The Newest Goldman Report: the Golden Boys As a Bank Holding Company

Here is the latest report on Goldmans Sachs (GS), which I am still actively pursuing in my proprietary accounts. It has been a most profitable trade from the 180's, unfortunately I failed to follow my instincts to look into it when it was trading in the 220's.

The pro version of the report explains all of the thought processes that went into the valuation, including:

• the Buffet and government preferred purchases,
• the TARP and associated haircuts, level 3 exposures,
• leverage and de-levering to reach bank holding status level [think JP Morgan (JPM), Bank of America (BAC) and Citibank (C)],
• disintegrating business model revenue drivers,
• limitations on risky practices (ex. prop and energy trading, private equity),
• cash drain from preferred dividends,
• and a whole host of other variables.

Needless to say, this name brand company is going to have to learn some new tricks. Since the original Goldman Sachs model and report is nearly obsolete considering the pace of happenings these days, I will post that here as a freebie. 

For the record, here is a sampling of some of the CDS insured stuff that was on their books over the summer (allegedly) that they have been trying to dump (also free, but you must register first).

Adobe Acrobat version 9 is required for all recent reports (I will be adding flash video commentary to the reports very soon, a slick new feature of the new Acrobat software). Paid subscribers can download their respective reports here and here.