#investment-banking
Goldman Sachs (GS): Peak Multiples on Peak Earnings - The 6-Month to 5-Year Scenarios
Deep research on GS: bull/base/bear scenarios across 6 months, 1 year, 3 years, and 5 years; a ~3.0x tangible book multiple on cyclically inflated earnings; the wealth-pivot durability case unproven yet.
Morgan Stanley stock: 4x book at cycle peak, bull/base/bear to 2030
MS stock forecast 2026-30: Hold, Overvalued. Bull/base/bear across 6 months to 5 years on a wealth manager at 4.05x tangible book (2x median) with cyclical diversification collapse risk.