Skip to main content

These Are My Prayers And They Are With You

  • Author:
  • Updated:

I've got some things to tend to and will be gone for the remainder of the morning, meaning I'm going to miss Goldman Sachs's earnings announcement. You know how this pains me. I'll be back eventually this afternoon, but it won't be the same, so I'm going to put in my two cents now. Personally, I don't even think Carney will need to add anything to this even after the numbers are out, but that's his prerogative.

[Update: Okay, this is Carney now. And, strangely enough, Bess is right. Earnings are out now and I have nothing to add. Ha. Imagine that! Of course I have something to add, something so stunningly insightful that I expect that market to lurch up out of its seat and applaud. You see, this guy, Mr. Value Stock Tip, got things totally wrong. He's talking at a time when Goldman was trading at 11 times trailing earnings and he thinks it's going up to 14 times earnings. But it's gone the opposite way. It's now at something like seven times earnings. Why? Well, because nearly ever other Wall Street institution has fared so poorly people are still spooked about even outperforming Goldman. Call it Stan O'Neal's revenge. You can keep raking it in Goldman, but the ghost of Stan O'Neal will still be there holding down your market cap. Lol O'Neal: Ize still in ur market capz, holdin down ur earninz. Incidentally, Goldman is as surprised as you are that they trade at such low multiples, which is why they keep buying back their own stock.]