Trading Places

Has Goldman Sachs lost its mantle as Master of the Universe? That might sound like a daft question for a firm flirting with a market valuation of $100bn and churning out bumper earnings. It is still top dog of the M&A world and its traders are envied as the doyens of their craft. The Wall Street icon has even built a formidable alternative investment business. But the big discount its shares trade at compared with other leading firms makes it look positively wimpy. We’re not talking about tradi...