Goldman Sachs
高盛（GoldmanSachs）面试经验
高盛(Goldman Sachs)面试经验一、电面。
从日本东京打来的电话，之前会和你约时间，打通手机后会很体贴地问你要不要换固话。
why this function? why tokyo? example of teamwork.? example of your greatest achievement? your hobby? 问题很简单，看你口语如何，逻辑是否清晰。
二、北京面试。
匆忙补习了一下金融知识，匆忙踏上了北上的飞机。
应该是每个人面试3个面官，都是从东京直接飞过来面的。
我比较special case，连续面了7个。
所有人在lobby等待，叫到你就去某房间面试，这间房间面试好再回到lobby等待下一个面官叫你去他的房间。
我们就如同走穴一样，一个一个房间地去享受自我鄙视。
当我三场面完准备回去的时候，被hr叫住，拖进另外一间房间加面，这样的事情连续发生了四次，于是那天我成了 interview queen。
没有人知道为什么要加面我那么多轮，我从associate面到那个部门的外国老大；起先面对加面，是所有candidate的羡慕声，因为大家认为加面就是对你有兴趣，你的chance就比人家大；而之后反复的加面，却给了我不确定感。
这个之后讨论。
面试内容：一个口语很差的中年上海男人。
主要测试我的数理能力。
大一的时候随便用耳朵都能做出来的概率题，我居然都全部遗忘不会做了。
尽管我很诚恳地告诉他我大学里的数学类课程全部是a，估计他也比较失望吧。
1男，1女。
金融问题和数理问题的结合。
据说有人被问到“17的8次方是多少，请现在估算一下”。
估计死翘翘了。
这里的话，学过金融课程的人应该都没什么问题。
4.1 个日本人。
问我的职位选择。
我要做sales，1说希望我做trader，大家谈了一下想法，1说sales不招非日本人。
我晕。
当时那个汗，估计可以流一辈子了。
心里暗恨，不招就不招，为什么网站上不说清楚呢。
我今天退了3个咨询的面试啊，就为了来北京一趟。
顶尖分析师报告2： Goldman Sachs 分析师报告
下面是GS 对人行货币政策的分析。
做一个好的分析师要有极快的学习能力，及极好的分析眼光。
Goldman Sachs Global ECS Asia ResearchThe People's Bank of China hiked benchmark interest rates by 25 bp, rate hike cycle coming close to an endApril 5, 2011________________________________The People's Bank of China (PBOC) announced on April 5 that the 1-year benchmark lending and deposit rates would be hiked by 25 bp to 6.31 % p.a. and 3.25% p.a. respectively, to be effective April 6. The PBOC also raised the demand deposit rate to 0.5% p.a. from 0.4% p.a. It is common for the PBOC to make rate adjustments at the end of official holidays (the country has been on a 3-day Qingming/T omb Sweeping holiday since Sunday. The last rate hike occurred on February 8 which was the last day of the Lunar New Year holidays). We believe the hike leaves the interest rate differential for commercial banks largely unchanged, which is a typical practice for the PBOC.We believe several factors probably contributed to the decision: 1) yoy CPI inflation is expected to remain at elevated levels at least in 1H2011. In particular, March yoy CPI inflation is widely expected to reach the recent new high of 5.1% (reached in November 2010) or higher; 2) rising oil prices is perceived to be adding further imported inflationary pressures; 3) property prices continued to rise in February, despite the tightening policies the government started to implement on the sector since January; 4) there have been a few occasional cases of panic buying of daily household items ahead of the rumoured price hikes (these hikes were eventually stopped by the National Development and Reform Commission), which seem to suggest inflationary expectations probably remain relatively high; and 5) real economic growth seems to be holding up fine at least up to now which makes senior policy makers at the State Council more willing to allow the PBOC to continue to tighten.We believe the magnitude of the overall policy tightening package since the start of the year has been large enough to cool down aggregate demand growth sufficiently to lower underlying inflationary pressures. This tightening package includes 1) monetary tightening (mainly in the form of quantitative controls on bank lending); 2) fiscal tightening as reflected in the rapid rise in fiscal deposits which was Rmb291 billion more than the increase during the first two months of 2010. The tightening was driven by very strong growth of fiscal revenue which was 36% yoy during the January-February period. The Ministry of Finance still has not released fiscal expenditure data but judging from the change in fiscal deposits, its growth was likely to be slower than that of fiscal revenue growth; and 3) other administrative tightening measures on the property and automobile sectors (in the form of restrictions to purchase). Given the nature of the most of the tightening measures tend to be administratively and quantitatively based, price-based tools which includeinterest rate hikes and currency appreciation should be welcomed as we believe they tend to be more efficient in resource allocation. Having said that, we believe the 25-bp hike is more a signaling tool than anything else because of its small magnitude.Going forward, we expect the government to broadly maintain its tightening policy stance in 1H2011 given the expected elevated yoy CPI, though there might be some subtle adjustments as underlying inflationary pressures come off. Specifically, we expect the government to 1) hike interest rates one more time (with more risks on the downside, i.e., no more hike, than upside, i.e., two hikes or more, given our expectations that sequential inflation will likely to sof ten). 2) Hike the reserve requirement ratio as a regular tool to manage interbank liquidity; 3) allow further currency appreciation (despit e the deficit in the first two months of the year which we think was at least partially seasonal and will disappear going into 2Q2011); 4) maintain a relatively tight quantitative control on bank lending, and 5) maintain administrative controls on the property sector. On the other hand, the effective tightening in fiscal policy might see some adjustments as new fixed asset investment projects kick off. This package should be sufficient to control underlying inflationary pressures going forward and the combination of lower sequential inflation and a higher base in 2H2011 should lead to a meaningful fall in yoy CPI which should allow the government to loosen policy again. However, if the government continues with the full scale tightening as it did in 1Q2011, the economy will be at increasing risks of over-tightening, in our view.Exhibit 1: Deposit and lending ratesSource: PBOC, GS Global ECS Research.Yu Song <mailto:Yu.Song@>Helen Qiao <mailto:Helen.Qiao@>For Goldman Sachs economic data and forecasts please visit Goldman 360 <https:///gs/portal/research/econ/erwin/erwinforecasts/>We, Helen (Hong) Qiao and Yu Song, hereby certify that all of the views expressed in this report accurately reflect personal views, which have not been influenced by considerations of the firm's business or client relationships.。
高盛集团培训体系
高盛集团培训体系
Goldman Sachs Training Research Overview
▪ 企业文化建设 ▪ 高盛的用人理念 ▪ 扁平化管理 ▪ 高盛大学 ▪ 松树街 ▪ 九大领导力法则 ▪ 高盛四大导师制 ▪ 高盛的评价系统 ▪ 人力资源管理机制与培训的协作 ▪ 核心商学思想 战略落地与组织能力 ▪ 思考与启发
第一项活动的主题是吸引外部客户。这个活动是由项目负责人科尔发起的。 “外部客户”是指待训经理人的客户。科尔认为,让极具商业头脑的经理人 持续参与领导力培养计划的唯一方式便是吸引外部客户的注意。这个指导思 想很快收到了成效,许多公司大佬纷纷表示愿意参加培养计划。
第二项活动就是行动学习计划。在“松树街”影响力迅速扩展的过程中, 项目领导者意识到,有必要将复杂的开发主题整合为一个拥有统一原则的开 发体系。为此,他们将领导力培养计划的首要原则确定为“提供与业务相关 的最佳实践案例和可促成行为转换的培训内容”,并将这一原则贯彻到计划 的持续改进之中。
▪ 在未来几天的学习中，随着科尔一天的授课和高盛高管对高盛文化的专 业解读，让我领悟到：这句话没那么简单。企业文化建设和传播如何走 向深入？（个人所写的渗透型企业文化落地方案）
▪ 一天课程被分为三段：“愿景与战略”、“奖励与认可”、“无边界管 理”。
▪ 有了这样的企业文化哲学，对高盛文化的理解困惑就迎刃而解了。高盛 拥有业内著名的“14条业务原则”，它们构成了高盛文化的核心内容。
▪ 晋升通道由易到难
Goldman Sachs Training Research 高盛大学 负责中基曾和员工的管理技能和通用技能
▪ 空间环境设置、组织实施、师资配备、课程背后的逻辑设计安排，讲师 对高管学员的充分调动
Goldman Sachs与供应商合作指南说明书
Topics (Please click on the links below for more information on each topic)1. Interested in Partnering with Usi. Getting Startedii. Registration and Onboarding2. Enabling Our Partnershipi. Contractsii. Purchase Ordersiii. Invoicesiv. Payments3. Transitioning to the Firm’s Preferred Channelsi. Resources for Suppliers on Ariba®ii. Types of Accountsiii. Onboarding Informationiv. Key Contacts and Resources4. Our Vendor Diversity ProgramInterested in Partnering With UsWhat goods and services does Goldman Sachs typically buy?We partner with a variety of organizations to deliver creative and innovative solutions for our clients and global businesses, and require a range of goods and services. Please reference the summary of what we buy for more information.Goldman Sachs processes invoices through our systems, based on the type of goods and services purchased, enabling greater speed and efficiency of payments. To know more about invoice submission through the firm’s preferred systems, refer to the ‘Invoices’ section below.How do I register my company as a potential vendor for Goldman Sachs?If you are interested in partnering with us, we invite you to explore the types of goods and services we look for from our vendors. We also encourage you to increase our awareness of your capabilities by setting up an account on the Ariba® Network. Our teams leverage the Ariba® Network searchable database to consider potential partners and also use it to create opportunity postings for potential suppliers to match our requirements. Refer to the invoices section for the firm’s preferred channels for each product or service category, enabling greater speed and efficiency of payments.For diverse vendors, please also complete this prospective diverse vendor form.Under what circumstances would Goldman Sachs reach out to my organization for business?Once a business need for a product or service is identified, we will invite bids or proposals from existing and potential vendors. We encourage you to increase your awareness of the possibilities by setting up an account on the Ariba® Network. Our teams leverage the Ariba® Network searchable database to consider potential partners and also use it to create opportunity postings for potential suppliers to match our requirements for select products and services.If your qualifications meet our needs, you will receive a notification within your Ariba® account and can choose whether to respond. If you are identified as part of a search process, you will receive a notification with more information about next steps.What are the preliminary requirements for my organization to work with Goldman Sachs?To help us get a better understanding of our vendors’ approach to risk, vendors must complete a risk profile and support ongoing due diligence and risk reviews.To facilitate this process, the majority of our vendors will be required to complete an assessment with IHS Markit Know Your Third Party (KY3P®). If you or your vendor(s) are required to complete this assessment, KY3P® will send an email with more information about next steps, once onboarding has been initiated.We have outlined a number of the firm’s other onboarding requirements in our Due Diligence section.How do I complete an onboarding request on KY3P®?You will receive an email from IHS Markit Know Your Third Party (KY3P®) with more information about next steps.How do I complete the onboarding process on the firm’s payment systems?Your Goldman Sachs contact will submit the supplier request form prior to or during your risk review on KY3P®. The external registration questionnaire (ERQ) is then triggered and you will be set up on the firm’s payment system post the completion of your risk review on KY3P®.Can my organization do business with the firm without completing the onboarding process?No, the onboarding process is a pre-requisite to working with the firm.What documents am I required to submit during the onboarding process or while responding to a Request for Proposal (RFP)?Contact your Goldman Sachs contact for more details and reference the Due Diligence section of the Our Vendor Program website.How does Goldman Sachs enforce its vendor policies?The firm requires all vendors to acknowledge having read and understood the Vendor Code of Conduct as part of Request for Proposals (RFPs) and during onboarding. During onboarding and vendor oversights activities, vendors deemed to have an inherently high Environmental, Social and Governance (ESG) risk may be required to complete a self-assessment questionnaire to ensure compliance with our Vendor Code of Conduct and ESG standards. Where vendors do not meet our ESG standards, we require vendors to document remediation actions and associated timelines.Enabling Our PartnershipContracts, Purchase Orders, Invoices And PaymentsWhat is a contract?A contract is an agreement between Goldman Sachs and the firm’s vendors, created with mutual obligations, enforceable by law. Contracts include Purchase Orders (PO) of Blanket Purchase Orders (BPO), MatterIDs and Master Accounts depending on the system used and category of product or service provided.How do I submit invoices?Goldman Sachs processes invoices based on the type of products and services purchased. Invoice submission through the firm’s preferred channels, below, enable greater speed and efficiency of payments. To submit your invoices through the below systems, follow guidelines for each system or contact your Goldman Sachs contact or Vendor Relationship Owner (VRO).•Managed events, hospitality, managed transportation, marketing, advertising, communications and technology, capital, occupancy and other expenses such as insurances, licenses and charitablecontributions are processed through SAP® Ariba® and linked to a Purchase Order (PO) or Blanket Purchase Order (BPO).•Telecom expenses are processed through Sakon. This includes monthly/quarterly rental charges for voice services, networks (data/connectivity), mobile, and multimedia and excludes hardware and maintenance. In Sakon, contracts are generally executed via Master Accounts.•Market data service fees associated with real-time market data services are processed via EMA, which is being decommissioned shortly. We will be migrating all EMA accounts into I2P.•Real estate capital including c onstruction, office fit-out, furniture, fixtures, equipment, design, project management, real estate consulting and related depreciation expenses are processed via PMWeb. InPMWeb, contracts are generally executed via a Purchase Order (PO).•Legal invoices should be submitted electronically via Collaborati only. Collaborati is the e-billing platform for vendors to submit invoices into TeamConnect. In TeamConnect, contracts are generally executed via MatterIDs.•We are currently migrating consulting and staff augmentation invoices to SAP® Fieldglass (FG) in a phased manner. Vendors can invoice us via FG.•Brocade is used to process invoices for products and services including, but not limited to CCM (Client Commission Management), BC&E (Brokerage, Clearance, Exchange) – BGC, ICAP, Tullett, CME, CBOE, NYSE and ICE.How do I determine the status of my invoice?Invoices submitted on the firm’s preferred channels, above, may be tracked on each of these channels. Reach out to your Goldman Sachs contact or VRO for more information on other invoices.Can I continue to submit paper invoices?Invoice submission through the firm’s preferred channels will enable faster processing and is the preferred method for invoicing. Offline invoices may continue to be submitted, although are discouraged, due to risk of paper processing and longer lead times. View this guide for more information.How do I update changes to my bank account details or address?Changes to bank account details or addresses must be updated on our payment platform, SLP. Notify your Goldman Sachs contact or VRO to submit these changes within the firm’s systems.Who do I speak with if I have a question about my contract?Please reach out to your Goldman Sachs contact or VRO to discuss any questions regarding your contract.The payment I received does not match the amount mentioned on the invoice. How do I rectify this?Please refer to the remittance payment advice received from Goldman Sachs and reach out to your Goldman Sachs contact or VRO.Transitioning to the Firm’s Preferred ChannelsResources for Suppliers on Ariba®•Help Center: Sign in to your Supplier account and locate the Help Center panel on the right.Within the Help Center, you can find over 40 guided assistance flows with solutions to common issues and ‘how-to’ questions. Based on your search words, you may see a series of questions to guide you to an answer or connect you with SAP Ariba Customer Support.•Goldman Sachs suppliers can access the SAP Supplier Information Portal•View the Standard Account webinar replay•Tips on connecting with a customer•Learn about self-service options•Access a sourcing event•Purchase Order support•Invoicing supportHow do I work with the firm via SAP® Ariba®?SAP’s®Ariba® Network is one of the firm’s preferred channels to automate and streamline our sourcing, procurement, and accounts payable processes. Most of our vendors will have received a Project Notification letter and a Trading Relationship Request for an Enterprise Account. For Standard Accounts, Goldman Sachs will send a penny/valid purchase order or a blanket purchase order; you are then requested to sign up (for suppliers new to the Ariba® Network) or sign in (for suppliers already listed on the Ariba® Network) to digitally transact with the firm. Refer to the invoices section for the firm’s preferred channels for each product or service category, enabling greater speed and efficiency of payments.Vendors will receive outreach from the Ariba® Network for training and assistance and should review the supplier information portal and training materials. Once enablement tasks are complete, you will receive your next order over the Ariba® Network.View a step-by-step video on using the Ariba Network. For assistance, visit SAP’s help desk and refer to the tutorials and training materials.What types of Ariba® Network accounts are available?– Standard account – free account with pre-defined transaction limits– Enterprise account – fee-based account with broad functionalityRefer to the Ariba® Network accounts and pricing information for more details.Do I have to use the firm’s preferred channels?Goldman Sachs processes invoices through a variety of systems, based on the type of goods and services purchased, enabling greater speed and efficiency of payments. Refer to the invoices section for the firm’s preferred channels for each product or service category. Transacting electronically is now a standard part of doing business with us.Our teams leverage the Ariba® Network’s searchable database to consider potential partners and create opportunity postings for vendors to match our requirements. We also transact through the Ariba® Network to simplify and enable faster processing, support transparency and further the firm’s Environmental, Social and Governance objectives.Will my data be migrated from the old Ariba platform into the new SAP® Ariba® platform?Vendors that were on the former Ariba® platform will be migrated to the new SAP® Ariba®. You are expected to create a Supplier Request in the Ariba Supplier Lifecycle Process (SLP) module.Who should I contact to onboard my organization on the Ariba® Network?For onboarding requests on the Ariba® Network, or any other questions, please reach out directly to SAP® Ariba® or complete the Supplier Web Form on the SAP® Ariba® website.Where can I find more information regarding the new vendor onboarding process?Please refer to the Partner With Us section for more information on working with Goldman Sachs.I need help accessing my Ariba® Network accountContact SAP® Ariba® support via chat, email, or complete their Supplier Web Form. Alternatively, access the Help Center on https:// for more information and training on how to use the Ariba® Network.How do I recover my Ariba® Network password?Contact SAP® Ariba® support via chat, email, or complete their Supplier Web Form. Alternatively, access the Help Center on https:// for more information and training on how to use the Ariba® Network.I need assistance in navigating the supplier information portal.Contact SAP® Ariba® support via chat, email, or complete their Supplier Web Form. Alternatively, access the Help Center on https:// for more information and training on how to use the Ariba® Network.What is Supplier Lifecycle Process (SLP)?Ariba® Supplier Lifecycle Process (SLP) is a portal/network for vendor self-services including onboarding and collaboration. It is a collaboration tool for collecting and storing supplier data which enables efficient vendor management within the SAP sub-ledger due to system integration.If my organization is being onboarded through SLP, do I need to use IHS Markit Know Your Third Party (KY3P®) as well?To help us get a better understanding of our vendors’ approach to risk, vendors must complete a risk profile and support ongoing due diligence and risk reviews.To facilitate this process, the majority of our vendors will be required to completean assessment with IHS Markit Know Your Third Party (KY3P®). If you or your vendor(s) are required to complete this assessment, KY3P® will send an email with more information about next steps, once onboarding has been initiated. We have outlined a number of the firm’s other onboarding requirements in our Due Diligence section.Please note that KY3P® activation is dependent on terms and conditions determined by Goldman Sachs.What is the difference between Supplier Lifecycle Process (SLP) onboarding and KY3P® onboarding?Before we can work together, you will need to complete both a risk profile using IHS Markit Know Your ThirdParty(KY3P®) and additional onboarding requirements via SAP® Ariba®. See the Due Diligence section for more information.What happens if my organization has multiple entities participating in a bid?You can hold multiple contacts from different entities. Note, if it is a completely different entity, you will need to be invited for the bidding process.Who should I contact for questions regarding the terms and conditions of the Ariba® Network?Complete the Supplier Web Form for all queries or feedback related to the Ariba® Network. SAP® Ariba® will respond to your request by email or phone.。
金蝇商业分析工具与服务说明书
Market InsightsAnalytical Tools Execution Services Developer and Data Marquee originated with Engineers and retains a strong developer-focused culture. Today, Marquee features the world’s most comprehensive institutional API offering through its developer platform, allowing clients to incorporate the full range Goldman Sachs Marquee The Digital Storefront for Institutional Client Services Marquee is the digital storefront for institutional client services, delivering Goldman Sachs’ market insights, analytical tools, execution services, and developer and data services directly to clients via an integrated digital platform Marquee Engineers build, deploy and oversee the digital products, tools and services offered through Marquee. Built atop a cross-asset infrastructure designed from scratch, Marque is designed to deliver Goldman Sachs’ intellectual property flexibly through desktop, web, mobile or programmatically via APIs.Marquee Core CapabilitiesThese materials are for informational purposes only and do not constitute an offer to sell, or the solicitation of an offer to buy, any security. The Goldman Sachs Marquee® platform is for institutional and professional clients only. Some of the services and products described in these materials may not be available in certain jurisdictions or to certain types of client. Please contact your Goldman Sachs sales representative with any questions. These materials are given for purely indicative purposes and do not create any contractual relationship between you and Goldman Sachs. These materials are confidential and may not be disclosed to any third party (with the exception of external advisers on the condition that they themselves are bound by this confidentiality undertaking), or copied in whole or in part, without the prior written consent of Goldman Sachs. Any market information contained in these materials (including but not limited to pricing levels) is based on data available to Goldman Sachs at a given moment and may change from time to time. There is no representation that any transaction can or could have been effected on such terms or at such prices. Please see https:///disclaimer/sec-div-disclaimers-for-electronic-comms.html for additional information. © Goldman Sachs 2019. All rights reserved.。
Goldman Sachs- HTHT
May 10, 2012ACTIONBuyChina Lodging Group, Ltd. (HTHT)Return Potential: 54%Equity Research1Q12’s fast margin expansion bodes well for full year trendSource of opportunityChina Lodging reported 1Q12 results largely in line with our expectations. Net revenue was Rmb649mn, up 53% yoy on larger portfolio and RevPAR growth, 5% ahead of the high-end of its guidance range. EBITDA was Rmb 62mn, up 130% yoy, with margins expanding by 4pp yoy to 10%. Hotel development pipeline increased by 21% qoq to 336 hotels on the back of strong franchisee (F/M) demand. For hotels outside of Shanghai, RevPAR grew by 8% yoy (vs. 7% in 4Q11). We think this set of results hasdemonstrated China Lodging’s solid execution amid fast expansion, with clear signs of margin improvement on a full year basis.Catalyst(1) 2Q operating trend: despite macro concerns, management saw robustin line with the long term 2% to 4% yoy range. (2) F/M growth: with its strong pipeline, management revised up its FY12 hotel opening target to 260-270 hotels from previous 250 hotels, and aims to open half of its portfolio in F/M by this year end. (3) Margin expansion: management noted that while (i) yoy margin growth was driven by a lower percentage share of SG&A and pre-opening expense with larger revenue, (ii) improved portfolio maturity and strong RevPAR achieved in the quarter also helped to raise blended hotel-level margins by 0.5pp yoy amid cost inflation.ValuationLooking ahead, in addition to the seasonal demand pickup in 2Q/3Q, we expect China Lodging’s EBITDA margin to see a 4pp increase yoy in FY12E on higher portfolio maturity, larger scale, and a 2% RevPAR hike. We fine-tune our FY12-14 EPS by -4% to +2% on slightly higher cost items and keep our 12-month EV/EBITDA-based TP of US$19.00.Key risksSharp macro deterioration in China; faster-than-expected cost growth.INVESTMENT LIST MEMBERSHIP Asia Pacific Buy ListAsia Pacific Conviction Buy ListCoverage View: AttractiveJustin Kwok, CFA+852-2978-0481 justin.kwok@ Goldman Sachs (Asia) L.L.C. Goldman Sachs does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. For Reg AC certification and other important disclosures, see the Disclosure Appendix, or go to/research/hedge.html. Analysts employed by non-US affiliates are not registered/qualified as research analysts with FINRA in the U.S.Anthony Wu+852-2978-0634 anthony.wu@ Goldman Sachs (Asia) L.L.C. Sean Chan+852-2978-0037 sean.chan@ Goldman Sachs (Asia) L.L.C. Baillie Yip+852-2978-2488 baillie.yip@ Goldman Sachs (Asia) L.L.C.The Goldman Sachs Group, Inc.Global Investment ResearchAnalyst ContributorsJustin Kwok, CFA justin.kwok@Anthony Wu anthony.wu@Sean Chansean.chan@ Baillie Yip baillie.yip@Exhibit 1:China Lodging 1Q12 results reviewin line with long term RevPAR growth trend Source: Company data, Goldman Sachs Research estimates.Disclosure AppendixReg ACI, Justin Kwok, CFA, hereby certify that all of the views expressed in this report accurately reflect my personal views about the subject company or companies and its or their securities. I also certify that no part of my compensation was, is or will be, directly or indirectly, related to the specific recommendations or views expressed in this report.Investment ProfileThe Goldman Sachs Investment Profile provides investment context for a security by comparing key attributes of that security to its peer group and market. The four key attributes depicted are: growth, returns, multiple and volatility. Growth, returns and multiple are indexed based on composites of several methodologies to determine the stocks percentile ranking within the region's coverage universe.The precise calculation of each metric may vary depending on the fiscal year, industry and region but the standard approach is as follows:Growth is a composite of next year's estimate over current year's estimate, e.g. EPS, EBITDA, Revenue. Return is a year one prospective aggregate of various return on capital measures, e.g. CROCI, ROACE, and ROE. Multiple is a composite of one-year forward valuation ratios, e.g. P/E, dividend yield, EV/FCF, EV/EBITDA, EV/DACF, Price/Book. Volatility is measured as trailing twelve-month volatility adjusted for dividends. QuantumQuantum is Goldman Sachs' proprietary database providing access to detailed financial statement histories, forecasts and ratios. It can be used for in-depth analysis of a single company, or to make comparisons between companies in different sectors and markets.GS SUSTAINGS SUSTAIN is a global investment strategy aimed at long-term, long-only performance with a low turnover of ideas. The GS SUSTAIN focus list includes leaders our analysis shows to be well positioned to deliver long term outperformance through sustained competitive advantage and superior returns on capital relative to their global industry peers. Leaders are identified based on quantifiable analysis of three aspects of corporate performance: cash return on cash invested, industry positioning and management quality (the effectiveness of companies' management of the environmental, social and governance issues facing their industry).DisclosuresCoverage group(s) of stocks by primary analyst(s)Justin Kwok, CFA: Asia Pacific Conglomerates, Hong Kong Property.Asia Pacific Conglomerates: Adani Enterprises, Beijing Enterprises Holdings, Cheung Kong Holdings, Cheung Kong Infrastructure, China Gas Holdings, China Merchants Holdings, China Resources Enterprise, China Resources Gas Group, CITIC Pacific, COSCO Pacific, Dalian Port Company, ENN Energy Holdings, Fosun International, Galaxy Entertainment Group, Hopewell Holdings, Hutchison Port Holdings Trust, Hutchison Whampoa, Jardine Matheson, Kunlun Energy Company, LS Corp., Melco Crown Entertainment, Melco Crown Entertainment Limited, Melco International Development, MGM China, MTR Corporation, NWS Holdings, Sands China, Shanghai Industrial, Shanghai International Port Group, Shun Tak Holdings, SJM Holdings, Swire Pacific (A), Tianjin Development Holdings, Tianjin Port Development Holdings, Wharf Holdings, Wheelock and Company, Wynn Macau, Xiamen International Port, Yingde Gases Group.Hong Kong Property: 7 Days Group Holdings Ltd., Champion REIT, China Lodging Group, Ltd., Fortune REIT (Hong Kong), Great Eagle Holdings, Hang Lung Group, Hang Lung Properties, Henderson Land, Home Inns & Hotels Management Inc., Hongkong and Shanghai Hotels, Hongkong Land, Hui Xian REIT, Hysan Development, K Wah International, Kerry Properties, Mandarin Oriental International, New World Development, Shangri-La Asia, Sino Land, Sun Hung Kai Properties, Swire Properties, The Link REIT.Company-specific regulatory disclosuresThe following disclosures relate to relationships between The Goldman Sachs Group, Inc. (with its affiliates, "Goldman Sachs") and companies covered by the Global Investment Research Division of Goldman Sachs and referred to in this research.Goldman Sachs expects to receive or intends to seek compensation for investment banking services in the next 3 months: China Lodging Group, Ltd. ($12.33)Goldman Sachs had an investment banking services client relationship during the past 12 months with: China Lodging Group, Ltd. ($12.33)Goldman Sachs makes a market in the securities or derivatives thereof: China Lodging Group, Ltd. ($12.33)Distribution of ratings/investment banking relationshipsGoldman Sachs Investment Research global coverage universeRating Distribution Investment Banking RelationshipsBuy Hold Sell Buy Hold Sell Global 31% 54% 15% 48% 41% 36%As of April 1, 2012, Goldman Sachs Global Investment Research had investment ratings on 3,507 equity securities. Goldman Sachs assigns stocks as Buys and Sells on various regional Investment Lists; stocks not so assigned are deemed Neutral. Such assignments equate to Buy, Hold and Sell for the purposes of the above disclosure required by NASD/NYSE rules. See 'Ratings, Coverage groups and views and related definitions' below. Price target and rating history chart(s)Regulatory disclosuresDisclosures required by United States laws and regulationsSee company-specific regulatory disclosures above for any of the following disclosures required as to companies referred to in this report: manager or co-manager in a pending transaction; 1% or other ownership; compensation for certain services; types of client relationships; managed/co-managed public offerings in prior periods; directorships; for equity securities, market making and/or specialist role. Goldman Sachs usually makes a market in fixed income securities of issuers discussed in this report and usually deals as a principal in these securities.The following are additional required disclosures: Ownership and material conflicts of interest: Goldman Sachs policy prohibits its analysts, professionals reporting to analysts and members of their households from owning securities of any company in the analyst's area of coverage. Analyst compensation: Analysts are paid in part based on the profitability of Goldman Sachs, which includes investment banking revenues. Analyst as officer or director: Goldman Sachs policy prohibits its analysts, persons reporting to analysts or members of their households from serving as an officer, director, advisory board member or employee of any company in the analyst's area of coverage. Non-U.S. Analysts: Non-U.S. analysts may not be associated persons of Goldman, Sachs & Co. and therefore may not be subject to NASD Rule 2711/NYSE Rules 472 restrictions on communications with subject company, public appearances and trading securities held by the analysts.Distribution of ratings: See the distribution of ratings disclosure above. Price chart: See the price chart, with changes of ratings and price targets in prior periods, above, or, if electronic format or if with respect to multiple companies which are the subject of this report, on the Goldman Sachs website at /research/hedge.html.Additional disclosures required under the laws and regulations of jurisdictions other than the United StatesThe following disclosures are those required by the jurisdiction indicated, except to the extent already made above pursuant to United States laws and regulations. Australia: Goldman Sachs Australia Pty Ltd and its affiliates are not authorised deposit-taking institutions (as that term is definedin the Banking Act 1959 (Cth)) in Australia and do not provide banking services, nor carry on a banking business, in Australia. This research, and any access to it, is intended only for "wholesale clients" within the meaning of the Australian Corporations Act, unless otherwise agreed by Goldman Sachs. Brazil: Disclosure information in relation to CVM Instruction 483 is available at /worldwide/brazil/area/gir/index.html. Where applicable, the Brazil-registered analyst primarily responsible for the content of this research report, as defined in Article 16 of CVM Instruction 483, is the first author named at the beginning of this report, unless indicated otherwise at the end of the text. Canada: Goldman, Sachs & Co. has approved of, and agreed to take responsibility for, this research in Canada if and to the extent it relates to equity securities of Canadian issuers. Analysts may conduct site visits but are prohibited from accepting payment or reimbursement by the company of travel expenses for such visits. Hong Kong: Further information on the securities of covered companies referred to in this research may be obtained on request from Goldman Sachs (Asia) L.L.C. India: Further information on the subject company or companies referred to in this research may be obtained from Goldman Sachs (India) Securities Private Limited; Japan: See below. Korea: Further information on the subject company or companies referred to in this research may be obtained from Goldman Sachs (Asia) L.L.C., Seoul Branch. New Zealand: Goldman Sachs New Zealand Limited and its affiliates are neither "registered banks" nor "deposit takers" (as defined in the Reserve Bank of New Zealand Act 1989) in New Zealand. This research, and any access to it, is intended for "wholesale clients" (as defined in the Financial Advisers Act 2008) unless otherwise agreed by Goldman Sachs. Russia: Research reports distributed in the Russian Federation are not advertising as defined in the Russian legislation, but are information and analysis not having product promotion as their main purpose and do not provide appraisal within the meaning of the Russian legislation on appraisal activity. Singapore: Further information on the covered companies referred to in this research may be obtained from Goldman Sachs (Singapore) Pte. (Company Number: 198602165W). Taiwan: This material is for reference only and must not be reprinted without permission. Investors should carefully consider their own investment risk. Investment results are the responsibility of the individual investor.United Kingdom: Persons who would be categorized as retail clients in the United Kingdom, as such term is defined in the rules of the Financial Services Authority, should read this research in conjunction with prior Goldman Sachs research on the covered companies referred to herein andshould refer to the risk warnings that have been sent to them by Goldman Sachs International. A copy of these risks warnings, and a glossary of certain financial terms used in this report, are available from Goldman Sachs International on request.European Union: Disclosure information in relation to Article 4 (1) (d) and Article 6 (2) of the European Commission Directive 2003/126/EC is available at /disclosures/europeanpolicy.html which states the European Policy for Managing Conflicts of Interest in Connection with Investment Research.Japan: Goldman Sachs Japan Co., Ltd. is a Financial Instrument Dealer under the Financial Instrument and Exchange Law, registered with the Kanto Financial Bureau (Registration No. 69), and is a member of Japan Securities Dealers Association (JSDA) and Financial Futures Association of Japan (FFAJ). Sales and purchase of equities are subject to commission pre-determined with clients plus consumption tax. See company-specific disclosures as to any applicable disclosures required by Japanese stock exchanges, the Japanese Securities Dealers Association or the Japanese Securities Finance Company.Ratings, coverage groups and views and related definitionsBuy (B), Neutral (N), Sell (S) -Analysts recommend stocks as Buys or Sells for inclusion on various regional Investment Lists. Being assigned a Buy or Sell on an Investment List is determined by a stock's return potential relative to its coverage group as described below. Any stock not assignedas a Buy or a Sell on an Investment List is deemed Neutral. Each regional Investment Review Committee manages various regional Investment Lists to a global guideline of 25%-35% of stocks as Buy and 10%-15% of stocks as Sell; however, the distribution of Buys and Sells in any particular coverage group may vary as determined by the regional Investment Review Committee. Regional Conviction Buy and Sell lists represent investment recommendations focused on either the size of the potential return or the likelihood of the realization of the return.Return potential represents the price differential between the current share price and the price target expected during the time horizon associated with the price target. Price targets are required for all covered stocks. The return potential, price target and associated time horizon are stated in each report adding or reiterating an Investment List membership.Coverage groups and views: A list of all stocks in each coverage group is available by primary analyst, stock and coverage group at/research/hedge.html. The analyst assigns one of the following coverage views which represents the analyst's investment outlook on the coverage group relative to the group's historical fundamentals and/or valuation. Attractive (A). The investment outlook over the following 12 months is favorable relative to the coverage group's historical fundamentals and/or valuation. Neutral (N). The investment outlook over the following 12 months is neutral relative to the coverage group's historical fundamentals and/or valuation. Cautious (C). The investment outlook over the following 12 months is unfavorable relative to the coverage group's historical fundamentals and/or valuation.Not Rated (NR). The investment rating and target price have been removed pursuant to Goldman Sachs policy when Goldman Sachs is acting inan advisory capacity in a merger or strategic transaction involving this company and in certain other circumstances. Rating Suspended (RS). Goldman Sachs Research has suspended the investment rating and price target for this stock, because there is not a sufficient fundamental basisfor determining, or there are legal, regulatory or policy constraints around publishing, an investment rating or target. The previous investment rating and price target, if any, are no longer in effect for this stock and should not be relied upon. Coverage Suspended (CS). Goldman Sachs has suspended coverage of this company. Not Covered (NC). Goldman Sachs does not cover this company. Not Available or Not Applicable (NA). The information is not available for display or is not applicable. Not Meaningful (NM). The information is not meaningful and is therefore excluded. Global product; distributing entitiesThe Global Investment Research Division of Goldman Sachs produces and distributes research products for clients of Goldman Sachs on a global basis. Analysts based in Goldman Sachs offices around the world produce equity research on industries and companies, and research on macroeconomics, currencies, commodities and portfolio strategy. This research is disseminated in Australia by Goldman Sachs Australia Pty Ltd (ABN 21 006 797 897); in Brazil by Goldman Sachs do Brasil Corretora de Títulos e Valores Mobiliários S.A.; in Canada by Goldman, Sachs & Co. regarding Canadian equities and by Goldman, Sachs & Co. (all other research); in Hong Kong by Goldman Sachs (Asia) L.L.C.; in India by Goldman Sachs (India) Securities Private Ltd.; in Japan by Goldman Sachs Japan Co., Ltd.; in the Republic of Korea by Goldman Sachs (Asia) L.L.C., Seoul Branch; in New Zealand by Goldman Sachs New Zealand Limited; in Russia by OOO Goldman Sachs; in Singapore by Goldman Sachs (Singapore) Pte. (Company Number: 198602165W); and in the United States of America by Goldman, Sachs & Co. Goldman Sachs International has approved this research in connection with its distribution in the United Kingdom and European Union.European Union: Goldman Sachs International, authorized and regulated by the Financial Services Authority, has approved this research in connection with its distribution in the European Union and United Kingdom; Goldman Sachs AG, regulated by the Bundesanstalt für Finanzdienstleistungsaufsicht, may also distribute research in Germany.General disclosuresThis research is for our clients only. Other than disclosures relating to Goldman Sachs, this research is based on current public information that we consider reliable, but we do not represent it is accurate or complete, and it should not be relied on as such. We seek to update our research as appropriate, but various regulations may prevent us from doing so. Other than certain industry reports published on a periodic basis, the large majority of reports are published at irregular intervals as appropriate in the analyst's judgment.Goldman Sachs conducts a global full-service, integrated investment banking, investment management, and brokerage business. We have investment banking and other business relationships with a substantial percentage of the companies covered by our Global Investment Research Division. Goldman, Sachs & Co., the United States broker dealer, is a member of SIPC ().Our salespeople, traders, and other professionals may provide oral or written market commentary or trading strategies to our clients and our proprietary trading desks that reflect opinions that are contrary to the opinions expressed in this research. Our asset management area, our proprietary trading desks and investing businesses may make investment decisions that are inconsistent with the recommendations or views expressed in this research.The analysts named in this report may have from time to time discussed with our clients, including Goldman Sachs salespersons and traders, or may discuss in this report, trading strategies that reference catalysts or events that may have a near-term impact on the market price of the equity securities discussed in this report, which impact may be directionally counter to the analysts' published price target expectations for such stocks. Any such trading strategies are distinct from and do not affect the analysts' fundamental equity rating for such stocks, which rating reflects a stock's return potential relative to its coverage group as described herein.We and our affiliates, officers, directors, and employees, excluding equity and credit analysts, will from time to time have long or short positions in, act as principal in, and buy or sell, the securities or derivatives, if any, referred to in this research.This research is not an offer to sell or the solicitation of an offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. It does not constitute a personal recommendation or take into account the particular investment objectives, financial situations, or needs of individual clients. Clients should consider whether any advice or recommendation in this research is suitable for their particular circumstances and,if appropriate, seek professional advice, including tax advice. The price and value of investments referred to in this research and the income from them may fluctuate. Past performance is not a guide to future performance, future returns are not guaranteed, and a loss of original capital may occur. Fluctuations in exchange rates could have adverse effects on the value or price of, or income derived from, certain investments.Certain transactions, including those involving futures, options, and other derivatives, give rise to substantial risk and are not suitable for all investors. Investors should review current options disclosure documents which are available from Goldman Sachs sales representatives or at /about/publications/character-risks.jsp. Transaction costs may be significant in option strategies calling for multiple purchase and sales of options such as spreads. Supporting documentation will be supplied upon request.In producing research reports, members of the Global Investment Research Division of Goldman Sachs Australia may attend site visits and other meetings hosted by the issuers the subject of its research reports. In some instances the costs of such site visits or meetings may be met in part or in whole by the issuers concerned if Goldman Sachs Australia considers it is appropriate and reasonable in the specific circumstances relating to the site visit or meeting.All research reports are disseminated and available to all clients simultaneously through electronic publication to our internal client websites. Not all research content is redistributed to our clients or available to third-party aggregators, nor is Goldman Sachs responsible for the redistribution of our research by third party aggregators. For all research available on a particular stock, please contact your sales representative or go to.Disclosure information is also available at /research/hedge.html or from Research Compliance, 200 West Street, New York, NY 10282.© 2012 Goldman Sachs.No part of this material may be (i) copied, photocopied or duplicated in any form by any means or (ii) redistributed without the prior written consent of The Goldman Sachs Group, Inc.。
Goldman Sachs US $ Investment Grade Indices规则与方法说明
Goldman Sachs Global Credit StrategyCredit IndicesGS $ Investment Grade Index™ GS $ InvesTop™ IndexRules and MethodologyGlobal Credit Strategy**********************Important disclosuresappear at the back of thismaterial.March 2006Table of ContentsPage The Index Policy Committee (1)GS $ Investment Grade Index™ (1)GS $ InvesTop™ Index (3)Monthly Rebalancing (7)Calculation Methodology (7)Index Value (9)Error Correction (9)bonds available. All 100 bonds in the basket are equally price-weighted in returns (assuming equal quantity of each bond).For purposes of selecting candidates for the index, an “issuer” is defined by the Bloomberg ticker (i.e., all bonds sharing a ticker are attributed to a common issuer). General Selection Criteria1. Qualified Entrants. Bonds must satisfy all the conditions for inclusion in the GS$ Investment Grade Index.2. Minimum Run & Lockouts.•Minimum Run. Any bond which enters the InvesTop index must remain in the index for a minimum of six months, provided it maintains eligibility forthe GS $ Investment Grade Index during that period.•Lockout Period. A bond that drops out of the InvesTop Index at rebalancing faces a three-month lockout period before it can reenter the InvesTop Index.3. Disqualification. Bonds are disqualified from the InvesTop Index for any one ofthe following reasons:•Security Type and Issuer. Yankees and debt issued by Goldman Sachs Group, Inc. or any of its affiliates are excluded.•Lockout Period. A bond is disqualified if it is within in a lockout period.•Minimum Potential Run. In order to satisfy the minimum run requirement, a bond must have at least three years and six months remaining to maturitywhen it first enters the InvesTop Index.•Trading Difficulty. If after complying with the relevant rules, a bond is selected which is hard to obtain in the market (e.g. on account of such bondbeing owned by very few holders) and may result in a “fail-to-deliver”situation, Goldman Sachs, in its sole discretion, may replace such bond withthe bond with the next-highest liquidity score, provided the replacement bondcomplies with all applicable selection rules.4. Liquidity Score. Every bond is assigned a liquidity score that approximates theease of transaction execution. The liquidity score is computed to four decimalplaces and is an additive composite of three factors:Liquidity Score = Raw Score + Issuer Premium + Incumbency Premium• Raw Score . The Raw Score is a function of the age and size of the bond, withparameters constructed by studying actual trader inputs. The formula reflectsthe fact that larger issues are more liquid but become less liquid with age.avg age).(- ) (size) - (Raw Score ×××=30exp 15ln 3where size is the face amount outstanding for the bond in millions, and avgage is the face-weighted average age in years of all add-ons plus the originalprincipal that are part of the total bond. For example, if a $1 billion face bondthat is one year old had a $1 billion add-on six months ago, avg age would be0.75 year.• Issuer Premium . Issuer Premium gives the biggest issuers in the market ahigher overall Liquidity Score. The aggregate age-adjusted debt of everyissuer (∑ size * exp(-0.3 * avg age )) is calculated, and the largest oneidentified (MAX ). For calculations of aggregate debt , Goldman Sachsincludes dollar-denominated, US issued bonds outstanding as of the BondSelection Cutoff Date.MAXDebt Adjusted Age Aggregate Issuer emium Issuer −×=12PrThe bond with the highest Raw Score (of an issuer) is awarded the full IssuerPremium , and every other bond (of the same issuer) is awarded a fraction ofthe full issuer premium proportionate to the ratio of its Raw Score to thehighest Raw Score of the issuer.For purposes of computing the Issuer Premium , total debt outstanding of anyissuer shall include all dollar-denominated, US-issued notes and bonds. Totaldebt outstanding will exclude non-US debt, commercial paper and preferredshares.• Incumbency Premium . Bonds that were members of the InvesTop Index inthe prior month are assigned an Incumbency Premium to their liquidity scoreto reflect the notion that a new entry candidate would have to outscore anincumbent by a reasonable margin of additional liquidity in order to justify theexpense of the trade. All bonds from incumbent issuers are granted thefollowing Incumbency Premium :{ent bond non-incumb avg age), .(- . bondincumbent avg age), .(- . remium P Incumbency ××××=30exp 4230exp 068. Rule Precedence in the Selection Procedure in the InvesTop IndicesRules for inclusion in the GS $ Investment Grade Index have priority over allrules for inclusion in the InvesTop Index. If a bond does not qualify for the broadindex, then it cannot be selected for the InvesTop Index. Even if a bond in theInvesTop Index is in its minimum run when it is disqualified from the GS $Investment Grade Index, it will be removed from the InvesTop Index.The rules for the Minimum Run and the Lockout Period take precedence overthe other rules for the InvesTop selection (specifically the disqualification,selection process and tie rules). Thus, a minimum run bond which is disqualifiedfrom the InvesTop but which still qualifies for the broad index remains in theindex. This could happen, for example, if a bond's status as a "yankee issue"changes due to a corporate merger. A locked out bond will not be selected, evenif it has a high liquidity score and otherwise qualifies.Note that bonds in the InvesTop Index can change sector as they come closer tomaturity. All of the bonds in their minimum run will be selected, even if thisresults in more bonds than normally allowed in a particular sector. Furthermore,if such maturity sector changes result in multiple minimum run bonds from thesame issuer in the same sector, all of the minimum run bonds will remain in thatsector. Finally, if there are more minimum run bonds qualifying for a sector thanwould normally be allowed in the sector, all minimum run bonds will be selected,and the index will rebalance with the excess bond(s) in that sector and in theoverall InvesTop Index.9. Bond weightingBonds are equally price-weighted in returns (assuming equalquantity of each bond).10. Base dateThe base date for the index is December 31, 1998.Monthly RebalancingThe composition of the indices is held constant for any given calendar month toensure continuity during the month and to avoid changes unrelated to the pricemovements of the bonds.Calculation MethodologyThe GS $ Investment Grade Index is treated as a portfolio, where each bond’sweight is equal to its market capitalization. The InvesTop Index attributes thesame price-weight in returns to each individual bond (assuming equal quantity ofeach bond).In the above formula i c P ,1)( and i c A ,1)(are the price and accrued interest at the timeGoldman Sachs becomes aware of the effective call/tender. )(c r refers to the one-month LIBID rate on that date and )(c days refers to the number of days thatexpired since then.Then, a weighted average of the individual total returns is calculated using thebeginning-of-the-period market value of each bond as follows:∑×=i bond i i weight TR Index MTD TR Index MTDWhere, for the GS $ Investment Grade Index:∑+×+×=j bond j j j i i i i A P Amount Face A P Amount Face weight )()(,0,0,0,0And for the InvesTop Index:∑++=j bond j j i i i A P A P weight )()(,0,0,0,0Index ValueAll indices were set at 100 at inception on December 30, 1998. The Index Level reflectsthe cumulative performance of the historically active bonds in the index since inception.It is calculated byTR Index MTD Level Index Level Index date g rebalancin date n calculatio ×=Error CorrectionInaccuracies arising from the selection of constituent bonds, classification or pricing ofsuch bonds, or errors because of technology, such as coding errors, may result in errors inthe computation of the index. In case of such inaccuracies/errors, Goldman Sachs in itssole discretion may restate the index to correct such prior inaccuracies/errors in the index.In some cases, a restatement of the index may result in a material change in the price ofthe index. In the event that a restatement results in a material change in the price of theindex, as defined by Goldman Sachs in its sole discretion, Goldman Sachs will promptlynotify the Committee of the nature of the inaccuracy/error and the impact of a restatementon the price of the index prior to restating the index.。
goldman sachs
goldman sachsGoldman Sachs: A World-Renowned Investment Banking FirmIntroduction to Goldman SachsGoldman Sachs is one of the most prestigious and influential investment banking firms in the world. Established in 1869, the company has become synonymous with Wall Street and is renowned for its expertise in finance, investment banking, and asset management. This document aims to provide an in-depth overview of Goldman Sachs, its history, services offered, cultural influence, and impact on the global financial landscape.1. History of Goldman SachsGoldman Sachs was founded by Marcus Goldman, a German immigrant, who initially started the business as M. Goldman & Co. in New York City. The firm began as a small commercial paper business serving local businesses, but expanded rapidly thanks to its reputation for integrity and financial expertise. Over the years, Goldman Sachs has weathered severalfinancial crises, including the Great Depression, and has emerged as a dominant player in the financial industry.2. Services OfferedGoldman Sachs offers a wide range of financial services to a diverse client base, including corporations, governments, financial institutions, and individuals. The firm is involved in investment banking, which includes mergers and acquisitions, initial public offerings, and debt and equity financing. Goldman Sachs is also a major player in the trading and investment management sectors, where it trades equities, fixed-income securities, commodities, and currencies on behalf of its clients.3. Cultural InfluenceGoldman Sachs is often considered the epitome of Wall Street culture. The firm's employees are known for their ambition, intelligence, and work ethic. The rigorous selection process and high expectations have cultivated a culture of excellence within the company. Furthermore, Goldman Sachs has played a prominent role in shaping financial regulations and policies, both in the United States and globally. Its formeremployees have gone on to hold key positions in government, academia, and other influential organizations.4. Philanthropic InitiativesGoldman Sachs has a strong commitment to philanthropy and corporate social responsibility. Through its Goldman Sachs Foundation, the firm supports various educational, health, and environmental initiatives around the world. The foundation focuses on empowering underserved communities and promoting economic development. In addition, the firm has established partnerships with nonprofit organizations to address social issues such as poverty, access to education, and workforce development.5. ControversiesLike any major financial institution, Goldman Sachs has faced its fair share of controversies. The firm has been involved in several high-profile legal cases, including allegations of insider trading, conflicts of interest, and misleading investors. These controversies have tarnished the company's reputation and raised questions about its ethical practices. However, Goldman Sachs has taken steps to enhance transparency andcompliance, and has made efforts to rebuild trust with its clients and the public.6. Global ImpactGoldman Sachs is recognized for its global reach and impact on the financial landscape. The firm has offices in major financial centers around the world, including New York, London, Hong Kong, and Tokyo. Its operations span across various industries and sectors, contributing to economic growth and development. Furthermore, Goldman Sachs has been instrumental in advising governments and corporations on strategic decisions, mergers, and acquisitions, influencing the global economy.ConclusionGoldman Sachs continues to be a powerhouse in the world of finance and investment banking. With its rich history, diverse range of services, and global impact, the firm has solidified its position as a leader in the industry. While not free from controversy, Goldman Sachs remains highly regarded for its financial expertise, cultural influence, and philanthropic initiatives. As the financial landscape continues to evolve,Goldman Sachs is well-positioned to adapt and shape the future of the industry.。
高盛Goldman Sachs自上而下选股框架--宏观和微观相结合120611
2012611证券研究报告将宏观观点转化为选股建议的工具 我们推出了一套基于宏观因素描绘、微观层面比较以及对商业周期各阶段投资分析的自上而下选股框架，从而将宏观观点与微观投资建议相关联。
宏观和微观因素对于回报都非常重要 对于亚洲市场上市值占比60%左右的股票而言，宏观因素（如全球经济增速、本地经济增速和金融状况）都是重要的回报推动因素。
此外，估值、每股盈利市场共识预测调整以及技术性指标等微观因素也与随后3个月的回报高度相关。
宏观 + 微观 = 超额收益 对于全球领先指标(GLI)中定义的四阶段商业周期，我们基于各阶段的宏观和微观特征对股票进行筛选。
回溯测试显示，采用这种方法获得的回报有望超过传统买入/持有策略带来的回报。
经济衰退阶段的选股：降低贝塔值和对增长的敏感性；买入受益于政策放松的股票 我们的GLI 指标显示，自4月份以来我们已进入经济衰退阶段。
在此背景下，我们特别关注于受宏观面影响和微观面支撑的程度处于适当水平的股票：NAB 、Orica 、恒安国际、中石油、腾讯控股、长江实业、恒生银行、HDFC 、ITC 、BRI 、LS Corp 、Shinhan 、CIMB 、SM Inv.、JCC 、Delta 、TSMC 和BK Bank 。
我们将定期更新这些股票建议。
对部分市场的部分板块采用自上而下的选股框架 资料来源：FactSet 、MSCI 、CEIC 、高盛全球经济商品和策略研究 刘劲津, CFA+852-2978-1224 u@高盛（亚洲）有限责任公司慕天辉, CFA+852-2978-1328 timothy.moe@高盛（亚洲）有限责任公司Caesar Maasry+852-2978-7213 caesar.maasry@高盛（亚洲）有限责任公司鄧啟志+852-2978-0722 richard.tang@ 高盛（亚洲）有限责任公司Sunil Koul+852-2978-0924 sunil.koul@高盛（亚洲）有限责任公司高盛与其研究报告所分析的企业存在业务关系，并且继续寻求发展这些关系。
GoldmanSachsUSLiquidReservesFund-Pref.Accum.
Fitch Rating Investor objectiveBoth capital preservation and income.Position in your overall investment portfolio*The fund can complement your portfolio.The fund is designed for:The fund is designed for investors who are looking toinvest their US$ cash in an alternative to cashdeposits and/or manage their daily cash flows via afund vehicle which seeks to preserve capital andgenerate income by investing in investment gradegovernment and non-government money marketsecurities.31-Oct-11 - 31-Oct-1231-Oct-12 -31-Oct-1331-Oct-13 -31-Oct-1431-Oct-14 -31-Oct-1531-Oct-15 -31-Oct-16Fund (USD)0.00.00.00.00.3 Ongoing Charges (%)(3)0.303/11/131/12/131/1/129/2/131/3/13/4/131/5/13/6/131/7/131/8/13/9/131/1/1Cumulative AnnualisedSince Launch 1 Mth 3 Mths YTD 1 Yr 3 Yrs 5 Yrs10 Yrs Preferred Accumulation Class(4)21.220.050.120.300.310.110.070.90Y ear Performance (%)20112012201320142015 Preferred Accumulation Class0.00.00.00.00.0(5)Period (days)% Overnight26.1 2 - 78.9 8 - 30 5.4 31 - 60 5.2 61 - 9012.2 91 - 12013.9 121 - 150 5.7 151 - 18010.2 181 - 36512.5 365+0.0Please see Additional Notes. All performance and holdings data as at 31-Oct-16.* We identify two broad categories of funds to help investors think about how to construct their overall investment portfolio. We describe the following as “Core”: (A) Equity funds with a global investment remit or those mainly focused on US and European markets, given the size and transparency of these markets. (B) Fixed income funds with a global investment remit or those mainly focused on US, European and UK markets and invest predominantly in investment grade debt, including government. (C) Multi asset funds with a multi asset benchmark. All other funds we describe as “Complements”. Both Core and Complement funds can vary in risk level and those terms are not meant to indicate the risk level of the funds.For regionally focussed investment portfolios we understand that the categorisation may be different from the perspective of different investors. Consult your financial adviser before investing to help determine if an investment in this fund and the amount of the investment would be suitable.Fitch RatingNet Asset Value (NAV) - PreferredAccumulation ClassUSD12,125.96 Total Net Assets (m)USD31,905 Weighted Average Maturity (days)35 Weighted Average Life (days)91Currency - Preferred Accumulation Class USD Inception Date - Preferred AccumulationClass27-Feb-02 Fund Domicile IrelandISIN - Preferred Accumulation Class IE0031297975 Bloomberg Ticker - PreferredAccumulation ClassGSUSLPA ID Dividend Distribution Frequency None Dealing and valuation Daily Reporting year end31 December Settlement T + 1 EU Savings Directive (In/Out of Scope)In ScopeA-1A-1+VARIABLE RATE OBLIGATIONS32.4TIME DEPOSIT20.1ASSET BACKED COMMERCIAL PAPER17.1CERTIFICATES OF DEPOSIT11.6REPURCHASE AGREEMENT (OTHER)8.9COMMERCIAL PAPER8.5REPURCHASE AGREEMENT0.7ASSET BACKED VARIABLE RATEOBLIGATIONS0.4MEDIUM TERM NOTES0.3Please see Additional Notes. All performance and holdings data as at 31-Oct-16. Past performance does not guarantee future results, which may vary. The value of investments and the income derived from investments will fluctuate and can go down as well as up. A loss of capital may occur.(1) More information about the Standard and Poor's Ratings Services and its calculation can be found on the following website: https:///products-and-capabilities/principal-stability-fund-ratings.html. (2) The GS US$ Liquid Reserves Fund is classified as a “Short Term Money Market Fund” in accordance with the European Securities and Markets Authority (ESMA)’s Guidelines on a common definition of European Money Market Funds, dated May 2010. This classification requires certain criteria to be met by the Fund, including sensitivity to interest rate risk (WAM), maximum maturity of instruments, portfolio liquidity, and level of credit risk. (3) The ongoing charges figure is based on expenses during the previous year. See details in the Key Investor Information Document. (4) Fund returns are shown net of applicable ongoing fees within the portfolio, with dividends re-invested using the ex-dividend NAV. These returns are for comparison of performance against specified index. As the investor may be liable to other fees, charges and taxes, they are not meant to provide a measure of actual return to investors. The performance data do not take account of the commissions and costs incurred on the issue and redemption of shares. (5) Holdings detail total trade par exposure as at date of report. (6) Please note that the credit allocation provided details the Moody's breakdown of the fund as at the reported date. For repurchase agreement counterparties we have provided the average rating of the underlying collateral. Portfolio holdings may not represent current, future investments or all of the portfolio's holdings. Future portfolio holdings may not be profitable.Important Risk Considerations■Credit risk the failure of a counterparty or an issuer of a financial asset held within the Fund to meet its payment obligations will have a negative impact on the Fund.■Custodian risk insolvency, breaches of duty of care or misconduct of a custodian or subcustodian responsible for the safekeeping of the Fund's assets can result in loss to the Fund.■Interest rate risk when interest rates rise, bond prices fall, reflecting the ability of investors to obtain a more attractive rate of interest on their money elsewhere.Bond prices are therefore subject to movements in interest rates which may move for a number of reasons, political as well as economic.■Liquidity risk the Fund may not always find another party willing to purchase an asset that the Fund wants to sell which could impact the Fund's ability to meet redemption requests on demand.■Market risk the value of assets in the Fund is typically dictated by a number of factors, including the confidence levels of the market in which they are traded.■Operational risk material losses to the Fund may arise as a result of human error, system and/or process failures, inadequate procedures or controls.Glossary■Net Asset Value – Represents the net assets of the fund (ex-dividend) divided by the total number of shares issued by the fund.■Ongoing Charges – The ongoing charges figure is based on the fund’s expenses during the previous year. It excludes transaction costs and performance fees incurred by the fund.■Weighted Average Maturity (WAM) – Measures the deviation in portfolio weights from the comparative index/benchmark.■Weighted Average Life(WAL) – Forecast sensitivity of portfolio returns to the comparative index calculated over X years.Additional NotesThis document has been issued by Goldman Sachs International, authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.Furthermore, this information should not be construed as financial research. It was not prepared in compliance with applicable provisions of law designed to promote the independence of financial analysis and is not subject to a prohibition on trading following the distribution of financial research.This information is intended for viewing only by the intended recipient and may not be reproduced or distributed to any person in whole or in part without the prior written consent of GSI. Goldman Sachs International accepts no liability for the misuse or inappropriate distribution of this material.Offering Documents: This material is provided at your request for informational purposes only and does not constitute a solicitation in any jurisdiction in which such a solicitation is unlawful or to any person to whom it is unlawful. It only contains selected information with regards to the fund and does not constitute an offer to buy shares in the fund. Prior to an investment, prospective investors should carefully read the latest Key Investor Information Document (KIID) as well as the offering documentation, including but not limited to the fund’s prospectus which contains inter alia a comprehensive disclosure of applicable risks. The relevant articles of association, prospectus, supplement, KIID and latest annual/ semi-annual report are available free of charge from the fund’s paying and information agent and/or from your financial adviser and at /kiids.Distribution of Shares: Shares of the fund may not be registered for public distribution in a number of jurisdictions (including but not limited to any Latin American, African or Asian countries). Therefore, the shares of the fund must not be marketed or offered in or to residents of any such jurisdictions unless such marketing or offering is made in compliance with applicable exemptions for the private placement of collective investment schemes and other applicable jurisdictional rules and regulations.Investment Advice and Potential Loss: Financial advisers generally suggest a diversified portfolio of investments. The fund described herein does not represent a diversified investment by itself. This material must not be construed as investment or tax advice. Prospective investors should consult their financial and tax adviser before investing in order to determine whether an investment would be suitable for them.An investor should only invest if he/she has the necessary financial resources to bear a complete loss of this investment.Fees are generally billed and payable at the end of each quarter and are based on average month-end market values during the quarter.Additional information is provided in our Form ADV Part-2 which is available at /IAPD/Content/Search/iapd_Search.aspx.The relevant articles of association, prospectus, supplement and key investor information document (KIID) and latest annual/semi-annual report (as applicable) are available free of charge from the fund’s paying and information agents as listed below:Austria: Raiffeisen Bank International AG, Am Stadtpark 9, A-1030 Wien, Austria.France: RBC Investor Services Bank France, 105, rue Réaumur, 75002 Paris, France.Germany: State Street Bank GmbH, Brienner Strasse 59, 80333 Munich, Germany.Greece: Piraeus Bank S.A., 4 Amerikis Street, 10564 Athens, Greece.Ireland: RBC Investor Services Ireland Limited, George's Quay House, 43 Townsend Street, Dublin 2, Ireland.Luxembourg: State Street Bank Luxembourg S.A., 49, avenue J.F. Kennedy, L-1855 Luxembourg.Sweden: Skandinaviska Enskilda Banken AB, through its entity Global Transaction Services, SEB Merchant Banking, Sergels Torg 2, ST MH1, SE-106 40 Stockholm, Sweden. Please note in addition for:Australia: This material is distributed in Australia and New Zealand by Goldman Sachs Asset Management Australia Pty Ltd ABN 41 006 099 681, AFSL 228948 (‘GSAMA’) and is intended for viewing only by wholesale clients in Australia for the purposes of section 761G of the Corporations Act 2001 (Cth) and to clients who either fall within any or all of the categories of investors set out in section 3(2) or sub-section 5(2CC) of the Securities Act 1978 (NZ).Hong Kong: This material has been issued or approved for use in or from Hong Kong by Goldman Sachs (Asia) L.L.C.Netherlands: The fund is included in the register kept by the Stichting Autoriteit Financiële Markten.Singapore: This material has been issued or approved for use in or from Singapore by Goldman Sachs (Singapore) Pte. (Company Number: 198602165W) and Goldman Sachs Asset Management (Singapore) Pte. Ltd. (Company Number: 201329851H).Spain: The fund is a foreign UCITS registered with the CNMV registry with number 141 (SICAV), 913 (SICAV II), 305 (PLC). A full description and KIID for the fund and other mandatory documentation is available free of charge from any of the authorised distributors of the fund listed in the Comisión Nacional del Mercado de Valores (“CNMV”) webpage at mv.es.© 2016 Goldman Sachs. All rights reserved.Registered and Principal Offices: Dublin domiciled Funds: Fixed Income, Currency Funds and Cash Management Funds Principal Office: c/o BNY Fund Services (Ireland) Limited, Guild House, Guild Street, IFSC, Dublin 1, Ireland。
高盛
高盛 华尔街神话终结者
二、尽可能保守的运作方式
2007年1月，美国《商业周刊》在一篇《布兰克费恩： 邮政工人的儿子执掌高盛》报道中： 以高盛董事兼前高级合伙人史蒂芬· 弗里德曼 (Stephen Friedman)的话结尾：
在过去的十几年里，我们经历过足够多的市场混乱，因此 知道将会出现另一次混乱 但劳埃德清楚，树长不到天上去，不会有一帆风顺、无休 止的扩张
高盛需要向投资者表明：
高盛 华尔街神话终结者
保尔森当时辩称：
投行业务与交易业务对高盛一样重要。
但正是在他治下，高盛成了一个更纯粹的交易机 器：
在高盛的三大部门中：
交易部门的收入自1999年到2006年翻了4番，2007年为250 亿美元，占到总收入的68% 资产管理占到总收入的17% 传统的投行业务比例最小，为15%
高盛在本质上和摩根士丹利、美林、雷曼等其他公司 并没有什么不同，只不过押注的成功率比其他公司更 高一些而已
高盛 华尔街神话终结者
即便在当时，劳埃德· 布兰克费恩也说：
迄今为止，在其他投行遭遇到较大困难时，我们可能 还表现不错。 但是，没有任何一个人、任何一家机构能够一直拥有 出众表现。 因此，我们在经营方面必须保守一些，争取不会受到 太大的影响 在证券业这样一个动荡的行业，任何人都有走背运的 时候
高盛 华尔街神话终结者
2007年
高盛为其2.65万名员工平均支付了62万美元的薪资， 堪称是华尔街最赚钱的机器
其乐融融背后，是交易员开始成为真正的主角， 投资银行家们的影响力大不如以前
Goldman Sachs
Founded in 1869, the firm is headquartered in New York and maintains offices in all major financial centers around the world.
We report our activities in the following four business segments:
INVESTMENT BANKING We provide a broad range of investment banking services to a diverse group of corporations, financial institutions, investment funds and governments. Services include advisory assignments with respect to mergers and acquisitions, divestitures, corporate defense activities, risk management, restructurings and spin-offs, and debt and equity underwriting of public offerings and private placements, as well as derivative transactions directly related to these activities.
WHO WE ARE
AT A GLANCE
The Goldman Sachs Group, Inc. is a leading global investment banking, securities and investment management firm that provides a wide range of financial services to a substantial and diversified client base that includes corporations, financial institutions, governments and high-net-wor限公司是世界领先的投资银行、证券和投资管理公司。我们为多元化的客户群体提供各种各样的金融服务，客户包括企业、金融机构、政府和高净值个人。
Goldman Sachs 客户网站快速启动指南说明书
In Documents, you can review statem ents, tax docum ents, trade confirm s and other correspondence.
In Transact, you can initiate Transfers and Paym ents
M arkets Deposit Rates Watchlists
Portfolio covers key inform ation about your portfolio, including your holdings, investm ent results, accounts and a balance sheet.
Tax Summ ary Realized Gains & Losses Unrealized Gains & Losses Delivery Schedule Tax Correspondence
Insights Wealth Insights Beyond Your Wealth Goldm an Sachs Research
Account Selector The account selector is an important filter in Portfolio and in Tax Center. You can find it near the top of each page. Use it to explore portfolio information for a custom view, a statement view or a specific account. Open the selector and select a view or account to filter the information on the page. The view or account you select will travel with you as you move within the Portfolio section. If you would like to see a specific view or account each time you sign in, visit Settings > Manage Your View and set a Default View.
世界第一投行Goldman Sachs(高盛)2010暑期大学实习生面试题-------答案
声明：以下答案系本人自创，若有瑕疵纰漏之处望了解.....1.一根棍子上面有无数只蚂蚁（棍子的宽度只能容纳一只蚂蚁即不可能出现相互绕开的情况），假设两只蚂蚁碰到之后就会180度调头反向前进，碰到，再调头，直到棍子的某一头，然后掉下来；然后再假设1只蚂蚁从棍子的这头到那头一共需要5分钟，那么问题是：最多需要多少时间，这根棍子上所有的蚂蚁会掉下来？答案：5分钟解此题千万不要把思考的对象放在某一只蚂蚁上猜想某一只蚂蚁碰来碰去最后会怎样这样永远也得不出答案我们这样看当两只蚂蚁AB相碰的时候两只都立刻调头其实这种交换方向就等于是A转而走B的路（A相当于B) B转而走A的路(B相当于A) 两只蚂蚁调头的效果与两只蚂蚁相互穿过对方的效果是等价的只不过A转而扮演了B的角色B转而扮演了A的角色所以扩大到全局任何两只蚂蚁相碰调头的效果等价于两只蚂蚁相互穿过对方所以我们可以说这种运动等价于所有的蚂蚁都没有受到阻碍一直相互穿过直接走到棍子的尽头，而棍子只需要5分钟可走完，所以最多也就5分钟2.25匹马，每匹快慢不一，你一次最多可组织5匹马赛跑，不能记录每匹马的时间，只能知道谁快谁慢，请问最少比赛几次，可以把最快的3匹马找出？7次首先5匹5匹比赛一共赛5次，刚好赛完25匹马，而且每组马匹的快慢的结果是比较出来的了按照快慢从左到右排好接下来把每一组排名第一的马一共5匹再赛一次这样赛了6次按照快慢从上到下A1>A2> A3> A4> A5B1> B2> B3> B4>B5C1 >C2> C3> C4> C5D1 >D2> D3> D4> D5E1 >E2> E3> E4 >E5这样发现没有D E两组的马连第一名D1 E1 都在A1 B1 C1之后所以DE两组里不可能有马进入前三名直接藐视而ABC三组每组的最后两名也一样不可能进入前三因为他们前面都至少有三匹马所以直接藐视这样只剩下A1>A2> A3B1> B2> B3C1 >C2> C3我们知道A1>B1>C1所以直接藐视C2 C3我们知道A1>B1>B2所以直接藐视B3这样只剩下A1>A2> A3B1> B2C1而A1是刚开始那5组马中的第一名再比一次的第一名所以A1一定是最快的这样找到了第一名这样只剩下A2 A3 B1 B2 C1五匹马再赛最后一次一共7次不就找到了2，3名吗所以一共7次3.落到了一个荒岛上，10天后会有人来救你，你有10粒A药丸和10粒B药丸，每天必须吃A和B各吃一粒才能活命，但不幸AB混在了一起，请问你如何确保每天吃下AB各一粒？本题不能说捣碎把AB药丸磨碎搅匀，等分成十份，因为能否搅拌均匀是个假设条件应该把每一粒药丸都切成等分的十份每天从每一粒药丸里拿出一份就OK4一个瞎子52张扑克牌，并告诉他里面恰好有10张牌是正面朝上的。
Goldman Sachs vs Morgan Stanley
Goldman Sachs vs Morgan StanleyFirst，simple introduce two companies.Morgan Stanley is an American multinational financial services corporation that, through its subsidiaries and affiliates, provides securities products and services to customers, including corporations, governments, financial institutions, and individuals. The company operates in three business segments: Institutional Securities, Global Wealth Management Group, and Asset Management.The Goldman Sachs Group, Inc. is an American multinational investment banking firm that engages in global investment banking, securities, investment management, and other financial services primarily with institutional clients.Then，let we discuss these two companies who will win the future?The next two years will reveal the truth about the future of investment banking.Two business models are in the ring battling against each other: high risk capital market versus predictable wealth management and brokerage. In the US, each business model has its poster child. Goldman Sachs represents the emphasis on capital markets whereas Morgan Stanley is pursuing a pathway away from high risk capital markets.Goldman Sachs has been superiorWhat sets any industry winner apart from its competition is it’s relentlessly ability to produce a higher return on the capital invested. In almost every fiscal quarter since Q3 2003, Goldman Sachs has had a higher 12-month rolling return on equity than has Morgan Stanley (see chart). This consistency is nothing but spectacular and is a testimony to Goldman Sachs' business model and the proficiency of its people.Before the financial crisis both investment banks pursued the same opportunities in capital markets with the same business model. It was a strategy focusing much on deploying the bank's capital in risk taking businesses. The credit boom created a perfect environment for this business model and both investment banks generated above 25 percent return on equity in the last phase of the cycle.Various commentators have noted that Goldman Sachs is not making enough return on equity with its current 12 percent. But the comparison to the past is misleading. The 2003-2007 periods was characterized by high leverage which changed dramatically after the financial crisis. A better comparison of Goldman Sachs' unleveraged profitability is the return on assets. The 12-month rolling return on assets is currently 0.92 percent which is actually on par with the 2003-2007 average, so the current return on equity is quite good given the much less leverage deployed on the balance sheet.Morgan Stanley's choiceBoth banks would likely have failed if the Fed and the US government had not intervened in the economy and financial market. Morgan Stanley was next in line when Lehman Brothers filed for bankruptcy and Merrill Lynch was absorbed into Bank of America. Morgan Stanley's then-CEO, John Mack, literally stared into the abyss. The near-death experience led the bank's management to make an important strategic decision. It would bet on wealth management and retail brokerage business to achieve more predictable earnings and scale down high risk and capital intensive capital market businesses such as fixed income trading.Cost of equity is key for Morgan StanleyThe most important goal for an investment bank, or any publically traded company, is to have a return on equity that is larger than the cost of equity. If not, the company destroys shareholder value. Morgan Stanley's less risky business model will have a lower return on equity path then Goldman Sachs' continuous emphasis on the old model but the value creation is aimed through a lower cost of equity.Morgan Stanley's cost of equity was estimated at 15.9 percent in Q3 but is currently around 14.1 percent, down from a23.4 percent at its peak in Q1 2009. This is still very high and will never be covered by its current business model. However, over time the bank expects the cost of equity to decline and Swiss-based UBS is a good benchmark with a cost of equity around 11.3 percent. With time Morgan Stanley should get it below 10 percent to be certain to make a positive return spread over a business cycle.The chart below shows the difference between return on equity and the cost of equity for Goldman Sachs and Morgan Stanley. It clearly shows how difficult it has been for investment banks to create positive shareholder value and even Goldman Sachs with its current return on equity of 12 percent is still not covering its cost of equity. However, as the economy continues to expand and volatility remains low Goldman Sachs will surpass the cost of equity again.But what is really important for Morgan Stanley is to get the cost of equity as low as possible. Because if it can create a long-term return on equity of around 13 percent with a cost of equity around eight percent then that would be a good return spread. Goldman Sachs, with a long-term cost of equity around 12 percent, would have to make at least 17 percent returns on equity tocreate the same amount of shareholder value.Regulation might be higher going forward for Goldman Sachs in the capital markets business compared to Morgan Stanley's wealth management business but the technological scalability and globalization will mean higher growth potential. With many competitors leaving the capital intensive fixed income trading business, Goldman Sachs will experience less pricing pressure and a better investment climate.The next couple of years will show investors which bank made the right decision. We bet is on Goldman Sachs and if an investor wants exposure to the investment banking industry Goldman Sachs is the preferred choice. The upside potential is considerably.。
goldman指数名词解释(一)
goldman指数名词解释(一)Goldman指数Goldman指数是一种衡量市场风险和预测未来金融市场走势的指数。
由国际知名投资银行高盛（Goldman Sachs）公司发起和推出。
以下是与Goldman指数相关的名词及其解释：1. 投资银行（Investment Bank）投资银行是一家以为企业和政府提供资本金融和顾问服务为主要业务的金融机构。
这些服务包括但不限于资本市场融资、并购重组、交易结构以及风险管理等。
2. 预测（Forecasting）预测是根据已有数据和趋势，尝试预测或推测未来事件或趋势的行为或方法。
在金融市场中，预测被用于分析股票价格、经济增长、汇率变动等。
3. 风险（Risk）风险是指不确定性带来的可能损失的情况。
在金融市场中，风险通常与投资损失或资产贬值联系在一起。
投资者使用各种工具和指标来评估和管理风险。
4. 市场指数（Market Index）市场指数是衡量特定市场综合变化的指标。
它由一篮子股票、商品或其他资产的价格加权平均而成。
常见的市场指数包括道琼斯工业平均指数（Dow Jones Industrial Average）和标准普尔500指数（S&P 500）。
5. 衍生品（Derivative）衍生品是派生自基础资产的金融合约，其价值取决于基础资产的价格变动。
常见的衍生品包括期权、期货、掉期和合约为差价（CFD）。
衍生品可用于对冲风险、投机和套利等目的。
6. 技术分析（Technical Analysis）技术分析是通过研究金融市场的历史价格和交易量等数据，以了解未来价格走势的一种方法。
技术分析假设市场会反映所有相关信息，并试图通过图表模式和指标来预测价格的走势。
7. 长期趋势（Long-term Trend）长期趋势指的是在相对较长的时间尺度内，市场价格走势表现出的总体方向。
长期趋势通常用来判断市场的整体走势是上升、下降还是横盘。
8. 金融市场（Financial Market）金融市场是交易金融资产的场所，包括股票市场、债券市场、期货市场、外汇市场等。
高盛集团简介
高盛集团高盛集团（Goldman Sachs）是一家银行控股公司，集投资银行、证券交易和资产管理等业务为一体, 为企业、金融机构、国家政府及高净值个人提供各种金融服务。
高盛集团总部设在纽约，在全球二十多个国家设有分部，并以香港、伦敦、法兰克福及东京等地作为地区总部。
截至2007年11月30日的财政年度，高盛的净收益为116亿美元，公司持有的资产达1.1万亿美元。
一、高盛的历史高盛由Marcus Goldman先生于1869年在纽约创立。
1896年成为纽约证券交易所成员，1897年开始外汇交易，1905年开始承销服务，1933年开始风险套利交易，并成立投资研究部门。
市政债券部及并购部分别设立于1934年和1963年。
1956年开始投资银行业务。
1981年收购J.Aron公司，进入商品市场。
1986年成为伦敦及东京证券交易所的成员。
1988年，高盛资产管理公司（GSAM）正式成立。
1996年在日本开始共同基金业务。
在以合伙人制度经营了一百三十年之后，高盛于1999年5月在纽约证券交易所挂牌上市。
2008年9月，高盛根据1956年美国银行控股公司法案成为一家银行控股公司，美国联邦储备委员会成为其主要的美国监管机构。
二、高盛的主要业务（一）投资银行业务高盛投资银行业务主要是为公司、金融机构、政府机构和高净值个人提供服务，包括对企业收购和反收购、兼并、剥离、重组等提出建议方案及承销公开发行股票、非公开发行股票、股权融资工具和债务工具。
（二）交易和直接投资业务高盛集团自营并为客户提供买卖固定收益和股权产品、外汇、商品及上述产品衍生品的服务。
此外，还在美国股票和期权市场通过场内和电子报价，为全球客户提供主要股票、期权和期货交易的结算，并进行直接投资或通过所募集基金进行投资。
（三）资产管理和证券服务为全球客户提供各类资产的投资策略、建议和计划，并面向共同基金、养老基金、对冲基金、基金会和高净值个人客户提供首要经纪业务、融资服务和证券贷款服务。
高盛投资报告
高盛投资报告Title: Goldman Sachs Investment ReportIntroduction:Goldman Sachs is one of the leading investment banks in the world, providing financial services to a diverse range of clients, including individuals, corporations, and government institutions. Having established a reputation for excellence in investment management, this article aims to provide an overview of the latest investment report released by Goldman Sachs.Overview:The latest investment report released by Goldman Sachs highlights an optimistic outlook for the global economy, with particular emphasis placed on emerging markets. The report identifies key investment opportunities in industries such as healthcare, technology, and renewable energy, as well as highlighting the potential for further growth within the financial sector.In addition to identifying potential investment opportunities, the report also provides insight into the risks associated with individual investments and offers suggestions on ways to mitigate these risks.Goldman Sachs acknowledges the potential impact of geopolitical concerns on the global economy and highlights the need for investors to remain vigilant in the face of such challenges.Conclusion:Overall, the Goldman Sachs Investment Report provides a comprehensive analysis of the global economy and the potential investment opportunities available to investors. With its focus on emerging markets, as well as the continued growth potential within established industries, this report will provide valuable guidance for investors looking to maximize their returns while minimizing risk.。
费列罗的经典广告词（1篇）
费列罗的经典广告词(1篇)以下是网友分享的关于费列罗的经典广告词的资料1篇，希望对您有所帮助，就爱阅读感谢您的支持。
篇一经典的slogan 广告词1．Good to the last drop．滴滴香浓，意犹未尽。
（麦斯威尔咖啡）2．Obey your thirst．服从你的渴望。
（雪碧）3．The new digital era．数码新时代。
（索尼影碟机）4．We lead. Others copy．我们领先，他人仿效。
（理光复印机）5．Impossible made possible．使不可能变为可能。
（佳能打印机）6．T ake time to indulge．尽情享受吧！（雀巢冰激凌）7．The relentless pursuit of perfection．不懈追求完美。
（凌志轿车）8．Poetry in motion, dancing close to me．动态的诗，向我舞近。
（丰田汽车）9．Come to where the flavor is. Marlboro Country．光临风韵之境，万宝路世界。
（万宝路香烟）10．T o me, the past is black and white, but the future is always color．对我而言，过去平淡无奇；而未来，却是绚烂缤纷。
（轩尼诗酒）11. Just do it. 只管去做。
（耐克运动鞋）12. Ask for more. 渴望无限。
（百事流行鞋）13. The taste is great. 味道好极了。
（雀巢咖啡）14. Feel the new space. 感受新境界。
（三星电子）15. Intelligence everywhere.智慧演绎，无处不在。
（摩托罗拉手机）16. The choice of a new generation.新一代的选择。
（百事可乐）17. We integrate, you communicate.我们集大成，您超越自我。
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Introduction
• Goldman Sachs is where potential is realized. And careers are made. • People create success, which is why we go to great lengths to attract, inspire and reward creativity and talent. As a global business, our people come from all over the world and represent different nationalities, educational backgrounds and life experiences. We welcome their unique perspectives, their energy and ideas and their willingness to learn as well as to teach. As with so many who have come before us, we believe you will find at Goldman Sachs some of the richest opportunities and most interesting challenges of your life.
In the Community
Goldman Sachs is committed to helping our people assist our communities through financial support, volunteer endeavors and partnerships with nonprofit organizations worldwide. Our people bring to their community service the same qualities they bring to their professional work: excellence, commitment, innovation, energy, new ideas and an appreciation of both the big picture and the importance of the individual.
Mr. Blankfein has been our Chairman and Chief Executive Officer since June 2006, and a director since April 2003. Previously, he had been our President and Chief Operating Officer since January 2004.
Goldman Sachs
Welcome!
பைடு நூலகம்ocations
• Americas • Europe, Middle East, and Africa • Asia
Leadership
• • • • • • • • • • • • • • • Lloyd C. Blankfein Chairman and Chief Executive Officer Gary D. Cohn President and Chief Operating Officer John H. Bryan Claes Dahlbäck Stephen Friedman William W. George James A. Johnson Lois D. Juliber Lakshmi N. Mittal James J. Schiro H. Lee Scott, Jr. John F. W. Rogers Secretary to the Board
We understand that by serving our clients well and creating opportunities for economic growth, our own success will follow.
Join us
Thank you!
Our Business Principles
• Our clients' interests always come first. • Our assets are our people, capital and reputation. • Our goal is to provide superior returns to our shareholders. • We stress teamwork in everything we do. • Our business is highly competitive, and we aggressively seek to expand our client relationships.
• Help ensure that markets are efficient and liquid, so investors and companies can meet their needs, whether to invest, raise money or manage risk. • Manage assets for institutions, including mutual funds, pension funds and foundations, as well as individuals, in the form of retirement plans, to help them preserve and increase financial security. • Invest our capital, together with our clients' capital, in growing businesses, which helps create jobs. • Help our clients meet their financial goals.
What We Do
• We bring together people, capital and ideas to produce solutions and results for our clients by playing a number of roles: financial advisor, lender, investor and asset manager. At Goldman Sachs, we: • Advise companies on buying and selling businesses, help them manage risks and raise capital, which enables them to grow, launch new products, build factories and invest in research and development.
• Help local, state and national governments finance their operations. This enables governments and communities to make infrastructure improvements, like roads and bridges, hospitals and schools. • Buy and sell equities, bonds, currencies and commodities to facilitate transactions by our clients in all of the key financial markets. This helps businesses of all sizes find the capital they need to help create jobs and fuel growth. • Connect buyers and sellers, linking investors with businesses and governments in need of capital.
STORIES OF PROGRESS
Progress is when a city raises the capital it needs to keep vital projects going. It’s when students and teachers get new classrooms, and local businesses find new ways to grow. Progress is investment in renewable energy that helps protect the environment. In today’s connected world, PROGRESS IS EVERYONE'S BUSINESS. At Goldman Sachs, we help make progress happen.