More Sachiness

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You want something done Sachy, you have to do it yourself. Turns out yesterday’s sitch at AQR, wherein the firm shuttered its Global Relative Value fund, a 401 (k) created specifically for GS, was Goldman’s fault, excuse me, shrewd doing. Apparently the product lost 21 percent of its value this year, down $28 million from $36, making it wildly inappropriate for the Masters’ retirement accounts. Enter, Goldman’s pulling the plug. Not really that surprising to those of us who helped coin the term Sachy. Moving forward, proceed on the following assumption and you are unlikely to go wrong: If it was savvy, Goldman was behind it. In fact, if you’d like a little insight as to how their sausage gets made, team building weekly seminars are currently being held on Tuesday nights, when everyone else is at lacrosse practice. Topic, always: “Institutionalized Destruction Or: How To Think About Which Inferior Antibody We Should Kill Next.” Notes from last week include the following points: “Bear, that was fun, but easy. We’ve got to start going after more worthy adversaries.”
Earlier: AQR’s Global Relative Value Fund To Call It A Day
Goldman pulls plug on an AQR account [Fortune]

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