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Welcome to Industry Focus, the podcast that dives into a different sector of the stock market every day.

It's Monday, December 11th, and we're talking about the investment banks.

That's Goldman Sachs and Morgan Stanley.

I'm your host, Michael Douglas, and I'm joined by Matt Frankel.

Matt, great to have you back.

Hey, always good to be here.

Fantastic.

So folks, last week we really kind of, the first time laid out the banking framework that

on a couple of years ago and used it on Bofy and if you are listening to this episode and I have not listened to that one, I highly recommend

going back listening to that episode first because we really go into detail and kind of talk

through what each section of on its analysis is, why we sort of pick things in it,

and what they mean.

In this one, we're going to kind of head to head these banks a lot faster, and then we're going to kind of go into detail and both pick which one we

prefer of the two. So if anything is opaque in this episode, I highly recommend you

going back to that one. The other thing that I'll throw out there is you know

I've talked a lot about how honest framework is really useful for me and for informing how I think about banking and Matt you've talked about that too. I think one of the

key things to highlight though with any system is that no system can cover 100% of circumstances.

...