David Hay — Portfolio Update: trimming Goldman Sachs (GS) (Haymaker, Jun 2026)

2026-JUN-15 · Haymaker (Substack newsletter, paid) · The Haymaker Team / David Hay · Portfolio Update · ↗ Read on Substack · article text

One-line take: A short portfolio update flagging a single name — Goldman Sachs (GS), twice highlighted by Haymaker in 2024 (the August 5, 2024 reference at ~$460) and now ~$1,080, a ~130% gain ex-dividends. After that run the team flips cautious: "a lot more downside over the next year or so than upside" — i.e. a trim/sell on the name. This post is mostly paywalled — only the public teaser (the GS call + price history) is captured here; the full rationale and any updated Haymaker Buys / Holds-Trims-Sells tables are gated and not reproduced.

1. Stocks & names mentioned

A one-name update built from the article's free/public portion only. "View" reflects the stance in this post; the "At" link opens the article. Research: QT Qualtrim · SA Seeking Alpha · STK Stock Analysis.

Ticker	Name	Research	View	What he said	At
GS	Goldman Sachs	QT · SA · STK · FA	Negative	Trim/sell after a big win: twice highlighted by Haymaker in 2024 (Aug 5, 2024 ~$460) and now ~$1,080 — ~130% ex-dividends. The team has turned cautious: "a lot more downside over the next year or so than upside." (Detailed rationale paywalled.)	read

"View" reflects the stance in this post (Negative = the team is reducing/exiting after the run), not a price rating. The post is gated; GS is not added to portfolio.json because no current holding table is visible to confirm the lot. Research: QT Qualtrim · SA Seeking Alpha · STK Stock Analysis.

2. Key points

The call: take the GS win off the table

Goldman Sachs was a Haymaker highlight twice in 2024 (May 28 and August 5; the August reference price was ~$460). It has since roughly tripled the bank-sector tape to ~$1,080 — about a 130% gain excluding dividends.
The update changes the stance: "we are concerned that there's a lot more downside over the next year or so than upside" — a reduce/trim-to-sell after the move.

What's behind the paywall

The full reasoning (valuation, cycle/positioning, and any updated Haymaker portfolio Buys / Holds-Trims-Sells tables) is reserved for paid subscribers and isn't captured here — this page records the public call and the price history only.

3. In plain English

A jargon-free summary of the thesis behind the name. (Plain-language companion to the table above; renders on the ticker's consolidated page.)

GS — Goldman Sachs Negative

Goldman Sachs is the big Wall Street investment bank. Haymaker recommended it twice in 2024 (around $460 in early August), and it has since soared to about $1,080 — roughly a 130% gain before dividends. This update is them ringing the register: after a move that large, they now think the stock has more room to fall than to rise over the next year, so they're trimming or selling.

The detailed "why" — valuation, where they think the cycle is, how it fits the rest of the portfolio — is in the paid post and isn't reproduced here. What's public is simply the call: a winning position they're now stepping out of.

Summary derived from the public (free) portion of the Haymaker Substack post for personal study. Not investment advice; the full rationale is paywalled. © Haymaker / David Hay for source material.