iBankCoin
18 years in Wall Street, left after finding out it was all horseshit. Founder/ Master and Commander: iBankCoin, finance news and commentary from the future.
Joined Nov 10, 2007
21,907 Blog Posts

Why Not Bet Against Goldman?

It’s a misnomer to believe that [[GS]] will escape the ‘credit crisis’ unscathed. Shockingly, most people believe Goldman is this super human firm, with crystal balls on their trading desks and time machines in their bathrooms.

If you look back in time, you will see that GS is very mortal, indeed. During the 1997-1998 “Asian Contagion”/ LTCM collapse, Goldman was saddled with devastating losses. So great were the losses, it delayed their scheduled ipo.

Thus far, Goldman has managed to dodge a few bullets; but the war is far from over. I would sell short GS, if there wasn’t so many other shitboxes to bet against, however.

Let me remind you, “The Reverse Four Horsemen” are banking coin, in a reverse sort of way. [[FED]], [[FHN]], [[DSL]] and [[CORS]] are heading for a “non-glorious” death.

I’ll have you know, “The Fly” is very close to unveiling a new “Reverse Horseman.” Indeed, if I may be so bold, I will add a 5th horseman.

At any rate, the banks are dying and the fuckers at [[LEH]] are lying. What else is new?

My pair trade of long energy/short everything else is still intact.

With my money, I will sell short more [[LAZ]] and the cowardly cowards at [[COWN]]. And, I will buy more [[FTK]]. If you haven’t figured it out by now, “The Fly” will not rest until he gets his short squeeze in FTK. It seems attainable. I can smell it.

UPDATE: Bears discuss their Goldman short position.

[youtube:http://www.youtube.com/watch?v=jdUL4xdCe-U 450 300] If you enjoy the content at iBankCoin, please follow us on Twitter

33 comments

  1. Jakegint

    A: Because they have hit squads on retainer and know where you live?

    _______

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  2. gappingandyapping
    gappingandyapping

    Relief rally coming, because I said so. I will be selling into it myself. Shit just looks tired.

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  3. Working Man

    Would love to. I did some consulting work with those characters. Never in my life have I seen a more perfectly run corporate machine — truly impressive — and scary.

    Lead the way on that one Fly —

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  4. Jakegint

    FITB having a morning conference with Count Smoke-ula.

    _______

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  5. Jakegint

    Working Man — I can say this without irony. Goldman Sachs has the smartest people. Only Morgan Stanley’s per capita IQ gets even close, and they aren’t GS’s equals.

    I tell you what, when this shit storm is over, I’m going to be buying GS with two wheelbarrows full of Weimar coin.

    _____

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  6. alphadawgg

    Goldman is the alphadog (no offense to me). Everyone follows their lead. Look at how “everyone” is doing and you will realize how well (so far) GS has been able to keep up the facade of being bullet-proof.

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  7. The Fly

    Word is Goldman took trading losses this qt. We shall see how immortal they are.

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  8. juice

    MI is another reverse horsie

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  9. The Fly

    That’s a good one Juice.

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  10. Hoppin' Mad Hank
    Hoppin' Mad Hank

    I have dispatched the hit squad on all you fuckers. Go ahead and fuck with a former Goldman CEO. See where it gets you. Die, asshat, die.

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  11. Aris

    goldman definitely has a lot of blind followers, so it’s easy to believe that they lead a big chunk of the market with their moves. i was lucky enough to visit one of their trading floors a few years back, and the people there were impressive.

    i will continue to call them butt sachs, however.

    also, the CNBC weather girl is real easy on the eyes.

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  12. CubsRock

    MI is mostly midwest, where the housing never got hit hard. I’d be careful of big squeeze lightly traded stock.

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  13. gappingandyapping
    gappingandyapping

    May be about time to take a small portion of FXP off the table. Its had an enormous run lately, I am going to take 1/4 off here as we are hitting the 6 month VWAP.

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  14. Eddie

    Something smells. Shit is looking weak and smelly and rotten.

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  15. Jakegint

    CubsRock–

    Midwest is the next Californication. NCC is in Cleveland, recall. They all fucked with the mortgage mugger, and now they’ll pay.

    See KEY and FITB for further midwest bank fuckery evidence.

    I will take pleasure in seeing PNC take a big drag on the terrible Thai stick. It’s coming, I’ll let you know, believe me.

    _

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  16. Jakegint

    Please tell me hair metal is not making a comeback. Did Maiden get a new lead singer? That guy looks too young….

    _

    Gappy. $83.35. Domo arigato, Mr. Fibo-nato.

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  17. Working Man

    Jake

    I briefly consulted with MS also — they’re the B team compared to GS – truly unlike anything else on this planet. A killing machine. Actually dated one of the Sr. VP’s there, she just about ate me alive. Freaky.

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  18. Ugly Plastic Shoes
    Ugly Plastic Shoes

    Told yas to buy me. Up 5%. You ain’t seen nuttin yet.

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  19. Juice

    I’m looking to play a rally off these levels, starting within 24 hours.

    I need some vehicles to play a Costanza rally.

    Looking for ideas since most things look like crap.

    Danke.

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  20. Jakegint

    iBC Exclusive!!

    Woodshedder sings the Theme Song! (Check the basso profundo!)

    _

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  21. POT To $300

    I said weeks ago the only reason to short POT is if you believe the pricing cycle had peaked or would peak soon. I also said anyone who has done the work would realize that is a stupid assumption. Now the CEO is saying peak pricing is years away.

    My $300 target price is way too low.

    http://www.reuters.com/article/marketsNews/idCAN1145303120080611?rpc=44&pageNumber=1&virtualBrandChannel=0

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  22. larry

    Alias: BPOE

    Looking at GS there is some big block buying. They will knock it down to get better prices. I would put in a limit order for 153 and sell on the bounce after the Dow hits 1200 or so. GS should be around 177 at that time. My prolem is the stock market likes to make very large drops for no reason. We are in a very big no reason period.

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  23. gappingandyapping
    gappingandyapping

    Jake is that what you see: 83.35 on the FXP?

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  24. alphadawgg

    POT to $300: I don’t doubt the validity of your name.

    World food shortages, place POT of Saskatchawan as a major player in helping to increase food production. With farming the way it is today, more inputs like potash are required, as farmers are not leaving fields fallow due to the $$$ they can bank in growing and selling grains.

    Saskatchawan has over 40% of the world’s potash reserves.

    I believe, the Canucks are long term winners with oil, gas, potash and timber resources. Were it not for the socialist government and the anti-gun sentiment that has taken over that beautiful country, I would relocate there.

    The hunting and fishing are superb and unmatched in North America.

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  25. shaun b

    WLB-should be a nice play on the coal industry..hope u guys looked into some..9th largest coal company in the US with only a 150mil mkt cap and 9 mill float…

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  26. Jakegint

    Gaps, that’s where the (strong) 38.2% fib lies. I think she gets turned there.

    ___

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  27. Jakegint

    Speaking of coal companies, shit, I thought MEE was having a good year… You could’ve bought JRCC in September for $4.00!!

    11+ bagger! That’s like dotbomb shit.

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  28. CubsRock

    I’m so glad I got rid of my SRS a while back. That thing trades like shit.

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  29. gappingandyapping
    gappingandyapping

    Fly are you still short FED? That was a great call by the way.

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  30. The Fly

    Still short.

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  31. BOOMER

    Hard rock is indeed making a comeback. In fact its the only thing selling. Nickleback et al. Touring is still huge.

    PS – most of the new country is more rock than most on The Row would care to admit.

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  32. BOOMER

    Good lord i just looked at that FED chart. congrats.

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