Is Goldman cheap? Also, washing machine sales RIP
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Good morning. For a change of pace, nothing about the UK today, despite yesterday’s big news. The pound and gilts are relatively calm, and there are better FT people to cover the politics. In particular, I suggest you have a look at Stephen Bush’s Inside Politics newsletter (one-click sign up here).
Email me: [email protected].
Goldman makes a lot of money, and maybe you should own it
Making fun of Goldman Sachs is one of life’s simple pleasures. Everyone who works there makes a ton of money and acts all important, but what is the point of them? The investment banking and securities trading businesses just harvest the frictional costs of transactions between third parties. In a better world, these businesses would be barely profitable, and Goldman people would be a lot less full of themselves.
This story originally appeared on: Financial Times - Author:Robert Armstrong
