Goldman Sachs is a Very Sophisticated Wall Street Firm which is paid a good deal of money for its expertise in reading the financial markets. How is that going this year?

Bloomberg reports that of the six “top trades” for 2016 that Goldman recommended to clients, five have already been abandoned due to losses.

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The dollar versus a basket of euro and yen; yields on Italian bonds versus their German counterparts; U.S. inflation expectations: Goldman Sachs Group Inc. was wrong on all that and more...

Goldman Sachs was forced out of three of its top picks for the year last month: a bet on large U.S. banks against the Standard & Poor’s 500 Index, a wager on 10-year break-evens, and a call on the Mexican peso and Russian ruble strengthening versus the South African rand and Chilean peso. The latter closed on Jan. 21 for a potential loss of 6.6 percent.

You too can be a Wall Street forecaster. You just need confidence and nothing else.

[Photo: AP]

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