Yeah, so Goldman is out Monday afternoon admiring their own handiwork and pretending to have no idea why FAAMG ended up FUBAR’d on Friday.

Hilariously, the bank’s weekly “GOAL Kickstart” note is called “Thoughts on technology.”

As you’re no doubt aware, Goldman’s “thoughts on technology” were at least partially responsible for Friday’s tech bloodbath on Wall Street and the subsequent global tech rout we saw overnight on Monday.

But Goldman is going to be that dog that tears up your entire living room and then looks around like “who did this?” when you walk in the door from work…

Dogs

To be fair, the bank does reference their “FANG” note, but they don’t exactly make it a point to admit it might have exacerbated, if not catalyzed, the chaos. Witness this hilarious excerpt from today’s note:

While difficult to isolate the reason for the sell-off…

Without further ado, here’s Ian Wright, Christian Mueller-Glissmann, and Peter Oppenheimer to talk about what their colleagues definitely didn’t cause…

Via Goldman

This week’s focus: Thoughts on technology

Global tech has been selling off, starting with the Nasdaq down 1.8% Friday. Tech giants Facebook, Apple, Amazon, Microsoft and Google (FAAMG) all were down more than 2% although the SPX was almost flat on the day, balanced by gains in Energy (+2.5%). Thus far today the US tech sector is down further, with European tech down 3.6% and Japan tech down 1.2%. While difficult to isolate the reason for the sell-off, one thing is clear – it hurts momentum investors. FAAMG have become a larger portion of the broader US indices by market cap and so passive investors increasingly hold them. Additionally, our US strategy team has shown both mutual funds and hedge funds have higher allocations to technology, particularly much of FAAMG.

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