Conventional wisdom holds that the era of big leverage has ended. For Morgan Stanley and Goldman Sachs--the lone survivors--the world ended with them becoming commercial banks. That means an end to the turbo charged profits that both posted during the boom. But Goldman Sachs officials are not giving up on their lofty expectations, notes Business Week. The firm is planning to average 20 percent returns on equity over five years. Morgan Stanley is being less bold in expectations. My take is that 20 percent is possible. They will give up a bankrupt business model that over time has really held down its PE. That may change. Mr. Market may see a better bet--and reward it appropriately as a growth stock.

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