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Goldman Sachs (GS-N)

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Goldman Sachs
GS-N

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Signal	Opinion	Expert
TOP PICK	Goldman Sachs(GS-N) February 12, 2019 Good growth. Loan losses are very conservative. GS will probably do M&A in this late cycle. Expects good performance here. (Analysts’ price target is $230.46) investment companies/funds 0 0 0 0 0 0 comments	Good growth. Loan losses are very conservative. GS will probably do M&A in this late cycle. Expects good performance here. (Analysts’ price target is $230.46) investment companies/funds 0 0 0 0 0 0 comments Zachary Curry Chief Oper, Davis-Rea Ltd.... Price $195.040 Owned Yes

BUY	Goldman Sachs(GS-N) February 4, 2019 Well-run with earnings in the last report very good. Fine revenue growth as was investment banking. Fixed income fine. The Indonesian lawsuit is a concern, though. Trades at 10x earnings and slightly above book value. He loves it. investment companies/funds 0 0 0 0 0 0 comments	Well-run with earnings in the last report very good. Fine revenue growth as was investment banking. Fixed income fine. The Indonesian lawsuit is a concern, though. Trades at 10x earnings and slightly above book value. He loves it. investment companies/funds 0 0 0 0 0 0 comments John O'Connell, Chairman a, Davis Rea... Price $197.720 Owned Yes
PAST TOP PICK	Goldman Sachs(GS-N) January 25, 2019 (A Top Pick Feb 06/18, Down 21%) They had stellar numbers in 2018 like 11% revenue growth and bought back 2% of its stock.. But they're by this Malaysian scandal, sued by their government by a huge amount and create a crisis of confidence--buy this will pass. GS recovered a bit in Q4. But he doesn't understand why this is trading at tangible book value. A wonderful franchise. investment companies/funds 0 0 0 0 0 0 comments	(A Top Pick Feb 06/18, Down 21%) They had stellar numbers in 2018 like 11% revenue growth and bought back 2% of its stock.. But they're by this Malaysian scandal, sued by their government by a huge amount and create a crisis of confidence--buy this will pass. GS recovered a bit in Q4. But he doesn't understand why this is trading at tangible book value. A wonderful franchise. investment companies/funds 0 0 0 0 0 0 comments Barry Schwartz CIO & Port, Baskin Wealth Manage... Price $200.740 Owned Yes
COMMENT	Goldman Sachs(GS-N) January 17, 2019 US banks didn't do well last year. First 3 quarters showed strength in global markets. Negative performance in client engagement. Corporate business OK. If you own 3 banks, sell 1 and diversify. investment companies/funds 0 0 0 0 0 0 comments	US banks didn't do well last year. First 3 quarters showed strength in global markets. Negative performance in client engagement. Corporate business OK. If you own 3 banks, sell 1 and diversify. investment companies/funds 0 0 0 0 0 0 comments David Driscoll President , Liberty Internationa... Price $199.090 Owned Unknown
WAIT	Goldman Sachs(GS-N) January 8, 2019 Price to book ratio play. Classically you buy it below book and sell it at 1.5-1.8X. Currently 0.86X price to book looks really tempting. They are not as susceptible to net interest margin, to the credit, to a number of factors that are going to hit banks. Much more focused business line, great wealth management, great asset management, great trading capital market and investment banking. But at the end of the day we are at the end of the cycle and now may not be the time to buy this. investment companies/funds 0 0 0 0 0 0 comments	Price to book ratio play. Classically you buy it below book and sell it at 1.5-1.8X. Currently 0.86X price to book looks really tempting. They are not as susceptible to net interest margin, to the credit, to a number of factors that are going to hit banks. Much more focused business line, great wealth management, great asset management, great trading capital market and investment banking. But at the end of the day we are at the end of the cycle and now may not be the time to buy this. investment companies/funds 0 0 0 0 0 0 comments Cameron Hurst Chief Inve, Equium Capital Manag... Price $175.370 Owned Unknown
DON'T BUY	Goldman Sachs(GS-N) December 31, 2018 He is not there for the financials and not warming up on them. He does not think rates are going much higher. He was short and covered. investment companies/funds 0 0 0 0 0 0 comments	He is not there for the financials and not warming up on them. He does not think rates are going much higher. He was short and covered. investment companies/funds 0 0 0 0 0 0 comments John Zechner Chairman, J. Zechner & Assoc... Price $167.050 Owned No
WAIT	Goldman Sachs(GS-N) December 21, 2018 Loves range-bound stocks, because they're so easy to trade. He was going to buy this, but didn't because it broke down early. Fundamentally, he likes it. $160-130 would be a target for the downside, and could bounce off that. If you already own, you're already 3/4 of the way through the damage. investment companies/funds 0 0 0 0 0 0 comments	Loves range-bound stocks, because they're so easy to trade. He was going to buy this, but didn't because it broke down early. Fundamentally, he likes it. $160-130 would be a target for the downside, and could bounce off that. If you already own, you're already 3/4 of the way through the damage. investment companies/funds 0 0 0 0 0 0 comments Keith Richards Portfolio , ValueTrend Wealth Ma... Price $160.050 Owned No
DON'T BUY	Goldman Sachs(GS-N) December 19, 2018 They are trading at 67% of book value, but are also impacted by a fraud issue in Malaysia. There is fear that there may be more issues to company. An inexpensive stock now, but there may be better opportunities out there. investment companies/funds 0 0 0 0 0 0 comments	They are trading at 67% of book value, but are also impacted by a fraud issue in Malaysia. There is fear that there may be more issues to company. An inexpensive stock now, but there may be better opportunities out there. investment companies/funds 0 0 0 0 0 0 comments Gordon Reid President, GoodReid Investment ... Price $169.250 Owned No
PAST TOP PICK	Goldman Sachs(GS-N) December 13, 2018 (A Top Pick Jul 24/18, Down 19%) Great company. Exceptionally profitable. Trading at 7 and 1/2 normalized earnings. Once they get over the big scandal. That will cost them $2 billion and they made $13 billion last year in profits. The best company in taking advantage of dysfunctional markets in the world. Global leader in investment banking. Pristine balance sheet. Good value. Just added to his position. investment companies/funds 0 0 0 0 0 0 comments	(A Top Pick Jul 24/18, Down 19%) Great company. Exceptionally profitable. Trading at 7 and 1/2 normalized earnings. Once they get over the big scandal. That will cost them $2 billion and they made $13 billion last year in profits. The best company in taking advantage of dysfunctional markets in the world. Global leader in investment banking. Pristine balance sheet. Good value. Just added to his position. investment companies/funds 0 0 0 0 0 0 comments John O'Connell, Chairman a, Davis Rea... Price $175.920 Owned Yes
DON'T BUY	Goldman Sachs(GS-N) December 11, 2018 Brokerages are more volatile than banks or insurance companies, because they rely so much on capital markets. In the late-cycle, there's a lot of general uncertainty. If you want exposure to the U.S. financial sector, buy a bank of lifeco which are more stable. investment companies/funds 0 0 0 0 0 0 comments	Brokerages are more volatile than banks or insurance companies, because they rely so much on capital markets. In the late-cycle, there's a lot of general uncertainty. If you want exposure to the U.S. financial sector, buy a bank of lifeco which are more stable. investment companies/funds 0 0 0 0 0 0 comments Christine Poole CEO & Mana, GlobeInvest Capital ... Price $176.800 Owned No
DON'T BUY	Goldman Sachs(GS-N) December 7, 2018 Corruption in Asia has triggered a sell-off. He prefers TD, and owns no US banks. (TD operates in the US.) If they can't shake off these corruption charges, then GS will be in the penalty box for a while investment companies/funds 0 0 0 0 0 0 comments	Corruption in Asia has triggered a sell-off. He prefers TD, and owns no US banks. (TD operates in the US.) If they can't shake off these corruption charges, then GS will be in the penalty box for a while investment companies/funds 0 0 0 0 0 0 comments David Driscoll President , Liberty Internationa... Price $179.670 Owned No
WATCH	Goldman Sachs(GS-N) December 6, 2018 You should expect them to boost reserves from the fallout of the Malaysian issue. It is at the lower end of the trading range but you want to see the smoke clear. He would wait on this one until you see the resumption of the trend. investment companies/funds 0 0 0 0 0 0 comments	You should expect them to boost reserves from the fallout of the Malaysian issue. It is at the lower end of the trading range but you want to see the smoke clear. He would wait on this one until you see the resumption of the trend. investment companies/funds 0 0 0 0 0 0 comments Cameron Hurst Chief Inve, Equium Capital Manag... Price $184.090 Owned Unknown
BUY	Goldman Sachs(GS-N) December 5, 2018 Issue in Malaysia, which will cost them money. In grand scheme of things, with all their earnings, won't amount to much. Premier global investment bank, good valuation, whole sector is on sale. You need to buy great businesses when they're on sale. investment companies/funds 0 0 0 0 0 0 comments	Issue in Malaysia, which will cost them money. In grand scheme of things, with all their earnings, won't amount to much. Premier global investment bank, good valuation, whole sector is on sale. You need to buy great businesses when they're on sale. investment companies/funds 0 0 0 0 0 0 comments Lorne Steinberg President , Lorne Steinberg Weal... Price $0.000 Owned Unknown
COMMENT	Goldman Sachs(GS-N) November 26, 2018 Morgan Stanley vs. Goldman Sachs They're similar--they're in investment banking, but he prefers MS with its cheaper valuation with steadier earnings growth and less earnings volatility. Goldman is more into investment banking which is vulnerable to a market downturn, thus a little more volatile. Overall, he is light U.S. banks: there's slower loan growth and the cost of loaning money has risen along with interest rates. Analysts have been too optimistic about American banks' earnings growth going forward. investment companies/funds 0 0 0 0 0 0 comments	Morgan Stanley vs. Goldman Sachs They're similar--they're in investment banking, but he prefers MS with its cheaper valuation with steadier earnings growth and less earnings volatility. Goldman is more into investment banking which is vulnerable to a market downturn, thus a little more volatile. Overall, he is light U.S. banks: there's slower loan growth and the cost of loaning money has risen along with interest rates. Analysts have been too optimistic about American banks' earnings growth going forward. investment companies/funds 0 0 0 0 0 0 comments John Zechner Chairman, J. Zechner & Assoc... Price $194.340 Owned Unknown
BUY on WEAKNESS	Goldman Sachs(GS-N) November 20, 2018 Positive on the name. Whenever anything happens in the financial space, Goldman is there. Has more torque than a traditional bank, as its earnings are a bit more leveraged. Keeping money to grow the business instead of returning it to shareholders, a positive. Conservative on loan reserves. Would be looking to add, not exit. investment companies/funds 0 0 0 0 0 0 comments	Positive on the name. Whenever anything happens in the financial space, Goldman is there. Has more torque than a traditional bank, as its earnings are a bit more leveraged. Keeping money to grow the business instead of returning it to shareholders, a positive. Conservative on loan reserves. Would be looking to add, not exit. investment companies/funds 0 0 0 0 0 0 comments Zachary Curry Chief Oper, Davis-Rea Ltd.... Price $191.340 Owned Yes

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