---
title: "Goldman Trader: The Markets Have Become Borderline Unplayable"
type: "News"
locale: "zh-CN"
url: "https://longbridge.com/zh-CN/news/101249201.md"
description: "Global stocks lost around $1.5 trillion in market cap in the last week or so. Is it the end of optimizing for price?"
datetime: "2023-10-31T03:20:18.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/101249201.md)
  - [en](https://longbridge.com/en/news/101249201.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/101249201.md)
---

> 支持的语言: [English](https://longbridge.com/en/news/101249201.md) | [繁體中文](https://longbridge.com/zh-HK/news/101249201.md)


# Goldman Trader: The Markets Have Become Borderline Unplayable

_By Bobby Molavi, Goldman trader and Managing Director_

**The last few weeks have been borderline unplayable.** A market where macro, micro and geopolitics have all co-mingled and competed. A market where headline index has suffered while beneath the surface sector and stock dispersion has been savage and substantial. **The quantum of moves around earnings caused one client to quip that 5% was the new 1% in relation to daily moves and standard deviations.** All the while carrying risk has proven increasingly hard, positioning and crowding become a material risk factor in and of itself and increasingly there being nowhere to hide (pharma, quality, defensives all coming under pressure). **The net result was that global stocks lost around $1.5 trillion in market cap in the last week or so.**

What last week did feel like was a market digesting the interplay of higher and higher for longer, a slowing economy, a nervous consumer, a geopolitical backdrop with real and substantial left tails and a market still trading rich and without the equity risk premium you’d expect. **Investors of all categories de-grossed at the margin, the only reason the de-grossing wasn’t greater was due to an increase in shorts.** Nets have clearly come down….**our global long short ratio at 170% hitting all time lows and a material reset lower from the 215%we saw earlier in the year**.Longs also starting to worry about the prospect of redemptions and asset re-allocation.

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