GS: The Sell-Off Is Your Entry Point
Thirty days ago Goldman Sachs sold off 3% on Q1 2026 earnings that beat estimates. The thesis here was simple: at $883.79, you were buying record equities revenue, a 48% surge in investment banking fees, and a 19% jump in EPS for 17.2x earnings — buy below $900 and wait. GS closed May 12 at $945.90. That is a 7.0% gain in 30 days against an S&P 500 sitting at 7,401 and a 10-year yield holding 4.42%. JPMorgan's April 14 print and Morgan Stanley's April 15 print both ratified the read — record markets revenue at JPM ($11.6 billion), record equities at MS ($5.15 billion, +25%), and IB fees up 28% and 36% respectively. The fixed income panic on GS's earnings day was the buying opportunity. The new question is harder than the old one. With GS up 7%, JPM and MS having printed cleanly, and the 10-year compressing from 4.43% to 4.42% across 30 trading days, is the easy money gone — or does the path to $1,000 still exist? Here is the math, the comparison to JPM and MS at current quarter actuals, and the decision framework for what to do with the position now.