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Well thank you tell the traders to gather around the monitors because they need to see this segment earlier in the program of course.
We told you about a former Goldman Sachs executive in legal trouble but that did not trip -- the company -- all of school posted.
Pretty strong performance year over year in investment banking which pushed it to more than double its quarterly earnings from last year's first quarter interpret that.
Does it mean CEO Lloyd Blankfein stays longer at the Helm or is he thinking.
Maybe -- should -- at the top.
Chris -- Carrington investment services managing director follows the entire financial services sector as a whole.
And Jeff green is a billionaire investor who owns 50000 is that about right 50000 shares of Goldman yes -- did okay.
Keeping on top but not selling on the news today Jeff.
Now well look I've I've been very bullish on the banks as you know they've been here to talk to many -- brought this -- few years.
I think that as long as the Fed has their foot on the accelerator and just keeps the money flowing.
These banks are gonna do -- for the foreseeable future the -- with Goldman with all the banks frankly is that.
You know it is that the economy does not.
We cover we don't that we don't get into any kind of growth -- in the Fed -- -- unfortunate at some point -- paper and the banks have a problem with these -- continue to make these -- Chris as you look at all of the names -- -- do you agree with Jeff that that that's really the issue is the economy as a whole or is it.
What a lot of people whine and complain about on the banking side that is -- more regulation will force us not to take as much risk as we've taken in the past and we know with some of that.
We're very -- -- -- he's driving the Fed has been handing us also out of the street money to transactional -- And the banks to they've been refinancing everybody who'll answered their -- okay and we're pretty much done with that right.
So the trouble I see going forward as we still don't have really strong credit expansion overall economy this is how you -- -- And indeed most of the big commercial banks if you look at the banks out of the house they're just right enough loans to people put Iran off off the portfolio move towards its staple for so you don't have a big bull story here as far as student employment or consumer -- com.
That's what worries me when I look at housing because that's where -- live they'll put an end to this point you know the street from refining everybody we cut a couple years where every corporate on the planet the court has in fact refund to.
So what we're looking for -- -- act.
And we're trying to figure out what's happening with bonds going forward after -- Mosul.
The low anomaly with chairman Bernanke I think ignore -- by the way that was a mistake there's a deputies this year and appease texture cubic.
-- I think what about the weather the -- what that the Fed is going to -- not not this year not -- he's here raise rates sorry he's up on the bond by all -- -- -- public art I think it's gonna start sometime between September and December of this year could see you guys are in disagreement about the stop purchasing and -- -- turned on the volume a little bit but the price of money short term I think you're gonna keep their foot does that mean Jeff that you would still as that investor out there.
Hold onto your Goldman shares would you add to any positions -- I know you have other banks as well.
You know I'm I'm more and more about holding mode with the banks now and having known him a look -- I started buying the -- and it was just -- wasn't more than a year or two ago you could buy Morgan Stanley at thirteen dollars a share and what -- like Jeff what's on the show saying exactly that.
That he was committing money and it has been a winning bet.
Of course we look we nearby who wouldn't want to buy a dollar and fifty cents if you can buy these bags at 50% brought tangible book value through -- -- now.
-- this still trading at great prices Goldman Sachs JPMorgan.
Trading barely a little bit -- book value.
And Morgan -- -- below tangible book value what does that mean to the average investor means that -- Morgan Stanley said we're closing our doors tomorrow.
And we're just -- we've just got to sell everything itself so at least -- -- -- -- if they said that you'd get back all your money plus I'm far from what you're paying for this.
Talk about -- out of that deal to sell side and the commercial bankers have survived the last five years of cost cutting.
And so now we're hoping that revenue is stabilizing social we can actually start to grow these businesses that maybe everybody -- pay attention to -- some sort of -- her apartment fed.
And the accountants which has been the case of Morgan Stanley -- Well we we we talk about the cult of personalities of of leaders of banks that trait that Jamie diamonds of the world the -- -- -- and Lloyd Blankfein has really been able to.
Shine back up the next reputation.
Does he stay or disease say I need to get out while I came in with profits of one point nine billion dollars this time.
-- it took to her in my area I think look the quarter was -- wasn't great wasn't terrible.
The other news bureau of her looks better but I think all the -- -- banks are gonna help a lot more opportunities frankly from just talk is an investor in the commercial across the commercial guys don't have an invincibility.
What like -- status why -- -- I pattern is -- -- -- like any of these guys I mean certainly Goldman Sachs is very well positioned for future growth but.
Again it's like it like we said earlier if the economy does well and work -- can take over from what the -- been doing all the banks to -- if it doesn't they're all in trouble.
If you were to commit money to a single bank coming up well -- -- a little pile of cash I'm gonna take a chance Jeff which one would you buy.
That's a tough from his -- honestly I'm but when people ask me for advice I always say the most important is diversification.
In in this I would say the same thing if I have a small amount of money had -- little bit of beach because.
They all they're all different stories -- -- Wells Fargo is gone up.
Is gonna do better in some circumstances them out then a Goldman Sachs and made it really depends on.
On on how things evolve in the economy cited the safe bet is to get a get a little bit of each of them.
Well for me you know why at forty may have voted with my feet by -- put in the non bank sector to.
People the big guys talk when mission sort of -- grown much faster than the commercial banks are still very small the media in the street are paying attention to them yet.
But it is a non bank sector were -- -- the most growth I put my money back for memorial pro America.
That's why I've -- at Bristol oil and Jeff Green it.
Good to see about banks and Jeff right now I'm not committing to any money right now into the financial sector but still holding -- all of his shares thanks so much great to see -- other closing bell we're about.
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