Goldman Reports Q4 Revenue Days: $100MM+ Profitable Days Plunge From 36 To 15; Ratio Of $100MM+ Wins/Losses Days In 2009: 131 To 0

Tyler Durden's picture

Is normalization coming back to the stock market? A quick glance at the Goldman daily trading net revenues in Q4 demonstrates that the easy money for the firm may have been already made. While in Q3, Goldman reported just one days of losses in 65 total trading days, as well as 36 days of $100MM+ profits, in Q4 the distribution looks much more normal (if still massively skewed toward profitability). In Q4 the firm announced it lost between $25 and $50 million once, lost under $25 million for 7 days, but most notably made over $100 million on "just" 15 days, a 58% decline from Q3. The Q4 $100MM+ trading days represent just 11% of all 2009 $100MM+ trading days. And here is an observation for you distributions fans: in 2009, Goldman made over $100MM on 131 out of 263 trading days, or 50%. It lost over $100MM on 0 out of 263 trading days, or 0%.

Full year 2009 Goldman trading days by quarter:


Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Rusty Shorts's picture

The shipping industry is getting "normalized" too. Hell, if you want to be the Captain of your very own Freighter, just go down to the dock and pick one out, and it's yours, although, you may have to pay the crews their back pay, that's right, Captains are jumping ship and running for the hills en-mass.

Number 156's picture

My heart bleeds.

M31Capital's picture

As long as the prop side keeps pimping up SPY's and ES's and their listed and OTC equity position traders risk capital based upon that it will never end.

Shameful's picture

This is like a guy batting .980 with mostly home runs going down to a "mediocre" .900 with less home runs.  It's not really "normal".  There are a lot of people who would sell their souls for that kind of trading profit and not getting caught on the bad side of a trade.

Hephasteus's picture

The problem with rigging the game is when they start losing. They will always lose as well.

Shameful's picture

Oh I don't doubt they face a big downside, or should I saw the bag-holders face a huge downside.  It's already been proven once they are to big to fail and in the era of infinite moral hazard does anyone really think they will be on the hook for when the hammer drops on them?  So in my mind since they know they will be bailed out there is in effect no downside unless their bets are so large they drag down the entire system before they get made completely whole.

Hephasteus's picture

Ya thats just what they said when it double dipped in the 30's.

It's capitalist law. If banks don't pay interest then people assume they aren't interested in the money so capital flees. They have to grind the market higher on low volume to let it dip when people are actually coming in and buying. When people stop coming, they will have to find some way to let it dip back down. They don't have a way in my opinion. I guess the HFT works like the gold mining market. The gold in possession is huge compared to the gold mined. So you manipulate the price of mined gold with in possession gold. The stock in peoples hands is in possession gold and the stock in HFT hands is mined gold. It works backwards though. The "mined" stock sets the price of the in possession stock and it probably has fractional limitations. As soon as too much stock gets into the HFT it breaks.

So judging from the 2008 crash all it takes is 500 billion in buffer bucks to go away and it crashes. The reload of buffer bucks in 2008 still isn't credible. There's no way to reload again with anything that approaches believability. That makes all the corporations "cash equivalants" poof. Which completely obliterates their ability to get any capital at all because the banks can't use the stock holders as an usecured credit card that is wipeable at any point. So the scam has really circumvented itself. By the government becoming the sucker stockholders the corporations that create and control the government become thier own suckers.

lizzy36's picture

Inquiring minds....What is their NFP # for Friday (which of course will be revised Thursday afternoon)?

Trifecta Man's picture

They did almost as well as Bernie Madoff used to.

Anonymous's picture

That is some amazing accuracy, it's almost like they know the direction of the markets beforehand.

Missing_Link's picture

...  or change it afterhand!

Lord Blankcheck's picture

"I pledge allegiance to the Squid of the United States of America and to the robber barrons for which it stands,one bank above God,invisable,with no liberty or justice for all"




Oso's picture

when the govt doesnt fucking TELL you what it is monetizing, it becomes a fucking little bit harder.  FUCK GS.


I've never said i seriously hate something or someone - but i truly hate GS, and wish nothing but ill on that firm.

Anonymous's picture

wish only good things on good people.

Let evil destroy itself, it has nothing to feed upon if its the only thing left in a room by itself.

It takes people playing the game for the game to continue.

E pluribus unum's picture

Maybe they'll have to lay off Abby Joseph Cohen....Maybe she gets Don Kohn's job at the FED?

aint no fortunate son's picture

Thank you Hank Paulson... 

Anonymous's picture

Has anyone noticed, that AIG purchased Prudentials' debt, to the tune of 1 billion, less than a month ago, and now, that troubled company now *owned* by Goldman Sachs is buying AIG? Goldman is managing to make profit off of both companies, first on imploding them, then by purchasing them, via hook or by crook... all under our very eyes.

dvsteenk's picture

Is it normal that both Bund futures and all index futures (CAC40, DAX, STOXX50, S&P) trend in the same direction? On "normal" days Bund and index futures trend in reversed fashion, usually they correlate negatively (Bunds up, Stocks down)... Why index futures keep rising, in spite of the not so good news of lately? Who or what is pushing up futures? And how?

Anonymous's picture

Goldman Sachs: Fags with your money.

Fritz's picture

I believe the bucket shops had similar statistics back in the 20's, albeit at lower absolute levels.

Whats old is new again.

Gordon_Gekko's picture

Translation: Not that many day traders/investors left to LOOT and PILLAGE now that many of them have ABANDONED the "markets" completely.

Mr Lennon Hendrix's picture

They will stop shorting gold soon.  it is eating at their margins.

SRV - ES339's picture


Shorting gold, and tanking the market periodically to grease the skids for T-Bill auction, is cutting into their profits... simply the price of doing Gods work (Ben and Timmy have a direct line ya know)!

Besides, it's good PR... could it be they're finally catching on that it's not such a great idea to "rub our noses in it" and, while not hiding it, could they at least be making an effort to make it a little less obvious?

greased up deaf guy's picture

disappointing quarter for sure. they should consider rehiring sergey aleynikov.

jmc8888's picture

And remember, GS is broke 300x over.  So all these big profits that outrages and amazes people.  Wouldn't even fill 1/100th of 1 percent of their derivatives WHEN it collapses.

GS is broke, but they're making money hand over fist.  Sounds crazy, until you realize this isn't a theory, but an everyday fact.


It's the system stupid

It's the derivatives stupid

It's the statistical models stupid

Anonymous's picture

The definition of a great trader is one who right just over 50% of the time and the definition of lousy trader is one who is wrong just less than 50% of the time.

Anonymous's picture

Most of the "trading" business are NOT PROP.

There are hedged customer facilitation businesses (essentially providing liquidity).

This explains WHY the pnl is so steady. Of course, there is still some risk... but they are not in the "symetric risk" betting business.



Anonymous's picture

Fantastic results, kudos to GS

Anonymous's picture

Why even be open for business when one is just shoving handfuls of cash straight out of the treasury press into their pockets.

If this is God's work sign me up for Judaism!

juno9604's picture

GS playing possum this quarter w/ FED, SEC, others looking into their shennanigans.  GS just issued $2bln 10yrs at

190bps over treasuries...building war chest

Anonymous's picture

So who is on the other side of their trades?

Tom123456's picture

ucvhost is a leading web site hosting service provider that is known to provide reliable and affordable hosting packages to customers. The company believes in providing absolute and superior control to the customer as well as complete security and flexibility through its many packages. windows vps Moreover, the company provides technical support as well as customer service 24x7, in order to enable its customers to easily upgrade their software, install it or even solve their problems. ucvhost offers the following different packages to its customers.