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Theo Marchetti
@THEO_MARCHETTI · JOINED 2025
5.1K FOLLOWERS
Macro-aware single names. Risk first.
Rates, FX and positioning drive my single-stock work. Every call has an invalidation level.
LATEST
0:22
CALLGSLongVIDEO · CALL · CARDS
Goldman Sachs: the discount is now a governance question, not an earnings one
The gap to global peers widened again this quarter while the earnings gap did not. What remains is a risk premium on process rather than on profits.
AUG 21, 2026 · 8,038 VIEWS
Everything
0:22
CALLGSLongVIDEO · CALL · CARDS
Goldman Sachs: the discount is now a governance question, not an earnings one
AUG 21, 2026 · 8,038 VIEWS
0:20
CALLGSLongVIDEO · CALL · CARDS
Goldman Sachs: fee income is now carrying the quarter
AUG 21, 2026 · 10,818 VIEWS
0:18
NOTERATESVIDEO · CARDS
Goldman Sachs: positive operating leverage is finally showing up
AUG 20, 2026 · 6,753 VIEWS
CALLWIX.TAShort
Wix: the cost programme has slipped twice without a new date
The savings target has been reiterated without a revised timeline. Reiterating the number while moving the date is how these programmes fail slowly.
AUG 18, 2026 · 10,932 VIEWS
CALLGSLong
Goldman Sachs: the capital build is finished and the return is not priced
Capital has been the constraint for three years and it stopped being one this quarter.
AUG 17, 2026 · 2,484 VIEWS · 521.94 → 1004.42 · +92.4%
CALLGSLong
Goldman Sachs: the funding cost inflection already happened
Interest-bearing deposit beta rolled over in the last disclosure and the mix shift out of non-interest-bearing has stopped. Net interest income guidance is set up to be raised.
AUG 14, 2026 · 2,465 VIEWS · 530.12 → 1004.42 · +89.5%
CALLGSLong
Goldman Sachs: deposit costs peaked before consensus thinks
Interest-bearing deposit beta rolled over in the last disclosure and the mix shift out of non-interest-bearing has stopped. Net interest income guidance is set up to be raised.
AUG 7, 2026 · 4,955 VIEWS · 562.27 → 1033.99 · +83.9%
RESEARCHCOINLongCALL · THESIS
Coinbase: excess capital is about to become a distribution story
The bank cleared its required ratio with a buffer and the regulatory calendar is clear. What follows is distribution, and the payout is not in the multiple.
JUL 30, 2026 · 8,272 VIEWS · 225.45 → 249.08 · +10.5%
RESEARCHGSLongCALL · THESIS
Goldman Sachs: the non-spread businesses have compounded through the cycle
The market values this as a rate-sensitive balance sheet. Half the earnings no longer behave that way.
JUL 22, 2026 · 843 VIEWS
CALLGSLong
Goldman Sachs: the efficiency ratio inflected without a restructuring charge
The cost base has been rebuilt and the revenue is arriving on top of it rather than alongside it.
JUL 14, 2026 · 8,397 VIEWS
RESEARCHGSLongCALL · THESIS
Goldman Sachs: excess capital is about to become a distribution story
The bank cleared its required ratio with a buffer and the regulatory calendar is clear. What follows is distribution, and the payout is not in the multiple.
JUL 14, 2026 · 1,892 VIEWS · 546.16 → 608.23 · +11.4%
CALLGSLong
Goldman Sachs: the valuation gap widened and the earnings gap did not
Two of the three reasons for the historical discount have been addressed. The multiple has not moved.
JUL 3, 2026 · 5,935 VIEWS · 475.04 → 581.38 · +22.4%
NOTEVALUATION
The two inputs nobody states when they quote a multiple
A market multiple embeds a terminal growth rate and a discount rate. Both are currently at levels that require the other to be wrong.
JUN 5, 2026 · 3,042 VIEWS