Goldman Sachs highlights an important dynamic in current markets: macroeconomic tailwinds are increasingly priced into asset valuations. When broader economic conditions improve—whether through favorable policy, consumer strength, or productivity gains—these benefits tend to get reflected quickly in how markets value companies and assets. The challenge for investors lies in determining whether current valuations adequately capture these macro benefits or if they've already been overcounted. Understanding this relationship between macroeconomic factors and valuation multiples is crucial for making informed investment decisions in today's environment.