Professor Glenn A. Okun
The Rabid Capitalist: The Big Point is a summary of a detailed note available to paid subscribers.
For those of you who, like the Rabid Capitalist, consider schadenfreude to be a sport, entertainment has been provided by Goldman Sachs’ $896 million write-off of its total investment in Northvolt, the bankrupt Swedish battery manufacturer. The write-off was announced last week, less than seven months after the firm communicated that its Northvolt investment was worth more than four times its cost, according to The Financial Times. How could a sophisticated investment manager so grossly misvalue a firm shortly before it declared itself bankrupt?
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