I'll pick up a couple of the numbers
finale and you can get digging into it
as well so third quarter Investment
Banking Revenue 1.54 billion dollars the
estimate 1.63 billion third quarter
trading Revenue 6.2 billion the estimate
5.69 billion if you break that down
between equities and fake let's do
equities first Equity sales and trading
Revenue 2.68 billion the estimate 2.65
looking at fitcage sales and trading
Revenue 3.53 billion the estimate 3.04
so they that's strong beat right that's
what I was talking about right there and
as they consolidate those trading and
Investment Banking businesses you have
them coming in stronger than their
Rivals and I think that's where the
rubber hits the road for Goldman Sachs
now again they are putting out all those
details on what that new business looks
like I think this will take a while
today for the market to absorb as David
Solomon walks the market through those
numbers because again what what does
this mean for the future of Goldman
Sachs you are looking at Revenue coming
in above expectations you're looking at
Roe also coming in above expectations
really matching that of Morgan Stanley
they are more efficient than Morgan
Stanley typically but again if they're
making the same in terms of returns what
is the market going to prefer
very quickly here we're going to come
back after we digest these numbers as
well I look at the long-term track
record it costs four five six
managements big Banks outperformed
Goldman Sachs his Goldman Sachs been a
decade or two decade underperformer I
mean you're looking at a today it trades
at lesson Price to Book Wells Fargo is
even more than that time Wells Fargo
trades at a higher book yes so that's
stunning exactly Wells Fargo of all the
problems that it has and still has
you're still seeing them trade higher
than Goldman Sachs that does not have
half the regulatory overhang today than
it did have five years ago even so what
is it that the market is not latching on
to with Goldman Sachs you are seeing the
market now rewarding Goldman for those
trading numbers really again much
stronger than all of its peers so they
they're not showing just a strength in a
tough Market they're showing market
share games