Why Do Business with GS, JPM, etc. ?

Quote of the Day:

“In our experience, Buy Side investors today don’t do business with GS or the other major Sell Side firms because they trust them. They do business with firms like GS because they believe that the firm has better access to information than do the other dealers in the marketplace.

The sad fact is that the trust that once made firms like GS and the old JP Morgan & Co special has long since been lost, leaving the marketplace that remains a hideous, barbaric place that is bereft of honor — and a source of infinite risk to the participants.”

Chris Whalen of IRA


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