From envy-to-the whipping boy, quicker than I ever thought possible. The powerful institution teaches anyone willing to currently listen, that 'a-lack-of-hubris' is a strong component of success.
The year of the collapse was one of my most successful years as a trader. I did not indicate as such last year because I felt guilty. I could not bring myself to post about it simply because there was too much negativity all over the place. Too many people loosing too much money. This year, everyone, and their mother, benefited with the rising market, so I felt it was 'okay' to post my performance.
If I can understand this very simple principle, Goldman can definitely understand it. But, the real question is, can they act on the understanding of humility?
Right now, they are sucking wind. They are getting their ass' kick pretty badly, despite making money hand over fist. The worst, imo, is the "Goldman's Non-Apology" from the NYT. It just kicks them while they are down, probably breaking a few ribs :).
Make no mistake, I am a huge fan of Goldman, huge. But I am a bigger fan of what is going on around GS. While everyone is bitching and moaning, and watching Goldman scramble to find a strategic plan, it is showcasing the awesome power of a Democratic society. A society centered around 'debate', and regardless of how powerful you think you are, you realize you must always accommodate to the wishes of 'the-hand-that-feeds-you'.
I am currently long GS, and at the current level, it is a great entry point for long-term investors.
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