Here's What Goldman Prop Traders' Returns REALLY Look Like

If we’re comparing Goldman’s prop traders’ returns to hedge funds’ returns this summer, they’re above average.That’s the best we can say about their numbers, found in the Wall Street Journal this morning:

Led by 39-year-old Bob Howard, the team from Goldman hasn’t scored outsize gains in the past; people who have seen the group’s returns say their gains as of this summer were less than 5% this year.

We’re comparing their returns to hedge fund returns because prop traders frequently leave firms like Goldman to join or found hedge funds.

Of course they’re joining KKR, a LBO firm, not a hedge fund, in January.

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