Goldman Sachs’ trading profits set record!
The latest SEC filing from Goldman Sachs shows that in 2009 the firm made more than $100 million in one day on 131 days (250 trading days in a year). That’s an average of about every other day. It lost money on only 19 days, and Goldman reported that none of the losses on losing days exceeded $100 million. (For the year the firm reported earnings of $13.4 billion from all sources). Must be easy to make money at an almost guaranteed rate when you're provided with unlimited cash and leverage (ie, fuel) via the Federal Reserve. I gotta get me some of that...LOL!
Last year’s trading performance broke its previous record, set in 2008 (when the bottom was dropping out of the financial sector, and the financial system was close to total collapse). In 2008 Goldman Sachs made more than $100 million in one day on 90 days.
Ah yes, but these financial firms advise public investors to just buy and hold because the market cannot be timed and too much trading ruins performance.
The obvious question??? How many clients saw gains at that rate???
If the Bulls want to own this market, they had better get it moving upward with some energy. Wouldn't take much of a downside move for the Bears to regain control.
Still day trading in this "decision area"...One day at a time!!!
You hit the nail on the head here! We are just sheep - BAAAAAHHHHH
ReplyDeleteI wonder how they calculate ROI?!? Seeing as how all they had to do is back up a truck to the FED and say "Fill er up!"
At least we can all sleep well knowing that the banks are saved. Surely it will be wine and roses for the foreseeable future for us all!