UKRCFA

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in March, the same pattern emerged. Goldman earned $3.23 a share, topping Wall Street's consensus estimate of $2.57 a share

Goldman is not simply managing profit expectations. It's unwinding big-bet trades as it seeks to become a commercial bank. Goldman is writing down the value of assets. Its business is changing.

expectations for the bank in the long run that count most.

The full criteria for this screen: 1. Owner earnings (cash flow less capital expenditures) above $50 million (changed in February, 2006, from $20 million) 2. Net margins of at least 15% for the trailing 12 months 3. Return on equity of at least 15% the previous quarter and in every year for the last three years 4. Retained earnings that have grown less than the market capitalization, on an absolute basis, in the last five years 5. Looking five years into the future, projected cash flow per share greater than the current market price for each stock (discounted to the present using the 30-year Treasury yield); this helps remove overpriced stocks from the list 6. Market capitalization of $500 million or more