...Think about it:
Goldman has made buku bucks in a near zero interest rate environment, during a time when the U.S. equity indexes rallied for the largest % gain over the shortest time in history, and during which time commodities *many* doubled or tripled.
Also, Goldman was able to get paid for taking outlandish risk as they knew they were "too big too fail," and Goldman also got paid by Joe Taxpayer on all the bets it won with deadbeats like AIG.
Do you really want to bet that it's safe to use their current P/E multiple going forward?
Goldman has made buku bucks in a near zero interest rate environment, during a time when the U.S. equity indexes rallied for the largest % gain over the shortest time in history, and during which time commodities *many* doubled or tripled.
Also, Goldman was able to get paid for taking outlandish risk as they knew they were "too big too fail," and Goldman also got paid by Joe Taxpayer on all the bets it won with deadbeats like AIG.
Do you really want to bet that it's safe to use their current P/E multiple going forward?