Premium1998 Or 2000? Goldman's Delta One Head Bets On LTCM, Not Pets.com, After Nasdaq's Worst Day Since COVID
Two days after the midterms, Wall Street has a new parlor game: pick your crash.
On Wednesday, the market rallied on what Goldman's head of Delta One trading Rich Privorotsky calls "a perceived pivot to the political center." On Thursday, it discovered what a Democratic sweep might mean for the data center buildout, and the result was what he describes in his Friday morning note (available to pro subs) as "a violent catch down": Nasdaq −5.5%, SOX −12% and the S&P −4.4%, its worst day since April 2025. His logic is brutal in its simplicity: