Goldman Stolpered Out On Short GBPNOK, 2.2% Loss In 3 Weeks

Tyler Durden's picture


Earlier today, in the very appropriate context of Greg Smith, we lamented the resent disappearance of everyone's favorite FX strategist, Thomas "9 out of 9" Stolper. Speak of the squid - here he is, this time advising clients they just got Stolpered out on short GBP/NOK with a 2.2% loss in 3 weeks.

On 22 February 2012 we recommended going short GBP versus the NOK, partly on the assumption that Norges Bank would have little room to cut rates after recent data showed very strong growth momentum and much less disinflation than feared.


Having already cut by 50bp at the end of last year, we did not expect any additional easing.


In the event, Norges Bank did cut rates and hence removed the underlying rationale of the recommendation.


We close our short GBP/NOK for a potential loss of 2.6%, including carry.

Your rating: None

- advertisements -

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Wed, 03/14/2012 - 11:56 | 2254473 Mr Lennon Hendrix
Mr Lennon Hendrix's picture


Wed, 03/14/2012 - 12:13 | 2254567 Hard1
Hard1's picture

AS clearly stated by Greg Smith, they recommended the trad to suckers er. customers so that their trading desk could unwind their postion

Wed, 03/14/2012 - 13:17 | 2254913 Stoploss
Stoploss's picture

Is Stopler part of the 89%??

Wed, 03/14/2012 - 17:00 | 2255783 VanceEva1
VanceEva1's picture

my classmate's sister makes $82 hourly on the internet. She has been out of work for 10 months but last month her income was $17192 just working on the internet for a few hours. Read more on this site ....

Wed, 03/14/2012 - 11:58 | 2254476 Cognitive Dissonance
Cognitive Dissonance's picture

Missed it by >that< much.......again and again and again and again.

At least they are consistent.

Wed, 03/14/2012 - 12:12 | 2254556 LongSoupLine
LongSoupLine's picture

and the Muppets will keep buying...

Wed, 03/14/2012 - 11:57 | 2254479 Acet
Acet's picture

True, there's a sucker born every day, but Goldman is going through suckers so fast they'll be targetting babies in a couple of months.

Wed, 03/14/2012 - 12:15 | 2254580 dark pools of soros
dark pools of soros's picture

is Goldman stealin E-Trade clients?

Wed, 03/14/2012 - 11:58 | 2254485 Manthong
Manthong's picture

Squids are only human.. right?

Wed, 03/14/2012 - 11:59 | 2254488 I am a Man I am...
I am a Man I am Forty's picture

short term trading in currencies is hilarious to me

Wed, 03/14/2012 - 12:32 | 2254650 Zero Govt
Zero Govt's picture

Yes, Rob Prechters Elliott Waves 'currency specialty service' is also equally hilarious

9 wrong out of 9, meet 9 wrong out of 10

Wed, 03/14/2012 - 12:01 | 2254495 Fidel Sarcastro
Fidel Sarcastro's picture

Stolper is screwing over the client base so hard, he's surely in line for a promotion.

Wed, 03/14/2012 - 12:01 | 2254499 Sudden Debt
Sudden Debt's picture

Luckely, the calls that Goldman bought for themselves traded up and made sure GS doesn't suffer from their clients mistakes.


Wed, 03/14/2012 - 12:02 | 2254504 Dr. Engali
Dr. Engali's picture

Boy CNBC sure can't get enough of gold and silver being down.

Wed, 03/14/2012 - 12:20 | 2254596 dark pools of soros
dark pools of soros's picture

have they changed the term gold-diggers to stock-stashers yet?  or just using the time tested money-grubber?

Wed, 03/14/2012 - 12:41 | 2254693 Quinvarius
Quinvarius's picture

Ringing the bell at the bottom like Quasimodo on Easter at the Vatican. 

I suspect there are a lot of people who are terrified at the Treasury market collapse.  A little paper raid probably makes them feel better.  But, the endgame is gold well over 10k to stave off a systemic collapse...which appears to have begun in earnest.

Wed, 03/14/2012 - 12:03 | 2254508 g3h
g3h's picture

How can this guy keep his job? 

Ah, he is paid to do so.

Wed, 03/14/2012 - 12:28 | 2254626 Zero Govt
Zero Govt's picture

mis-leading clients: a specialty at Goldman Sucks

(just ask the Libyan Wealth Fund)

Wed, 03/14/2012 - 12:15 | 2254582 I am a Man I am...
I am a Man I am Forty's picture

And Apple is up around 12% since ZH's "iDisappointing" post

Wed, 03/14/2012 - 12:41 | 2254585 tallen
Wed, 03/14/2012 - 12:22 | 2254608 bugs_
bugs_'s picture

don't blow your customers up

Wed, 03/14/2012 - 12:37 | 2254671 LeBalance
LeBalance's picture


Wed, 03/14/2012 - 12:24 | 2254613 Yen Cross
Yen Cross's picture

 Time for another client "field trip", to the SouthPark planetarium!

Wed, 03/14/2012 - 12:26 | 2254617 Zero Govt
Zero Govt's picture

"..we lamented the resent disappearance of everyone's favorite FX strategist, Thomas "9 out of 9" Stolper."

Chucklefest :)) least i now know i'm not (quite) the worst FX trader.. phew!

Wed, 03/14/2012 - 12:35 | 2254665 Yen Cross
Yen Cross's picture

 Hey Slewie you might want to start looking at eur/chf now. Carry $'s are moving into the chf just like the yen.

Wed, 03/14/2012 - 12:39 | 2254683 Curtis LeMay
Curtis LeMay's picture


On 22 February 2012 we recommended going short GBP versus the NOK, partly on the assumption that Norges Bank would have little room to cut rates


March 14, 2012, 11:41 a.m. EDT

Krone tumbles on Norway rate cut, Central bank cites strong currency. The currency tumbled after Norges Bank cut its key policy rate by a quarter of a percentage point, to 1.5%

How does Stolper still have a job at Goldman, or anywhere else for that matter?

Mind you, he makes a lot of money for ZH'ers who know all about him, but still...



Wed, 03/14/2012 - 12:42 | 2254700 Haddock
Haddock's picture

Got NOK?

Wed, 03/14/2012 - 13:53 | 2255084 Catullus
Catullus's picture

More of that exceptional service.

Wed, 03/14/2012 - 16:16 | 2255628 ZeroIQ
ZeroIQ's picture

Where can i find this Stolper guy's advices?

Thu, 03/15/2012 - 04:21 | 2256975 cnhedge
cnhedge's picture


this is humiliation!


This is why Fed should ease further.

Do NOT follow this link or you will be banned from the site!