As discussed today, we are selling Goldman Sachs (GS). Goldman is reliant on trading results which have been lackluster over the past 6 years. Fundamentally, regulation has changed the brokerage business model, reducing opportunity for revenue and crimping margins. Weakness in hedge fund trading has hurt GS results relative to their peers. Given MiFID in Europe, we do not believe these headwinds will likely increase. Attached is our presentation with an updated slide on valuation which is at or near a 4-year high. goldman review 101917 RM