Goldman Sachs: Fortune Favors The Old

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[00:03:24] - [First question] - What an investment bank is, what they do, and how they make their money

[00:06:48] - Why Goldman is perceived as the industry villain

[00:10:34] - The scale of Goldman today and how it looked fifteen years ago in light of the financial crisis

[00:13:55] - Industry size that Goldman operates in and their growth factors 

[00:14:58] - How investment banking deals result in profits for Goldman and their ties to macro environments 

[00:17:38] - Generating revenue and bottom line dollars in sales and trading as a market maker

[00:21:01] - Margin differences between investment banking and trading 

[00:23:52] - Asset management and profits generated from supervising over a trillion dollars in assets

[00:26:30] - How investors value banks as a whole and the metrics and multiples used

[00:29:35] - The differences between varying levels of assets and how a bank’s balance sheet looks like today compared to the past

[00:34:40] - Whether or not there’s a way to quantify the differences of leverage and stepping into the consumer space

[00:39:02] - The leadership at Goldman over the years and what David Solomon brings to the table

[00:44:31] - Goldman’s outlook, the bull case and key drivers for success in the future

[00:49:34] - Build versus Buy versus Partner; other potential competitors and risks to Goldman 

[00:51:32] - Thoughts on the strength of their core business and classifying them

[00:54:53] - Lessons for investors when studying Goldman’s story and what he’s changed his mind to as he’s worked in this industry for so long