It may be time for a reality check for investors who are shrugging off the fiscal cliff.

That’s according to Goldman Sachs chief U.S. equity strategist David Kostin, who writes in his latest note to clients that “portfolio managers have been swayed by hope over experience” when it comes to anticipating the effects the fiscal cliff will have on markets.

Kostin writes that investors aren’t giving as much attention the fiscal cliff as they should be, and that may be helping to set the markets up for a repeat of last year, when the debt ceiling negotiations sent stocks plummeting.

Read more: Businessinsider