Goldman Sachs 2003 Annual Report Download - page 60

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Management’s Discussion and Analysis
58 GOLDMAN SACHS 2003 ANNUAL REPORT
The following chart presents the daily VaR for substantially all of our trading positions during 2003:
DAILY VaR
($ IN MILLIONS)
0
10
20
30
40
50
60
70
80
90
100
FIRST QUARTER THIRD QUARTER FOURTH QUARTERSECOND QUARTER
DAILY VaR
trading net revenues distribution
Substantially all of our inventory positions are marked-to-market on a daily basis and changes are recorded in net rev-
enues. The following chart sets forth the frequency distribution for substantially all of our daily trading net revenues for
the year ended November 2003:
DAILY TRADING NET REVENUES
($ IN MILLIONS)
0
20
40
60
80
<(20) (20)-0 0-20 20-40 40-60 60-80 >80
DAILY TRADING NET REVENUES
NUMBER OF DAYS
0
20
40
60
80
NUMBER OF DAYS