Financials look worse everyday. Today's AIG move, along with Lehmann's precipitous fall is alarming. I am looking to get out of my Goldman Sachs (GS). Everyone keeps talking about the fact that these are the smartest guys. I can't believe they while Bear, Lehman and everyone else screwed up so bad that GS did not. Either they really are that smart, or they are the smartest at hiding their mistakees and the stuff will hit the fan for GS at some point. When that happens, surely that will be the market bottom.
My reason for losing faith - these financials operate in a black box. They keep selling the same debt securities over and over, and most people pretend to understand what they do, but I am not convinced. I am selling my GS first thing tomorrow.
-- Faisal Laljee
Full Disclosure: I own Goldman Sachs, but my position can change anytime without notice.
2 comments:
Why would should I take advice, especially based on fear and heresay??
I'm buying more..Let's see who has the better position in 5 years!!
No thanks, Im buying as much as possible. 5-10 year outlook is the only way to look at the likes of GS and JPM..They are going to survive just fine, why buy high?... You on the other hand appear to be selling low!!
John - I bought at $155 so my buy point was reasonable. Usually, I too would accumulate lower, however, being that these companies are a black box and most people don't understand their business, and seeing the fate of Bear and Lehmann, I am skeptical about owning this. Best of luck to you and I really hope this stock does not follow the lead of its peers.
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