In a sign of the times, Goldman adds a "Speculative Trading Indicator" constructed from trading volumes "of US public equity dollar trading value attributable to [1] unprofitable stocks, [2] penny stocks, and [3] stocks with EV/sales multiples greater than 10x". Unsurprisingly, they find it shows a recent increase in high-risk activity within the US equity market. Specifically, during the past month, the share of trading activity taking place in each of those three groups of stocks has ranked in the top quintile of activity since 1990.