The Goldman Sachs Group, Inc.

“Goldman Sachs is a durable, elite capital markets franchise with a genuine moat in IB relationships, prime brokerage scale, and a growing AWM business — but at 2.57x book and a forward P/E of 14x, the market has already priced in a sustained ROTE above management's own 15-17% target, leaving no margin of safety; management's capital allocation track record (Marcus destroyed $3-4B) and thin insider ownership add incremental governance risk, making this a business to own at 1.8-2.0x book but not at current prices.”