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Goldman's "Best Ideas" Hedge Fund Is Down 2.6% In 2014
If only the $3.2 billion Goldman Sachs Global Opportunities hedge fund had listened to the firm's equity strategists, life would have been great. However, as Bloomberg reports, the so-called 'best-ideas' fund dropped 5.6% in October leaving it down 2.6% for 2014 as interest-rate bets went pear-shaped amid the crash-and-dash that was October's market manipulation. "We believe monetary policy needs to catch up with growth, and that interest rates in the US and UK are likely to rise by a significant amount," the fund wrote. It seems Goldman 'muppeted' itself. Things aren't working out... and as a gentle reminder, the fund lost 35% in 2008.
A $3.2 billion Goldman Sachs Group Inc. hedge fund that pools some of the firm’s best ideas declined 5.6 percent last month as a bet on the direction of U.S. interest rates went wrong, two people with knowledge of the matter said.
Goldman Sachs Global Opportunities Fund, which invests based on the trade ideas from the money-management unit’s fixed-income team, took a position that interest rates would rise, only to see them decline, said the people, who asked not to be identified because the information is private.
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“We believe monetary policy needs to catch up with growth, and that interest rates in the US and UK are likely to rise by a significant amount in the next one to two years,” according to a March paper written by the asset management arm.
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The fund, which has counted former presidential contender Mitt Romney among its investors, is a relative value pool that takes positions on rising and falling prices in the global fixed-income and foreign exchange markets. The fund, which was started in 2001, had $3.2 billion in assets as of June, the people said.
Since inception, the fund has generated a net internal rate of return of 9.1 percent, said one of the people. It declined 2.6 percent in 2014 through October. If that performance holds, it would lead to the second calendar-year loss in the fund’s history. The fund declined 35 percent in 2008, according to the people.
The fund is overseen by Jonathan Beinner, co-head of global fixed income at Goldman Sachs Asset Management, and Samuel Finkelstein, head of macro strategies within the fixed-income team, according to a regulatory filing this year.
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Goldman "muppeted" itself...
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Don't these guys get it? You buy stocks, then when they downtick, you buy moar... and if they have a down day you back up the truck... it's easy.
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Goldman don't lose, unless it helps them win.
Hey. They still get their 2 and 20 ... probably without a high watermark, no less.
And all the buckaroos in it, they put in there.
Called client (other people's) money
Lloyd Be Praised
"Best Ideas?"
Yep... For them certainly...
But NOT for you!
It is cool.. everyone got promoted to MD this year..
http://hedgeaccordingly.com/2014/11/bad-year-for-commodities-whether-in-...
Who are the investors dumb enough to trust Goldman with their money?
Also: conservatives question Fox's coverage of Bill Cosby rape allegations
http://tinyurl.com/n69mxuw
I honestly think this shit show can keep on rolling. Year after year...they just keep pushing and pushing...Even with the end of QE announcement...there is no end to QE...they will print and print and print....Have no clue when it will fall...but I am thinking Dow 20K S&P over 2500....and I am not being sarcastic.
No, your'e not
Yes S&P 2500. Drop the Zeros 2+5=7.
They have only one idea: Lean Over Muppet
in other news ....
China accounts for 50% of global private sector debt issued since 2007 .....10 Trillion tick, tick, tick, tick ...........
https://twitter.com/SusanLund_DC/status/534756009685032961
Goldman's Best ideas Hedge Fund. Contradictio in terminis, anyone? These mere five words put together in one line are enough to make you laugh. Or puke.
Yeah, my mental computer tried to do a divide by zero on that name....
Fuku Fund up 187.342% YTD
Lick your Sach you bottom feeding GS bitchez!
A few of the big winners: Au/Ag; Ebola; Malaysia Airlines
Fuku Fund Futures Tip: 11/26/14 Malaysia Airlines 3.0? - Although odds have lowered slightly in recent weeks they are still very high for a 3rd event
After all when Obozo couldn't get boots on the ground in Syria he just had to keep try try trying again. Do you really think Ukraine is that much different?
"The only sure bet is that corruption, collusion, cronyism, crime and Corporatocracy will reign. Invest accordingly" - Fuku Ben
* http://www.zerohedge.com/help/disclaimer + Past performance is no indication of future results
Well somebody's gotta take the other side of their trading floor's trades. Might as well be their customers.
Have they SEEN global growth estimates lately? DM sov convexity ain't been a bad spot to be.
Goldman Sachs should just rename it into "Bad Idea" hedge fund - problem solved.
NSA is passing Intel onto NORAD that the Santa sleigh might be moving WMD into NATO territory.
http://www.noradsanta.org/
Wall Street Santa Claus Banking CEO Kingpin Laundering Operations Runner Gets Arrested.
Plea deal is work in progress.
The fund is overseen by Jonathan Beinner......who will only receive a $900,000.00 bonus this year
Best Ideas....JPM has one of those funds too. I wonder which performed the worst this year.....it is like the Iditarod of prop products for HNW investors!
Sometimes a shady slush fund gets the no head shake. Accordion, monkey, and a tin cup just doesn’t work for someone who hasn’t exposed the derivatives leverage…
35% in 08 loss is proof that GS does not know mathematics and more proof that they were caught unaware when the crash manifested March 10th 2008 @ 11:00am Bear Stearns time. The market is blind and GS is blind so that we have the blind leading the blind which makes for good volatility in the long run of time. In fact, the volatilty will get even better as time passes methinks. GS is literally flying by the seat of their pants and cannot possibly sustain the charade much longer. IMF rhetoric will start flying off the printers in short order. The politicians need economic stability in an election year and will not get anything remotely like that in 2015/16.
You can bet that Lloyd Blankfein does not have is money in the Goldman Best Ideas fund. That fund is for muppets only.
I thought that list was a made up of stocks that their prop desks bought lower and wanted to distribute to their muppets.
Boo hoo, they'll only get their 62.3 mil in management fees this year.
People believed him? Of course! Short NSM and FIG as whistle blower is ratting them out as you read this.