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Gamma Rays From Goldman's Alpha

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Frankly, we’re disappointed. We’re disappointed in you. Our readers.
All morning long we tried to get our mitts on the letter to investors sent by the managers of Goldman Sachs Group's Global Alpha hedge fund. And so far we’ve got nothing.
By now everyone’s heard the gist of it. Goldman isn’t closing the fund or pumping it up with any of its own money, Goldman Equity Opportunities-style. They’re just going to try harder. Think more. Move faster. Maybe borrow a little less money. Walk it off.
One promise that’s apparently made is that they plan to profit from the woes of other quant funds. How exactly? That’s for them to know, and the rest of us to find out. Because they’re smarter than we are. You can tell because they lose more money.
Actually, it looks like the new secret strategy might just be to keep using the old strategies and hope the other quants go out of business. At least that’s how we read the following two sentences from the Wall Street Journal.

The letter conceded that there was more money invested through quant strategies across the market than the managers realized. But it said Global Alpha would benefit from troubles that have driven other quant funds out of business or to change their strategies.

Oh, and have we mentioned we’d like to see the letter for ourselves? Email it to Win back our respect. Please.
Goldman Vows to Do Better [Wall Street Journal]