GK and monthly revision

US Stocks: Oppenheimer makes rare cuts to top US investment banks, backs alternative asset managers

Oppenheimer has downgraded major U.S. investment banks, including Goldman Sachs and Morgan Stanley, due to limited upside potential in a positive economic environment. The brokerage suggests reallocating investments from these banks to alternative asset managers like Ares Management, Blackstone, and KKR, which have experienced significant sell-offs. This shift indicates a potential end of the expansionary cycle for investment banks, highlighting a strategic pivot in investment strategies.