The big boys always report early, and Goldman Sachs, as it tends to do, has set a high bar. Very high. Its fourth-quarter earnings thrashed the estimates and reflected awesome performances in key areas. Trading and underwriting revenues rose 55 percent and just over 40 percent, respectively. Principal investments revenues rose 64 percent, thanks in part to the huge gains on the ICBC deal. Revenue for prime brokerage and asset management rose 16 percent, which seems almost paltry until you think about it. Frankly, it would be hard to imagine a better quarter and this bodes well for its bulge-bracket peers. Not to be a Scrooge, but you do have to wonder if it can get any better. That's really the only way to think about it. Indeed, some analysts think profits will dip in 2007. Stay tuned for Lehman Brothers and Bear Stearns. Both will report Thursday.  

For more:
- here's an update from The New York Times