Understanding Goldman Sach’s Earnings

Rolfe Winkler has an interesting pair of charts (below) showing GS’s earnings.  However, Rolfe seems to reach a very different conclusion than I do: Letting Goldman roll the dice

He chalks up their gains up to their “Casino” — but Goldman’s trading revenue has been remarkably consistent. They excellent information flow, and tremendous discipline.

If it were really a roll of the dice, it would be far more erratic . . .

Remember, the casino takes money from the suckers — the House usually wins:

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Goldman's revenue

Updated chart!

GS Slide2

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