GOLDMAN SACHS WARNS MARKETS FACE HIGHER VOLATILITY Goldman Sachs says investor positioning has turned increasingly defensive, with its sentiment indicator falling to the 46th percentile, the lowest since April. Investors are shifting toward bonds, gold and the yen, while momentum ETFs saw $5.1 billion in September outflows. The key takeaway: Strong investor conviction, combined with risk-off positioning, could amplify market swings if sentiment shifts.(彭博社)