Goldman Sachs releases its 4Q earnings tomorrow. The media coverage will be intense, but the PR staff has already been in overdrive. The buzz over the Wall Street Journal front-pager about its structured products group last week endures. You can't buy media like that. If the fourth quarter is strong, it seems likely that the firm's full year results could end up being some kind of record. We'll hopefully get a sense for the kind of hedging activity the firm has undertaken. Has it wound down all its ABX hedges? We don't know. In general it's never certain in advance what the proprietary trading activity--and thus the VAR was like.  

For more:
- here's an article from the Telegraph
- here's a video that predicts Goldman's 4Q earnings

Related articles:
- 4Q earnings on tap
- Lehman earnings set negative tone