Jason Hall

Its earnings multiple is near the high end of its range over the past decade, but its cash conversion cycle is the thing of legends.

Its business is a little counter-cyclical, too.

It does well when the economy is strong.

When automakers are struggling and discounting the hell out of everything because people aren't buying new cars, you know what people are doing?

They're spending more money to maintain their older cars.

So first with Goldman specifically, it's different than Bank of America, Goldman Sachs, Wells Fargo, a lot of these other banks.

Now, JP Morgan Chase and Bank of America have huge investment banks, but they're part of their universal bank profile where they also have the commercial bank, which is like, that's what we as like just regular humans think of as a bank.

Like it's where we keep our money.

It's where we write checks or pay our debit from.

It's where we go to get loans, that kind of thing.

Investment banking is a different animal, right?

So they do lots of things.

And like the thing you were talking about with FICC and then with equities that we'll talk about too, this is trading basically.

And Goldman has a big role as a market maker for, and that's the intermediation part of the business, for trading fixed income assets like bonds, currency trading, commodities like oil and gas futures, that kind of thing.

And then we'll talk about it too, they have an equities business.

So equity is stocks, right?

So they're the market maker for a lot of this.

And then they also provide a lot of the liquidity, and it's the financing part of that.

And if we go back to the first quarter, two things were true.

Stock markets were at all-time highs, and then we got extreme volatility at the end with the US war in Iran.