My comments about Goldman Sachs in these columns two weeks ago drew a mixed reaction. Goldman insiders liked the conclusion that theirs was the firm which everyone else had to beat.

However, they weren't so sure about the "arrogant" label. After a few glasses of wine, a younger Goldman staffer admitted: "We may swagger just a little from time to time, but we are not arrogant." Yes, that confused me too, but it wasn't worth a prolonged debate.