On acash basis, the volatility of performance fee earnings (net cash carry) for the alts on a TTM basis has been fairly similar to the volatility of Goldman Sachs@© operating earnings. For Goldman, we look at operating earnings both with and without investment management revenues to isolate the more volatile busi

case implied value of future carry. On average, our downside case implied future value of carry mul- tiple is 5.6x, nearly 3 standard deviations away Goldman Sachs FY2 P/E. Exhibit 29: Downside Scenario SOTP Valuation = B+C+D H I A B c D E F G =1/G = J-F-E - 9 Vola ne: After-Tax SOTP Nee Net Carry Per Impl

following companies covered in Morgan Stanley Research: Apollo Global Management LLC, Ares Management, L.P, BlackRock Inc., Franklin Resources Inc., Goldman Sachs Group Inc, Invesco, KKR & CO. L.P., Oaktree Capital Group, LLC, The Blackstone Group LP, The Carlyle Group L.P,, WisdomTree Investments, Inc.. Within the Last

studying the methods used to measure price indices.°° We point to three examples to illustrate the mismeasurement argument. First, our colleagues in Goldman Sachs’ Global Investment Research (GIR) have pointed out that the official price indices for information and communication technology show an implausible ga

06 0.2 08 0.0 10 Jan-16 Apr-16 Jul-16 Oct-16 Data through December 31, 2016. Source: Investment Strategy Group, Bloomberg, Datastream. Exhibit 92: S&P Goldman Sachs Commodity Total Return Index Commodities generated their first double-digit return since 2009. Annual Returns (%)} 60 40 20 _ LL | I Hi BL gis R

io; and (3) 2% leverage ratio in the ECB stress test adverse scenario. Jernej Omahen, “Stress Test: Worst Fears Avoided; Capital Divergence Widens,” Goldman Sachs Global Investment Research, July 31, 2016. Gideon Rachman, “Marine Le Pen Looms Over a Trumpian World,” Financial Times, avember 21, 2016. Cha

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estors to disclose projects, making it difficult to tell which areas are benefiting the most. But there’s plenty of evidence that a boom is brewing. Goldman Sachs Group Inc., which already had an investment team focusing on struggling communities, has disclosed about $150 million in projects in recent months. Purchases of

ated as an enterprise zone and a brownfield site, connoting additional lucrative tax breaks, and the project attracted a $233 million investment from Goldman Sachs’s urban investment group. Then came the opportunity zone designation. The tax break is only supposed to apply to real estate purchased after the law

s price. In the event of any discrepancy between the information contained herein and the information contained in your monthly account statements at Goldman Sachs or another institution, the latter shall govern. Please immediately notify your Private Wealth Advisor of any discrepancies. Fees and Charges.

to Assign: OTC derivative transactions entered into with one or more affiliates of Goldman Sachs cannot be assigned or otherwise transferred without Goldman Sachs’ prior written consent and, therefore, it may be impossible for you to transfer any OTC derivative transaction to a third party. - Counterparty Credi

uffins and Happy Meals, in January; Martin Zweig, 70, who predicted the 1987 stock- market crash, in February; and Alfred Feld, 98, whose 80 years at Goldman Sachs Group Inc. made him the firm’s longest-serving employee, in November. Here are the year’s notable deaths, with each name linked to a previously published obitu

chnical details about military weaponry and intelligence agencies. Died Oct. 1. Karen Strauss Cook, 61. In 1975, she became the first woman hired in Goldman Sachs’s equities division, and the firm’s first female trader. Died Oct. 2 of a degenerative brain disease in New York, where she lived. Amy Dombroski, 26.

pstein is joined for breakfast in the dining room by Reid Weingarten, who’s represented among other fat cats in trouble, Worldcom’s Bernie Ebbers and Goldman Sach’s Lloyd Blankfein and is one of attorney general Eric Holder’s closest friends. Weingarten, horse, with a cold, and dejected, is just back from a faile

pstein is joined for breakfast in the dining room by Reid Weingarten, who’s represented among other fat cats in trouble, Worldcom’s Bernie Ebbers and Goldman Sach’s Lloyd Blankfein and is one of attorney general Eric Holder’s closest friends. Weingarten, horse, with a cold, and dejected, is just back from a faile

tein was joined for breakfast in the dining room by Reid Weingarten, who’s represented, among other fat cats in trouble, Worldcom’s Bernie Ebbers and Goldman Sach’s Lloyd Blankfein, and is one of attorney general Eric Holder’s closest friends. Weingarten, hoarse, with a cold, and dejected, is just back from a fai

it one of the biggest hedge funds in the world. The Rockefeller family office was advised by Ardea Partners, an investment bank formed last year by Goldman Sachs Group Inc. veteran Chris Cole and a handful of former colleagues. Willkie Farr & Gallagher LLP provided legal advice, according to the statement. Paul, Weiss, R

pstein is joined for breakfast in the dining room by Reid Weingarten, who’s represented among other fat cats in trouble, Worldcom’s Bernie Ebbers and Goldman Sach’s Lloyd Blankfein. Weingarten, horse, with a cold, and dejected, is just back from a failed defense of former Connecticut Governor John Rowland. (Epste

ined for breakfast in the dining room by the lawyer Reid Weingarten, who’s represented, among other fat cats in trouble, Worldcom’s Bernie Ebbers and Goldman Sachs’s Lloyd Blankfein. Weingarten, hoarse with a cold, is still lamenting his failed defense of former Connecticut Governor John Rowland. (later to be over

ined for breakfast in the dining room by the lawyer Reid Weingarten, who’s represented, among other fat cats in trouble, Worldcom’s Bernie Ebbers and Goldman Sachs’s Lloyd Blankfein. Weingarten, hoarse with a cold, is still lamenting his failed defense of former Connecticut Governor John Rowland. After a blow-by-b

to Assign: OTC derivative transactions entered into with one or more affiliates of Goldman Sachs cannot be assigned or otherwise transferred without Goldman Sachs’ prior written consent and, therefore, it may be impossible for you to transfer any OTC derivative transaction to a third party. — Counterparty Credi

Trump Presidency, additional “For example, Goldman Sachs Prime Services reported hedge fund net exposure to be between 50% and 67% throughout 2016. (Goldman Sachs Securities Division: Prime Services Weekly 12.22.2016) ° Performance Attribution figures reported herein are shown unaudited, gross of fees/allocatio

r or Solicitation. This material may not, without Goldman Sachs' prior written consent, be (i) copied, photocopied

litate your discussions with the applicable Goldman Sachs entity including, but not limited to, Goldman Sachs & Co. LLC, Goldman Sachs International, Goldman Sachs AG, Goldman Sachs Bank (Europe) plc, Goldman Sachs Paris Inc. et Cie., Goldman Sachs (Monaco) S.A.M., Goldman Sachs Saudi Arabia, Goldman Sachs Bank AG,

included the CEOs of a national IT company, a major finance company and a land developer, venture capitalists, hedge fund managers and the creator of Goldman Sachs' prime brokerage division -took private tours with the captain of the yacht. Smallridge is also working with former hedge fund CIO Dr. Rainford Knight

included the CEOs of a national IT company, a major finance company and a land developer, venture capitalists, hedge fund managers and the creator of Goldman Sachs' prime brokerage division-took private tours with the captain also working with former hedge fund CIO Dr. Rainford Knight to develop a club for local

stein is joined for breakfast in the dining room by Reid Weingarten, who’s represented, among other fat cats in trouble, Worldcom’s Bernie Ebbers and Goldman Sachs’s Lloyd Blankfein, and is one of attorney general Eric Holder’s closest friends. Weingarten, hoarse with a cold, is just back from a failed defense of