Stephen Turner (b. 1951) calls a belief convenient when a man holds it because it serves his standing and his coalition, not because he has tested it against the world. Ten such beliefs run through Goldman Sachs this spring. The U.S.-Israeli campaign against Iran enters its second month. Ali Khamenei (1939-2026) is dead, the nuclear sites cratered, and Brent crude trades in the volatile $90s. The beliefs let David Solomon (b. 1962), the senior partners, and the division heads in Manhattan, London, and Hong Kong keep a balance sheet above $2 trillion calm, reassure clients, defend the bonus pool, and sell the firm as the steady hand in a storm. None of them requires the leadership to say out loud that long oil volatility, Red Sea shipping chaos, or a China-Taiwan scare might still spike trading losses, stall the M&A pipeline, or force write-downs.
Here are the ten running through the firm today.
Markets have priced in most of the Iran risk. This is volatility, not a rupture. The belief keeps every morning risk dashboard green while the client desks say stay the course.
The crisis builds the best deal environment in years, with record M&A in defense, energy, and reconstruction and heavy trading in commodities and rates. The belief turns each missile headline into another reason for a record bonus pool.
The firm’s global network and proprietary data give it an edge over smaller banks and retail money. The belief protects the premium fee charged for Goldman intelligence while rivals scramble.
Higher energy prices open buying chances in the sectors the firm already favors: LNG, defense contractors, Gulf infrastructure. The belief reads the windfall as proof the allocation was right all along.
ESG integration has made the portfolios more resilient to shocks, and well-governed companies hold up in a crisis. The belief keeps the ESG brand intact while some energy holdings post outsized returns.
Goldman’s scale and its role as a liquidity provider make it a stabilizing force for world markets, and panic selling by others only feeds alpha for patient clients. The belief casts the firm as the calm fiduciary everyone else leans on.
Long-term investors who ignore the noise and stay disciplined collect the reward once calm returns. The belief keeps redemptions low and performance fees flowing.
Deep ties to governments, central banks, and sovereign wealth funds put the firm first in line for reconstruction capital and energy-security deals. The belief files the war under future deal flow rather than risk.
The war has not killed sustainable finance. It shows why pragmatic, data-driven ESG that counts the energy transition is the responsible frame. The belief allows a pivot toward energy realism with no one ever saying the firm was wrong on oil.
Goldman remains the steady steward of world capital, and history will record that its analysis and discipline outlasted the storm. This belief holds the rest together. It lets the leadership sleep while each careful client letter, each ESG scorecard tweak, and each stay-invested television hit reads as prudence in an age of disruption.
Each belief works as a survival tool for a firm whose prestige, fee income, and partner payouts depend on never sounding panicked, partisan, or short of patience. With Iranian missiles keeping the oil tape jumpy and the regime still standing, the beliefs hold the trading desks together, keep the client calls productive, and shield the brand from the war-profiteer charge on one side and the out-of-touch-elite charge on the other. Question too many of them aloud and a partner risks the label that ends careers at Goldman: out of step with the culture.
