Goldman Sachs ($GS) is using Twitter these days to remind us of their giant hearts. Here is an example (the comments are priceless):
150,000+ volunteer hrs, 9K jobs added, 100% college acceptance rate, contributions to 75 veterans orgs = 1 busy year link.gs.com/boX0
— Goldman Sachs (@GoldmanSachs) May 20, 2013
There are some smart people at Goldman Sachs and of course some good people, and they know how to trade against you for sure, but using Twitter makes them look soft and weak. They should stop.
While they talk of jobs and charity, they are on a new mission to fleece (gather money from) the public. This time, not through pensions, but directly from your 401 and retirement plans. The meat of the announcement:
And Goldman is pushing the fund not just for risk-averse investors looking for a flyer for some extra cash, but as one that makes a sensible choice for your 401(k). According to a very reasonably worded press release, Goldman says the lack of access to hedge funds has left many investors with little exposure to alternative investments in their “retirement accounts.” Says Goldman’s Jason Gottlieb, who will be a co-portfolio manager of the fund, in the release, “Today’s complex markets require sophisticated investment techniques that can enhance a traditional portfolio, and bring investors closer to their long term goals.”
NOBODY needs this product. The markets have never been less complex. Global easing and historically low interest rates have forced money into risky assets.
I worry that ETF’s are the next big problem for American investors as they chase low cost and ‘diversification’ versus truly educating themselves on common stocks and portfolio diversification.
This Goldman product just speeds up the next financial nightmare.
The market has been on a historic run. I know this because even I have been profiting. It has not been that hard…compared to say 2000-2003 or 2008. A bull market makes us feel rather smart and bold. The numbers back me up:
— howardlindzon (@howardlindzon) May 24, 2013
Of course this easy stock market may continue, but I will continue to haver one foot out the door.
As for our friends and pals at Goldman Sachs…I will never forget Lindsay being escorted away from Goldman Sachs (minute 2:50) when we sent her to talk to the Company in 2006 for Wallstrip. Goldman questioned our ‘legitimacy’ and said they were worried about ‘terrorists’.
I can’t wait to invest $1,000 with Paulson and crew. Should work out wonderfully.