gs shouldn't be down like this

gs is trading down about 2% today, recently changing hands at about 170. that values the stock at just 10 times reduced 2008 earnings expectations.

i think that's crazy. gs, the same company that got things right in the subprime mess and ensuing credit crunch, the company that has picked up a huge amount of prime brokerage business -- carrying huge margins -- after the bsc collapse? gs, with the credit markets at last freeing up? yes, gs, the only company in the business that is buying back its shares.

it's ridiculous. people are freaking out because the company lost money on a couple of bad days. there is just no way this company should be selling so cheaply.

today, the company's ceo talked at the company's annual meeting about how we are in the tail-end of the credit crisis. that would free gs up to start making a lot of money again, especially now that there are fewer players with the capital to do things.

long gs