Goldman Sachs (GS, Financial) has a strong capital base and leading global positions in investment banking, capital markets, trading, and asset management. It has what we consider to be excellent liquidity, reasonable leverage, and numerous businesses that can generate profit during periods of distress, which should help the company weather the current economic storm. At current levels, the stock is trading at a significant discount to its book value.
From Spiros Segalas (Trades, Portfolio)' Harbor Capital Appreciation Fund first-quarter 2020 shareholder commentary.
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