PLAN FOR MDT AND YIELD CURVE
I noticed that Goldman Sachs traded down over 8% today to a new 52 week low, closing at 71.21, down from its 52 week high of over 240. Barclay's cut its estimate to a loss of $2.5 for the quarter ending November 30th. Yahoo! Finance I would not place much reliance on anyone's estimate for an investment bank's quarter. A loss would not surprise me, but who knows whether it is $.50, $2.50 or $5.00. The current price for GS is getting close to the IPO price back in May of 1999. While I consider Goldman best in breed among the investment banks, I have other stocks that I plan to buy before making a nibble on any investment bank. It is almost impossible to have any confidence in the competence of the big money crowd. For me, I am convinced that investment bankers are morons at worse and incompetent at best until proven beyond a reasonable doubt otherwise.
I am not a financial advisor but an individual investor trying to navigate my way through a mind field. In these posts, I am acting as an unpaid financial journalist and an occasional ornery political commentator. I am also aggregating financial news stories that I view as important and providing any reader of these posts, assuming there are more than a couple, with links to those articles, sort of a filtered, somewhat intelligent, free search engine. Any discussion made by me of particular securities is not a recommendation to buy or to sell. Trade at your own risk. Consult with your financial advisor prior to making any purchase or sale. I will try to identify my sales too but it may take a few minutes after I implement them to create a post explaining my reasons. The sale may before or after the post. Before buying or selling any stock, even one recommended by a trusted financial advisor, please research it and make up your own mind which is what I always try to do. Research would include reading reports, reviewing financial records, earnings estimates, sec filings and prior earnings releases and news. In this post, and all others by me, I am merely describing my reasons for purchasing or selling securities, and the potential pitfalls that I identified prior to purchase or the reasons for a sale. The securities mentioned in this and all posts written by me may not be suitable for others based on their unique financial position and risk profile. Always read the prospectus before buying a Trust Certificate, bond, preferred stock or other bond or bond like investments.