Comments on: Understanding Goldman Sach’s Earnings http://www.ritholtz.com/blog/2009/10/understanding-goldman-sachs-earnings/ Macro Perspective on the Capital Markets, Economy, Geopolitics, Technology, and Digital Media Sat, 13 Mar 2010 16:09:30 -0500 http://wordpress.org/?v=2.9.2 hourly 1 By: flipspiceland http://www.ritholtz.com/blog/2009/10/understanding-goldman-sachs-earnings/comment-page-2/#comment-226659 flipspiceland Fri, 16 Oct 2009 19:44:24 +0000 http://www.ritholtz.com/blog/?p=41320#comment-226659 Goldman Sucks is no different than a stacked deck, a fixed horse race, or tilted roulettee table. BR or anyone else will never convince anyone that Lord Blankfein and Jamie Dimon are geniuses at what they do, nor their traders who for all the reasons above listed are not only trading on inside information they are manufacturing it, being given the money to bet with from the american taxpayer or a printing press. Without the backstop of a rigged game, they would be an ash heap today. a fate devoutly to be wished for. Goldman Sucks is no different than a stacked deck, a fixed horse race, or tilted roulettee table.

BR or anyone else will never convince anyone that Lord Blankfein and Jamie Dimon are geniuses at what they do, nor their traders who for all the reasons above listed are not only trading on inside information they are manufacturing it, being given the money to bet with from the american taxpayer or a printing press.

Without the backstop of a rigged game, they would be an ash heap today. a fate devoutly to be wished for.

]]> By: Lugnut http://www.ritholtz.com/blog/2009/10/understanding-goldman-sachs-earnings/comment-page-2/#comment-226621 Lugnut Fri, 16 Oct 2009 17:47:41 +0000 http://www.ritholtz.com/blog/?p=41320#comment-226621 "Excellent information flow" Riiiiiight. Helps when you have a 29 yo punk who worked for you 'hired' as the SEC Enforcent Division COO too. http://www.bloomberg.com/apps/news?pid=newsarchive&sid=atecAvrD1.X4 Perhaps you can let me know when we cross the imaginary line in the sand that justifies calls for torches and pitchforks, and molotovs through the windows of 200 West St. Though I would expect that as part of the build out of the new HQ, the Security Division probably had infrared remote controlled .50 cal machine guns installed on parapets out front. “Excellent information flow”

Riiiiiight.

Helps when you have a 29 yo punk who worked for you ‘hired’ as the SEC Enforcent Division COO too.

http://www.bloomberg.com/apps/news?pid=newsarchive&sid=atecAvrD1.X4

Perhaps you can let me know when we cross the imaginary line in the sand that justifies calls for torches and pitchforks, and molotovs through the windows of 200 West St.

Though I would expect that as part of the build out of the new HQ, the Security Division probably had infrared remote controlled .50 cal machine guns installed on parapets out front.

]]> By: DaveInDenver http://www.ritholtz.com/blog/2009/10/understanding-goldman-sachs-earnings/comment-page-1/#comment-226586 DaveInDenver Fri, 16 Oct 2009 16:32:37 +0000 http://www.ritholtz.com/blog/?p=41320#comment-226586 No one ever accused Rolfe Winkler of having particulary insightful views. I know for a fact that I've probably forgotten more about accounting than Mr. Winler ever knew. Here's some facts: http://truthingold.blogspot.com/2009/10/re-goldman-sachs-earnings.html and http://truthingold.blogspot.com/2009/10/goldman-sachs-tightens-its-grip-on-our.html No one ever accused Rolfe Winkler of having particulary insightful views. I know for a fact that I’ve probably forgotten more about accounting than Mr. Winler ever knew.

Here’s some facts:

http://truthingold.blogspot.com/2009/10/re-goldman-sachs-earnings.html and

http://truthingold.blogspot.com/2009/10/goldman-sachs-tightens-its-grip-on-our.html

]]> By: wally http://www.ritholtz.com/blog/2009/10/understanding-goldman-sachs-earnings/comment-page-1/#comment-226472 wally Fri, 16 Oct 2009 12:30:58 +0000 http://www.ritholtz.com/blog/?p=41320#comment-226472 To me, the chart says "Merry Christmas, Goldman Sachs" They are in the casino and they are not the house... but the dealer is throwing the game for them, because they own him. He is handing out the house's money to them. To me, the chart says “Merry Christmas, Goldman Sachs”
They are in the casino and they are not the house… but the dealer is throwing the game for them, because they own him. He is handing out the house’s money to them.

]]> By: Paul Jones http://www.ritholtz.com/blog/2009/10/understanding-goldman-sachs-earnings/comment-page-1/#comment-226449 Paul Jones Fri, 16 Oct 2009 09:05:08 +0000 http://www.ritholtz.com/blog/?p=41320#comment-226449 I think he wasn't saying that they were gamblers at the casino, but that they owned the casino. Big difference. I think he wasn’t saying that they were gamblers at the casino, but that they owned the casino.

Big difference.

]]> By: HarryWanger http://www.ritholtz.com/blog/2009/10/understanding-goldman-sachs-earnings/comment-page-1/#comment-226433 HarryWanger Fri, 16 Oct 2009 05:23:26 +0000 http://www.ritholtz.com/blog/?p=41320#comment-226433 wunsacon: This is an easy game. How do you think Barry is on every talk show? Everyone, listen. Let go of your ego and emotion, it's destroying you wealth building ability. Barry learnt this long ago, that's why he's driving a Ferrari and you're not. Go with the game. It's giving you easy money for months now. You can argue about the economy or GS bonuses, who the fuck cares? I think we're in an economic mini boom and making lots of money. It's really that easy. wunsacon: This is an easy game. How do you think Barry is on every talk show? Everyone, listen. Let go of your ego and emotion, it’s destroying you wealth building ability. Barry learnt this long ago, that’s why he’s driving a Ferrari and you’re not. Go with the game. It’s giving you easy money for months now. You can argue about the economy or GS bonuses, who the fuck cares? I think we’re in an economic mini boom and making lots of money. It’s really that easy.

]]> By: wunsacon http://www.ritholtz.com/blog/2009/10/understanding-goldman-sachs-earnings/comment-page-1/#comment-226428 wunsacon Fri, 16 Oct 2009 04:51:49 +0000 http://www.ritholtz.com/blog/?p=41320#comment-226428 Harry, there are: - People who bet right for the right reasons. (Jeremy Grantham) - People who bet wrong (or suboptimally -- e.g., not fully exploiting the bounce) despite a lot of otherwise good reasoning. (Perhaps most people on this board.) - People who seem to embody the phrase that "it's better to be lucky than smart". - The, um, unfortunate remainder. I "believe in" or "trust" the first two groups more than the rest. While your reasoning is better than some of the bulls I saw here in 2006-2007, I disagree with much of it. I'm afraid I can't put you in the Jeremy Grantham camp. Of course, this is all my subjective viewpoint. Harry, there are:
- People who bet right for the right reasons. (Jeremy Grantham)
- People who bet wrong (or suboptimally — e.g., not fully exploiting the bounce) despite a lot of otherwise good reasoning. (Perhaps most people on this board.)
- People who seem to embody the phrase that “it’s better to be lucky than smart”.
- The, um, unfortunate remainder.

I “believe in” or “trust” the first two groups more than the rest. While your reasoning is better than some of the bulls I saw here in 2006-2007, I disagree with much of it. I’m afraid I can’t put you in the Jeremy Grantham camp.

Of course, this is all my subjective viewpoint.

]]> By: wunsacon http://www.ritholtz.com/blog/2009/10/understanding-goldman-sachs-earnings/comment-page-1/#comment-226427 wunsacon Fri, 16 Oct 2009 04:37:08 +0000 http://www.ritholtz.com/blog/?p=41320#comment-226427 Thor, lo and behold, prices already look bubbly again to me. Thanks to ridiculous supply constraints and $8k sales promotions, our government has accomplished what it sought out to do and which I hardly thought possible. I'll just have to wait for this bubble to implode once again. If it doesn't, then my longs will compensate me a little. Harry, I didn't realize you were this easy to "egg on". ... People are "right" for periods of time. (Sometimes for the right reasons. Often not.) And then they're "wrong" for periods of time. (Again, sometimes for the right reasons. Often not.) I believe in data and in constantly trying to improve my understanding of things. And just hope one day to end up luckier than smart. Thor, lo and behold, prices already look bubbly again to me. Thanks to ridiculous supply constraints and $8k sales promotions, our government has accomplished what it sought out to do and which I hardly thought possible. I’ll just have to wait for this bubble to implode once again. If it doesn’t, then my longs will compensate me a little.

Harry, I didn’t realize you were this easy to “egg on”. … People are “right” for periods of time. (Sometimes for the right reasons. Often not.) And then they’re “wrong” for periods of time. (Again, sometimes for the right reasons. Often not.) I believe in data and in constantly trying to improve my understanding of things. And just hope one day to end up luckier than smart.

]]> By: Harry Wagner http://www.ritholtz.com/blog/2009/10/understanding-goldman-sachs-earnings/comment-page-1/#comment-226425 Harry Wagner Fri, 16 Oct 2009 04:01:01 +0000 http://www.ritholtz.com/blog/?p=41320#comment-226425 DELETED DELETED

]]> By: Thor http://www.ritholtz.com/blog/2009/10/understanding-goldman-sachs-earnings/comment-page-1/#comment-226424 Thor Fri, 16 Oct 2009 03:58:06 +0000 http://www.ritholtz.com/blog/?p=41320#comment-226424 wunsacon - why do you think housing will be the next bubble? wunsacon – why do you think housing will be the next bubble?

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