Former Goldman Sachs partner warned that the valuations of U.S. stocks should cause concerns for investors.

Former partner at Goldman Sachs and current professor at Columbia Business School, Abby Joseph Cohen, stated that the high stock prices in the US may be masking risks that investors should pay more attention to, especially in the labor market. Cohen said in an interview on Friday, "Valuations are basically saying everything is great." She warned, "When everything is priced in perfect condition, that's when investors should worry." Cohen believes that the current situation is at a turning point, and she is particularly cautious about the labor market. Following 2025 becoming one of the worst years in decades, aside from periods of economic recession, the May employment report showed strength in the labor market in many industries. Data for June will be released on July 2. Cohen said, "There are some things that are standard and straightforward, including corporate profitability, corporate balance sheets, and the potential strength of the economy, which is measured not only by GDP and industrial production, but also by job creation. We are not currently creating enough jobs."