Goldman Sachs' Hot Streak

The Wall Street Journal reports Goldman’s Pandemic Hot Streak Continues in Third Quarter

Key Points

Classic Explanation

Goldman has had a notably profitable pandemic. With a smaller lending book—about $112 billion to JPMorgan’s nearly $1 trillion—it is less exposed to defaults. And it is more heavily geared toward trading, which picked up this year as investors scrambled to reset their portfolios for a prolonged period of low interest rates and heightened economic risk.

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Simpler Explanation

Goldman Sachs still does God's Work.

For those unfamiliar with the simple explanation please consider God's Work and Goldman's Prayer

While acknowledging the role of banks in the financial meltdown [of 2007-2009], the CEO of Goldman Sachs said recently he believes his company is doing "God's work."

My Version of "Lloyd's Prayer"

Our chairman who art at Goldman
Blankfein be thy name
Thy rally’s come, God’s work be done
In the Dow as it is in the Nasdaq
Give us this day our daily gain
And forgive us our front-running, as we punish those who frontrun against us
And bring us not under indictment
But deliver us from regulators
For thine is the cashflow, and the power, and the bonuses, forever and ever. Amen

Mish