Goldman Sachs says the bear market isn’t over yet—and 2023 won’t be a much better year for investors

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The bear market isn’t anywhere close to being over and investors shouldn’t be getting too excited about what the new year will bring for their stock holdings, according to Goldman Sachs.

The authors of Goldman’s note suggested that investors shouldn’t be deceived by the recent gains into thinking equities were back on an upward trajectory, arguing the recent rally was not sustainable.