Goldman Sachs 2004 Annual Report Download - page 61

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management’s฀discussion฀and฀analysis
GOLDMAN฀SAC H S ฀ 2004฀ A N N U A L ฀ R E P ORT ฀ ฀ ฀ 5 9
The following chart presents our daily trading VaR during 2004:
Trading฀Net฀Revenues฀Distribution
Substantially all of our inventory positions are marked-to-market on a daily basis and changes are recorded in net revenues. The
following chart sets forth the frequency distribution of our daily trading net revenues for substantially all inventory positions
included in VaR for the year ended November 2004:
BES฀•฀Phone฀(212)฀924-5500฀•฀FAX฀(212)฀229-7392
BPX/S10829฀•฀Flow฀15฀•฀Proof฀12฀•฀2/4/05฀•฀0700
0
10
20
30
40
50
60
70
80
90
100
FIRST QUARTER
2004
THIRD QUARTER
2004
FOURTH QUARTER
2004
SECOND QUARTER
2004
DAILY VaR
daily฀var
($฀IN฀MILLIONS)
9
26
73
48
40
30
18
14
0-20 20-40 40-60 60-80 80-100 >100(20)-0<(20)฀
DAILY฀TRADING฀NET฀REVENUES
NUMBER฀OF฀DAYS
daily฀trading฀net฀revenues
($฀IN฀MILLIONS)