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- jjingjjing
  ·2021-07-21
  Like please
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- jjingjjing
  ·2021-07-19
  Like please
  Mortgage-Refinancing Costs Expected to Fall as Fannie, Freddie Drop Fee
  WASHINGTON—The cost of refinancing government-backed home loans is expected to fall as mortgage gian
  Mortgage-Refinancing Costs Expected to Fall as Fannie, Freddie Drop Fee
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- jjingjjing
  ·2021-07-18
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- jjingjjing
  ·2021-07-18
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- jjingjjing
  ·2021-07-16
  [微笑]
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- jjingjjing
  ·2021-07-16
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- jjingjjing
  ·2021-07-14
  [微笑]
  Goldman Has "Aggressively" And Quietly Liquidated A Quarter Of Its Equity Investments
  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
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- jjingjjing
  ·2021-07-14
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The fee, imposed in December, added about $1,400 to the cost of refinancing an average mortgage backed by the firms, according to an estimate from the Mortgage Bankers Association.</p>\n<p>“The Covid-19 pandemic financially exacerbated America’s affordable housing crisis,” Federal Housing Finance Agency Acting Director Sandra L. Thompson said. “Eliminating the [fee] will help families take advantage of the low-rate environment to save more money.”</p>\n<p>U.S. home pricesover the past year have risen at the fastest pace in decades, asa shortage of homeson the market collides with soaring demand from prospective buyers. The situation has exacerbated concerns about housing affordability and ratcheted up pressure on the Biden administration to respond.</p>\n<p>With interest rates low by historical standards, millions of Americans have also refinanced existing mortgages to reduce their monthly payments. But the fee charged by Fannie and Freddie eliminated a chunk of those savings for affected borrowers.</p>\n<p>Greg McBride, chief financial analyst at personal-finance firm Bankrate.com, said the fee added about one-eighth of a percentage point to the average mortgage rate, or about $20 a month for a $300,000 loan.</p>\n<p>“Lenders may use this as an opportunity to pad their own margins that have been squeezed by low rates and heated competition, so it is important for homeowners to seek out the lenders offering the best terms,” Mr. McBride said.</p>\n<p>Average refinancing rates for a 30-year fixed-rate mortgage stood at 3.1% on Thursday, Mr. McBride said, citing Bankrate figures. That compares to an all-time low of 2.88% in January.</p>\n<p>Fannie and Freddie encourage low borrowing costs by purchasing many mortgages from lenders and subsequently guaranteeing them. The fee was intended to cover potential losses related to the pandemic and government measures to soften its economic impact, including a foreclosure moratorium and another program that allowed some borrowers to suspend monthly payments.</p>\n<p>Such programs didn’t see as much use as expected, as job losses were less severe than initially feared among more-affluent workers, who are more likely to own their homes. Rising home prices further diminished the potential for loan losses, and Fannie and Freddie both posted robust profits last year, even before the fee was in effect.</p>\n<p>The fee prompted criticism from mortgage lenders and a bipartisan group of lawmakers.</p>\n<p>The announcement of its elimination comes less than a month after President Biden ousted former FHFA Director Mark Calabria, a Trump administration appointee. Mr. Calabria had prioritized returning Fannie and Freddie to private hands after 12 years of government control—known as conservatorship—following the 2008 financial crisis.</p>\n<p>The fee generated $5 million in additional revenue for every $1 billion of eligible mortgages acquired by Fannie and Freddie, bolstering their finances and enhancing their potential attractiveness to investors.</p>\n<p>“There’s no continuing rationale for charging the fee, so they’re getting rid of it,” said Bob Broeksmit, president of the Mortgage Bankers Association. “It’s a clear manifestation of Acting Director Thompson’s pivot toward mission and consumers, as opposed to previous director Calabria’s single-minded focus on capital-building and release from conservatorship.”</p>","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>Mortgage-Refinancing Costs Expected to Fall as Fannie, Freddie Drop Fee</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; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\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\">\nMortgage-Refinancing Costs Expected to Fall as Fannie, Freddie Drop Fee\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-07-19 09:22 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.wsj.com/articles/mortgage-refinance-fee-to-be-dropped-by-fannie-mae-freddie-mac-11626453646?mod=markets_lead_pos4><strong>WSJ</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>WASHINGTON—The cost of refinancing government-backed home loans is expected to fall as mortgage giantsFannie MaeandFreddie Macare set to drop a fee imposed last year in the midst of the Covid-19 ...</p>\n\n<a href=\"https://www.wsj.com/articles/mortgage-refinance-fee-to-be-dropped-by-fannie-mae-freddie-mac-11626453646?mod=markets_lead_pos4\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"FNMA":"房利美","FMCC":"房地美"},"source_url":"https://www.wsj.com/articles/mortgage-refinance-fee-to-be-dropped-by-fannie-mae-freddie-mac-11626453646?mod=markets_lead_pos4","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1126246997","content_text":"WASHINGTON—The cost of refinancing government-backed home loans is expected to fall as mortgage giantsFannie MaeandFreddie Macare set to drop a fee imposed last year in the midst of the Covid-19 pandemic.\nA federal housing regulator said Friday that Fannie and Freddie will eliminate the 0.5% fee on mortgage refinancingstarting Aug. 1. The fee, imposed in December, added about $1,400 to the cost of refinancing an average mortgage backed by the firms, according to an estimate from the Mortgage Bankers Association.\n“The Covid-19 pandemic financially exacerbated America’s affordable housing crisis,” Federal Housing Finance Agency Acting Director Sandra L. Thompson said. “Eliminating the [fee] will help families take advantage of the low-rate environment to save more money.”\nU.S. home pricesover the past year have risen at the fastest pace in decades, asa shortage of homeson the market collides with soaring demand from prospective buyers. The situation has exacerbated concerns about housing affordability and ratcheted up pressure on the Biden administration to respond.\nWith interest rates low by historical standards, millions of Americans have also refinanced existing mortgages to reduce their monthly payments. But the fee charged by Fannie and Freddie eliminated a chunk of those savings for affected borrowers.\nGreg McBride, chief financial analyst at personal-finance firm Bankrate.com, said the fee added about one-eighth of a percentage point to the average mortgage rate, or about $20 a month for a $300,000 loan.\n“Lenders may use this as an opportunity to pad their own margins that have been squeezed by low rates and heated competition, so it is important for homeowners to seek out the lenders offering the best terms,” Mr. McBride said.\nAverage refinancing rates for a 30-year fixed-rate mortgage stood at 3.1% on Thursday, Mr. McBride said, citing Bankrate figures. That compares to an all-time low of 2.88% in January.\nFannie and Freddie encourage low borrowing costs by purchasing many mortgages from lenders and subsequently guaranteeing them. The fee was intended to cover potential losses related to the pandemic and government measures to soften its economic impact, including a foreclosure moratorium and another program that allowed some borrowers to suspend monthly payments.\nSuch programs didn’t see as much use as expected, as job losses were less severe than initially feared among more-affluent workers, who are more likely to own their homes. Rising home prices further diminished the potential for loan losses, and Fannie and Freddie both posted robust profits last year, even before the fee was in effect.\nThe fee prompted criticism from mortgage lenders and a bipartisan group of lawmakers.\nThe announcement of its elimination comes less than a month after President Biden ousted former FHFA Director Mark Calabria, a Trump administration appointee. Mr. Calabria had prioritized returning Fannie and Freddie to private hands after 12 years of government control—known as conservatorship—following the 2008 financial crisis.\nThe fee generated $5 million in additional revenue for every $1 billion of eligible mortgages acquired by Fannie and Freddie, bolstering their finances and enhancing their potential attractiveness to investors.\n“There’s no continuing rationale for charging the fee, so they’re getting rid of it,” said Bob Broeksmit, president of the Mortgage Bankers Association. “It’s a clear manifestation of Acting Director Thompson’s pivot toward mission and consumers, as opposed to previous director Calabria’s single-minded focus on capital-building and release from conservatorship.”","news_type":1},"isVote":1,"tweetType":1,"viewCount":343,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":179240681,"gmtCreate":1626538804843,"gmtModify":1633925979720,"author":{"id":"3583709064106308","authorId":"3583709064106308","name":"jjing","avatar":"https://static.tigerbbs.com/26b1694ca5e6e6f17094274824968463","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3583709064106308","authorIdStr":"3583709064106308"},"themes":[],"htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/179240681","repostId":"2152689084","repostType":4,"isVote":1,"tweetType":1,"viewCount":372,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":179240966,"gmtCreate":1626538704955,"gmtModify":1633925980191,"author":{"id":"3583709064106308","authorId":"3583709064106308","name":"jjing","avatar":"https://static.tigerbbs.com/26b1694ca5e6e6f17094274824968463","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3583709064106308","authorIdStr":"3583709064106308"},"themes":[],"htmlText":"H","listText":"H","text":"H","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/179240966","repostId":"2152897876","repostType":4,"isVote":1,"tweetType":1,"viewCount":513,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":170804076,"gmtCreate":1626417159695,"gmtModify":1633926924100,"author":{"id":"3583709064106308","authorId":"3583709064106308","name":"jjing","avatar":"https://static.tigerbbs.com/26b1694ca5e6e6f17094274824968463","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3583709064106308","authorIdStr":"3583709064106308"},"themes":[],"htmlText":"[微笑]&nbsp;","listText":"[微笑]&nbsp;","text":"[微笑]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/170804076","repostId":"1122179575","repostType":4,"isVote":1,"tweetType":1,"viewCount":649,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":170805908,"gmtCreate":1626417085904,"gmtModify":1633926924693,"author":{"id":"3583709064106308","authorId":"3583709064106308","name":"jjing","avatar":"https://static.tigerbbs.com/26b1694ca5e6e6f17094274824968463","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3583709064106308","authorIdStr":"3583709064106308"},"themes":[],"htmlText":"[微笑]&nbsp;","listText":"[微笑]&nbsp;","text":"[微笑]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/170805908","repostId":"2151573133","repostType":4,"isVote":1,"tweetType":1,"viewCount":1013,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":145486725,"gmtCreate":1626237755767,"gmtModify":1633928727607,"author":{"id":"3583709064106308","authorId":"3583709064106308","name":"jjing","avatar":"https://static.tigerbbs.com/26b1694ca5e6e6f17094274824968463","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3583709064106308","authorIdStr":"3583709064106308"},"themes":[],"htmlText":"[微笑]&nbsp;","listText":"[微笑]&nbsp;","text":"[微笑]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/145486725","repostId":"1133459947","repostType":4,"repost":{"id":"1133459947","kind":"news","pubTimestamp":1626232908,"share":"https://www.laohu8.com/m/news/1133459947?lang=&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","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":"<p>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...</p>\n<p><img src=\"https://static.tigerbbs.com/dd07fc077dd10720c94c622b49d99141\" tg-width=\"1280\" tg-height=\"706\" referrerpolicy=\"no-referrer\"></p>\n<p>... 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.</p>\n<p>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.</p>\n<p><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.\"</p>\n<p>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).</p>\n<p><img src=\"https://static.tigerbbs.com/3a2d4089fcfd78f1b6d025823c88d24d\" tg-width=\"1280\" tg-height=\"720\" referrerpolicy=\"no-referrer\"></p>\n<p>Which brings us to the punchline: a chart showing what Goldman<i>had done</i>with its equity investments in 2021. Here the bank pulls no punches, making it clear in the title that it has been busy \"<i><b>harvesting</b></i>\" its balance sheet equity portfolio. Which, of course, is another word for selling.</p>\n<p>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,<b>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.</b></p>\n<p><img src=\"https://static.tigerbbs.com/93df1ef5d7169b1d81a0042eac5f2af6\" tg-width=\"1280\" tg-height=\"704\" referrerpolicy=\"no-referrer\"></p>\n<p>Who is Goldman selling to? Anyone who will buy, but here we would wager that<b>retail investors - who have been on tilt buying in 2021 - have been the proud recipients of billions in Goldman sales.</b>This, in the financial literature is called the \"<b>distribution phase.</b>\"</p>\n<p>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 \"<b>made progress on improving its capital efficiency and is moving 'aggressively' to manage equity positions, especially since the environment is supportive.\"</b></p>\n<p>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.</p>\n<p>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...</p>\n<p><b>Related:</b></p>\n<ul>\n <li>Goldman Sachs:&nbsp;Q2 GAAP EPS of $15.02beats by $5.07.</li>\n <li>Revenue of $15.39B (+15.7% Y/Y)beats by $3.22B.</li>\n <li>Reversal of credit losses of $92M.</li>\n <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>\n</ul>","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</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; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\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\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-07-14 11:21 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.zerohedge.com/markets/goldman-has-aggressively-and-quietly-liquidated-quarter-its-equity-investments><strong>zerohedge</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>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... ...</p>\n\n<a href=\"https://www.zerohedge.com/markets/goldman-has-aggressively-and-quietly-liquidated-quarter-its-equity-investments\">Web Link</a>\n\n</div>\n\n\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},"isVote":1,"tweetType":1,"viewCount":1073,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":145486314,"gmtCreate":1626237671238,"gmtModify":1633928728051,"author":{"id":"3583709064106308","authorId":"3583709064106308","name":"jjing","avatar":"https://static.tigerbbs.com/26b1694ca5e6e6f17094274824968463","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3583709064106308","authorIdStr":"3583709064106308"},"themes":[],"htmlText":"Ya","listText":"Ya","text":"Ya","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/145486314","repostId":"2151560584","repostType":4,"isVote":1,"tweetType":1,"viewCount":435,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"defaultTab":"posts","isTTM":false}