'No bubble troubles' in stock market, declares Goldman Sachs

What does Goldman Sachs really think?

Goldman Sachs thinks talk of financial bubbles is misguided, and the firm is encouraging its wealthy clients to keep their money in relatively expensive sectors such as U.S. technology stocks and high-yield bonds.

"Stay fully invested—we don't have bubble troubles yet," Sharmin Mossavar-Rahmani, chief investment officer for the bank's investment strategy group, said at a press briefing in New York last week.

By fully invested, Goldman means that clients with a "moderate" risk tolerance should have 36.5 percent of their portfolio in public equities, including 9.5 percent in both U.S. large-cap value stocks and the stocks of developed markets outside of the U.S.