Goldman Sachs (GS) launches a proprietary trading-based hedge fund. (, DealBook)

And caps the fiscal year with better than expected earnings. (, Market Movers, Crossing Wall Street)

Which allows Goldman to further reduce share count. (Bespoke Investment Group, MarketBeat)

Buybacks can be smart or dumb, depending on management talent, what external opportunities exist, and where the private market value of the company is.” (Aleph Blog)

Is the Fed to blame for the subprime mortgage crisis? (Big Picture)

Prices in commercial real estate are already falling. (Market Movers)

Don’t fight the ECB. (A Dash of Insight)

Is volatility an asset class? (Zero Beta)

The Founders Fund raises a new fund and its public profile. (Tech Trader Daily)

An ETN overvaluation situation begins to correct itself. (NakedShorts)

Exiting the US stock market for regulatory reasons has not hurt overseas firms. (MarketBeat)

Forget hedge fund replication, is it now time for private equity replication? (All About Alpha)

A worthy year-end investment book list. (FT Alphaville)

Putting a price on the Drudge Report. (DealBook)

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