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They have been very successful particularly in the investment banking aspect of the business. Merger and Acquisition activities are booming globally, especially in Brazil, Russia, India, and China (BRIC). This helps increase both Goldman's revenues as well as the industry. In 2006, revenues in the industry exceeded $700 billion, a 22% increase from 2005. 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In 2006, Bank of China went public by an initial public offering in the Hong Kong Stock Exchange which as a result raised $11.2 billion in a very fluctuating market environment. Goldman acted as a joint global coordinator and joint global book runner which also initialized an intensive marketing process. As a result, total industry revenues increased because it received a total of more than $70 billion from global investment banking fees. They are a crucial aspect to this business as we would expect it to grow in the next decade.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 18:00:00.7+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f225e3b6-1503-4025-a03d-036407cfc1b2", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.2, "x": 0.14, "y": 0.09 }, "kind": "title", "text": "BOARD MEMBERS", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 18:00:00.7+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d4d6bb68-bfe9-46f0-ba36-173bf25b8878", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.25, "x": 0.14, "y": 0.39 }, "kind": "title", "text": "III. 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From 2000 to 2005 Goldman's total revenue did not exceed Merrill Lynch or Morgan Stanley however it did exceed Bear Stearns. In 2006, Goldman Sachs total net revenue yielded $37,665 million and exceeded all of its competitors. Overall from 2000 to 2006 Goldman's Sachs total revenue grew year by year. 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Goldman's Sachs EBT from 2000 to 2002 is less than Morgan Stanley but greater than Merrill Lynch and Bear Stearns. In 2003, Goldman's EBT was less than Merrill Lynch and Morgan Stanley but was greater than Bear Stearns. In 2004, Goldman's EBT increase however was still lower than Morgan Stanley (greater than Merrill Lynch and Bear Stearns). However,", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 17:59:43.813+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b3b74510-7cd7-47ce-b5c2-1bd4a9f2acd9", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.35, "x": 0.145, "y": 0.095 }, "kind": "title", "text": "IV. FUNDAMENTAL ANALYSIS", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 17:59:43.813+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "924d7d8b-30b8-4a7a-bb3c-c12ae79ab154", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.25, "x": 0.145, "y": 0.125 }, "kind": "title", "text": "1. 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This ratio measures a company's ability to meet short term obligations.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 17:59:37.309+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5b3210e7-55af-4714-94f8-a390a2df39cd", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.71, "x": 0.145, "y": 0.39 }, "kind": "paragraph", "text": "Current Ratio- is the ability to pay back its short-term liabilities with its short-term assets. 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for 2002, the time Goldman Sachs with higher P/E.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 17:59:39.08+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "612f9939-c310-4e71-8636-3386d38fe6eb", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.72, "x": 0.14, "y": 0.62 }, "kind": "paragraph", "text": "In comparison to the Finance Industry, GS has pretty close relationship with industry except larger difference in 2000.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 17:59:39.08+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c83e101c-2257-4b81-8087-b0bf2dd47c2c", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.72, "x": 0.14, "y": 0.16 }, "kind": "paragraph", "text": "This part of the report allows us to view the company's position relative to Morgan Stanley, Merrill Lynch, Bear Stearns, Industry, and the S&P 500.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 17:59:39.08+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ea9ca363-558f-4d6f-b2c3-3010355f696c", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.72, "x": 0.14, "y": 0.26 }, "kind": "table", "text": "P/E ratios for GS, BSC, MER, MS, Industry, and S&P 500 from 2000-2007(E)", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 17:59:39.08+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "709012e8-361a-41d2-a0a8-6cede8778826", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.72, "x": 0.14, "y": 0.69 }, "kind": "table", "text": "P/E comparison GS vs S&P 500", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 17:59:39.08+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8e0fb2db-1e5f-40be-8041-62d28f8ab069", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.72, "x": 0.14, "y": 0.51 }, "kind": "table", "text": "P/E comparison GS vs Industry with 7-Yr Industry Average", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 17:59:39.08+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b3f1aca0-1a9c-48cc-b48c-1d6c99ad8520", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.25, "x": 0.14, "y": 0.09 }, "kind": "title", "text": "V. RELATIVE VALUATION", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 17:59:39.08+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0cd99fb6-ef11-492f-bc09-1496eea8223f", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 21, "arc": { "name": "The Sequoia Pitch", "slug": "sequoia-pitch", "status": "active", "bestFor": "Investor pitches, Series A/B, board presentations", "canonId": "019dd956-5e69-75a7-a0a4-895ac1bc0444", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem -> Solution -> Why Now -> Market Size -> Competition -> Product -> Business Model -> Team -> Financials -> The Ask", "description": null, "familyLabel": null }, "from": 11, "name": "Financials", "beatId": "b1466bf2-995f-4935-936c-073309dd9378", "matchId": "663b8ce2-ecc7-48bf-b2ef-9eb1612eb544", "beatType": { "name": "Financials", "slug": "sequoia-pitch-financials", "status": "active", "canonId": "019dd9b8-245d-74ce-8a5e-8094ec926a75", "version": 1, "description": null }, "evidence": "The document provides a detailed financial analysis, including peer benchmarking and relative valuation.", "position": 3, "isPrimaryArc": true, "parentBeatType": { "name": "Evidence", "slug": "evidence", "status": "active", "canonId": "019dd9b8-03f9-772a-b84a-4f07b415b77a", "version": 1, "description": "A dedicated proof beat exists in only ~4 arcs (Gambit, Sequoia, AIDA, Monroes). 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The average of the five price estimates is $303.93; about $80 more than its current trading price. The $487.66 was calculated using the 7-year industry average P/E, which was 16.266%. As we can see, using this valuation model signifies that Goldman Sachs is currently undervalued across the board. 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These are key figures as they were part of the equation in determining each price estimate.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 17:59:38.437+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "76628c18-c41a-4728-807b-72e0c011f8ff", "parentComponentId": null }, { "bbox": { "h": 0.115, "w": 0.725, "x": 0.138, "y": 0.115 }, "kind": "table", "text": "GS Relative to Competitors, Industry Average, S&P500 table", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 17:59:38.437+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "30d9de97-3a1c-42ee-99bd-ff21d182273f", "parentComponentId": null }, { "bbox": { "h": 0.18, "w": 0.725, "x": 0.138, "y": 0.305 }, "kind": "table", "text": "E[EPS2007] and Price Estimate table", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Valuation table", "slug": "valuation", "status": "active", "canonId": "019de52d-034c-74ed-b5c8-22b5e6ac196d", "version": 1, "description": null }, "framework": null }, "subkind": "valuation", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 17:59:38.437+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7918f24b-35f5-4d49-a6df-9d91176df94c", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.55, "x": 0.138, "y": 0.095 }, "kind": "title", "text": "GS Relative to Competitors, Industry Average, S&P500", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 17:59:38.437+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "97eda144-f22a-47c1-994e-c49cceda1d6f", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 21, "arc": { "name": "The Sequoia Pitch", "slug": "sequoia-pitch", "status": "active", "bestFor": "Investor pitches, Series A/B, board presentations", "canonId": "019dd956-5e69-75a7-a0a4-895ac1bc0444", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem -> Solution -> Why Now -> Market Size -> Competition -> Product -> Business Model -> Team -> Financials -> The Ask", "description": null, "familyLabel": null }, "from": 11, "name": "Financials", "beatId": "b1466bf2-995f-4935-936c-073309dd9378", "matchId": "663b8ce2-ecc7-48bf-b2ef-9eb1612eb544", "beatType": { "name": "Financials", "slug": "sequoia-pitch-financials", "status": "active", "canonId": "019dd9b8-245d-74ce-8a5e-8094ec926a75", "version": 1, "description": null }, "evidence": "The document provides a detailed financial analysis, including peer benchmarking and relative valuation.", "position": 3, "isPrimaryArc": true, "parentBeatType": { "name": "Evidence", "slug": "evidence", "status": "active", "canonId": "019dd9b8-03f9-772a-b84a-4f07b415b77a", "version": 1, "description": "A dedicated proof beat exists in only ~4 arcs (Gambit, Sequoia, AIDA, Monroes). 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"data_table" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 17:59:39.791+00", "seconds": 4.318, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-5e88-73ef-bd5a-0711e901e65d/22", "deck": "/decks/019dd923-5e88-73ef-bd5a-0711e901e65d", "deckAnchor": "/decks/019dd923-5e88-73ef-bd5a-0711e901e65d#slide-22", "deckJson": "/decks/019dd923-5e88-73ef-bd5a-0711e901e65d.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "Goldman has average annual growth rate of dividends per share (8-years, because they did not pay dividends before the last two quarters of 1999) at 27.3%.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-24 15:37:40+00", "model": "or:google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-1640-71d1-b7b5-9ec57bd5cdc8", "parentComponentId": null }, { "bbox": { "h": 0.2, "w": 0.5, "x": 0.14, "y": 0.21 }, "kind": "list", "text": "1) CAPM: 10-year treasury strip (04/30/07) = 4.810% Risk Premium = 6.500% Beta = 1.2307 CAPM = 0.0481 + 1.2307*(0.065) = 12.810% 2) Another cost of capital YTM on GS bonds outstanding = 5.404% Equity Premium = 3.000% K2 = 8.404% 3) K3 = 10.000%", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", 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1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-24 15:37:40+00", "model": "or:google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-1640-71d1-b7b5-a12f9e85e747", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.72, "x": 0.14, "y": 0.43 }, "kind": "paragraph", "text": "We applied sensitivity analysis to CAPM, therefore using three different K's. The first K we used is from CAPM, 12.81%, and the K based on Goldman's bond yield is 8.404%. We chose a third k of 10% to see what the intrinsic value would be if K was in between the other two Ks since they were so far apart.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 17:59:39.791+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0dc1bd91-ce8f-4d6d-a957-34fd0dbdf269", "parentComponentId": null }, { "bbox": { "h": 0.2, "w": 0.72, "x": 0.14, "y": 0.52 }, "kind": "paragraph", "text": "Then, in order to estimate the dividend for 2007, we had to calculate the average payout ratio over the last ten years (9.4%) and use our estimate of E [EPS2007], or $29.98, to derive an E[DPS2007]. Since that estimated dividend, .094*29.98 = $2.82 is over twice as high as their 2006 actual DPS, we noticed that Goldman Sachs has historically displayed a similar pattern in the way they payout dividends. Thus, we decided to estimate dividends from 2007 to 2012 using a certain percentage. Goldman has average annual growth rate of dividends per share (8-years, because they did not pay dividends before the last two quarters of 1999) at 27.3%. And since there is no difference with the 4-years growth, we decided to use 8-years growth at 27.3%. And Goldman Sachs shows no sign of slowing down in the near future. The chart below gives us a better understanding of how Goldman Sachs paid out dividends:", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 17:59:39.791+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "186758d6-cee8-4819-a50e-efad4df7a32b", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.72, "x": 0.14, "y": 0.12 }, "kind": "paragraph", "text": "This valuation model allowed us to estimate Goldman Sachs' intrinsic value by discounting their cash flows (CF's) through the use of the Dividend Discount Model (DDM). The first step was to determine two different costs of capital, k1 and k2, to calculate the PV of the dividend CF's. This can be seen through the following:", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 17:59:39.791+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "db8cde61-d41d-4f21-b62e-830bec523c1e", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.72, "x": 0.14, "y": 0.78 }, "kind": "table", "text": "GS PAYOUT RATIOS FOR LAST 8 YEARS. Years 1999-2006, DPS, ROE, DPR rows.", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 17:59:39.791+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3c6a096d-d51d-430a-9fe8-581d161a42b2", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.3, "x": 0.14, "y": 0.09 }, "kind": "title", "text": "VI. 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"locked": true }, { "page": 24, "type": "analysis", "title": "The slide presents multiple tables showing sensitivity analysis of intrinsic value (IV) relative to dividend growth (G) and cost of capital (K).", "function": "analyze_data", "rawType": "financial_analysis", "block": null, "metadata": { "slideType": "financial_analysis", "slideTypeCanon": { "name": "Financial analysis", "slug": "financial_analysis", "status": "active", "canonId": "019de52d-0b45-709c-bfcc-0cf83dd00f13", "version": 1, "description": null }, "function": "analyze_data", "functionCanon": { "name": "Analyze data", "slug": "analyze_data", "status": "active", "canonId": "019de52d-1590-7413-8c82-cc218cff40b4", "version": 1, "description": null }, "density": "dense", "densityScore": 69, "componentCount": 6, "textChars": 1294, "nDataPoints": 60, "notes": "The slide presents multiple tables showing sensitivity analysis of intrinsic value (IV) relative to dividend growth (G) and cost of capital (K).", "elementsJson": [ 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Based on this valuation model, we believe the company's growth will not slow down to growth levels of 11.362%, 6.626%, or 8.35%, which leads us to believe that the value of the stock should be higher than its current price. 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There are three K's that we had to calculate for intrinsic values. The final task was to find the growth rates which would produce a PV that matched the price of GS as of 04/30/2007 ($218.61). 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It may also entice clients to transfer their assets out of their portfolio to other products. This will cause a decline in assets, a decline in investment performance relative to benchmark or competitors. As a result there will be decline in management fees, and reputation damage.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 17:59:40.031+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4e39c969-5628-4586-a1bc-94f72f62416e", "parentComponentId": null }, { "bbox": { "h": 0.11, "w": 0.72, "x": 0.14, "y": 0.81 }, "kind": "paragraph", "text": "Liquidity Risk may be due to the inability of accessing secured and unsecured debt. It can arise from either general market disruptions or operational problems. Because Goldman Sachs develops complex structured products for both clients and institutional investors, these complex products do not have a readily available market to access in time for liquidity purpose. Investing activities may be restricted to these markets. In addition, Goldman Sachs ability to sell their assets may be limited due to other market participants", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 17:59:40.031+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "68359f9c-085f-451e-8127-7f3e477def60", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.72, "x": 0.14, "y": 0.13 }, "kind": "paragraph", "text": "Goldman Sachs is subjected to certain risk which affects the operation of the firm. These risks include Market Condition and Market Risk, Liquidity Risk, Credit Risk, Operational Risk and Legal and Regulatory Risk.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 17:59:40.031+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "72a56665-e984-4fad-952a-897d9bbc6de5", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.72, "x": 0.14, "y": 0.75 }, "kind": "paragraph", "text": "In the specialist business, Goldman Sachs is obligated by that stock exchange to purchase securities even in a declining market. This may result in a trading loss and an increase in liquidity.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 17:59:40.031+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9900ab10-06cc-4d36-bcd4-81611e9b79e0", "parentComponentId": null }, { "bbox": { "h": 0.22, "w": 0.72, "x": 0.14, "y": 0.2 }, "kind": "paragraph", "text": "Goldman Sachs revolves around Market Condition and Market Risk. Ultimately the company is faced with any changes produced by either one, global financial market or two, economic conditions. These conditions are subjected to sudden and dramatic changes. A favorable Market Condition will be define as one that has high global gross domestic product growth, stable geopolitical conditions, transparent and efficient markets, low inflation, high investor confidence and high business earnings. Unfavorable market conditions are those which have been caused either by outbreaks of hostility, geopolitical instability, decline in business confidence, increase in inflation, corporate, political or other scandals that may reduce investor confidence in capital markets, and natural disasters. There can be any combination of these factors that will impact Goldman Sachs opportunities.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 17:59:40.031+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c91fb5c8-f200-431b-8241-4c96147b1a75", "parentComponentId": null }, { "bbox": { "h": 0.13, "w": 0.72, "x": 0.14, "y": 0.43 }, "kind": "paragraph", "text": "For the past few years, Goldman Sachs had been operating in a market with low Interest rates. Increasing Interest Rates or High Interest Rates will widen the credit spread. However, market volatility may aversely affect some of the products offered by Goldman Sachs. For instance, an increase in Interest Rate may aversely affect currency, commodity, equity and merchant position of the company. Furthermore, certain trading business depends on market volatility to provide trading and arbitrage opportunities.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 17:59:40.031+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d8312b67-bae7-4086-bd2e-8884932714a9", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.72, "x": 0.14, "y": 0.66 }, "kind": "paragraph", "text": "Industry wide declines in the size of underwriting and mergers and acquisition may have an effect on revenues (making it unable to reduce expense as well as profit margins). A significant portion of revenue is derived from participation in large transaction. A decrease in large transaction due to market uncertainty may aversely affect the investment banking business.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 17:59:40.031+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f8c9d73c-32ba-4abc-847d-322c17ce544a", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.3, "x": 0.14, "y": 0.09 }, "kind": "title", "text": "VII. GOLDMAN SACHS' RISK", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 17:59:40.031+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ea641da7-e105-45a0-91b4-95c993fea43c", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [ { "to": 26, "from": 25, "loop": { "name": "27_cost_of_inaction", "slug": "27-cost-of-inaction", "status": "active", "bestFor": "Urgent budget requests, compliance, risk mitigation", "canonId": "019dd956-70d1-7395-a15b-857ba858b394", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point", "description": "Quantify what happens if the audience does nothing", "familyLabel": null }, "matchId": "a83656ae-f7d1-468e-a822-d428dc7f426b", "evidence": "The document provides an analysis of Goldman Sachs' risk profile.", "position": 1, "objective": "To highlight the risks associated with not investing in Goldman Sachs.", "confidence": 0.6, "extraction": { "at": "2026-07-16 21:20:20.985764+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 26, "type": "analysis", "title": "The slide starts mid-sentence from a previous page, discussing credit rating impacts, then transitions to investment drivers.", "function": "diagnose", "rawType": "risk_register", "block": null, "metadata": { "slideType": "risk_register", "slideTypeCanon": { "name": "Risk register", "slug": "risk_register", "status": "active", "canonId": "019de52d-0dee-7220-9713-5179f9ebc41c", "version": 1, "description": null }, "function": "diagnose", "functionCanon": { "name": "Diagnose", "slug": "diagnose", "status": "active", "canonId": "019de52d-1657-7223-acc5-7437d878c850", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 75, "componentCount": 7, "textChars": 2836, "nDataPoints": 1, "notes": "The slide starts mid-sentence from a previous page, discussing credit rating impacts, then transitions to investment drivers.", "elementsJson": [ "paragraph" ], "confidence": 0.9, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 17:59:40.743+00", "seconds": 4.439, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-5e88-73ef-bd5a-0711e901e65d/26", "deck": "/decks/019dd923-5e88-73ef-bd5a-0711e901e65d", "deckAnchor": "/decks/019dd923-5e88-73ef-bd5a-0711e901e65d#slide-26", "deckJson": "/decks/019dd923-5e88-73ef-bd5a-0711e901e65d.json" }, "components": [ { "bbox": { "h": 0.07, "w": 0.72, "x": 0.14, "y": 0.52 }, "kind": "paragraph", "text": "Failures in internal processes, people or systems, or external events results in Operational Risk. This could lead to impairment of Goldman's Liquidity, financial loss, disruption of their business, liability to clients, regulatory interventions or reputation damages.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 17:59:40.743+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "587a4fe6-99d2-4ffa-b0dd-a4ac0e80ed87", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.72, "x": 0.14, "y": 0.87 }, "kind": "paragraph", "text": "With the rise of a Global Equity Market growing to and exceeding $43.6 trillion and a rise in mergers and acquisition the demand for global investment banking and securities and investment management will continue to grow. Goldman Sachs will continue to see an increase in revenue due to the participation in the Global Equity Market and Mergers and Acquisition.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 17:59:40.743+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8f9420e0-adad-4cc1-8b60-7d63c6041c36", "parentComponentId": null }, { "bbox": { "h": 0.23, "w": 0.72, "x": 0.14, "y": 0.09 }, "kind": "paragraph", "text": "selling similar assets at the same time. Goldman's Credit Rating is directly related to their liquidity. A reduction in Goldman's Credit Rating could affect their liquidity and competition position, increase borrowing cost, limit access to capital markets or trigger their obligation in some of their trading and financing collateralized obligations. Under these circumstances counterparties would be permitted to terminate their contracts and require Goldman Sachs to provide additional collateral. Termination of these trading and financing obligations could cause a loss and require Goldman Sachs to find other resources to make significant cash payments and or security movement.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 17:59:40.743+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9dbdca10-5e96-47bd-be71-cc4ed3ceb959", "parentComponentId": null }, { "bbox": { "h": 0.11, "w": 0.72, "x": 0.14, "y": 0.6 }, "kind": "paragraph", "text": "Goldman Sachs is faced with Legal and Regulatory Risk. Goldman Sachs is subjected to an extensive regulation from around the world. Substantial legal liabilities could hurt Goldman Sachs finances and reputation which in turn could hurt future business prospects. Goldman Sachs faces significant legal risk and the amount of damages and penalties claimed in litigations and regulatory proceedings against financial institutions remain high.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 17:59:40.743+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b31ec07a-c3b7-4c21-a2b3-c6e52e92c07e", "parentComponentId": null }, { "bbox": { "h": 0.18, "w": 0.72, "x": 0.14, "y": 0.33 }, "kind": "paragraph", "text": "Goldman Sachs is also exposed to Credit Risk. This exposure is due to third parties that owe Goldman Sachs money, securities, or all other assets that will not perform their obligations. These third parties may default on their obligations because of bankruptcy, lack of liquidity, operation failure or other circumstances. Goldman Sachs also faces the risk that their rights against third parties may not be enforceable. Goldman Sachs has experience pressure to extend and price credit at levels that may not always fully compensate the firm for the amount of risk taken. This is primarily due to competitive factors.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 17:59:40.743+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e0500d91-a617-403f-bf78-0d0c0236cdd1", "parentComponentId": null }, { "bbox": { "h": 0.09, "w": 0.72, "x": 0.14, "y": 0.77 }, "kind": "paragraph", "text": "Goldman Sachs is the leading global investment banking, securities and investment management firm serving new business and strengthening existing firms. They provide service to a diversified client base that includes corporations, financial institution, governments and high net worth individuals. Their business is divided into three segments: Investment Banking, Trading and Principal Investments and Asset Management and Security Services.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 17:59:40.743+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f74d7862-4220-4702-8824-23eb3e93ae4c", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.25, "x": 0.14, "y": 0.73 }, "kind": "title", "text": "VIII. INVESTMENT DRIVERS", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 17:59:40.743+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0368b205-e661-4c39-a4d9-dcb8b0e7b2a8", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [ { "to": 26, "from": 25, "loop": { "name": "27_cost_of_inaction", "slug": "27-cost-of-inaction", "status": "active", "bestFor": "Urgent budget requests, compliance, risk mitigation", "canonId": "019dd956-70d1-7395-a15b-857ba858b394", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point", "description": "Quantify what happens if the audience does nothing", "familyLabel": null }, "matchId": "a83656ae-f7d1-468e-a822-d428dc7f426b", "evidence": "The document provides an analysis of Goldman Sachs' risk profile.", "position": 1, "objective": "To highlight the risks associated with not investing in Goldman Sachs.", "confidence": 0.6, "extraction": { "at": "2026-07-16 21:20:20.985764+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 27, "type": "resolution", "title": "The slide concludes with a specific investment recommendation of 200 shares at $218.58, noting a class vote for a limit order of 150 shares at $215.00.", "function": "recommend", "rawType": 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"/slides/019dd923-5e88-73ef-bd5a-0711e901e65d/27", "deck": "/decks/019dd923-5e88-73ef-bd5a-0711e901e65d", "deckAnchor": "/decks/019dd923-5e88-73ef-bd5a-0711e901e65d#slide-27", "deckJson": "/decks/019dd923-5e88-73ef-bd5a-0711e901e65d.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "Along with the absolute valuation we believe Goldman Sachs Group, Inc. is a qualified buy candidate for the Student Managed Investment Portfolio.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-24 15:37:40+00", "model": "or:google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-1640-71d1-b7b5-c057e3a7ca29", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "Investment amount: $32,250", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-24 15:37:40+00", "model": "or:google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-1640-71d1-b7b5-c44c9d9d7f5b", "parentComponentId": null }, { "bbox": { "h": 0.032, "w": 0.714, "x": 0.143, "y": 0.459 }, "kind": "paragraph", "text": "Therefore, we recommend the purchase of 200 shares at the current market price, $218.58 (May 1, 2007) for a total investment of $43,716.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 17:59:39.366+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "04474e93-eb5a-4727-8fb7-60619916243d", "parentComponentId": null }, { "bbox": { "h": 0.065, "w": 0.714, "x": 0.143, "y": 0.216 }, "kind": "paragraph", "text": "Goldman Sachs will continue to see growth due to an increase of a Global Equity Market, Emerging Markets, Mergers and Acquisition, Low Competitive Pricing and Good Reputation. This strategy will help Goldman Sachs keep competitive in the Financial Industry and respond to the demanding need of its diversified client base.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 17:59:39.366+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3d380343-7b7f-45ed-a5a7-751ffd9b761c", "parentComponentId": null }, { "bbox": { "h": 0.121, "w": 0.714, "x": 0.143, "y": 0.304 }, "kind": "paragraph", "text": "Over all the company has seen growth from 2000 to 2006 in ROE, ROA, EBT, Net Profit Margins, Total Revenue Margin and Time Interest Earned. The company remains highly competitive in Asset Turnover relative to other firms, and is continuing to grow their Net Income. In addition, the company has a relatively low P/E ratio to other firms in its industry which is an indication that the firm is undervalued. Along with the absolute valuation we believe Goldman Sachs Group, Inc. is a qualified buy candidate for the Student Managed Investment Portfolio.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 17:59:39.366+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "79dddd0d-c112-4b29-a878-a1f710378750", "parentComponentId": null }, { "bbox": { "h": 0.021, "w": 0.714, "x": 0.143, "y": 0.513 }, "kind": "paragraph", "text": "However, the class voted on a Limit Order for 150 shares at $215.00 for the total of $32,250.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 17:59:39.366+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a15390b3-2f9e-479c-939d-dfc9cc49820c", "parentComponentId": null }, { "bbox": { "h": 0.065, "w": 0.714, "x": 0.143, "y": 0.128 }, "kind": "paragraph", "text": "From the inception, Goldman Sachs had been building a company that provides a wide range of service world wide to a diversified set of clients. As of 2006, Goldman Sachs had seen much growth due to an increase in large transaction (mergers and acquisition). This has help Goldman Sachs keep competitive as well as being the best in the industry.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 17:59:39.366+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d62e6493-2941-4cfb-a5c2-b39bb2b1e8c5", "parentComponentId": null }, { "bbox": { "h": 0.021, "w": 0.235, "x": 0.143, "y": 0.095 }, "kind": "title", "text": "IX. RECOMMENDATION", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 17:59:39.366+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b491e222-5e5d-4bf0-b225-bc4d628121de", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 27, "arc": { "name": "The Sequoia Pitch", "slug": "sequoia-pitch", "status": "active", "bestFor": "Investor pitches, Series A/B, board presentations", "canonId": "019dd956-5e69-75a7-a0a4-895ac1bc0444", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem -> Solution -> Why Now -> Market Size -> Competition -> Product -> Business Model -> Team -> Financials -> The Ask", "description": null, "familyLabel": null }, "from": 27, "name": "Solution", "beatId": "60bf4699-8a1f-4318-853f-f2e740a51737", "matchId": "663b8ce2-ecc7-48bf-b2ef-9eb1612eb544", "beatType": { "name": "Solution", "slug": "sequoia-pitch-solution", "status": "active", "canonId": "019dd9b8-1fb1-71d9-a260-07738d7f9c2f", "version": 1, "description": null }, "evidence": "The document provides a recommendation for investment in Goldman Sachs.", "position": 4, "isPrimaryArc": true, "parentBeatType": { "name": "Turn", "slug": "turn", "status": "active", "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54", "version": 1, "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 27, "from": 27, "loop": { "name": "47_quick_win_big_bet", "slug": "47-quick-win-big-bet", "status": "active", "bestFor": "Transformation planning, 100-day plans, resource allocation", "canonId": "019dd956-790d-708d-983e-ef9bbc68f741", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Full List -> Quick Wins (Low effort, High impact) -> Big Bets (High effort, High impact) -> Sequenced Roadmap", "description": "Separate initiatives into immediate wins and longer-term strategic bets", "familyLabel": null }, "matchId": "32baea1d-9d41-4a86-ab32-4ee9a72f4c4f", "evidence": "The document provides a clear recommendation for investment.", "position": 2, "objective": "To provide a clear recommendation for investment in Goldman Sachs.", "confidence": 0.7, "extraction": { "at": "2026-07-16 21:20:21.02167+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 28, "type": "appendix", "function": "appendix", "rawType": "appendix", "block": null, "metadata": { "slideType": "appendix", "slideTypeCanon": { "name": "Appendix", "slug": "appendix", "status": "active", "canonId": "019de52d-0762-71f8-b564-89ab863301cc", "version": 1, "description": null }, "function": "appendix", "functionCanon": { "name": "Appendix", "slug": "appendix", "status": "active", "canonId": "019de52d-138d-750b-83c3-49b4bc7a7a38", "version": 1, "description": null }, "density": "sparse", "densityScore": 8, "componentCount": 2, "textChars": 186, "nDataPoints": 0, "notes": null, "elementsJson": [ "bullet_list" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 17:59:40.65+00", "seconds": 4.194, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-5e88-73ef-bd5a-0711e901e65d/28", "deck": "/decks/019dd923-5e88-73ef-bd5a-0711e901e65d", "deckAnchor": "/decks/019dd923-5e88-73ef-bd5a-0711e901e65d#slide-28", "deckJson": "/decks/019dd923-5e88-73ef-bd5a-0711e901e65d.json" }, "components": [ { "bbox": { "h": 0.256, "w": 0.415, "x": 0.146, "y": 0.146 }, "kind": "list", "text": "Goldman Sachs Group, Inc. Annual Reports (1999-2006)\nwww.marketwatch.com\nwww.morningstar.com\nwww.reuters.com\nwww.hoovers.com\nwww.bigcharts.com\nwww.sia.com\nwww.finance.yahoo.com", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 17:59:40.65+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "14c7029d-d845-4eaa-84cd-b026ed70b78a", "parentComponentId": null }, { "bbox": { "h": 0.018, "w": 0.132, "x": 0.434, "y": 0.112 }, "kind": "title", "text": "REFERENCES", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 17:59:40.65+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4379cf3d-7e8a-48c9-8488-0d96dc58eba6", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true } ], "arcBeats": [ { "from": 6, "to": 8, "label": "Problem", "description": "The document provides an industry analysis, covering market overview, industry trends, and economic context." }, { "from": 7, "to": 7, "label": "Market Size", "description": "The document provides an analysis of the market size and trends." }, { "from": 9, "to": 10, "label": "Competition", "description": "The document analyzes the competitive forces using Michael Porter's method." }, { "from": 11, "to": 21, "label": "Financials", "description": "The document provides a detailed financial analysis, including peer benchmarking and relative valuation." }, { "from": 27, "to": 27, "label": "Solution", "description": "The document provides a recommendation for investment in Goldman Sachs." } ], "loops": [ { "from": 12, "to": 21, "label": "Benchmark Gap", "description": "To evaluate Goldman Sachs' financial performance relative to its peers." }, { "from": 25, "to": 26, "label": "Cost Of Inaction", "description": "To highlight the risks associated with not investing in Goldman Sachs." }, { "from": 27, "to": 27, "label": "Quick Win Big Bet", "description": "To provide a clear recommendation for investment in Goldman Sachs." } ] }