The Market Isn't Giving Goldman Sachs much Credit for all of its Positive Initiatives.
Despite a slowdown in the back half of 2018, narrow-moat Goldman Sachs still reported a strong year. With the stock trading at approximately tangible book value, we believe that it's moderately undervalued. Total net revenue increased 12% in 2018 to $36.6 billion and pretax earnings increased 12% to $12.5 billion. Revenue for the year had a fairly good increase, despite market turbulence in the second half of 2018 causing second half net revenue to be over 10% lower than the first half of 2018. ...Goldman Sachs Group is a bank holding company and financial holding company. The company is a global investment banking, securities and investment management firm that provides a range of financial services to corporations, financial institutions, governments and individuals. The company operates in four business segments: Investment Banking, which serves public and private sector clients and provides financial advisory services; Global Markets, which serves its clients who come to the company to buy and sell financial products, raise funding and manage risk; Asset Management, which provides investment services; and Consumer & Wealth Management, which provides a range of wealth advisory and banking services.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
We have operations in 27 countries.
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