What happened in 2007 and 2008_老虎社区_美港股上老虎

Zaraloi
2021-07-14

What happened in 2007 and 2008?

Goldman Has "Aggressively" And Quietly Liquidated A Quarter Of Its Equity Investments<blockquote>高盛已“激进”悄悄清算四分之一股权投资</blockquote>

While most analysts and traders were digging through Goldman's investment banking and trading result

Goldman Has "Aggressively" And Quietly Liquidated A Quarter Of Its Equity Investments<blockquote>高盛已“激进”悄悄清算四分之一股权投资</blockquote>

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{"i18n":{"language":"zh_CN"},"data":{"magic":2,"id":145574545,"tweetId":"145574545","gmtCreate":1626233802587,"gmtModify":1631889147653,"author":{"id":3581851341772064,"idStr":"3581851341772064","authorId":3581851341772064,"authorIdStr":"3581851341772064","name":"Zaraloi","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"userType":1,"introduction":"","boolIsFan":false,"boolIsHead":false,"crmLevel":13,"crmLevelSwitch":0,"individualDisplayBadges":[],"fanSize":1,"starInvestorFlag":false},"themes":[],"images":[],"coverImages":[],"extraTitle":"","html":"<html><head></head><body>What happened in 2007 and 2008?</body></html>","htmlText":"<html><head></head><body>What happened in 2007 and 2008?</body></html>","text":"What happened in 2007 and 2008?","highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"favoriteSize":0,"link":"https://laohu8.com/post/145574545","repostId":1133459947,"repostType":4,"repost":{"id":"1133459947","kind":"news","pubTimestamp":1626232908,"share":"https://www.laohu8.com/m/news/1133459947?lang=zh_CN&edition=full","pubTime":"2021-07-14 11:21","market":"us","language":"en","title":"Goldman Has \"Aggressively\" And Quietly Liquidated A Quarter Of Its Equity Investments<blockquote>高盛已“激进”悄悄清算四分之一股权投资</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1133459947","media":"zerohedge","summary":"While most analysts and traders were digging through Goldman's investment banking and trading result","content":"While most analysts and traders were digging through Goldman's investment banking and trading results - of which the former came in stellar while trading, especially in FICC, was mediocore...<blockquote>当大多数分析师和交易员都在挖掘高盛的投资银行和交易业绩时——其中前者在交易中表现出色，尤其是在FICC，是mediocore...</blockquote> <img src=\"https://static.tigerbbs.com/dd07fc077dd10720c94c622b49d99141\" tg-width=\"1280\" tg-height=\"706\" referrerpolicy=\"no-referrer\"><blockquote></blockquote> ... when the bank reported itssecond best quarter on record, there was some more notable slide in the bank'sQ2 earnings presentation, and it had to do with what Goldman is doing for its own prop, or \"asset management\" book.<blockquote>...当该银行报告其有记录以来第二好的季度时，该银行第二季度的收益报告出现了一些更显着的下滑，这与高盛为自己的支柱或“资产管理”账簿所做的事情有关。</blockquote> As shown in the table below, Goldman's Asset Management (F/K/A \"prop\") also had a stellar quarter, generating a record $5.1BN in net revenue, more than double the year ago quarter.<blockquote>如下表所示，高盛的资产管理公司（F/K/a“prop”）也有一个出色的季度，净收入达到创纪录的51亿美元，是去年同期的两倍多。</blockquote> <img src=\"https://static.tigerbbs.com/8d7dcf11b10007ddc07352220768e105\" tg-width=\"771\" tg-height=\"434\" referrerpolicy=\"no-referrer\">In explaining the group's stellar performance, Goldman writes that \"equity investments produced record net revenues, with the YoY increase primarily driven by significantly higher net gains from investments in private equities, driven by company-specific events, including capital raises and sales, and improved corporate performance versus a challenging 2Q20.\"<blockquote>高盛在解释该集团的出色业绩时写道，“股权投资产生了创纪录的净收入，同比增长主要是由于私募股权投资净收益显着增加，这是由公司特定事件（包括融资和销售）推动的，以及与充满挑战的2020年第二季度相比，公司业绩有所改善。”</blockquote> The bank then breaks down the asset mix of its prop traders, which as of Q2 had some $21 billion in equity investments spread across various sectors, vintages and geographies (mostly the US).<blockquote>然后，该银行对其自营交易员的资产组合进行了细分，截至第二季度，自营交易员的股权投资约为210亿美元，分布在各个行业、年份和地区（主要是美国）。</blockquote> <img src=\"https://static.tigerbbs.com/3a2d4089fcfd78f1b6d025823c88d24d\" tg-width=\"1280\" tg-height=\"720\" referrerpolicy=\"no-referrer\"><blockquote></blockquote> Which brings us to the punchline: a chart showing what Goldmanhad donewith its equity investments in 2021. Here the bank pulls no punches, making it clear in the title that it has been busy \"harvesting\" its balance sheet equity portfolio. Which, of course, is another word for selling.<blockquote>这就引出了笑点：一张图表显示了高盛已经做了2021年的股权投资。在这里，银行毫不留情，在标题中明确表示它一直很忙”收割“其资产负债表上的股票投资组合。当然，这是出售的另一种说法。</blockquote> What is even more remarkable is just how much Goldman has harvested so far in 2021: as shown below, having started with a $20BN equity portfolio which has enjoyed a $5BN increase in market prices,Goldman dumped a whopping $5.5 billion of its equity assets so far (excluding a modest $1.5BN in purchases) or more than a quarter of its entire portfolio as of Dec 31.<blockquote>更值得注意的是高盛在2021年迄今为止收获了多少：如下图所示，从200亿美元的股票投资组合开始，市场价格上涨了50亿美元，截至12月31日，高盛迄今已抛售了高达55亿美元的股权资产（不包括15亿美元的适度购买），占其整个投资组合的四分之一以上。</blockquote> <img src=\"https://static.tigerbbs.com/93df1ef5d7169b1d81a0042eac5f2af6\" tg-width=\"1280\" tg-height=\"704\" referrerpolicy=\"no-referrer\"><blockquote></blockquote> Who is Goldman selling to? Anyone who will buy, but here we would wager thatretail investors - who have been on tilt buying in 2021 - have been the proud recipients of billions in Goldman sales.This, in the financial literature is called the \"distribution phase.\"<blockquote>高盛在卖给谁？任何愿意购买的人，但在这里我们敢打赌散户投资者在2021年一直在购买tilt，他们自豪地获得了高盛数十亿美元的销售额。这在金融文献中被称为“分配阶段。\"</blockquote> The sales were so extensive that the topic was brought up on Goldman's earnings call earlier today. In response to a question about Goldman's efforts to reduce its equity investment portfolio, the bank said that it it has \"made progress on improving its capital efficiency and is moving 'aggressively' to manage equity positions, especially since the environment is supportive.\"<blockquote>此次出售规模如此之大，以至于今天早些时候高盛的财报看涨期权上提到了这个话题。在回答有关高盛努力减少其股权投资组合的问题时，该行表示，它已经“在提高资本效率方面取得了进展，并正在‘积极’地管理股权头寸，特别是在环境有利的情况下。”</blockquote> What does that mean in English? Simple: Goldman is \"aggressively\" dumping its positions in an environment that is \"supportive\", i.e., in which the dumb money is providing a constant bid into which whales such as Goldman can sell.<blockquote>那在英语中是什么意思？很简单：高盛在一个“支持”的环境中“积极”抛售其头寸，也就是说，在这个环境中，愚蠢的资金提供了一个持续的出价，高盛等鲸鱼可以出售。</blockquote> The last time Goldman was \"aggressively\" selling into a \"supportive\" market? Well, we have to go back all the way to 2007 and 2008 when Goldman was busy creating the very CDOs which its prop desk would then \"aggressively\" short. We all remember how prophetic that particular move turned out to be...<blockquote>高盛上一次“积极”向“支持”市场抛售是什么时候？好吧，我们必须追溯到2007年和2008年，当时高盛正忙于创建CDO，其道具部门随后会“积极”做空这些CDO。我们都记得那一举动是多么具有预言性...</blockquote> Related:<blockquote>相关：</blockquote> <ul> <li>Goldman Sachs:&nbsp;Q2 GAAP EPS of $15.02beats by $5.07.</li> <li>Revenue of $15.39B (+15.7% Y/Y)beats by $3.22B.</li> <li>Reversal of credit losses of $92M.</li> <li>On July 12, 2021, the Board of Directors of The Goldman Sachs Group, Inc. approved a 60% increase in the quarterly dividend to $2.00 per common share beginning in the third quarter of 2021.</li> </ul><blockquote><ul><li>高盛：第二季度GAAP每股收益为15.02美元，超过预期为5.07美元。</li><li>收入为$15.39 B(+15.7%Y/Y)超过预期$3.22 B。</li><li>9200万美元的信用损失转回。</li><li>2021年7月12日，高盛集团董事会批准从2021年第三季度开始将季度股息增加60%，至每股普通股2.00美元。</li></ul></blockquote>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Goldman Has \"Aggressively\" And Quietly Liquidated A Quarter Of Its Equity Investments<blockquote>高盛已“激进”悄悄清算四分之一股权投资</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nGoldman Has \"Aggressively\" And Quietly Liquidated A Quarter Of Its Equity Investments<blockquote>高盛已“激进”悄悄清算四分之一股权投资</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nzerohedge2021-07-14 11:21\n\n</h4>\n</header>\n<article>\nWhile most analysts and traders were digging through Goldman's investment banking and trading results - of which the former came in stellar while trading, especially in FICC, was mediocore...<blockquote>当大多数分析师和交易员都在挖掘高盛的投资银行和交易业绩时——其中前者在交易中表现出色，尤其是在FICC，是mediocore...</blockquote> <img src=\"https://static.tigerbbs.com/dd07fc077dd10720c94c622b49d99141\" tg-width=\"1280\" tg-height=\"706\" referrerpolicy=\"no-referrer\"><blockquote></blockquote> ... when the bank reported itssecond best quarter on record, there was some more notable slide in the bank'sQ2 earnings presentation, and it had to do with what Goldman is doing for its own prop, or \"asset management\" book.<blockquote>...当该银行报告其有记录以来第二好的季度时，该银行第二季度的收益报告出现了一些更显着的下滑，这与高盛为自己的支柱或“资产管理”账簿所做的事情有关。</blockquote> As shown in the table below, Goldman's Asset Management (F/K/A \"prop\") also had a stellar quarter, generating a record $5.1BN in net revenue, more than double the year ago quarter.<blockquote>如下表所示，高盛的资产管理公司（F/K/a“prop”）也有一个出色的季度，净收入达到创纪录的51亿美元，是去年同期的两倍多。</blockquote> <img src=\"https://static.tigerbbs.com/8d7dcf11b10007ddc07352220768e105\" tg-width=\"771\" tg-height=\"434\" referrerpolicy=\"no-referrer\">In explaining the group's stellar performance, Goldman writes that \"equity investments produced record net revenues, with the YoY increase primarily driven by significantly higher net gains from investments in private equities, driven by company-specific events, including capital raises and sales, and improved corporate performance versus a challenging 2Q20.\"<blockquote>高盛在解释该集团的出色业绩时写道，“股权投资产生了创纪录的净收入，同比增长主要是由于私募股权投资净收益显着增加，这是由公司特定事件（包括融资和销售）推动的，以及与充满挑战的2020年第二季度相比，公司业绩有所改善。”</blockquote> The bank then breaks down the asset mix of its prop traders, which as of Q2 had some $21 billion in equity investments spread across various sectors, vintages and geographies (mostly the US).<blockquote>然后，该银行对其自营交易员的资产组合进行了细分，截至第二季度，自营交易员的股权投资约为210亿美元，分布在各个行业、年份和地区（主要是美国）。</blockquote> <img src=\"https://static.tigerbbs.com/3a2d4089fcfd78f1b6d025823c88d24d\" tg-width=\"1280\" tg-height=\"720\" referrerpolicy=\"no-referrer\"><blockquote></blockquote> Which brings us to the punchline: a chart showing what Goldmanhad donewith its equity investments in 2021. Here the bank pulls no punches, making it clear in the title that it has been busy \"harvesting\" its balance sheet equity portfolio. Which, of course, is another word for selling.<blockquote>这就引出了笑点：一张图表显示了高盛已经做了2021年的股权投资。在这里，银行毫不留情，在标题中明确表示它一直很忙”收割“其资产负债表上的股票投资组合。当然，这是出售的另一种说法。</blockquote> What is even more remarkable is just how much Goldman has harvested so far in 2021: as shown below, having started with a $20BN equity portfolio which has enjoyed a $5BN increase in market prices,Goldman dumped a whopping $5.5 billion of its equity assets so far (excluding a modest $1.5BN in purchases) or more than a quarter of its entire portfolio as of Dec 31.<blockquote>更值得注意的是高盛在2021年迄今为止收获了多少：如下图所示，从200亿美元的股票投资组合开始，市场价格上涨了50亿美元，截至12月31日，高盛迄今已抛售了高达55亿美元的股权资产（不包括15亿美元的适度购买），占其整个投资组合的四分之一以上。</blockquote> <img src=\"https://static.tigerbbs.com/93df1ef5d7169b1d81a0042eac5f2af6\" tg-width=\"1280\" tg-height=\"704\" referrerpolicy=\"no-referrer\"><blockquote></blockquote> Who is Goldman selling to? Anyone who will buy, but here we would wager thatretail investors - who have been on tilt buying in 2021 - have been the proud recipients of billions in Goldman sales.This, in the financial literature is called the \"distribution phase.\"<blockquote>高盛在卖给谁？任何愿意购买的人，但在这里我们敢打赌散户投资者在2021年一直在购买tilt，他们自豪地获得了高盛数十亿美元的销售额。这在金融文献中被称为“分配阶段。\"</blockquote> The sales were so extensive that the topic was brought up on Goldman's earnings call earlier today. In response to a question about Goldman's efforts to reduce its equity investment portfolio, the bank said that it it has \"made progress on improving its capital efficiency and is moving 'aggressively' to manage equity positions, especially since the environment is supportive.\"<blockquote>此次出售规模如此之大，以至于今天早些时候高盛的财报看涨期权上提到了这个话题。在回答有关高盛努力减少其股权投资组合的问题时，该行表示，它已经“在提高资本效率方面取得了进展，并正在‘积极’地管理股权头寸，特别是在环境有利的情况下。”</blockquote> What does that mean in English? Simple: Goldman is \"aggressively\" dumping its positions in an environment that is \"supportive\", i.e., in which the dumb money is providing a constant bid into which whales such as Goldman can sell.<blockquote>那在英语中是什么意思？很简单：高盛在一个“支持”的环境中“积极”抛售其头寸，也就是说，在这个环境中，愚蠢的资金提供了一个持续的出价，高盛等鲸鱼可以出售。</blockquote> The last time Goldman was \"aggressively\" selling into a \"supportive\" market? Well, we have to go back all the way to 2007 and 2008 when Goldman was busy creating the very CDOs which its prop desk would then \"aggressively\" short. We all remember how prophetic that particular move turned out to be...<blockquote>高盛上一次“积极”向“支持”市场抛售是什么时候？好吧，我们必须追溯到2007年和2008年，当时高盛正忙于创建CDO，其道具部门随后会“积极”做空这些CDO。我们都记得那一举动是多么具有预言性...</blockquote> Related:<blockquote>相关：</blockquote> <ul> <li>Goldman Sachs:&nbsp;Q2 GAAP EPS of $15.02beats by $5.07.</li> <li>Revenue of $15.39B (+15.7% Y/Y)beats by $3.22B.</li> <li>Reversal of credit losses of $92M.</li> <li>On July 12, 2021, the Board of Directors of The Goldman Sachs Group, Inc. approved a 60% increase in the quarterly dividend to $2.00 per common share beginning in the third quarter of 2021.</li> </ul><blockquote><ul><li>高盛：第二季度GAAP每股收益为15.02美元，超过预期为5.07美元。</li><li>收入为$15.39 B(+15.7%Y/Y)超过预期$3.22 B。</li><li>9200万美元的信用损失转回。</li><li>2021年7月12日，高盛集团董事会批准从2021年第三季度开始将季度股息增加60%，至每股普通股2.00美元。</li></ul></blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.zerohedge.com/markets/goldman-has-aggressively-and-quietly-liquidated-quarter-its-equity-investments\">zerohedge</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GS":"高盛"},"source_url":"https://www.zerohedge.com/markets/goldman-has-aggressively-and-quietly-liquidated-quarter-its-equity-investments","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1133459947","content_text":"While most analysts and traders were digging through Goldman's investment banking and trading results - of which the former came in stellar while trading, especially in FICC, was mediocore...\n\n... when the bank reported itssecond best quarter on record, there was some more notable slide in the bank'sQ2 earnings presentation, and it had to do with what Goldman is doing for its own prop, or \"asset management\" book.\nAs shown in the table below, Goldman's Asset Management (F/K/A \"prop\") also had a stellar quarter, generating a record $5.1BN in net revenue, more than double the year ago quarter.\nIn explaining the group's stellar performance, Goldman writes that \"equity investments produced record net revenues, with the YoY increase primarily driven by significantly higher net gains from investments in private equities, driven by company-specific events, including capital raises and sales, and improved corporate performance versus a challenging 2Q20.\"\nThe bank then breaks down the asset mix of its prop traders, which as of Q2 had some $21 billion in equity investments spread across various sectors, vintages and geographies (mostly the US).\n\nWhich brings us to the punchline: a chart showing what Goldmanhad donewith its equity investments in 2021. Here the bank pulls no punches, making it clear in the title that it has been busy \"harvesting\" its balance sheet equity portfolio. Which, of course, is another word for selling.\nWhat is even more remarkable is just how much Goldman has harvested so far in 2021: as shown below, having started with a $20BN equity portfolio which has enjoyed a $5BN increase in market prices,Goldman dumped a whopping $5.5 billion of its equity assets so far (excluding a modest $1.5BN in purchases) or more than a quarter of its entire portfolio as of Dec 31.\n\nWho is Goldman selling to? Anyone who will buy, but here we would wager thatretail investors - who have been on tilt buying in 2021 - have been the proud recipients of billions in Goldman sales.This, in the financial literature is called the \"distribution phase.\"\nThe sales were so extensive that the topic was brought up on Goldman's earnings call earlier today. In response to a question about Goldman's efforts to reduce its equity investment portfolio, the bank said that it it has \"made progress on improving its capital efficiency and is moving 'aggressively' to manage equity positions, especially since the environment is supportive.\"\nWhat does that mean in English? Simple: Goldman is \"aggressively\" dumping its positions in an environment that is \"supportive\", i.e., in which the dumb money is providing a constant bid into which whales such as Goldman can sell.\nThe last time Goldman was \"aggressively\" selling into a \"supportive\" market? Well, we have to go back all the way to 2007 and 2008 when Goldman was busy creating the very CDOs which its prop desk would then \"aggressively\" short. We all remember how prophetic that particular move turned out to be...\nRelated:\n\nGoldman Sachs: Q2 GAAP EPS of $15.02beats by $5.07.\nRevenue of $15.39B (+15.7% Y/Y)beats by $3.22B.\nReversal of credit losses of $92M.\nOn July 12, 2021, the Board of Directors of The Goldman Sachs Group, Inc. approved a 60% increase in the quarterly dividend to $2.00 per common share beginning in the third quarter of 2021.","news_type":1,"symbols_score_info":{"GS":0.9}},"isVote":1,"tweetType":1,"viewCount":2859,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":26,"xxTargetLangEnum":"ORIG"},"commentList":[],"hasMoreComment":false,"orderType":2}