What does this have to do with fighting complacency? Well, complacency is about surrounding yourself in a cocoon of threads woven from past success. Given the ruthless competition on Wall Street, complacency leads companies to miss changes in the market, leading to self-liquidation. While the pace of complacency-led self-liquidation may be fast or slow, it is inevitable.

Blankfein knows that Goldman's global range gives it access to better information and ideas from around the world. This leads to better business opportunities and better collective intelligence. As Fortune reports, Goldman's clients give it an information edge that the very best hedge funds don't have. "Clients are our bread and butter," says Blankfein. "Without them we would starve to death."

Goldman's profits depend on a stream of better bets. Better bets result from superior information analyzed more insightfully by a team of the best minds. If Blankfein's worries press Goldman to keep complacency from mucking up the works of this better betting machine -- then Goldman will outperform its competitors.

What does this mean for investors? It could be a while before the problems in the financial system allow Goldman to enjoy rapid profit growth. So its stock could fall further.

But if Goldman stock hits $140 -- down 44% from its high -- it could be time to back up the truck.

Peter Cohan is President of Peter S. Cohan & Associates. He also teaches management at Babson College and edits The Cohan Letter. He has no financial interest in the securities mentioned.