Goldman Sachs maintains its overweight position on equities for the next 12 months, while underweighting credit, citing increasing late-cycle risks. The bank expects solid earnings, resilient but slowing growth, and low U.S. recession risk to support stock performance. However, it warns that high bond yields, fiscal concerns, and sticky inflation could limit gains. Goldman recommends diversification through low-volatility stocks, high-dividend shares, gold, and real assets.