david.kostin@gs.com Goldman‚ Sachs & Co. Stuart Kaiser‚ CFA Corporate fundamentals support continued profit cycle expansion We forecast S&P 500 revenues rise by more than 4% in 2013 and 2014‚ margins hover at current levels (8.8%-9.0%)‚ earnings climb by more than 6% and the P/E multiple expands modestly from 13.2x to 13.8x at end 2013. (212) 357-6308 stuart.kaiser@gs.com Goldman‚ Sachs & Co. Amanda Sneider‚ CFA (212) 357-9860 amanda.sneider@gs.com Goldman‚ Sachs & Co. Valuation:
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because most large food companies have tried in recent years to diversify and have failed. ``From the beginning of the 1980s‚ most other food companies have been divesting their non-food businesses‚`` said Nomi Ghez‚ a food industry analyst at Goldman‚ Sachs & Co. ``But Sara Lee actually grew in this area.`` ``The company turns out amazingly consistent results‚`` said John McMillin‚ an analyst at Prudential-Bache Securities‚ evaluating the financial performance of Sara Lee in recent years. ``It`s
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time horizon. Company ABInBev Anadolu Efes Carlsberg Molson Coors SABMiller Rating Sell Neutral Sell Neutral Buy PT € YTL Dkr $ GBp 62.5 25.5 493 47 3‚525 Price Upside 65.9 ‐5% 26.9 ‐5% 513 ‐4% 44 7% 2‚638 34% Source: Datastream‚ Goldman Sachs Research estimates. Africa and India are the most attractive Early-stage EMs such as those in Africa and India combine
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Sanford C. Bernstein To all of you who have asked for my help in finding a job on Wall Street‚ I want to apologize for my delay in getting back to you. I do have an excuse though‚ -- as most of you realize Wall Street is not an altruistic place. So when you asked for our assistance in the late fall‚ the Street was in the midst of its annual bonus season. This is a period of the year when the finance careers are made or ended‚ annual compensation is determined and the partners of the Wall Street’s
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Emma Goldman and Anarchism The late 1800’s and early 1900’s in the United States was a time of seemingly never ending change and reform. As some may put it‚ America was feeling growing pains. The Civil War had ended and civil rights for African-Americans had become a highly controversial issue. Another issue in the nation included the status of immigrants and deportation. This issue hovered over the heads of a number of foreign communities‚ but none more so than the Chinese. With the ever expanding
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INDUSTY ANALYSIS Investment Industry EXECUTIVE SUMMARY We chose to do our analysis on the Investment Industry. The companies that we have chosen to analyze are Bank of America Merrill Lynch followed by Goldman Sachs Group‚ Morgan Stanley‚ and JP Morgan Chase and Co. These companies are known as investment banks. An investment bank is a financial institution that assists individuals‚ corporations‚ and governments in raising capital by underwriting and/or acting
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Is greed good? In the 1987 film Wallsteet‚ a millionaire bond trader said “Greed‚ for lack of a better word‚ is good. Greed is right. Greed works. Greed clarifies‚ cuts through‚ and captures‚ the essence of the evolutionary spirit. Greed‚ in all of its forms; greed for life‚ for money‚ for love‚ knowledge‚ has marked the upward surge of mankind and greed‚ you mark my words‚ will save the malfunctioning corporation called the U.S.A”. The character who spoke this was based off a man who was convicted
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fail in its fiduciary duty to act in the best interest of its potential investors. This is similar to the sequence of events‚ and transactions in The SEC vs. Goldman Sachs case. In that deal‚ Goldman was approached by John Paulson of Paulson & Co. to assemble a synthetic CDO dubbed ABACUS 2007-AC1‚ in exchange for a $15 million fee. Goldman brought in an outside asset manager (ACA Capital) to aid in the selection of collateral that was to comprise ABACUS. John Paulson played a significant role in
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upward price pressure whereas deleted and remaining stocks will suffer from downside risk. However‚ shareholders of an index do enjoy zero tracking errors and will certainly wait until the effective day to rebalance. Therefore‚ as a trader at Goldman Sachs‚ I would play the arbitrage game. I would provide liquidity to index investors by shorting freshly added stocks and buying excluded ones. Via this move‚ I would hope a forthcoming favorable reversal impact as I expect (perhaps wrongly) prices to
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baseball bat‚ Perhaps even a wrestling mat‚ And you’ll get in‚ just like that! And most importantly you must decide West coast or East coast and how long is the ride? But it all pays off at the end‚ with a job at Price Waterhouse Cooper or Goldman Sachs‚ So that at the 10 year high school reunion you’ll be getting the last laughs. What’s really amazing though is that with all these great schools this country has to offer It’s amazing that so many kids are still hanging out‚ smoking on the corner
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