When looking at S&P 500 returns etc, I think you're missing the fact that GS's Fixed Income business is far larger than their equity business. Given the huge a

When looking at S&P 500 returns etc, I think you're missing the fact that GS's Fixed Income business is far larger than their equity business. Given the huge amount of government borrowing going on around the world etc, the bond markets are probably quite active. Given that much of the big competition in the bond markets has collapsed, GS is having a field day there.