We have now seen the second-quarter results from the largest banks in the United States, and it's tough to make the case that Goldman Sachs (NYSE: GS) isn't an earnings season winner compared to its peers. Not only did it handily beat expectations on both the top and bottom lines, but the stock trades at an attractive valuation, and the financial institution is growing in certain ways that long-term investors should pay close attention to.

While it could certainly face some near-term headwinds if a recession hits, Goldman Sachs looks like a compelling buying opportunity for investors who measure their returns in multiyear periods. Here's a rundown of how its business is doing, and why it looks like an especially attractive investment right now.

To be sure, there were some negative features in Goldman's second-quarter numbers. Most significantly, earnings fell by 48% year over year, mainly due to a worldwide slowdown in investment banking. Mergers and acquisitions activity, as well as equity and debt underwriting, has dried up due to the uncertain economic climate, and the numbers show just how bad it is. Goldman's investment banking fee revenue dropped by 41% compared to the prior-year period.

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Source Fool.com