Being a ‘markets guy’ is an occupational hazard

I remember watching a program on Bloomberg in October 2021 where Eric Schatzker interviewed Lloyd Blankfein, in which the latter described himself as a “markets guy”.

These type of people know the price of many things in many markets around the world and as Mr Blankfein said, it’s an occupational hazard.

After last Thursday intra-day reversal in the U.S. stockmarket, where the market fell 2.5% and then rose 5% to close, up 2.5%…..Mr Blankfein said this, “This is one of those trading days where if you had the news in advance (above-expected CPI), you REALLY would have lost a lot of money.”

He’s not a prolific quote dropper but he does, they’re good.

Another is, “The best traders are not right more than they are wrong. They are quick adjusters. They are better at getting right when they are wrong.”

And then there is this one, “At the end of the day, it’s not a normal condition to have interest rates at zero.”.

October 16, 2022

by Rob Zdravevski

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