What a pal we have in Goldman Sachs

Seven out of ten recommended trades were colossal flops. But don’t worry: they made money on their own trades, every day. Betting against you, you sucker.

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6 responses to “What a pal we have in Goldman Sachs

  1. smart money

    And 10 out of 10 real estate deals recommended by Greenwich realtors in 2007 are also colossal flops!

  2. Anonymous

    See the Bloomie story on DoJ investigating Hamptons realtors/MLS for anti-trust or something…

    Is there no honor amongst thieves?

  3. You're right

    But did Greenwich realtors somehow make a killing buy and selling for themselves in 2007?

  4. Jane

    Did you see the Blumenthal coverage in the Post? Semper Lie. Very funny.

  5. smart money

    “But did Greenwich realtors somehow make a killing buy and selling for themselves in 2007?”

    GS makes most of their money trading customer flow – taking out a vig on every trade. Supposedly, only 10% of their profit comes from trading for their own account.

    Realtors make most of their money doing the same thing – taking out a commission on every deal. So even if they are wrong when they say stupid things like, “… Greenwich real estate never goes down… ” or “now is the time to buy…” the realtor always makes money. Just like GS makes money when they tell their customers to sell forward variance swaps and the over-levered customer subsequently blows up when there’s a spike in volatility.

  6. out looking in

    Predicting markets is extremely difficult, espcially when one is able to cherry pick the “evaluation” date. I did look at the list and keyed in on the Kiwi/Sterling cross- read the supporting material for trade and found it illogical (by my way of thinking). I even thought they might be sandbagging (seriously). But one pick, selling volatility, was a huge winner until last week. The key to successful trading is to let the winners run and contain losses.