Goldman Sachs (GS) can't manage a gain despite positive headline numbers on earnings, with Antoine Gara calling the beat a low-quality one attributable to $1.42B in revenue posted from rising marks on the bank's P-E investments and securities portfolio. This likely isn't sustainable as regulators work to constrain Goldman's activities in these areas. While debt underwriting posted a record number, equity underwriting saw a 5% decline in Q2. Flat revenue at GSAM asset management suggests competitors like Wells Fargo and Morgan Stanley are taking market share. Asked on the CC about his comfort with current leverage, CFO Schwartz responds, "Comfortable, I am not trying to get cute with you."