| 00:00 - 00:03 | GS reported Fourth Quarter results this morning |
| 00:04 - 00:05 | Apple card sale and a low tax rate helped GAAP EPS |
| 00:05 - 00:07 | Comp ratio beat the 32.5% but no-one believed it anyway |
| 00:08 - 00:12 | Equities trading and financing beat as we expected, FICC surprised better |
| 00:12 - 00:15 | Non-comp cost ratio was appeared worse, stock was looking down 2% in the pre on low volume |
| 00:17 - 00:19 | So even with the solid topline, plenty here to nitpick |
| 00:19 - 00:21 | Investors finally understanding peak on peak risk |
| 00:24 - 00:26 | My fuhrer |
| 00:27 - 00:28 | Goldman is |
| 00:31 - 00:33 | it opened up 3% and is ripping higher |
| 00:34 - 00:36 | Jobs data came in solid and NVDA is also ripping |
| 00:53 - 00:58 | Everyone who was uninvolved with this idiotic GS pitch leave right now |
| 01:13 - 01:15 | How could Solomon do this |
| 01:15 - 01:17 | and why do we keep fighting the narrative |
| 01:18 - 01:23 | we know numbers are still moving higher you idiots |
| 01:25 - 01:28 | GS has no consumer exposure anymore and Trump leaves them alone |
| 01:29 - 01:31 | They still have Apple card for 2 years |
| 01:31 - 01:34 | We aren't here to make valuation calls |
| 01:34 - 01:37 | We learned that with Amex for years, thats not enough of a thesis |
| 01:37 - 01:40 | We should have been long this! |
| 01:40 - 01:42 | GS employee sales window opens shortly |
| 01:42 - 01:46 | Oh wow sick fundamental view |
| 01:46 - 01:48 | My fuhrer, adjusted comp ratio was still higher yoy |
| 01:48 - 01:52 | LOs dont care about yoy comp ratio in a single quarter |
| 01:53 - 01:54 | Trump will get 100bp of cuts by Labor Day |
| 01:56 - 01:57 | Short the capital markets leader you say |
| 01:57 - 02:00 | Jamie doesn't see clouds and Ted Pick says we are only 3rd inning |
| 02:00 - 02:03 | Solomon talking 2021 IB levels |
| 02:04 - 02:08 | and nobody even heard David confirm to Saul he was just referring to advisory |
| 02:08 - 02:13 | now Mike Mayo assuming a 57% efficiency ratio for 2027 |
| 02:14 - 02:16 | when target is only 60% |
| 02:17 - 02:21 | 2021 they booked HSD% Spac fees and didnt even have T&E costs |
| 02:27 - 02:29 | Its crowded, shorts will cover |
| 02:30 - 02:34 | We are supposed to spot inflections |
| 02:34 - 02:36 | Thats what we are paid to do |
| 02:41 - 02:42 | Consensus numbers |
| 02:43 - 02:47 | Are still going to keep going higher as backlogs grow |
| 02:48 - 02:53 | We havent even gotten GSIB reform yet |
| 02:54 - 02:56 | OpenAI, SpaceX |
| 02:56 - 02:59 | I bet Solomon gets those too |
| 03:00 - 03:02 | Everyone else too busy targeting operating leverage |
| 03:04 - 03:07 | They could still do a dilutive deal |
| 03:14 - 03:16 | Buy Citi |
| 03:19 - 03:23 | I know its worked, maybe we can get inexpensive capital markets exposure there |
| 03:25 - 03:26 | Investor day coming up |
| 03:31 - 03:33 | 15% ROTCE or higher, right? |
| 03:40 - 03:46 | I know I shouldn't but I want to press |
| 03:46 - 03:49 | I'm not paying >16x fwd EPS |
| 03:53 - 03:56 | I dont care what EB says |
