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Analyst
Christian Bolu
Period: Reporting periods mapped to calendar 2024 Q4 – 2026 Q3 (8 quarters; questions recorded in 5).
- Questions
- 16on tracked calls
- Challenge rate
- 31%5 of 16 questions
- Companies
- 4questioned at least once
- Reporting periods
- 5with questions
These figures cover the whole profile: every tracked question, all reporting periods.
How to read these numbers
Challenge rate is the share of questions that pushed back, pressed for specifics or questioned management’s assumptions. It describes how questions were asked on the calls tracked here; it does not measure whether any view turned out to be right.
Rounding. Rates are rounded to whole percentages, so a small share can show as 0% even when some questions were challenging. The count beside each rate is exact; “none of N questions” means no question was challenging.
No questions recorded. “—” means there is nothing to calculate: no questions were recorded for that period on the calls tracked here. It does not mean there was no activity.
Fewer than 3 questions. A company-level rate is withheld when fewer than 3 questions were recorded for that company; the questions are still counted everywhere else.
Small samples. Profiles with fewer than 10 questions are marked Limited sample.
Reporting periods. Questions are grouped by the calendar quarter each company’s fiscal reporting period maps to, not by the date of the call. Periods without a calendar mapping are listed separately under their fiscal label.
Questions asked
Grouped by company, most questions first. Open a company to read its questions, newest reporting period first.
Showing 16 of 16 questions from 4 companies
GSThe Goldman Sachs Group, Inc.10 questions · 5 reporting periods · 4 of 10 challenging
Calendar 2026 Q3
I am a little bit surprised that you are still buying back a ton of stock at 3x tangible
Show response
Coleman said client deployment comes first, then dividend growth, with excess capital returned, and expects the same approach in 2027.
So just give me a sense of where you think we are in the cycle, have we peaked or is there more to go?
Show response
Solomon called it a top quartile capital markets environment with a strong backlog and said pulled IPOs reflected valuation gaps.
Calendar 2026 Q2
how much of the expense or efficiency gains you've had so far is a function of just a strength in the markets business versus what you've already taken out from a structural cost perspective
Show response
Coleman pointed to strong operating leverage with revenues net of PCL up ~40% while comp grew 30% and non-comp 22%, but Solomon candidly said there has been no structural change in the expense base yet, attributing efficiency mainly to revenue scale and the OneGS 3.0 rewiring effort.
How much does SLR govern constraints on growing the financing business?
Show response
Coleman acknowledged balance sheet expansion to facilitate client activity and multiple oscillating binding constraints (CET1, SLR), but declined to specify how low the firm would run SLR, framing resource allocation as dynamic and nimble.
Calendar 2025 Q3
curious what drove or what you think drove the underperformance versus peers
Show response
Coleman attributed to tough comps, prior year cash was up ~30% and prior quarter was top decile. Rest of franchise performing extremely well.
can you talk about or at least remind us how you manage risk in your financing businesses, especially around collateral integrity?
Show response
Coleman emphasized upfront due diligence, ongoing monitoring, diversification limits and selectivity. No exposure to First Brands or Tricolor.
Calendar 2025 Q1
What was the catalyst that drove the step-up in the buyback? Was it the share price level, just excess capital?
Show response
Solomon said strong earnings plus strategic balance sheet reduction freed capital. Entered Q2 above wide end of target operating range.
it did lag peers in the quarter. And I appreciate it's just one quarter
Show response
Solomon attributed relative underperformance to tough Q1 2024 comps where GS massively outperformed. Client feedback remains extraordinary.
Calendar 2024 Q4
Are you assuming sort of roughly $9 billion of capital return from HPI platform solutions to shareholders?
Show response
Solomon reframed the ROE path as straightforward: mid-teens GBM, mid-teens AWM, plus removing Platform Solutions drag.
Any thoughts on doing a strategic deal to accelerate your growth prospects within alts or private wealth?
Show response
Solomon said the bar is high and market valuations are extraordinary. Primary focus remains organic execution.
MSMorgan Stanley4 questions · 2 reporting periods · 1 of 4 challenging
Calendar 2025 Q1
talk about how you're managing risk. And then are you taking down exposures, or are you still playing offense?
Show response
Ted noted client activity remains orderly with plenty of stock dispersion. Most hedge fund clients near zero PnL so engaged. Engagement continues with no risk-off behavior.
if we are deglobalizing and there is a decoupling of US from Asia broadly, how do you think about the prospects of your international business?
Show response
Ted was bullish on international, 17,500 of 80,000 employees in Asia. MUFG partnership multi-decade play. Asia ISG revenues up 35% YoY. Significant India infrastructure presence.
Calendar 2024 Q4
is the 2024 full year ISG comp ratio of 31% kind of a good place to run going forward
Show response
Sharon declined to guide on a specific comp ratio, redirecting to the 70% firmwide efficiency target. Ted added that in good years they see operating leverage in comp.
if I look at flows over the last three years, total flows have been somewhat short of that sort of $1 trillion target
Show response
Sharon cited best-in-class asset aggregation despite headwinds from limited monetization events and reduced money-in-motion. Ted highlighted $6.6T to $7.9T in one year.
HOODRobinhood Markets, Inc.1 question · 1 reporting period · 0 of 1 challenging
Calendar 2026 Q2
is there a possibility here that you could further build that out, whether it’s perps or traditional futures
Show response
Vlad confirmed intent to expand Rothera's product scope and Shiv added that it could become a B2B business onboarding additional FCMs.
SPGIS&P Global1 question · 1 reporting period · 0 of 1 challenging
Calendar 2026 Q2
can you talk through your long-term strategy for compute and data center infrastructure as an asset class?
Show response
Martina pointed to the Data Center Hawk acquisition and 451 Research forecasting but called compute benchmarks nascent, with no concrete plan given.
Challenge rate by company
Every company this analyst questioned, most questions first. A company-level rate is shown from 3 questions; below that it is withheld.
| Company | Questions | Challenge rate |
|---|---|---|
| GS The Goldman Sachs Group, Inc. | 10 | 40%4 of 10 questions |
| MS Morgan Stanley | 4 | 25%1 of 4 questions |
| HOOD Robinhood Markets, Inc. | 1 | —Rate withheld: fewer than 3 questions |
| SPGI S&P Global | 1 | —Rate withheld: fewer than 3 questions |
Activity by reporting period
Questions recorded for each calendar quarter that companies’ reporting periods map to (not the call date), with the challenge rate for that period. Periods inside the range with no questions are shown as “No questions recorded”.
| Calendar period | Questions | Challenge rate | Companies |
|---|---|---|---|
| 2024 Q4 | 4 | 25%1 of 4 questions | 2 |
| 2025 Q1 | 4 | 25%1 of 4 questions | 2 |
| 2025 Q2 | No questions recorded | — | — |
| 2025 Q3 | 2 | 100%2 of 2 questions | 1 |
| 2025 Q4 | No questions recorded | — | — |
| 2026 Q1 | No questions recorded | — | — |
| 2026 Q2 | 4 | 0%none of 4 questions | 3 |
| 2026 Q3 | 2 | 50%1 of 2 questions | 1 |
- 2024 Q44 questions · challenge rate 25% (1 of 4 questions) · 2 companies
- 2025 Q14 questions · challenge rate 25% (1 of 4 questions) · 2 companies
- 2025 Q2No questions recorded
- 2025 Q32 questions · challenge rate 100% (2 of 2 questions) · 1 company
- 2025 Q4No questions recorded
- 2026 Q1No questions recorded
- 2026 Q24 questions · challenge rate 0% (none of 4 questions) · 3 companies
- 2026 Q32 questions · challenge rate 50% (1 of 2 questions) · 1 company
Topics
Topics tagged on this analyst’s questions.
- Competitive Dynamics7
- Capital Allocation4
- Margin4
- Revenue Growth3
- M&A2
- Demand2
- Cost Pressure2
- Product Launch2
- Geographic Expansion2
- Regulation Policy1
Show all 13 topics
- Cloud & AI1
- Credit1
- Macroeconomic1