Paul has the full scoop: Highlights from Goldman Sachs’ Conf Call Today
(Is it so wrong to find this terribly amusing?)
Goldman Sachs Conference Call Highlights
August 14, 2007 1:30pm by Barry Ritholtz
This content, which contains security-related opinions and/or information, is provided for informational purposes only and should not be relied upon in any manner as professional advice, or an endorsement of any practices, products or services. There can be no guarantees or assurances that the views expressed here will be applicable for any particular facts or circumstances, and should not be relied upon in any manner. You should consult your own advisers as to legal, business, tax, and other related matters concerning any investment. The commentary in this “post” (including any related blog, podcasts, videos, and social media) reflects the personal opinions, viewpoints, and analyses of the Ritholtz Wealth Management employees providing such comments, and should not be regarded the views of Ritholtz Wealth Management LLC. or its respective affiliates or as a description of advisory services provided by Ritholtz Wealth Management or performance returns of any Ritholtz Wealth Management Investments client. References to any securities or digital assets, or performance data, are for illustrative purposes only and do not constitute an investment recommendation or offer to provide investment advisory services. Charts and graphs provided within are for informational purposes solely and should not be relied upon when making any investment decision. Past performance is not indicative of future results. The content speaks only as of the date indicated. Any projections, estimates, forecasts, targets, prospects, and/or opinions expressed in these materials are subject to change without notice and may differ or be contrary to opinions expressed by others. The Compound Media, Inc., an affiliate of Ritholtz Wealth Management, receives payment from various entities for advertisements in affiliated podcasts, blogs and emails. Inclusion of such advertisements does not constitute or imply endorsement, sponsorship or recommendation thereof, or any affiliation therewith, by the Content Creator or by Ritholtz Wealth Management or any of its employees. Investments in securities involve the risk of loss. For additional advertisement disclaimers see here: https://www.ritholtzwealth.com/advertising-disclaimers Please see disclosures here: https://ritholtzwealth.com/blog-disclosures/
What's been said:
Discussions found on the web:Posted Under
Previous Post
and remember folks… the trickle down effect works in reverse when those in the upper tax brackets are getting crushed
The GS infusion into their hedge fund, not being a bailout, reminds me of a comment the daughter of an acquaintance told me: “Trudy is not my real mother.” This little girl was accompanied by her father and his girlfriend to a party I was hosting. Sometimes (actually a LOT of times), children can see more clearly than adults.
How is this for the understatement of the year?
Bloomberg -“Moody’s, S&P Lose Some Credibility With New Credit Derivatives ”
I think GS stock movement of the last few days says all that need be said about it’s communication skills.
That’s two conference calls in two days when they are totally known for secrecy and behind close door dealings. It was a great short;-)
that I am now out of since it’s being defended almost minute by minute with the standard: nothing to see here move along…
that’s not what it’s SP is saying…
Ciao
MS
As Hamlet said to Horatio, “Thus has he—and many more of the same bevy that I know the drossy 180 age dotes on—only got the tune of the time and outward habit of encounter, a kind of yeasty collection, which carries them through and through the most fond and winnowed pinions; and do but blow them to their trial, the bubbles are out.”
Translation: *He’s like so many people in these trashy times—he’s patched together enough fancy phrases and trendy opinions to carry him along. But blow a little on this bubbly talk, and it’ll burst. There’s no substance here.*
Shakespeare wrote much on the unpopularity of some money-lending activities. Goldman Sachs and other firms should get a Get a Clue and Wise up.
The power of the english language:
dislocation=losses
investment opp.=bailout
market volatility=it actually does go down
fair market value=whatever we can get
orderly exit=run, don’t walk because that other guy is doing the exact same thing.
GS=Major bullshit
Ciao
MS
“Hey, blame it all on CANADA like in the Simpsons!”
“Dylan Ratigan on CNBC blamed it on the French.”
A strange thing this term “accountability.”
The US complains loudly about shoddy products imported from China all the while the rest of the world is gagging from shoddy financial products it (Goldman Sachs et al) willfully sold. Then when they do squawk about being sold weeds instead of roses, its their fault for gagging and squawking. A real twist of irony is, the effect of this direct foreign investment is foreign central banks have to loosen first now, so the US dollar is gaining a bid. Disgustingly sick on so many levels.
I know Sentinel is not a money market fund, but has anyone heard about this?
” There is unconfirmed talk many money market funds including BlackRock (nyse: BLK – news – people ), Schwab, and Fidelity may have attempted to enhance their investment returns by purchasing low-quality debt instruments and now face withdrawal problems because they cannot value these assets in the current environment.
Thomson IFR Markets said: ‘This is a scary development. If this problem spreads to Vanguard, Fidelity, and other large money market funds, funds with trillions of dollars, we shudder to think that we might see an old-fashioned ‘run on the bank’.'”
http://www.forbes.com/afxnewslimited/feeds/afx/2007/08/14/afx4018868.html
all of us will have alot more to discuss on the redemption side of things by tomorrow (that is assuming that we actually get some sort of REAL news about it)
I think the administration will trot out Hank* again as they realize the size and scope of the redemptions.
*why not POTUS??…because he’s on vacation and can’t be bothered with any of this.
Ciao
MS
Oh shoot. Since I seem to lose money every time I mess with my IRA I turned it over lock, stock and barrel to Merrill Lynch and told them I just wanted to check the statement 1x a year, but I think that they put some of it into the BlackRock Dale mentioned.
Thanks, Dale, for pointing me to that Forbes article and ruining my night. My family has almost all of our money in Fidelity Money Market accounts. Last year, I prudently opened an account at Vanguard, just so that I wouldn’t have all my eggs in one basket. Looks like I’ll get raped in all holes now.
MS,
“*why not POTUS??…because he’s on vacation and can’t be bothered with any of this.”
Neither snow, nor rain, nor heat, nor a PDB titled “Bin Laden determined to strike in US” stays the Bushies from their appointed vacation plans.
.
If they trotted GWB again, what tiny little shreds of credibility that remain would be blown to the four winds. He don’t exactly look competent and in-charge on TV these days.
Better to have some flunky issue e-mail releases after 5PM of anything that needs to be said. The more these guys try to hold up the market with the power of positive thinking, the worse they look.
Not that this has stopped them before.