... which sent Goldman stock price plunging, for the second quarter in a row there was troubling disclosure in the bank's Asset Management division, formerly known as Goldman Prop.

Here, after a stellar Q2 in which Goldman generated a record $5.132BN, more than double the $2.1BN in Q2 2020 and driven by "significantly higher net gains from investments in private equities, driven by company-specific events, including capital raises and sales", and after a very disappointing Q3 which saw a $820 million loss from the trade of public equities, Q4 saw a continuation of this bizarre underperformance, with net revenues sliding 10% from a year ago, with revenue from Equity Investment plunging 20% Y/Y to just $1.417BN.

According to Goldman's investor presentation, for the second quarter in a row, "equity investments net revenues reflected significant net losses from investments in public equities compared with significant net gains in 4Q20, partially offset by significantly higher net gains from investments in private equities."

Goldman further breaks down the equity revenue, and notes that whereas investments in private equity brought in $1.915BN, more than even the $1.755BN in Q3, public equities actually led to a whopping $4500 million loss in Q3, compared to $745 Million profit a year ago, and a $820 Million loss in Q2.