Readings: What does Goldman Sachs know, that we don't?

Michael Lewis of the Liar's Poker game wrote a nice article for Bloomberg. The article titled "What Does Goldman Know That We Don't?: Michael Lewis" can be read here.

A brief excerpt of the article is as follows:

Jan. 17 (Bloomberg) -- In retrospect, the most intriguing subplot in the collapse of the subprime mortgage market has been not the size of the losses but their distribution. Wall Street firms have a talent for getting themselves into trouble together. They all were long Internet stocks when Internet stocks collapsed and they'll all be long North Korean credit-default swaps whenever North Korea gets hot and then crashes.

What's odd about the subprime crash is Goldman Sachs Group Inc. A single firm took a position contrary to the rest of Wall Street. Giant Wall Street firms are designed for many things, but not, typically, to express highly idiosyncratic views in the market. Even more surprising is how little Wall Street seems to have dwelled on how and why Goldman Sachs made its killing.

----- link to the entire article.