It's been a terrific start the year for investors.

U.S. stocks have surged to all-time highs, outperforming even the most optimistic expectations.

Meanwhile, bonds and even cash are offering substantial levels of yield.

But are cracks forming under the surface?

And how should investors position for the second half of 2024?

The macro backdrop is supportive,

but we don't think it's going to be as easy the second half as it's been in the first half.

I'm Allison Nathan, and Glisman, who leads asset allocation

research and Goldman Sachs research and

Alexander Wilson Elizondo, co-chief investment officer of the

multi-asset solutions business in Goldman Sachs asset management.

We'll discuss their outlooks for asset classes and portfolio strategies heading into the second half of the year,

as well as the medium and longer term asset allocation shifts

they're making to accommodate what looks to be a more dynamic macroeconomic backdrop.

Christian, Alexandra, so great to have you back.

Thank you so much for having us.

Yes, great to be you.

So when the three of us spoke last December, you're both generally pretty bullish on risk assets. We are now

sitting in June with the S&P 500 at all-time highs so equities have ripped higher,

bond yields have remained elevated, so you're both pretty right. But if we think about the

macro conditions today Christian are they just as supportive as they have been the

last several months? I think so I think at the margin growth is pretty solid inflation is still coming down even

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