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Goldman's Weak Quarter
- Goldman Sachs experienced one of its weakest quarters under CEO David Solomon, with earnings down 58%.
- This was due to a slump in investment banking, real estate markdowns, and a consumer business writedown.
Goldman Sachs Valuation
- Mike Mayo observes Goldman Sachs' valuations are at their lowest in 30 years, excluding major crises.
- He remains optimistic, suggesting a potential bottoming out, echoed by bank CEOs.
Goldman's Unique Challenges
- Goldman Sachs faces unique challenges compared to other banks due to its lack of Main Street presence.
- Its attempt to establish a Main Street presence is fading, and it holds a large portfolio of balance sheet investments.