Wednesday, May 19, 2010
Why does Goldmine Sachs have any clients left?
When Bloomberg reports something like this even the explanation sounds hollow,
Goldman Sachs Group Inc. racked up trading profits for itself every day last quarter. Clients who followed the firm’s investment advice fared far worse.You see it really is simple, if you make the trades you lose. If you just capture the spreads you can make a pantload. Everybody knows that.
Seven of the investment bank’s nine “recommended top trades for 2010” have been money losers for investors who adopted the New York-based firm’s advice, according to data compiled by Bloomberg from a Goldman Sachs research note sent yesterday. Clients who used the tips lost 14 percent buying the Polish zloty versus the Japanese yen, 9.4 percent buying Chinese stocks in Hong Kong and 9.8 percent trading the British pound against the New Zealand dollar.
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