Last post wasn't mine.
Sack Goldmans: "Don't be naive. Wall Street knows exactly what is going on. But their goal is to make money. They will say whatever it takes to enrich themselves. Buyer (seller) beware."
Actually, that's not true. It might be difficult to believe, and certainly everybody talks their book...but there are at least some people on the street who have absolutely no idea what's going on.
Some are dumber than a bag of hammers, and too young to have any clue, or too old to have any clue. Without advance inside information, they are totally worthless. Totally.
They do in fact have access to such information, and they trade on it. Some also have enough power to make and move markets, within limits, no matter what their level of knowledge/aptitude. But many are ridiculously insular, inexperienced, and delusional. I know some of them, and there is definitely that subspecies. In fact, it might be dominant.
They're so great that none of them are beating the indexes, right? They're so great that they're getting fired left and right at the moment, right? They're so great that they're fighting just to keep their wages, right? There's more, much more. An ex-colleague lawyer has told me that people are already positioning.
Yes, everybody talks their book. Absolutely. But that's not the full story.