Stephen Rosenman

I-Banks Comment On the Bear Stearns Fallout; Goldman's a Buy

GS keeps delivering. I've held my shares and will see how they report. All IBanks are black boxes. The Street has drastically cut its expectations. GS has not as usual responded; I expect them to handily beat the numbers. Not all IBanks are made alike. GS is the best.

Lehman Battered Hard; JPM To Fire Half of Bear Staff?

Jamie Dimon is famous for wielding the axe.

Financial Stocks Trading Near Book Value

Book values for Investment Houses are no longer believable. No one, even the I-
banks, know their true value. The only way at present that I can tell to differentiate the value of these stocks at the moment is how they have used their assets to deliver earnings. Currently the only ones of the above to meet that test are GS and JPM. Remember, when one of these I-Banks fall, GS and JPM will emerge ultimately winners as they lose competition and pick up the pieces.

Time to Discard Price/Book Ratio When Evaluating the I-Banks

Earnings are a more reliable method of comparing the Ibanks than looking at an all too cloudy and unreliable book value. Until some one can come up with a better yardstick to compare these particular companies, we're forced to look at how they have delivered their earnings these past few years. GS has been one of the few that has managed to deliver in both good and bad economic environments.
GS, despite pleasantly surprising the street in their earnings, trades at an extremely low P/E compared to its competitors; its asset value actually has been steadily rising with net tangible assets going from 2/05 of 20 billion to 11/07 of 37.7 billion. GS deserves to be price at a premium to the other investment houses.