GS Benny Quek Weekend Thoughts 33 53

Weekend Thoughts. 33/53. Positioning check-in. Benny Quek · Goldman Sachs · Asia / EM Equities Sat 15 Aug 2026, 9:11pm ET

30/53. FOMO… Fear of Momentum (II)

29/53. FOMO… Fear of Momentum.

28/53. Barbell over Beta, India.

Asia Leaders Conference. 31 Aug - 2 Sept, HK.

Japan Conference. 30 Nov - 4 Dec, Tokyo.

Earlier notes in July touched on ‘FOMO’ (Fear-of-Momentum) and argued the Momentum positioning was not as clean as one might expect, and would take a more cautious market stance. To be clear this was less about fundamental concerns, but more how crowded positioning have become.

And we saw the Momentum roller coaster dip-and-rip.

Fast forward a month later markets are higher as headline numbers masked the extreme volatility. Here's where we stand vs a month back:

• Global equities climbed 5% to new highs

• US Momentum pair -2% (Intra month saw a 30% peak-to-trough draw down, followed by a 20% bounce from lows)

• Asia outperformers - CSI1000, TPX, TWSE

• Asia laggards - STAR50, NIFTY, KOSPI, SET, PCOMP.

Earnings momentum (both AI and non-AI) remain solid – see next section. But what's changed is that positioning looks considerably cleaner, and the macro backdrop has created some Goldilocks relief.

The path from here is likely higher, more fundamentals-driven, see more divergence, but also expect continued volatility.

I am sticking to my barbell approach - Momentum/AI on one end, Value/Laggards on the other.