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Goldman Sachs Sees a Difficult AI Harvest
Below we set up Goldman, Morgan Stanley and the other asset gatherers as we go into Q3 2025 earning this week. As you might expect, GS is ahead of where it was a year ago in terms of non-interest income, earnings overall and equity market value.
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Oct 78 min read


Trump Tariffs Drive Auto Industry Consolidation
If Thomas Edison were alive today, would he tell Elon Musk to make electric cars with batteries?
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Feb 246 min read


Update: Citigroup, Bank America and Goldman Sachs
How is Goldman going to extricate itself from this profoundly unattractive business with AAPL without destroying Apple Card?
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Oct 18, 20247 min read


A Tale of Two Frauds: Bitcoin & GSE Shares
Bitcoin and Tether are technologically enabled forms of financial fraud
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Jan 19, 20216 min read


Update: Square as a Bank
The evolution of fintech companies into regulated banks has implications for public market valuations...
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Jan 10, 20218 min read
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