number one myth US is still according to them the world's preeminent investment decision and that is in contrast to a lot of people saying that capital's fleeing.
They're saying 61% of private company valuations are in the US and 90% of bond market money is in the US. So they're saying the US has remained a global magnet, a magnet for global capital and tariffs haven't changed that. When people say, and I'm quoting here, when people say, "Oh, money is flowing out of the US," it actually isn't.
From the episode’s captions: roughly the first two minutes, lightly cleaned. Keep watching on YouTube →
Topics
- goldman sachs 2026 predictions
- u.s. capital inflows
- consumer spending
- valuation vs crash risk
- bitcoin safe haven debate
Companies and tickers mentioned
- GS
- Goldman Sachs
Watch the episode
Watch “Dylan Jovine | Goldman Sachs Just Busted 7 Huge Market Myths for 2026” on YouTube
Summary, takeaways and quote selection by Octagon. Quotes are short excerpts; the full conversation is in the episode.
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