Goldman Sachs strategist Ryan Hammond on what to own in the current environment: "The decline in bond yields has supported growth stocks YTD but with wide variation. Looking ahead, we recommend investors own high-margin growth stocks and avoid low-margin growth stocks, given the current resilient economic growth pricing with equity markets but pessimistic pricing in rates markets. If the economy avoids recession, real yields are likely to rise and low-margin growth stock valuations are more sensitive to higher yields. If the economy enters recession, equity market pricing of growth will likely deteriorate and history suggests investors will reward “quality” attributes, including high-margin stocks. The key risk to this trade is that current equity market pricing of a contained economic slowdown but a dovish Fed persists."