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Did Goldman Just Do It Again?

Tyler Durden's picture




 

For anyone who managed to avoid Goldman's "can't miss" recommendation and get short the EURUSD two weeks ago ahead of the ECB's stunning disappointment which sent the pair soaring and crushing virtually every macro hedge fund and FX trader, Goldman's Asset Management group has another recommendation just for you.

In case the fine print is a little too small, here it is in normal font:

High Yield & Bank Loans: We have increased our overweight in high yield.

Why?

  • High yield returned -1.53% over the week, with spreads widening by 23bps, driven by underperformance in energy-related markets. Bank loans returned -0.27% and European high yield returned -0.58%.
  • High yield funds experienced $398mn in inflows over the week, while loan funds saw $387mn in outflows.
  • High yield primary market activity increased over the week, with eight deals pricing for $4.1bn. Bank loan new issue volumes fell, with nine deals pricing for $2.3bn.

 

Here is one simple explanation of what Goldman suggests you do:

Here is another: buy everything that Goldman has to sell. Confused: see Abacus.

h/t @insidegame

 

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Mon, 12/14/2015 - 14:32 | 6922370 BadKiTTy
BadKiTTy's picture

These guys would sell bags of cancer to their mothers! 

 

Mon, 12/14/2015 - 14:33 | 6922385 order66
order66's picture

Douchebags.

Mon, 12/14/2015 - 14:38 | 6922413 knukles
knukles's picture

Where the fuck's the SEC.  Used to be big ass fines for Appearances of Conflicts of Interest.
Assholes

Mon, 12/14/2015 - 14:44 | 6922439 Slurm
Mon, 12/14/2015 - 14:46 | 6922448 SoilMyselfRotten
SoilMyselfRotten's picture

Yep BadKitty, just so they could make money off the treatment

Mon, 12/14/2015 - 14:51 | 6922485 Fish Gone Bad
Fish Gone Bad's picture

They couldn't just inflict it on people, so they are trolling it now. How sad.

Mon, 12/14/2015 - 15:47 | 6922726 WTFRLY
WTFRLY's picture

Are joo surprised?

Mon, 12/14/2015 - 17:45 | 6923221 HowdyDoody
HowdyDoody's picture

Wall Street's Theme Tune.

https://www.youtube.com/watch?v=yge311sFhC8

It should be played on all radio stations this Christmas.

 

Mon, 12/14/2015 - 17:54 | 6923232 roadhazard
roadhazard's picture

sent

Mon, 12/14/2015 - 21:04 | 6923888 Richard Chesler
Richard Chesler's picture

Greedy fucking tribe.

 

Mon, 12/14/2015 - 14:51 | 6922486 JRobby
JRobby's picture

Translation: Goldman piling into CDS' on high yield

Who is on the other side of that ass fucked trade?

 

Yellen?

Mon, 12/14/2015 - 15:02 | 6922531 NotApplicable
NotApplicable's picture

Who else?

Well, maybe Corzine, if he's gotten enough of OPM by now.

Mon, 12/14/2015 - 14:58 | 6922517 doctor10
doctor10's picture

Congress is supposed to provide regulatory oversight.  Unfortunately, the number of Congressional representatives (435)  has basically remained the same since the mid-1890's, while egency growth has been exponential.

 

Consequently, GS, and every other entity which supposedly is Federally regulated, basically either buys the regulators or gives them jobs after their federal stint, or has bought the cxongrescritters supposedly providing oversight.

 

Original congressional apportionment was one congresscritter:30000 Americans.  Today that would mean 10000 Congresscritters, meeting electronically from their districts, wy beyod the physical reach of the K st Lobby which supervises the trading of regulatory oversight and favor.

It really would take that many Congressional representatives  to apply sufficient Constitutional oversight and supervision to the rogue federal agencies opressing Americans today.

Mon, 12/14/2015 - 15:07 | 6922562 NotApplicable
NotApplicable's picture

Funny, I still think the Fed could create enough cash for Wall St. to buy them all off.

Mon, 12/14/2015 - 15:38 | 6922683 JRobby
JRobby's picture

"Congress is supposed to provide regulatory oversight"

Laugh Track Deafening

 

Congress, fully attended for a change, sits transfixed as Insane Clown Posse performs all their hits.

Mon, 12/14/2015 - 16:00 | 6922786 madcows
madcows's picture

They were working overtime trying to catch martha stewart. 

Besides, they bought congress, so the laws don't apply to them. 

And, theyve got all their employees working inside the SEC.

The only way to win is not to play the game.

Mon, 12/14/2015 - 14:34 | 6922390 El Oregonian
El Oregonian's picture

Golden Sacks of Crap...

Mon, 12/14/2015 - 14:34 | 6922392 slaughterer
slaughterer's picture

Nothing wrong with Junk if GS is buying it.  Even the Icahn thesis on HYG ETF is wrong. 

Mon, 12/14/2015 - 14:45 | 6922446 BandGap
BandGap's picture

"just the tip, I promise"

Mon, 12/14/2015 - 14:46 | 6922450 williambanzai7
williambanzai7's picture

DO YOUR JOB MUPPETS

Mon, 12/14/2015 - 14:48 | 6922463 ThroxxOfVron
ThroxxOfVron's picture

Dragged down into the dark pool by tentacles...

Mon, 12/14/2015 - 14:49 | 6922470 Rainman
Rainman's picture

Just when we thought the NAR might be the only ho workin the block ... the Squid says :

        There's never been a better time to buy junk !

 

Mon, 12/14/2015 - 18:16 | 6923284 ajax
ajax's picture

 

 

"“We believe that Goldman Sachs, under Federal Reserve supervision, will be regarded as an even more secure institution with an exceptionally clean balance sheet and a greater diversity of funding sources,” Lloyd C. Blankfein, the chairman and chief executive of Goldman, said in a statement on Sunday night."

That was in September 2008 when Brooklyn Lloyd had to turn his casino into a bank holding company in order to stave off bankruptcy. Brooklyn Lloyd sure knows how to spin a used condom floating in the East River into a tasty gefilte fish sold on Wall Street.

Hasn't he been diagnosed with colon cancer yet? Or some inoperable brain tumour? Or? What's taking so long?

Mon, 12/14/2015 - 15:34 | 6922666 wisebastard
wisebastard's picture

then they would hi-jack the US government and use them to force their mom to buy overpriced health insurerance to pay for treatment that would fuck them up worse then when they went in with cancer. it would gain tons of attentino and most the people would think everything was cool with the exception of a small portion of society that the banks would then spend millions of dollars to gangstalk harass and torture to shut up and be made examples out of so no one else would consider getting out of line and standing up to the sadistic pedophiles who work for the banks....................god bless america

Mon, 12/14/2015 - 14:32 | 6922377 assistedliving
assistedliving's picture

pure evil...and the devil himself will be back in a few

Mon, 12/14/2015 - 14:40 | 6922417 Satan
Satan's picture

Easy now...Goldman Sachers are even unpopular down here...have to keep them separate from the other lodgers...

Mon, 12/14/2015 - 17:03 | 6923052 ajax
ajax's picture

 

 

The American Dream is dead.

Not for Martin Shkreli, not for Lloyd Blankfein. The American Dream is alive and well in Brooklyn: You want to live in a country run by these creeps?!! You want to live in a country where your paid sick leave depends on what Zuckerberg thinks about it?

http://www.c-span.org/video/?401564-4/washington-journal-john-della-volp...

Poooor old America

 

Mon, 12/14/2015 - 14:46 | 6922454 THE COIN
THE COIN's picture

evil...devil. I saw what you did there. You're saying Goldmales are harmful to your health.

Mon, 12/14/2015 - 14:32 | 6922378 ShrNfr
ShrNfr's picture

That's not a knife thing to do to their clients.

Mon, 12/14/2015 - 15:32 | 6922657 o r c k
o r c k's picture

Your pretty sharp.

Mon, 12/14/2015 - 15:47 | 6922725 All_Your_Base
All_Your_Base's picture

Cut it out.

Mon, 12/14/2015 - 16:28 | 6922904 Uchtdorf
Uchtdorf's picture

What's the point of these posts?

Mon, 12/14/2015 - 18:32 | 6923311 ajax
ajax's picture

 

 

What's the point Uchtdorf? It's called making new friends and having fun on the internet. Here's some music too:

https://www.youtube.com/watch?v=h7qtyCl7ysE

"Ford Presents: The Creative Performer" - and it went out on American television, not cable, not pay per view...for The Fucking Public. If you want a copy for yourself now, good luck. Scour the Net yourself. It ain't even for sale in the USA.

You know who adored Glenn Gould? The late Marc Rich, The King of Oil

Mon, 12/14/2015 - 19:25 | 6923540 consider me gone
consider me gone's picture

Thanks. That was awesome. I really think that Bach is going to hit the big time one day.

Mon, 12/14/2015 - 14:32 | 6922379 db51
db51's picture

Wait....not so fast....these fuckers probably are right.

Mon, 12/14/2015 - 18:45 | 6923390 ajax
ajax's picture

 

"Wait....not so fast....these fuckers probably are right."

Of course they're right. They're always on the right side of the trade - you're the fucking sucker. Read the fine print backwards in a mirror. 

Mon, 12/14/2015 - 14:33 | 6922386 Cautiously Pess...
Cautiously Pessimistic's picture

Good ol' Goldman Suchs ... doing God's work as usual.  Same as it ever was.

Mon, 12/14/2015 - 14:33 | 6922387 SILVERGEDDON
SILVERGEDDON's picture

Inaguration of the Goldilocks algo Fuckyou- Fuckme machine trader.

Mon, 12/14/2015 - 14:36 | 6922398 NEOSERF
NEOSERF's picture

I was TOTALLY feeling like a market maker was artificially propping up the market today no doubt at the behest of the Fed so they can just do this one and done rate hike...hard to do it with another 700 pt down week heading into Xmas.

Mon, 12/14/2015 - 14:36 | 6922401 nmewn
nmewn's picture

"I got me ah hawt tip from dem dare high financial type fellars, here hold maw beer. Watch this!!!"

Mon, 12/14/2015 - 14:37 | 6922408 medium giraffe
medium giraffe's picture

Another day, another shitty deal.

Mon, 12/14/2015 - 14:41 | 6922422 THE COIN
THE COIN's picture

Thank you Sir ! May i have another.

Mon, 12/14/2015 - 14:52 | 6922489 RadioFlyer
RadioFlyer's picture

BOHICA

Mon, 12/14/2015 - 14:41 | 6922424 JenkinsLane
JenkinsLane's picture

The ghost of Stolper past. 

Mon, 12/14/2015 - 14:41 | 6922425 undercover brother
undercover brother's picture

Goldman is a prime example of why Glass-Steagall not only needs to be reinstated, but updated to include modern market participants such as hedge funds.  Goldman operates primarily as a hedgefund with an investment bank and brokerage as subsidiaries. It's should be obvious to all how this relationship can be abused.   

Mon, 12/14/2015 - 15:04 | 6922545 NotApplicable
NotApplicable's picture

If people are stupid enough to fall for this crap, no amount of laws can make the least bit of difference.

Nor are they needed, as stupid should hurt.

Mon, 12/14/2015 - 15:50 | 6922733 ajax
ajax's picture

 

 

@ undercover brother

"A simple kind of firm..." Oh yeah Lloyd!

https://www.youtube.com/watch?v=5IY0D5jXr2c

Blankfein is capable of saying absolutely ANYTHING. ANYTHING. Listening to him for more than a few minutes is absolutely impossible without going full throttle "postal". Blankfein is capable of driving you fucking insane. Most people from Brooklyn are capable of the same and Wall Street street is full of them.

Poor old America.  

 

Mon, 12/14/2015 - 16:04 | 6922809 ajax
ajax's picture

 

 

Further to Blankfein's comments: "We're really just an investment bank and an asset management firm..."

Oh really Lloyd? How about this?

http://www.nytimes.com/2008/09/22/business/22bank.html?_r=0

Mon, 12/14/2015 - 14:41 | 6922427 undercover brother
undercover brother's picture

.

Mon, 12/14/2015 - 14:44 | 6922442 Consuelo
Consuelo's picture

The Merchant(s) of Venice...

 

 

Mon, 12/14/2015 - 14:49 | 6922451 Palladin
Palladin's picture

 

 

Take a look at the Pitch Book on Abacus:

http://fcic-static.law.stanford.edu/cdn_media/fcic-docs/2007-03-00_Abacu...

Or how about the Term Sheet:

http://fcic-static.law.stanford.edu/cdn_media/fcic-docs/2007-03-00_Abacu...

 

Many more here:

http://fcic.law.stanford.edu/resource/staff-data-projects/cdo-Library

When the MSM says "they didn't know what was in the CDO's" just ask yourself how many people had to participate in creating these 400 page documents. Look at the disclaimers, and the Credit Rating Agency's comments.

.

Mon, 12/14/2015 - 16:08 | 6922828 ajax
ajax's picture

 

 

@Pallidin

The FCIC was dismissed by a lot of people - here in the Hedge as well - but it is a gift that just keeps on giving.

Check out the hearings which are still available on Cspan, although you've got to do some digging around to get to them.

Mon, 12/14/2015 - 14:46 | 6922457 ThroxxOfVron
ThroxxOfVron's picture

Something tells me that if GS is buying it on sale this week that The FED is going to be buying from them at outrageously inflated prices as a component of QE4 very very soon..

Mon, 12/14/2015 - 14:50 | 6922471 firstdivision
firstdivision's picture

If the drawing was a representation of what Goldamn wants, shouldn't that guy's pants be down around his ankles, and the knife a falic art piece heading for his bung hole?

Mon, 12/14/2015 - 14:56 | 6922512 Bill of Rights
Bill of Rights's picture

Too Jewish..

Mon, 12/14/2015 - 15:24 | 6922632 83_vf_1100_c
83_vf_1100_c's picture

  If is uncircumcised? and it is spelled phallic. I'm on a spelling police binge this week.

Mon, 12/14/2015 - 15:03 | 6922539 BandGap
Mon, 12/14/2015 - 14:55 | 6922506 cn13
cn13's picture

No law in the world applies to Goldman Sachs.

Get over it.

Mon, 12/14/2015 - 15:00 | 6922523 BullyBearish
BullyBearish's picture

"...in the world..."

Mon, 12/14/2015 - 15:45 | 6922712 jakesdad
jakesdad's picture

reminds me of the initiation scene in "the skulls" where the old guy tells the pledges:  "our rules supercede those of the outside world"

Mon, 12/14/2015 - 16:31 | 6922915 Crocodile
Crocodile's picture

For there is no partiality with God. (unlike man altogether)

For as many as have sinned (ALL SIN) without law will also perish without law, and as many as have sinned in the law will be judged by the law (ALL ARE GUILTY)  in the day when God will judge the secrets of men by Jesus Christ, according to the gospel of Jesus the Christ the Son of the living God.

Get over it; more like get saved!

 

Mon, 12/14/2015 - 15:43 | 6922706 jakesdad
jakesdad's picture

if titanic were built in 2015:

 

goldman would have the iceberg towed into position b/c they had swaps on bluestar's bonds

fed governors would be scurrying around rearranging deck chairs

sjw(s) would all drown b/c they'd be too busy lecturing everyone about demographic differences between passengers & crew that it'd never occur to them to get in a damn lifeboat!

Mon, 12/14/2015 - 16:32 | 6922923 Uchtdorf
Uchtdorf's picture

In your version, could Leonardo DiCaprio get run over by a truck on the dock before departure so we don't have to suffer through his petulant performances?

Mon, 12/14/2015 - 15:49 | 6922735 Oldballplayer
Oldballplayer's picture

Aren't here the guys who tell you not to chase returns? That is always a losing tactic.

Mon, 12/14/2015 - 19:33 | 6923568 CHoward
CHoward's picture

Goldman's Ballsac does it for God, right?  It's God's work here on Earth - right?  Whatever they do or say is good, right?

Mon, 12/14/2015 - 19:34 | 6923580 will ling
will ling's picture

don't forget ted cruz's GS (wife) ties.

Mon, 12/14/2015 - 20:57 | 6923868 Full Nelson
Full Nelson's picture

Christians pray to God, Muslims pray to Allah, Jews pray to Money.

Mon, 12/14/2015 - 21:30 | 6923987 V for ...
V for ...'s picture

Muppets,

Do you have money? Golem Sacks loves you. Hand it over, muppets.

Mon, 12/14/2015 - 22:10 | 6924150 Goldbugger
Goldbugger's picture

Fuck those fuckin fuckers. https://www.youtube.com/watch?v=ArXu-frf6QE

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