AI Summary
5 min readThe Ex-Goldman CEO Who Day-Trades on an iPad
Lloyd Blankfein, former CEO and chairman of Goldman Sachs, says his personal portfolio is roughly 98% in "risky assets," with three-quarters of that concentrated in individual stocks — mostly big tech, energy, and financial services. He trades every day, from his iPad and phone, and admits it takes "a lot of discipline not to look at my screen while I'm talking." But this isn't a strategy he recommends for anyone else. "I'm a pro at it," he says. For regular investors, his advice is the boring stuff: diversified index funds, skewed toward equities when you're young.
The thin margin between success and failure
Blankfein's core insight from decades at the top of finance is that the gap between the best and the rest is surprisingly narrow. "The difference between somebody who's really, really good and somebody who can't make it is not that great," he says. He compares it to a golf tournament where one person wins by a single stroke while six people tie for second place — a "very low margin of victory." The same dynamic plays out in acting, sports, and business: the winner-take-all structure makes the margin look bigger than it really is.
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What you'll learn
- 1 (00:05) **Lloyd Blankfein's Current Portfolio** - The ex-Goldman CEO reveals his personal investment mix is 98% in risky assets, mostly equities, with a heavy tilt toward single stocks and tech.
- 2 (01:42) **Investing as a Hobby, Not a Job** - Blankfein explains that he day trades because it's fun and doesn't affect his life, treating the market like background music.
- 3 (03:10) **The Myth of the Genius** - Blankfein argues that very few people are true geniuses, and most successful people are normal, insecure, and driven by their flaws.
- 4 (05:39) **The Thin Margin of Success** - The difference between top performers and those who can't make it is very small, often a matter of luck and timing.
- 5 (08:43) **Resilience and Taking Risk** - The best traders bounce back from losses, adapt to new information, and are willing to take risk to grow.
- 6 (09:57) **The Warren Buffett Handshake Deal** - Blankfein recounts the story of Buffett investing $5 billion in Goldman Sachs during the 2008 crisis with a simple phone call and no paperwork.
- 7 (23:45) **Missing Big Opportunities** - Blankfein admits he missed many great investments, including buying Bitcoin when it was $100 billion, because he thought it was too expensive.
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Show Notes
Get our Investment Guide: https://clickhubspot.com/rgek
Episode 834: Sam Parr ( https://x.com/theSamParr ) sits down with former Goldman Sachs CEO Lloyd Blanfein ( https://x.com/lloydblankfein ) to talk about what he does with his money.
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Show Notes:
(0:00) Lloyd on Money, Day Trading, and Feeling “Rich”
(3:52) Meeting Elon
(5:23) What the worst traders have in common
(9:54) Warren Buffett’s handshake deal
(15:04) Lloyd breaks down his portfolio
(20:41) Advice to young investors
(23:09) biggest mistakes
(25:54) Anxiety as a superpower
(27:54) Family finances
(31:35) Scarcity
(40:46) The Goldman Obituary Test
(43:53) Lessons from history
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Links:
• Streetwise - https://www.penguinrandomhouse.com/books/780438/streetwise-by-lloyd-blankfein/
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