Story perspectives

Goldman Sachs: International Stocks Outshine U.S. in 2025

10/29/2025

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Summary

Story summary

Goldman Sachs (the investment bank) reports that international stocks outperformed U.S. stocks in 2025, signaling a shift in the global investable assets landscape.
The report recommends including bonds in portfolios to achieve better risk-adjusted returns.
It cautions against overweighting private equity and real estate, which constitute a small share of the global market.
It notes that diversification may help, but shifting asset mixes often underperform compared with a 60/40 portfolio.

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Story summary

Goldman Sachs (the investment bank) reports that international stocks outperformed U.S. stocks in 2025, signaling a shift in the global investable assets landscape.
The report recommends including bonds in portfolios to achieve better risk-adjusted returns.
It cautions against overweighting private equity and real estate, which constitute a small share of the global market.
It notes that diversification may help, but shifting asset mixes often underperform compared with a 60/40 portfolio.