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  "documentTitle": "Goldman Sachs Sixteenth Annual ANZ Investment Forum Presentation",
  "authorId": "GoldmanSachs",
  "authorName": "Macquarie",
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  "notes": "The charts show Macquarie's earnings volatility relative to other financial institutions, highlighting its stability.",
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      "kind": "chart",
      "text": "10 year earnings volatility relative to Macquarie (includes GFC)",
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      "kind": "chart",
      "text": "5 year earnings volatility relative to Macquarie (since GFC)",
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      "kind": "disclaimer",
      "text": "This page compares the historical earnings volatility among certain firms, and is not intended to represent that Macquarie has a comparable business model, risks or prospects to any other firm mentioned. Volatility of P&L is defined as standard deviation of P&L divided by average P&L (coefficient of variation), based on most recent annual disclosures. Source: Bloomberg as at 17 Feb 20.",
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      "text": "Earnings volatility: 1.0x",
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      "kind": "title",
      "text": "Stable earnings",
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      "evidence": "Slides 9-20 provide various data tables and financial analysis to support Macquarie's performance",
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