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Breakingviews: Goldman beats, investors yawn

Tuesday, April 16, 2013 - 03:22

April 16 - Reynolds Holding and Breakingviews columnists discuss Goldman Sachs' decent first-quarter profits and shareholders' surprisingly tepid response.

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Where in the thick of earnings season -- lots of tasty results pouring and Goldman Sachs is the latest high profile firm to report. And -- Anthony investors are smiling what's going on well you they should be smiling in the stock session down the couple sent this morning which -- great in the sense they. That you don't quite good -- possible they -- it made extra money what I can say that -- for example that. Then a rental revenue -- fixed income underwriting. They haven't had too much of a slip off and things like trading there was not a firms' revenues to a little bit because completely expected -- they beat on the at the top run in the bottom line. And it's talks down to invest admissible -- -- I think is. There's a fair degree of extra he's coming from mark to market -- principal investments that happens all the time this month -- what the last few courses that. You might think actually this is a maybe a little more focused on the evidence of that sometimes those who have. Talk about you know vocal rule have Goldman's yeah. Has always done lots of investing for it's an -- is very frankly very candidate and if they have to do less of it or if if they had we'll have to mention it that's my go way. Then there's still no closer to get back as a way to capitol guys away so you just relocated elsewhere Solana. On returns basis only you know about them and amendments that if you take way to -- -- guys have been investing. You -- are also if you can and you sent shelves so you would have an equity. It shouldn't suffer no -- Richard you mentioned the Volcker Rule out the course of the rules governing proprietary trading. Goldman relies a lot on them what's it doing if anything to sort of protect that that benefit lobbying or anything that it can well I mean that there -- things it would be able to do is always the gray areas what is proprietary what is the clients and then. And there are things that banks can still do they can do. They there are certain investments excessively construction business in different ways of -- has been some told of that. Yeah I mean you know if if there's going to be a rule. Thanks again to find whatever ways they tend to wanna see exclusion of the vocal on the matter -- happens is is that the facility -- trading on governments in the US government securities and Freddie and Fannie bonds say they still. Is it -- pretty -- up -- Yemen is its rich says the president investment since. -- he should be you. You can find other ways and and also the locals been delayed yet again and then to -- -- I don't -- I don't go outside and held up. -- will wait and see what happens what about the bigness of Goldman I mean how what what we're all the -- claiming that -- get Goldman got. I -- you had -- saying the speech the other day that there really true tanks that are over investment banks that are really. You know sort of leading the pack in doing well Goldman enough JPMorgan. Anything in these results -- confirmed to have. Don't particularly having that they've done they've done pretty well on on revenue compared to people sold -- they're not as big as they used to be because I think some of the bodies -- not a matter of fact that getting into thinking Kumble. And I think is as this point. Stay tuned tomorrow for more breaking news.

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Breakingviews: Goldman beats, investors yawn

Tuesday, April 16, 2013 - 03:22