Goldman's lessons learned from earnings season

David Kostin, chief U.S. equity strategist at Goldman Sachs Group.
Scott Eells | Bloomberg | Getty Images

The consumer is financially strong and some companies are still managing to expand margins, according to Goldman Sachs after the firm's dissection of second-quarter earnings conference call transcripts.

"Managements expressed concern that consumers will postpone spending due to rising political and economic uncertainty. However, financial firms noted an improvement in household balance sheets," wrote David Kostin, Goldman's chief U.S. equity strategist, in this quarterly report of "anecdotal evidence of fundamental and thematic trends."

Here are excerpts and four themes from Goldman's report: