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: