At a Bank of America Merrill Lynch Banking and Financial Services Conference,Goldman Sachs Executive Vice President and Chief Financial Officer Harvey Schwartz laid out what drives the company's returns.I understand the appeal of a simple firm-wide return target,Mr.Schwartz said.Having one isn't,nor has it ever been the driver of our returns.Our operating principles and philosophy have been essentially to generating superior returns.Underpinning our principles and philosophy is a belief that we should manage our resources dynamically,and therefore,circumstances and return profiles should naturally fluctuate across the cycle.Most importantly,it's not a target per se that drives our firm-wide returns,but rather our capital allocation process.*
Goldman Sachs has named 78 new partners,bringing the total number to 467,or 1.6% of full-time staff.The breakdown by specialty includes:
securities,25;
investment banking,23;
Federated(finance,compliance,risk management and other back and middle office functions),12;
and investment management,11.*
Goldman has added Time Warner Inc. to its conviction buy list on undervaluation,raising the price target to 90.00 per share.*
Goldman Sachs(GS),Time Warner Inc.(TWX)
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