Exchanges

Farallon Capital's Nicolas Giauque on Investing for the Long Term

Wed, 22 Apr 2026 13:00:00 -0000

Managing Partner and CIO Nicolas Giauque of Farallon Capital—a multi-strategy firm founded 40 years ago—talks about the investing opportunities he sees today and his view of the current market environment.

This episode was recorded on April 9, 2026.

A transcript is provided for convenience and may differ from the original video or audio content. Goldman Sachs is not responsible for any errors in the transcript. This material should not be copied, distributed, published, or reproduced in whole or in part or disclosed by any recipient to any other person without the express written consent of Goldman Sachs. Disclosures applicable to research with respect to issuers, if any, mentioned herein are available through your Goldman Sachs representative or at http://www.gs.com/research/hedge.html

Goldman Sachs does not endorse any candidate or any political party.

The views expressed herein may not necessarily reflect the institutional views of Farallon Capital Management, L.L.C. or its affiliates. This content is for informational purposes only and does not constitute investment advice or an offer to purchase or sell any securities. Past performance is not indicative of future results.

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Apollo's Jim Zelter on the Future of Private Credit

Thu, 16 Apr 2026 04:00:00 -0000

Apollo Global Management President Jim Zelter talks about the unprecedented surge in capital expenditures, the future of private credit, and where he’s seeing investment opportunities around the world.

This episode was recorded on March 11, 2026.

Goldman Sachs does not endorse any candidate or any political party.

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Why Aren’t Investors More Worried?

Tue, 14 Apr 2026 15:12:00 -0000

Goldman Sachs Research’s Dominic Wilson discusses the impact of the Iran conflict—including the US blockade of the Strait of Hormuz—on global markets. In discussion with Exchanges Host Allison Nathan, he explores the market reactions, risks, and the outlook for equities, rates, currencies, and portfolio positioning amid the ongoing geopolitical uncertainty.

This episode was recorded on April 13, 2026.

Disclosures applicable to research with respect to issuers, if any, mentioned herein are available through your Goldman Sachs representative or at http://www.gs.com/research/hedge.html

Goldman Sachs does not endorse any candidate or any political party.

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Natural Gas in Focus: Iran Conflict Could Have ‘Very Painful’ Consequences

Tue, 07 Apr 2026 04:00:00 -0000

While oil dominates headlines amid the Iran conflict, an equally unsettling story is playing out in natural gas markets that may pose an even greater threat. In this episode of Goldman Sachs Exchanges, Samantha Dart, co-head of Global Commodities Research, explains why the length of the Iran conflict could have a significant impact on natural gas prices. This episode was recorded on April 6th, 2026.

Disclosures applicable to research with respect to issuers, if any, mentioned herein are available through your Goldman Sachs representative or at http://www.gs.com/research/hedge.html

Goldman Sachs does not endorse any candidate or any political party.

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AI Exchanges: Power Problems?

Thu, 02 Apr 2026 12:00:00 -0000

As the demand for AI-powered data centers continues to grow, Goldman Sachs Research’s Brian Singer explains the potential sources—and constraints—of power demand growth.

This episode was recorded on March 3rd, 2026.

Disclosures applicable to research with respect to issuers, if any, mentioned herein are available through your Goldman Sachs representative or at http://www.gs.com/research/hedge.html

Goldman Sachs does not endorse any candidate or any political party.

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The Business Builder: New Mountain Capital's Steve Klinsky

Tue, 31 Mar 2026 12:00:00 -0000

Steve Klinsky, founder and CEO of New Mountain Capital, joins Goldman Sachs’ Alison Mass to discuss the macro landscape, his approach to building businesses, the evolution of the private equity industry.

This episode was recorded on February 18, 2026.

Disclosures applicable to research with respect to issuers, if any, mentioned herein are available through your Goldman Sachs representative or at http://www.gs.com/research/hedge.html

Goldman Sachs does not endorse any candidate or any political party.

Please visit newmountaincapital.com for more information about New Mountain Capital and a list of its portfolio company investments.

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Iran Conflict: How Long, and How Bad?

Fri, 27 Mar 2026 13:10:00 -0000

The Iran conflict has triggered the largest energy supply disruption in history with shipping traffic in the Strait of Hormuz nearly at a standstill and regional energy infrastructure under fire. In this episode, Chatham House’s Sanam Vakil, long-time US Middle East advisor Dennis Ross, and Vice Admiral Kevin Donegan, USN (ret), discuss how long this conflict could last, what’s at stake for the key players, and what it will take to restore global energy flows. This episode explores the latest Top of Mind report.

This episode was recorded on March 16, 17, and 25, 2026.

Disclosures applicable to research with respect to issuers, if any, mentioned herein are available through your Goldman Sachs representative or at http://www.gs.com/research/hedge.html

Goldman Sachs does not endorse any candidate or any political party.

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Private Credit Concerns in Context

Mon, 23 Mar 2026 23:37:00 -0000

Goldman Sachs’ Alex Blostein and Vivek Bantwal discuss the market sentiment, fundamentals, and the outlook for the private credit sector.

This episode was recorded on March 19th and 20th.

Disclosures applicable to research with respect to issuers, if any, mentioned herein are available through your Goldman Sachs representative or at http://www.gs.com/research/hedge.html

Goldman Sachs does not endorse any candidate or any political party.

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Lloyd Blankfein on His Memoir Streetwise, Risk Management and Leadership

Fri, 20 Mar 2026 04:00:00 -0000

Goldman Sachs’ culture has long been defined by its core values: partnership, client service, integrity, and excellence. Lloyd Blankfein, Senior Chairman of The Goldman Sachs Group Inc. and former Chairman and CEO of Goldman Sachs, joins David Solomon, current Chairman and CEO of Goldman Sachs for a conversation on his storied career and the launch of his memoir, Streetwise: Getting to and Through Goldman Sachs. Lloyd reflects on his upbringing in Brooklyn, path to Harvard, long-time leadership at Goldman Sachs, the evolution of the firm’s partnership culture, and the critical risk management lessons learned while steering the firm through the 2008 financial crisis and its aftermath. This episode was recorded on February 25, 2026. The opinions and views expressed herein are as of the date of publication, subject to change without notice, and may not necessarily reflect the institutional views of Goldman Sachs or its affiliates. The material provided is intended for informational purposes only, and does not constitute investment advice, a recommendation from any Goldman Sachs entity to take any particular action, or an offer or solicitation to purchase or sell any securities or financial products. This material may contain forward-looking statements. Past performance is not indicative of future results. Neither Goldman Sachs nor any of its affiliates make any representations or warranties, express or implied, as to the accuracy or completeness of the statements or information contained herein and disclaim any liability whatsoever for reliance on such information for any purpose. Each name of a third-party organization mentioned is the property of the company to which it relates, is used here strictly for informational and identification purposes only and is not used to imply any ownership or license rights between any such company and Goldman Sachs. A transcript is provided for convenience and may differ from the original video or audio content. Goldman Sachs is not responsible for any errors in the transcript. This material should not be copied, distributed, published, or reproduced in whole or in part or disclosed by any recipient to any other person without the express written consent of Goldman Sachs. Disclosures applicable to research with respect to issuers, if any, mentioned herein are available through your Goldman Sachs representative or at http://www.gs.com/research/hedge.html Goldman Sachs does not endorse any candidate or any political party. Copyright 2026. All rights reserved.

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Emerging Markets: Stirred, But Not Yet Shaken

Wed, 18 Mar 2026 04:00:00 -0000

Goldman Sachs Research’s Kamakshya Trivedi analyzes the market’s reaction to the conflict in Iran and the case for emerging markets.

This episode was recorded on March 12, 2026.

Disclosures applicable to research with respect to issuers, if any, mentioned herein are available through your Goldman Sachs representative or at http://www.gs.com/research/hedge.html

Goldman Sachs does not endorse any candidate or any political party.

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Goldman Sachs International’s Co-CEOs on Europe’s Opportunity, AI, and Market Volatility

Mon, 16 Mar 2026 12:00:00 -0000

Goldman Sachs International Co-CEOs Anthony Gutman and Kunal Shah discuss CEO sentiment, market volatility, and the case for Europe.

This episode was recorded on March 12, 2026.

Disclosures applicable to research with respect to issuers, if any, mentioned herein are available through your Goldman Sachs representative or at http://www.gs.com/research/hedge.html

Goldman Sachs does not endorse any candidate or any political party.

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Can Software Survive AI?

Tue, 10 Mar 2026 22:09:00 -0000

Goldman Sachs Research’s Gabriela Borges explains how AI disruption has been affecting the software sector and what it will take for the sector to stabilize. For more, also read the related Goldman Sachs Research’s Top of Mind report, Will AI eat software?

This episode was recorded on March 10, 2026.

Disclosures applicable to research with respect to issuers, if any, mentioned herein are available through your Goldman Sachs representative or at http://www.gs.com/research/hedge.html

Goldman Sachs does not endorse any candidate or any political party.

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Oil Market Impacts from Iran

Mon, 02 Mar 2026 23:55:00 -0000

Goldman Sachs Research’s Daan Struyven, co-head of Global Commodities Research and Head of Oil Research, discusses how the strikes in Iran could affect the oil market, commodities, and energy prices.

This episode was recorded on March 2nd, 2026.

Disclosures applicable to research with respect to issuers, if any, mentioned herein are available through your Goldman Sachs representative or at http://www.gs.com/research/hedge.html

Goldman Sachs does not endorse any candidate or any political party.

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Why Japanese Stocks Could Keep Rallying

Tue, 24 Feb 2026 05:00:00 -0000

Goldman Sachs Research’s Bruce Kirk discusses the implications of Japan’s recent snap election and the implications for the equity market and foreign investors.

Date of recording: February 19, 2026.

Disclosures applicable to research with respect to issuers, if any, mentioned herein are available through your Goldman Sachs representative or at http://www.gs.com/research/hedge.html

Goldman Sachs does not endorse any candidate or any political party.

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The New AI Trades

Tue, 17 Feb 2026 05:00:00 -0000

Goldman Sachs Research’s Ryan Hammond explains how AI disruption is creating large sector rotations even as equities continue to move higher.

This episode was recorded on February 11, 2026.

Disclosures applicable to research with respect to issuers, if any, mentioned herein are available through your Goldman Sachs representative or at http://www.gs.com/research/hedge.html

Goldman Sachs does not endorse any candidate or any political party.

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Fundamentals Still Matter: Lone Pine’s David Craver

Thu, 12 Feb 2026 05:00:00 -0000

David Craver, co-chief investment officer of Lone Pine Capital, discusses the evolution of market structure, the opportunities in AI, and the factors driving the firm’s long-term fundamental-based investing.

This episode was recorded on January 28, 2026.

The opinions and views expressed herein are as of the date of publication, subject to change without notice, and may not necessarily reflect the institutional views of Goldman Sachs or its affiliates. The material provided is intended for informational purposes only, and does not constitute investment advice, a recommendation from any Goldman Sachs entity to take any particular action, or an offer or solicitation to purchase or sell any securities or financial products. This material may contain forward-looking statements. Past performance is not indicative of future results. Neither Goldman Sachs nor any of its affiliates make any representations or warranties, express or implied, as to the accuracy or completeness of the statements or information contained herein and disclaim any liability whatsoever for reliance on such information for any purpose. Each name of a third-party organization mentioned is the property of the company to which it relates, is used here strictly for informational and identification purposes only and is not used to imply any ownership or license rights between any such company and Goldman Sachs. A transcript is provided for convenience and may differ from the original video or audio content. Goldman Sachs is not responsible for any errors in the transcript. This material should not be copied, distributed, published, or reproduced in whole or in part or disclosed by any recipient to any other person without the express written consent of Goldman Sachs. Disclosures applicable to research with respect to issuers, if any, mentioned herein are available through your Goldman Sachs representative or at http://www.gs.com/research/hedge.html Goldman Sachs does not endorse any candidate or any political party. © 2026 Goldman Sachs. All rights reserved.

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‘Affordability’: Consumer Concerns and Government Proposals

Tue, 10 Feb 2026 05:00:00 -0000

What's driving concerns about the US cost of living, and can the administration's proposals effectively address them? David Mericle, Chief US Economist, and Alec Phillips, Chief US Political Economist, at Goldman Sachs Research discuss with Allison Nathan.

Date of recording: February 5th, 2026.

The opinions and views expressed herein are as of the date of publication, subject to change without notice and may not necessarily reflect the institutional views of Goldman Sachs or its affiliates. The material provided is intended for informational purposes only and does not constitute investment advice, a recommendation from any Goldman Sachs entity to take any particular action, or an offer or solicitation to purchase or sell any securities or financial products. This material may contain forward-looking statements. Past performance is not indicative of future results. Neither Goldman Sachs nor any of its affiliates make any representations or warranties, expressed or implied, as to the accuracy or completeness of the statements or information contained herein and disclaim any liability whatsoever for reliance on such information for any purpose. Each name of a third-party organization mentioned is the property of the company to which it relates is used here strictly for informational and identification purposes only and is not used to imply any ownership or license rights between any such company and Goldman Sachs.

Goldman Sachs does not endorse any candidate or any political party.

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Implications of an “Americas First” Foreign Policy

Tue, 03 Feb 2026 17:32:00 -0000

What could more assertive US foreign policy in the Western Hemisphere — driven by the so-called “Donroe Doctrine”— mean for the global order? Hal Brands, professor of global affairs at the Johns Hopkins School of Advanced International Studies, and Mauricio Claver-Carone, President Trump’s former Special Envoy for Latin America, and managing partner of the Latin America Real Assets Opportunity Fund, explore what’s driving this more assertive posture and its implications with Allison Nathan on the latest episode of Goldman Sachs Exchanges. This episode explores the latest Top of Mind report: https://www.goldmansachs.com/insights/top-of-mind/americas-first

This episode was recorded on January 12, 13, and 30, 2026. The opinions and views expressed herein are as of the date of publication, subject to change without notice and may not necessarily reflect the institutional views of Goldman Sachs or its affiliates. The material provided is intended for informational purposes only and does not constitute investment advice, a recommendation from any Goldman Sachs entity to take any particular action, or an offer or solicitation to purchase or sell any securities or financial products. This material may contain forward-looking statements. Past performance is not indicative of future results. Neither Goldman Sachs nor any of its affiliates make any representations or warranties, expressed or implied, as to the accuracy or completeness of the statements or information contained herein and disclaim any liability whatsoever for reliance on such information for any purpose. Each name of a third-party organization mentioned is the property of the company to which it relates is used here strictly for informational and identification purposes only and is not used to imply any ownership or license rights between any such company and Goldman Sachs.

Goldman Sachs does not endorse any candidate or any political party.

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Will US Stocks Outperform in 2026?

Tue, 27 Jan 2026 05:00:00 -0000

Goldman Sachs’ Sharmin Mossavar-Rahmani, head of the Investment Strategy Group and chief investment officer of Wealth Management, shares her team’s investment views for the year ahead. Find all our outlooks for the year ahead here: https://www.goldmansachs.com/insights/outlooks/2026-outlooks

This episode was recorded on January 9, 2026.

Disclosures applicable to research with respect to issuers, if any, mentioned herein are available through your Goldman Sachs representative or at www.GS.com/research/hedge.html.

Goldman Sachs does not endorse any candidate or any political party.

This material represents the views of the Wealth Management Investment Strategy Group and is not a product of Goldman Sachs Global Investment Research (GIR). It is not research and is not intended as such. The views and opinions expressed by ISG may differ from those expressed by GIR, LP, or other departments or businesses of Goldman Sachs. Past performance is not indicative of future results which may vary.

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Goldman Sachs Chairman and CEO David Solomon on AI, M&A, and Markets

Fri, 23 Jan 2026 11:00:00 -0000

Goldman Sachs Chairman and CEO David Solomon discusses AI, M&A, and the firm’s path forward.

This episode was recorded on January 20th, 2026.

Disclosures applicable to research with respect to issuers, if any, mentioned herein are available through your Goldman Sachs representative or at http://www.gs.com/research/hedge.html.

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Goldman Sachs Exchanges: Outlook 2026 | Episode 3: Assets and Allocation

Tue, 20 Jan 2026 05:00:00 -0000

In the third and final episode of the Goldman Sachs Exchanges Outlook 2026 series, Goldman Sachs Research’s Peter Oppenheimer, Kamakshya Trivedi, Daan Struyven, and Christian Mueller-Glissmann share the trends shaping assets and portfolio allocation in 2026.

Learn more about Goldman Sachs’ outlooks for the year ahead: https://www.goldmansachs.com/insights/outlooks/2026-outlooks

This episode was recorded on January 7th and 8th, 2026.

Disclosures applicable to research with respect to issuers, if any, mentioned herein are available through your Goldman Sachs representative or at http://www.gs.com/research/hedge.html.

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Goldman Sachs Exchanges: Outlook 2026 | Episode 2: Regional Perspectives

Thu, 15 Jan 2026 05:00:00 -0000

In the second episode of the Goldman Sachs Exchanges Outlook 2026 series, Goldman Sachs Research’s David Mericle, Andrew Tilton, and Jari Stehn discuss the trends shaping economies in the US, Asia, and Europe in 2026.

This episode was recorded on January 7 and 8, 2026.

Learn more about Goldman Sachs’ outlooks for the year ahead.

Disclosures applicable to research with respect to issuers, if any, mentioned herein are available through your Goldman Sachs representative or at http://www.gs.com/research/hedge.html.

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Goldman Sachs Exchanges: Outlook 2026 | Episode 1: The Big Picture

Tue, 13 Jan 2026 05:00:00 -0000

In the first episode of the Goldman Sachs Exchanges: Outlook 2026 series, Goldman Sachs Research’s Jan Hatzius and Dominic Wilson discuss the trends shaping the global economy and markets in the coming year.

This episode was recorded on January 8th, 2026.

Disclosures applicable to research with respect to issuers, if any, mentioned herein are available through your Goldman Sachs representative or at http://www.gs.com/research/hedge.html.

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Oil Market Impacts from Venezuela

Tue, 06 Jan 2026 15:27:00 -0000

Goldman Sachs Research’s Daan Struyven joins Allison Nathan to discuss the potential implications of the situation in Venezuela for the oil and commodity markets.

This episode was recorded on January 5th, 2026.

Disclosures applicable to research with respect to issuers, if any, mentioned herein are available through your Goldman Sachs representative or at http://www.gs.com/research/hedge.html.

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Looking for Trends: One River Asset Management’s Eric Peters

Mon, 22 Dec 2025 21:23:00 -0000

Eric Peters, who leads both One River Asset Management and Coinbase Asset Management, shares his views on risk management, trend following, and the future of finance.

This episode was recorded on December 17, 2025.

Disclosures applicable to research with respect to issuers, if any, mentioned herein are available through your Goldman Sachs representative or at http://www.gs.com/research/hedge.html.

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‘Who’s the Next Winner?’: Diameter Capital’s Scott Goodwin

Thu, 18 Dec 2025 23:39:00 -0000

Diameter Capital’s Scott Goodwin, co-founder and managing partner, talks about his career, his investment philosophy, and how he’s navigating opportunities across the credit spectrum.

This episode was recorded on December 8, 2025.

Disclosures applicable to research with respect to issuers, if any, mentioned herein are available through your Goldman Sachs representative or at http://www.gs.com/research/hedge.html.

Certain entities affiliated with The Goldman Sachs Group, Inc. (“Goldman Sachs”) are investors in one or more investment funds managed by Diameter Capital Partners LP or its affiliates (“Diameter”). Diameter provided no cash or non-cash compensation to Goldman Sachs for this podcast. Any statements about Diameter contained in this podcast do not represent the experience of all investors in funds managed by Diameter, and there is no guarantee that any other investor in such a fund will have similar experience. Diameter is not aware of any material conflicts of interest in connection with the delivery of this podcast on the part of Goldman Sachs resulting from Diameter’s relationship with Goldman Sachs.

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The US-China Tech Race

Wed, 10 Dec 2025 21:38:00 -0000

Is the US or China winning the tech race, and what factors will determine the outcome? Mark Kennedy, founding director of the Wahba Initiative for Strategic Competition, and Paul Triolo, partner at DGA-Albright Stonebridge Group, discuss with Allison Nathan on the latest episode of Goldman Sachs Exchanges.

This episode was recorded on November 10, 18, and December 9th, 2025.

Disclosures applicable to research with respect to issuers, if any, mentioned herein are available through your Goldman Sachs representative or at http://www.gs.com/research/hedge.html.

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From Assets to Alpha: David Kostin on US Equities

Thu, 04 Dec 2025 19:44:00 -0000

Goldman Sachs Research’s David Kostin discusses the recent equity market volatility, the AI trade, and the opportunities for investors today. Kostin, who is retiring as chief US equity strategist at the end of 2025, also reflects on his 31-year career at Goldman Sachs.

This episode was recorded on December 2, 2025.

Disclosures applicable to research with respect to issuers, if any, mentioned herein are available through your Goldman Sachs representative or at http://www.gs.com/research/hedge.html.

Goldman Sachs does not endorse any candidate or any political party.

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What’s Driving the Surge in Deal-Making?

Mon, 24 Nov 2025 05:00:00 -0000

Despite a year marked by geopolitical uncertainty, higher tariffs, and slowing growth, deal-making activity is surging in 2025. So can this current wave of M&A activity continue? Goldman Sachs’ Stephan Feldgoise, head of the Global Mergers & Acquisition business in Global Banking & Markets, discusses the outlook with Allison Nathan.

This episode was recorded on November 20, 2025.

Disclosures applicable to research with respect to issuers, if any, mentioned herein are available through your Goldman Sachs representative or at http://www.gs.com/research/hedge.html.

Goldman Sachs does not endorse any candidate or any political party.

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The Fed's Tightrope: Inflation, Labor, and the Path Ahead

Tue, 18 Nov 2025 05:00:00 -0000

With inflation above target and the labor market weakening, is the Fed poised to cut rates again? Rob Kaplan, Vice Chairman of Goldman Sachs, discusses the uncertain outlook with Allison Nathan.

This episode was recorded on November 12, 2025.

Disclosures applicable to research with respect to issuers, if any, mentioned herein are available through your Goldman Sachs representative or at http://www.gs.com/research/hedge.html.

Goldman Sachs does not endorse any candidate or any political party.

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Are AI Bubble Concerns Warranted or Overblown?

Tue, 11 Nov 2025 05:00:00 -0000

AI bubble concerns are back amid a rise in AI-exposed companies’ valuations, ongoing massive AI spend, and the increasing circularity of the AI ecosystem. Goldman Sachs Research’s Eric Sheridan and Kash Rangan discuss whether bubble concerns are warranted or overblown.

Date of recordings: September 26 and October 30, 2025

Disclosures applicable to research with respect to issuers, if any, mentioned herein are available through your Goldman Sachs representative or at http://www.gs.com/research/hedge.html.

Goldman Sachs does not endorse any candidate or any political party.

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China's Economy: Reasons for Optimism

Wed, 05 Nov 2025 18:18:00 -0000

As the US and China navigate trade tensions, what's the outlook for China's economic growth? Hui Shan, chief China economist in Goldman Sachs Research, discusses with Allison Nathan.

This episode was recorded on November 3rd, 2025.

Disclosures applicable to research with respect to issuers, if any, mentioned herein are available through your Goldman Sachs representative or at http://www.gs.com/research/hedge.html. Goldman Sachs does not endorse any candidate or any political party. © 2025 Goldman Sachs. All rights reserved.

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Macro Challenges and Credit Opportunities: Davidson Kempner’s Tony Yoseloff

Fri, 31 Oct 2025 04:00:00 -0000

Davidson Kempner’s Tony Yoseloff, managing partner and chief investment officer, discusses the current market moment, the keys to investing across different market cycles, and where he sees opportunities in the alternative investing landscape.

This episode was recorded on October 20, 2025.

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Gold, Oil, and Rare Earths: Commodities on the Move

Tue, 28 Oct 2025 17:36:00 -0000

With gold, oil, and rare earth minerals making headlines this year, Goldman Sachs Research’s Daan Struyven shares his views on what’s ahead for these markets and how commodities can fit into portfolios today.

This episode was recorded on October 27, 2025.

Disclosures applicable to research with respect to issuers, if any, mentioned herein are available through your Goldman Sachs representative or at http://www.gs.com/research/hedge.html

Goldman Sachs does not endorse any candidate or any political party.

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‘Culture is Everything’: Sixth Street’s Alan Waxman on Flexibility and Alpha

Fri, 24 Oct 2025 04:00:00 -0000

What's driving opportunities in alternative assets, and how are investors adapting to an accelerating pace of change? Sixth Street Co-Founder, CEO, and Co-CIO Alan Waxman discusses his career and the importance of flexibility in finding alpha on the latest edition of Goldman Sachs Exchanges: Great Investors.

This episode was recorded on September 3, 2025.

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Making Sense of Weak Job Growth Alongside Solid GDP Growth

Wed, 22 Oct 2025 13:50:00 -0000

Goldman Sachs Research’s Chief US economist David Mericle explains the factors driving the economy and the divergence between solid GDP growth and a slowing labor market.

This episode was recorded on October 20, 2025. The opinions and views expressed herein are as of the date of publication, subject to change without notice and may not necessarily reflect the institutional views of Goldman Sachs or its affiliates. The material provided is intended for informational purposes only and does not constitute investment advice, a recommendation from any Goldman Sachs entity to take any particular action, or an offer or solicitation to purchase or sell any securities or financial products. This material may contain forward-looking statements. Past performance is not indicative of future results. Neither Goldman Sachs nor any of its affiliates make any representations or warranties, expressed or implied, as to the accuracy or completeness of the statements or information contained herein and disclaim any liability whatsoever for reliance on such information for any purpose. Each name of a third-party organization mentioned is the property of the company to which it relates is used here strictly for informational and identification purposes only and is not used to imply any ownership or license rights between any such company and Goldman Sachs.

Disclosures applicable to research with respect to issuers, if any, mentioned herein are available through your Goldman Sachs representative or at www.GS.com/research/hedge.html.

Goldman Sachs does not endorse any candidate or any political party.

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‘The Technology Opportunity of Our Lifetimes’: Bessemer's Byron Deeter

Fri, 17 Oct 2025 04:00:00 -0000

In the latest episode of Goldman Sachs Exchanges: Great Investors, Byron Deeter, a partner at Bessemer Venture Partners, discusses the venture capital landscape and the most promising developments in artificial intelligence and the software industry with Goldman Sachs’ Ken Hirsch.

This episode was recorded on September 23, 2025.

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The Rise of Secondaries: Unlocking Liquidity in Private Markets

Tue, 14 Oct 2025 04:00:00 -0000

Once a niche segment, the private equity secondaries market has seen substantial growth and is reshaping the broader alternative asset landscape. In this episode, Goldman Sachs’ Harold Hope and Alex Blostein discuss the evolution of the private equity secondaries market.

This episode was recorded on September 29, 2025.

Disclosures applicable to research with respect to issuers, if any, mentioned herein are available through your Goldman Sachs representative or at http://www.gs.com/research/hedge.html.

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The Shutdown’s Economic Impact

Wed, 08 Oct 2025 16:12:00 -0000

How long could the US government shutdown last — and what will that ultimately mean for the US economy? Goldman Sachs Research’s Alec Phillips, chief US political economist, explores the potential impact on economies and markets.

This episode was recorded on October 7, 2025.

Disclosures applicable to research with respect to issuers, if any, mentioned herein are available through your Goldman Sachs representative or at http://www.gs.com/research/hedge.html.

Goldman Sachs does not endorse any candidate or any political party.

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AI Exchanges: The Role of Data

Tue, 30 Sep 2025 04:00:00 -0000

Goldman Sachs’ Neema Raphael, the firm’s chief data officer and head of data engineering, discusses the role of data in enabling or possibly stalling AI’s progress with George Lee, co-head of the Goldman Sachs Global Institute, and Allison Nathan, senior strategist in Goldman Sachs Research.

This episode was recorded on September 25, 2025.

Disclosures applicable to research with respect to issuers, if any, mentioned herein are available through your Goldman Sachs representative or at http://www.gs.com/research/hedge.html.

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How Reliable is Economic Data?

Thu, 25 Sep 2025 15:14:00 -0000

Are concerns about the quality and reliability of economic data — as well as its vulnerabilities to political influences — warranted? Former BLS Commissioner Erica Groshen, who served from 2013 to 2017, Laffer Associates’ Arthur Laffer, Harvard Business School’s Alberto Cavallo, and Goldman Sachs’ Joseph Briggs discuss data quality, political influence, and the future of economic indicators with Allison Nathan on Goldman Sachs Exchanges. This episode explores the latest Top of Mind report.

This episode was recorded on August 18, 19, 26, and September 11, 2025.

Disclosures applicable to research with respect to issuers, if any, mentioned herein are available through your Goldman Sachs representative or at http://www.gs.com/research/hedge.html.

Goldman Sachs does not endorse any candidate or any political party.

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The Healthcare Outlook: Macro Challenges and Biotech Innovations

Thu, 18 Sep 2025 14:32:00 -0000

While the healthcare sector has lagged behind the broader markets, there are pockets of innovation. Asad Haider, head of the US Healthcare Business Unit in Goldman Sachs Research, and Amit Sinha, head of Life Sciences Investing in Goldman Sachs Asset Management, discuss their outlook for the industry.

This episode was recorded on September 8 and 15, 2025.

Disclosures applicable to research with respect to issuers, if any, mentioned herein are available through your Goldman Sachs representative or at http://www.gs.com/research/hedge.html.

Goldman Sachs does not endorse any candidate or any political party.

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The Growth Playbook: Goldman Sachs’ Darren Cohen on Building a Growth Investing Platform

Tue, 09 Sep 2025 04:00:00 -0000

Goldman Sachs’ Darren Cohen, co-head and chief investment officer of Growth Equity within Goldman Sachs Asset Management, discusses his career trajectory and investment philosophy, and where he sees opportunity today.

This episode was recorded on August 11, 2025.

For additional disclaimers and regulatory disclosures, please visit www.goldmansachs.com/insights/podcasts

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After a Summer of Stablecoins, What’s Next?

Tue, 02 Sep 2025 14:37:00 -0000

In this episode, Former Acting Comptroller of the Currency Brian Brooks and UC Berkeley’s Barry Eichengreen discuss the outlook for stablecoins — digital currencies pegged to the value of traditional fiat currencies like the US dollar. Moderated by Goldman Sachs Research’s Allison Nathan, the discussion covers the potential implications of a growing stablecoin market existing payment and banking systems, financial markets, and broader financial stability. This episode explores the latest Top of Mind report.

This episode was recorded on July 14, 18, and August 7.

For additional disclaimers and regulatory disclosures, please visit https://www.goldmansachs.com/insights/podcasts.

Disclosures applicable to research with respect to issuers, if any, mentioned herein are available through your Goldman Sachs representative or at http://www.gs.com/research/hedge.html.

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Paid to Sweat: Centerbridge's Jeff Aronson on the Growth of Private Markets

Tue, 19 Aug 2025 13:32:00 -0000

In the latest episode of Goldman Sachs Exchanges: Great Investors, Jeff Aronson, the co-founder and managing principal of Centerbridge Partners, discusses his career and path to building the firm, and the opportunities and challenges facing private investment managers today.

This episode was recorded on July 16, 2025.

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Searching for Signals: BlackRock’s Raffaele Savi on the Future of Systematic Investing

Tue, 12 Aug 2025 13:55:00 -0000

Raffaele Savi, global head of BlackRock Systematic, shares his perspective on the evolution of quantitative investing, the role of AI, and the recent volatility in the market.

This episode was recorded on July 29, 2025.

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Finding the Right Problems: How Sutter Hill Ventures’ Mike Speiser Creates Great Companies

Thu, 07 Aug 2025 12:28:00 -0000

As one of Silicon Valley’s most respected venture capitalists, Mike Speiser, managing director of Sutter Hill Ventures, doesn’t just invest in companies, he often takes a leading role in building them. On the latest episode of Goldman Sachs Exchanges: Great Investors, Speiser discusses his approach to investing with Goldman Sachs’ Ken Hirsch.

This episode was recorded on July 7, 2025.

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AI Exchanges: AI’s Impact on Employment

Tue, 05 Aug 2025 18:00:00 -0000

One of the biggest questions about the rise of AI is how it will impact jobs. Goldman Sachs Research’s Joseph Briggs joins GS Exchanges’ co-hosts Allison Nathan and George Lee to discuss the potential for labor displacement as adoption increases, as well as the industries and roles that could be most affected.

This episode was recorded on July 31, 2025.

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Revenge of the Meme Stocks

Tue, 29 Jul 2025 16:12:00 -0000

Goldman Sachs Research's John Marshall explains the factors behind the recent rally in meme stocks, and what that resurgence means for the broader market.

This episode was recorded on July 24, 2025.

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Are Investors Complacent?

Tue, 22 Jul 2025 04:00:00 -0000

Markets seem to be taking tariffs and landmark changes in global trade policy in stride. Goldman Sachs’ Jan Hatzius and Dom Wilson discuss the impact of tariffs on inflation and growth, and their outlook for the second half of 2025.

This episode was recorded on July 17, 2025.

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AI Exchanges: Where Will the Power Come From?

Wed, 16 Jul 2025 17:32:00 -0000

The AI boom is creating unprecedented demand for power. So where will this power come from? Goldman Sachs' Rebecca Kruger, a partner in the Natural Resources Group in the firm's investment banking business, joins Goldman Sachs Exchanges' co-hosts Allison Nathan and George Lee to discuss why power may be the biggest bottleneck on delivering the promises of AI. For more, read "Powering the AI Era."

This episode was recorded on July 9, 2025.

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The Surprising Implications of an Aging Population

Tue, 08 Jul 2025 13:14:00 -0000

An aging global population has long been viewed as a demographic time bomb. Kevin Daly, co-head of the Central and Eastern Europe, Middle East, and Africa economics team at Goldman Sachs Research, explains why this concern may be overstated.

This episode was recorded on May 29, 2025.

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Commodities Outlook: What’s Driving Oil, Gold, and Base Metals

Tue, 01 Jul 2025 20:27:00 -0000

Goldman Sachs’ Daan Struyven discusses how recent geopolitical events and evolving tariff policies are affecting the commodity and economic landscape.

This episode was recorded on June 30, 2025.

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Mid-year outlook: diversify and hedge

Mon, 23 Jun 2025 21:59:00 -0000

Goldman Sachs’ Christian Mueller-Glissmann, head of asset allocation research in Goldman Sachs Research, and Alexandra Wilson-Elizondo, co-head and co-chief investment officer of the Multi-Asset Solutions business in Goldman Sachs Asset Management, examine the dynamics driving markets now, and discuss the investment strategies that could work in the second half of 2025.

This episode was recorded on June 17, 2025.

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Is a US fiscal crisis ahead?

Wed, 18 Jun 2025 22:56:00 -0000

Concerns about the fiscal trajectory of the US are nothing new. But is this time different? And what could a fiscal crisis look like? Economist Kenneth Rogoff and historian Niall Ferguson discuss with Allison Nathan. This episode explores the latest Top of Mind report.

This episode was recorded on May 30, June 5, and June 17, 2025.

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How to win: Steve Cohen on markets and the Mets

Thu, 12 Jun 2025 16:06:00 -0000

What are the keys to Steve Cohen’s incredible success as a trader and hedge fund manager – and how is he bringing those lessons to the baseball diamond? Steve Cohen, the founder, CEO and president of Point72, and the majority owner of the New York Mets, discusses with Tony Pasquariello in this conversation recorded live at the Goldman Sachs Apex Symposium.

This episode was recorded on June 4th, 2025.

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A German economic revival?

Tue, 10 Jun 2025 15:11:00 -0000

Germany’s new government is pursuing a broad range of measures to bolster economic growth. At the same time, US tariffs could have a significant impact on the export-heavy German economy. How are Germany’s business leaders navigating this volatile environment? Wolfgang Fink, CEO of Goldman Sachs Bank Europe SE & Head of Goldman Sachs in Germany and Austria, discusses with Allison Nathan.

This episode was recorded on June 3, 2025.

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How Goldman Sachs’ John Waldron is navigating “a more uncertain time”

Thu, 05 Jun 2025 13:00:00 -0000

In a difficult environment for corporate decision makers, how is Goldman Sachs advising clients and managing risk? John Waldron, President and Chief Operating Officer, sits down with Allison Nathan to discuss.

This episode was recorded on June 2, 2025.

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Will legal challenges end the trade war?

Tue, 03 Jun 2025 13:36:00 -0000

A US trade court ruling has put the legal fate of President Trump’s tariffs in limbo. But will this actually change the course of US trade policy – and what could it mean for the economy and for investors? Alec Phillips, chief US political economist with Goldman Sachs Research, discusses with Allison Nathan.

This episode was recorded on May 29, 2025.

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How AI, tariffs, and the energy transition are reshaping infrastructure investing

Tue, 27 May 2025 04:00:00 -0000

AI, the energy transition, and geopolitical tensions are reshaping the global economy and markets — they are also transforming the landscape of infrastructure investing. Tavis Cannell, global head and co-CIO of infrastructure at Goldman Sachs Alternatives, looks at the megatrends driving opportunities and the outlook for the sector.

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A world of opportunity: Rob Citrone’s best ideas

Thu, 22 May 2025 04:00:00 -0000

Rob Citrone, founder of Discovery Capital Management, discusses his investment framework, high-conviction views, and the importance of short positions in risk management, with Goldman Sachs’ Tony Pasquariello, global head of hedge fund coverage in Global Banking & Markets.

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Is Fed independence at risk?

Tue, 20 May 2025 17:07:00 -0000

In the latest episode of Goldman Sachs Exchanges, former Fed Vice Chair Richard Clarida and the Hoover Institution’s John Cochrane discuss whether the Fed’s independence is in jeopardy. This episode explores the latest Top of Mind report.

This episode was recorded on April 30, May 6, and May 19, 2025.

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Equity risks and alts opportunities

Tue, 13 May 2025 15:51:00 -0000

US stocks have rebounded since the sweeping tariffs announced on "Liberation Day,” but what does this mean for investors? In Goldman Sachs Exchanges, Goldman Sachs’ David Kostin, chief US equity strategist, and Padi Raphael, global co-head of the Third Party Wealth Management in Goldman Sachs Asset Management, discuss the path forward for US stocks and investors.

This episode was recorded on May 9, 2025.

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From CIO to CEO: TCW’s Katie Koch on running a $200B asset manager

Fri, 09 May 2025 04:00:00 -0000

Katie Koch, CEO of TCW Group, shares her insights on leading the asset manager, fostering a strong culture, and steering the firm through a period of rapid transformation in the fixed income market.

This episode was recorded on April 22, 2025.

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AI Exchanges: How tech giants are navigating the AI landscape

Wed, 07 May 2025 14:01:00 -0000

US tech giants are navigating the rapid evolution of AI by continuing to ramp up capital expenditures, despite the uncertainty of tariff policies, says Eric Sheridan, co-business unit leader of the Technology, Media, and Telecommunications Group at Goldman Sachs Research, on Goldman Sachs Exchanges. Sheridan, joins Allison Nathan, senior strategist at Goldman Sachs Research, and George Lee, co-head of the Goldman Sachs Global Institute, to discuss the implications for investors.

This podcast was recorded on May 2, 2025.

Disclosures applicable to research with respect to issuers, if any, mentioned herein are available through your Goldman Sachs representative or at http://www.gs.com/research/hedge.html.

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Stagflation and the Fed's next move

Fri, 02 May 2025 17:26:00 -0000

As the US economy faces a stagflationary shock, how will the Fed navigate this tricky environment? Rob Kaplan, the Vice Chairman of Goldman Sachs and the former president of the Dallas Fed, shares his perspective on how monetary policymakers will navigate slower growth and stickier prices.

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How AI and geopolitics are reshaping cybersecurity

Tue, 29 Apr 2025 04:00:00 -0000

The cybersecurity sector has emerged as one of the bright spots in the deal-making environment. In the latest episode of Goldman Sachs Exchanges, Marco Poletti, Global Head of Security Software in Goldman Sachs’ investment banking business, explains the drivers behind activity and the innovation in the sector.

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How insurers are navigating volatile markets

Fri, 25 Apr 2025 04:00:00 -0000

As one of the largest investors in the world, insurers can have an outsized impact on markets and investment flows. In the latest episode of Goldman Sachs Exchanges, Goldman Sachs’ Mike Siegel and Matt Armas, who share findings from their 14th annual Global Insurance Survey, discuss how insurers are adapting to economic challenges and opportunities.

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Will tariffs lead to a recession?

Wed, 23 Apr 2025 20:11:00 -0000

The Trump administration’s tariff moves are turning US trade policy on its head — and fueling concerns about the US economic outlook. So will tariffs send the US into a recession? And, if so, what might that recession look like? Economist and Nobel Laureate Paul Krugman, Goldman Sachs Research’s Jan Hatzius, and American Compass’ Oren Cass speak with Goldman Sachs Research’s Allison Nathan about the implications of the radical shifts in tariff policies for the US economy. This episode explores the latest Top of Mind report.

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Warburg Pincus CEO Jeffrey Perlman on navigating a trickier private equity environment

Mon, 21 Apr 2025 19:24:00 -0000

On the latest episode of Goldman Sachs Exchanges: Great Investors, Jeffrey Perlman, CEO of Warburg Pincus, shares insights on navigating a challenging private equity landscape, the firm's strategic focus on diversification, and where he sees the next big investment opportunities.

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The case for private credit

Tue, 15 Apr 2025 17:54:00 -0000

How will rising uncertainty about the global economy and markets affect the outlook for private credit? Goldman Sachs’ James Reynolds, global co-head of private credit in Goldman Sachs Asset Management, and Lotfi Karoui, chief credit strategist and head of credit, mortgages and structured products research in Goldman Sachs Research, discuss the risks and opportunities.

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The recession question

Fri, 11 Apr 2025 23:45:00 -0000

Jan Hatzius, head of Goldman Sachs Research and the firm's chief economist, and Dominic Wilson, senior advisor in the Global Markets Research Group, discuss the impact of rapidly shifting tariff policies on the global economy and markets.

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Recession watch: How to hedge now

Wed, 09 Apr 2025 16:14:00 -0000

Recession fears are rising, so how can investors hedge their portfolios? Goldman Sachs Research’s Daan Struyven, Co-Head of Global Commodities Research and Head of Oil Research, joins Senior Strategist Allison Nathan to explore the strategic use of gold and oil as recession hedges.

This episode was recorded on April 8, 2025.

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Bain Capital’s David Gross on global opportunities and private equity’s evolution

Tue, 01 Apr 2025 19:30:00 -0000

In this episode of Goldman Sachs Exchanges: Great Investors, Alison Mass, chairman of investment banking in Goldman Sachs Global Banking & Markets, sits down with David Gross, co-managing partner of Bain Capital, to explore the evolving global landscape of private equity and alternative investments.

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AI Exchanges: CIO Marco Argenti on the future of AI in the workplace

Tue, 25 Mar 2025 04:00:00 -0000

How will corporations use AI – and what will the technology’s adoption ultimately mean for corporate strategy? Marco Argenti, Goldman Sachs’ chief information officer, discusses with George Lee and Allison Nathan in the second episode of this special podcast series.

This episode was recorded on March 6, 2025.

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The future of real estate investing: Pretium’s Don Mullen on the rapidly changing asset class

Fri, 21 Mar 2025 04:00:00 -0000

In the latest episode of Goldman Sachs Exchanges: Great

Investors, Don Mullen, founder and CEO of Pretium, a real estate-focused

investment firm with about $57 billion in assets under management, shares his

views on the housing market, leading a firm, and his predictions about the

future of real estate as an asset class.

This episode was recorded on February 19, 2025.

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Are credit investors nervous about recession risk?

Tue, 18 Mar 2025 04:00:00 -0000

In recent weeks, the extra yield that investors demand for investing in corporate bonds has risen substantially. Is this a sign that credit investors are becoming concerned about the economic outlook? Where are the opportunities in global credit markets now? Lotfi Karoui, Chief Credit Strategist and Head of Credit, Mortgages and Structured Products Research, discusses with Allison Nathan.

This episode was recorded on March 14, 2025.

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How tariffs will impact the US economy

Tue, 11 Mar 2025 16:59:54 -0000

Goldman Sachs Research’s David Mericle, chief US economist, discusses the implications of tariff policies on inflation, growth, and monetary policy.

This episode was recorded on March 10, 2025.

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Trump’s tariffs: Big talk or big action?

Tue, 04 Mar 2025 05:00:00 -0000

Trump has announced several tariffs since his inauguration, and there are signs that bigger and broader tariffs could still be ahead. Is this mostly talk, or does Trump really intend to usher in a new era for international trade? Jeff Gerrish, who served as Deputy US Trade Representative for Asia, Europe, the Middle East, and Industrial Competitiveness during Trump’s first term, discusses with Allison Nathan. This episode explores the latest Top of Mind report.

This episode was recorded on February 20 and March 3, 2025.

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Bigger markets, more alpha: Capstone’s Paul Britton on running a derivatives hedge fund

Fri, 28 Feb 2025 15:52:11 -0000

Capstone’s founder and CEO Paul Britton discusses evolution of the derivatives market, how he thinks about managing people and risk, and why the VIX is relatively low against a tumultuous economic backdrop. For more insights from great investors, listen to previous episodes from our Great Investors series.

This episode was recorded on February 20, 2025.

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Macro questions and market strength

Tue, 18 Feb 2025 16:13:00 -0000

How are the latest government policies affecting the global economy and markets? Goldman Sachs’ Jan Hatzius, head of Goldman Sachs Research and the firm's chief economist, and Dominic Wilson, senior advisor in the Global Markets Research Group, discuss how tariffs, inflation, and higher yields are shaping the outlook for 2025.

This episode was recorded on February 13, 2025.

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Tariffs: What’s ahead and why it matters

Thu, 13 Feb 2025 21:15:05 -0000

Does the recent tariff rhetoric suggest that we're entering a global trade war? Goldman Sachs Research’s Alec Phillips, Joseph Briggs, and Kamakshya Trivedi explain the implications of the recent tariff policies—both announced and expected—for global economies and markets.

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AI Exchanges: Will falling costs drive new opportunities?

Tue, 04 Feb 2025 19:00:00 -0000

The introduction of low-cost AI models is raising questions about AI infrastructure and the high spending on AI by the world’s largest technology companies. In this inaugural episode of a special podcast series, AI Exchanges, Co-Hosts Allison Nathan and George Lee discuss the issues surrounding the costs of AI development and implementation, and the impact on deal-making, with Kim Posnett, global co-head of Investment Banking in Goldman Sachs’ Global Banking & Markets business.

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Goldman Sachs Chairman and CEO David Solomon on the global business environment, AI, and the rise of private credit

Wed, 29 Jan 2025 19:47:14 -0000

Goldman Sachs Chairman and CEO David Solomon shares his views on why he sees a “more constructive” business environment and a pickup in capital markets activity in 2025. In the latest episode of Goldman Sachs Exchanges, Solomon explains how businesses are harnessing AI for their own businesses, and how Goldman Sachs is thinking about its strategic priorities, including the growth of private credit.

Date of recording: January 27, 2025

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Navigating the volatility in global bond markets

Tue, 21 Jan 2025 19:15:21 -0000

Global bond yields have been exceptionally volatile in recent weeks. Goldman Sachs’ Jonathan Fine and George Cole explain the drivers behind that volatility and the implications for the economy and investors on Goldman Sachs Exchanges.

Date of recording: January 17, 2025

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Keep on truckin’: Will the US continue to outperform other markets?

Tue, 14 Jan 2025 21:15:41 -0000

Goldman Sachs’ Sharmin Mossavar-Rahmani, head of the Investment Strategy Group (ISG) and chief investment officer of Goldman Sachs Wealth Management, shares ISG’s 2025 outlook, Keep on Truckin’, and why the team’s long-held investment recommendations—US preeminence and staying invested—remain intact.

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Navigating 2025: Why investors need to diversify and hedge their portfolios

Wed, 08 Jan 2025 15:16:10 -0000

2024 was a great year for many US investors, but will the same strategies that worked so well keep working in 2025? Christian Mueller-Glissmann, who heads asset allocation research in Goldman Sachs Research, and Alexandra Wilson-Elizondo, Co-Chief Investment Officer of the Multi-Asset Solutions Business in Goldman Sachs Asset Management, share their asset allocation outlooks for the year ahead.

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A perfect setup for the financial sector?

Fri, 20 Dec 2024 05:00:00 -0000

Financial services firms are facing one of the most constructive backdrops in years, helped by a steepening yield curve, an expected recovery in the capital markets, and a potential easing of regulations under a second Trump administration, say Goldman Sachs Research’s Richard Ramsden, business unit leader of the financials group, and Alex Blostein, who covers the asset management industry, on Goldman Sachs Exchanges.

Date of recording: December 16, 2024

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The outlook for global deal-making

Wed, 18 Dec 2024 05:00:00 -0000

The pace of mergers and acquisitions around the world gained momentum this year, and there are signs that deal-making will accelerate in 2025, say Stephan Feldgoise and Mark Sorrell, the co-heads of the global mergers and acquisitions business in Goldman Sachs Global Banking & Markets, on Goldman Sachs Exchanges.

Date of recording: December 11, 2024

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Will China’s policy stimulus be enough?

Mon, 16 Dec 2024 22:15:32 -0000

Goldman Sachs Research’s Hui Shan, chief China economist, and Peking University Guanghua School of Management’s Michael Pettis discuss just how effective China’s domestic policy stimulus will be in addressing the country’s internal and external economic challenges. This episode explores the latest Top of Mind report, “Will China’s policy stimulus be enough?”

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Investing in Sports: Women’s Sports and the Future

Fri, 13 Dec 2024 05:00:00 -0000

With record-breaking attendance at games and viewership of televised games, the groundswell of enthusiasm for women’s sports has created a cultural movement. How should investors think about the opportunity in women’s sports, and how might the growth trajectory of the professional women’s leagues compare to the equivalent men’s leagues? In the final episode of a four-part series on the changing dynamics in the business of sports, host Nicole Pullen Ross discusses the business forces driving growth in women’s sports with Stacy Sonnenberg, Head of Global Sports Finance. Nicole is also joined by Willow Bay, Dean of the USC Annenberg School of Journalism and the new controlling owner of the National Women’s Soccer League’s Angel City FC. Bay shares her perspective on leading the most highly valued franchise in the league during this watershed moment for women’s sports. Nicole Pullen Ross is Head of Sports and Entertainment for Goldman Sachs Private Wealth Management. She is also Head of the Private Wealth Management business for the New York region at Goldman Sachs.

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What investors expect from Trump

Mon, 09 Dec 2024 15:24:17 -0000

Goldman Sachs Research’s Chief US Economist David Mericle shares what investors are expecting under the second Trump administration and how those policy assumptions are reflected in market pricing.

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Investing in Sports: Building A Better Fan Experience

Fri, 06 Dec 2024 05:00:00 -0000

In the third episode of a four-part series on the changing dynamics in the business of sports, host Nicole Pullen Ross discusses the physical fan experience with Greg Carey, Global Co-Head of Sports Investment Banking, and Stacy Sonnenberg, Head of Global Sports Finance. They discuss what’s driving interest in the new sports-entertainment complexes, the creative ways of financing these infrastructure projects, and what it all means for teams and their fans. Nicole is also joined by Gillian Zucker, CEO of Halo Sports and Entertainment and President of Business Operations for the LA Clippers, to discuss how the team intends to make its new home — the Intuit Dome — a “basketball mecca.” Nicole Pullen Ross is Head of Sports and Entertainment for Goldman Sachs Private Wealth Management. She is also Head of the Private Wealth Management business for the New York region at Goldman Sachs.

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Should investors worry about market concentration?

Tue, 03 Dec 2024 20:04:42 -0000

The top 10 stocks in the S&P 500 account for an outsized share of the index’s market cap and of its stellar 2024 performance. Goldman Sachs Research’s David Kostin, chief US equity strategist, and Owen Lamont, senior vice president and portfolio manager at Acadian Asset Management LLC, discuss whether investor concerns over today’s high US equity market concentration are warranted. This episode explores the latest Top of Mind report, Market Concentration: How Big a Worry?

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How AI could impact geopolitics

Tue, 26 Nov 2024 21:33:41 -0000

The rise of AI could have profound implications for geopolitics given the decisions about where AI infrastructure is going to get built. Jared Cohen, president of global affairs and co-head of the Goldman Sachs Global Institute, discusses the data center diplomacy that is shaping geopolitics.

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Investing in Sports: A New Media Model

Fri, 22 Nov 2024 05:00:00 -0000

Sports is one of the few forms of premium live content available today, but how fans consume these games or matches is being significantly disrupted. In the second episode of a four-part series on the changing dynamics in the business of sports, host Nicole Pullen Ross discusses the new sports media landscape with Dave Dase, Global Co-Head of Sports Investment Banking, and Gene Sykes, Co-Chair of Mergers and Acquisitions and Co-Chair of Global Technology, Media and Telecom. They discuss what makes sports content so valuable, the tension between the legacy broadcasters and tech platforms, the shift to direct-to-consumer product offerings, and how this disruption will influence the game itself. Nicole Pullen Ross is Head of Sports and Entertainment for Goldman Sachs Private Wealth Management. She is also Head of the Private Wealth Management business for the New York region at Goldman Sachs.

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2025 outlook: Will tailwinds trump tariffs?

Wed, 20 Nov 2024 17:04:35 -0000

As the global economy comes off of another year of relatively strong growth in 2024, new and important variables are now in the mix with the election of Donald Trump and the Republican sweep of Congress. So can this solid performance continue amid the policy shifts ahead, and what might be the implications for markets? In this episode, Jan Hatzius, Goldman Sachs’ chief economist and head of Goldman Sachs Research, and Dominic Wilson, senior advisor in global markets research, discuss the economic and market outlook for the year ahead.

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Investing in Sports: The Next Trillion Dollar Market?

Fri, 15 Nov 2024 05:00:00 -0000

The sports ecosystem has exploded as an area of investment, with professional leagues loosening rules on private equity ownership, the value of media rights deals skyrocketing, and the many sports-adjacent businesses taking on new dimensions. In the first episode of a four-part series on the changing dynamics in the business of sports, host Nicole Pullen Ross speaks to Apollo Co-Founder Josh Harris about what it means to own and run professional sports teams in the NBA, NHL, NFL, and English Premier League. She’ll also discuss the scale of the investment opportunity in sports with Dave Dase, Global Co-Head of Sports Investment Banking, and Elis Jones, Head of Sports Investment Banking for EMEA. Nicole Pullen Ross is Head of Sports and Entertainment for Goldman Sachs Private Wealth Management. She is also Head of the Private Wealth Management business for the New York region at Goldman Sachs.

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What Trump’s policies could mean for the Fed

Tue, 12 Nov 2024 19:40:00 -0000

Former Dallas Fed President Rob Kaplan, current vice chairman at Goldman Sachs, discusses the Federal Reserve’s rate-cutting cycle, the interplay between monetary and fiscal policy, and his views on what the Trump administration could mean for Fed policy.

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What Trump’s win means for markets and portfolios

Thu, 07 Nov 2024 15:33:00 -0000

The markets reacted forcefully to Donald Trump's victory in the US presidential election, with US stocks, bond yields, and the dollar rising sharply in response. Goldman Sachs Research’s Christian Mueller-Glissmann, head of asset allocation research, and Brian Garrett, head of Equity Execution on the Cross Asset Sales desk in Global Banking & Markets at Goldman Sachs, discuss the sustainability of these moves and the medium- and longer-term market implications of the election outcome.

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How Clearlake Capital’s José E. Feliciano is finding value across private markets

Mon, 04 Nov 2024 05:00:00 -0000

Clearlake Capital’s Co-Founder and Managing Partner José E. Feliciano discusses the firm’s flexible approach to investing in the private markets, artificial intelligence, and sports teams. For more insights from great investors, listen to previous episodes from our Great Investors series.

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What will the US presidential election mean for the economy?

Tue, 29 Oct 2024 04:00:00 -0000

How could the proposed policy agendas between the two US presidential candidates shape markets and economies? Top economists from the Democratic and Republican parties discuss a range of economic policies, painting starkly different policy approaches in some key areas but similarities in others. In the latest episode of Goldman Sachs Exchanges, Kevin Hassett, former Chairman of the Council of Economic Advisers under President Trump, and Jared Bernstein, the current Chairman of the Council of Economic Advisers, speak with host Allison Nathan. This episode explores the latest Top of Mind report, Post-election economic policies.

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Battery Ventures’ Chelsea Stoner on the power of being ‘stage agnostic’ in tech investing

Tue, 22 Oct 2024 04:00:00 -0000

Chelsea Stoner, general partner of Battery Ventures, has long been focused on the ways in which software is transforming a variety of industries. In a discussion with Goldman Sachs’ Michael Brandmeyer, Stoner discusses her path to Silicon Valley, Battery's longevity as a tech-focused investment firm, and her unique outlook on the venture capital and private equity landscape.

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More gains ahead for US stocks?

Tue, 15 Oct 2024 19:03:29 -0000

The S&P 500 has staged a remarkable rally since the start of the year. How much more upside should investors expect — and what could drive those gains? Goldman Sachs Research’s David Kostin and Ryan Hammond from the US portfolio strategy team explain the drivers and risks to their year-end and 12-month targets for US equities.

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How to find alpha: Bridgewater Associates' Co-CIO Karen Karniol-Tambour

Thu, 10 Oct 2024 22:43:27 -0000

Bridgewater Associates’ Co-CIO Karen Karniol-Tambour describes where she’s seeing opportunities for higher returns and the macro factors shaping today’s investment landscape.

To hear from more Great Investors, check out: Sequoia Capital’s Roelof Botha on building enduring businesses, Blackstone’s Joe Baratta on the outlook for private equity, and TPG’s Jon Winkelried on the evolution of alternative markets.

The opinions and views expressed in this program may not necessarily reflect the institutional views of Goldman Sachs or its affiliates. This program should not be copied, distributed, published, or reproduced in whole or in part or disclosed by any recipient to any other person without the express written consent of Goldman Sachs. Each name of a third-party organization mentioned in this program is the property of the company to which it relates, is used here strictly for informational and identification purposes only, and is not used to imply any ownership or license rights between any such company and Goldman Sachs. The content of this program does not constitute a recommendation from any Goldman Sachs entity to the recipient, and is provided for informational purposes only. Goldman Sachs is not providing any financial, economic, legal, investment, accounting, or tax advice through this program or to its recipient. Certain information contained in this program constitutes “forward-looking statements”, and there is no guarantee that these results will be achieved. Goldman Sachs has no obligation to provide updates or changes to the information in this program. Past performance does not guarantee future results, which may vary. Neither Goldman Sachs nor any of its affiliates makes any representation or warranty, express or implied, as to the accuracy or completeness of the statements or any information contained in this program and any liability therefore; including in respect of direct, indirect, or consequential loss or damage is expressly disclaimed.

Important Disclosures

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Why oil and gold prices could keep rising

Tue, 08 Oct 2024 15:38:51 -0000

Escalating conflicts in the Middle East, coupled with China’s latest round of stimulus, are changing the supply-and-demand dynamics for oil prices. Goldman Sachs Research’s Daan Struyven, co-head of commodities research, explains the implications for oil and gold prices.

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The missing link to retirement security

Tue, 01 Oct 2024 14:38:22 -0000

Michael Moran, a pension strategist in Goldman Sachs Asset Management, explains how the current macro environment is changing the retirement picture for both savers and retirees. Mike and his team are out with a new report that describes what they see as a missing link to retirement security.

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Falling rates: A salve for real estate?

Tue, 24 Sep 2024 18:45:00 -0000

The Fed has begun a long-awaited cutting cycle, potentially providing some relief to rate-sensitive sectors. Goldman Sachs’ Lotfi Karoui and Jeff Fine explain the impact of falling rates on US commercial real estate as well as the implications for housing.

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How Sequoia Capital’s Roelof Botha is forging the future

Fri, 20 Sep 2024 04:00:00 -0000

Sequoia Capital’s Roelof Botha, one of Silicon Valley’s most highly respected investors, discusses his career, Sequoia’s unique culture and investment processes, and how he finds and builds enduring businesses.

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Why China’s economy is struggling

Tue, 17 Sep 2024 19:01:50 -0000

After a stronger-than-expected start to the year, China’s economy is showing signs of weakening as the world’s second-largest economy struggles with a real estate downturn, slowing consumer spending, and geopolitical tensions. Goldman Sachs Research’s Hui Shan, chief China economist, shares her outlook for China’s growth.

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Private equity investing with Blackstone’s Joe Baratta

Tue, 10 Sep 2024 14:14:59 -0000

Blackstone’s Global Head of Private Equity Joe Baratta shares his outlook for the private equity industry, the macro environment today, and his evolution as a leader.

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Will Fed policy trigger a US recession?

Thu, 05 Sep 2024 13:12:53 -0000

Many view the recent rise in the unemployment rate as a concerning sign about the economic outlook, fueling recession fears. Could the US economy fall into recession, and will overly tight Federal Reserve policy be to blame? In the latest episode of Goldman Sachs Exchanges, Allison Nathan discusses these questions with three top economic minds: Claudia Sahm, the creator of the “Sahm rule” and Chief Economist at New Century Advisors, former Federal Reserve Bank of New York President Bill Dudley, and Goldman Sachs Vice Chairman and former Federal Reserve Bank of Dallas President Rob Kaplan. This episode explores the latest Top of Mind report, “Is the Fed behind the curve?”

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Will Fed policy trigger a US recession?

Wed, 04 Sep 2024 04:00:00 -0000

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Women in the workforce: Analyzing the gains and gaps

Tue, 20 Aug 2024 04:00:00 -0000

Twenty-five years ago, Goldman Sachs research analyst Kathy Matsui wrote a report about the Japanese economy called Womenomics, stating that future potential economic growth will depend on increased female labor participation. So how much progress has been made in Japan and around the world? Sharon Bell, Senior Strategist on the European Portfolio Strategy Team within Goldman Sachs Research, and Asahi Pompey, Goldman Sachs Global Head of Corporate Engagement and President of the Goldman Sachs Foundation, discuss the gains — and gaps — in female workforce participation and the impact to economic growth.

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How a popular trade collapsed — and why it matters

Tue, 13 Aug 2024 14:11:51 -0000

The rapid unwinding of the Japanese yen carry trade is rippling through global markets. Goldman Sachs Research’s Kamakshya Trivedi, head of Global Foreign Exchange, Interest Rates, and Emerging Markets Strategy, and Praneet Shah, co-head of Global G10 FX Options Trading in Global Banking & Markets, explain the carry trade, why it matters, and the implications for investment portfolios.

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Why recession fears are likely overblown

Tue, 06 Aug 2024 15:21:43 -0000

Global markets sold off sharply amid rising US recession fears. Goldman Sachs Research’s Chief US Economist David Mericle explains why those concerns are likely overblown.

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TPG CEO Jon Winkelried on the evolution of private equity and alternative markets

Fri, 02 Aug 2024 04:00:00 -0000

“Tectonic shifts” are reshaping the private markets and spurring consolidation among alternative asset managers, explains TPG CEO Jon Winkelried on Goldman Sachs Exchanges: Great Investors. Winkelried, who also served as the former president and co-chief operating officer at Goldman Sachs, shares his perspectives on investment opportunities, leading teams, and managing companies through crises.

For more insights from great investors, listen to previous episodes from our Great Investors series: KKR’s Henry Kravis on private equity, culture, and global markets.

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Can the US consumer stay strong?

Tue, 30 Jul 2024 04:00:00 -0000

The US consumer has powered the global economy in recent years, but are signs of strain starting to form? Goldman Sachs Research’s Chief US Economist David Mericle, and Kate McShane and Bonnie Herzog, co-business unit leaders of US consumer, discuss the outlook for consumer spending and the US retail sector.

For more information, listen to our Goldman Sachs Exchanges episode, Are inflation fears overblown? The outlook for inflation, US growth, and long-term rates or read Is US consumer spending losing momentum?

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Private credit investing with Ares Management’s Mike Arougheti

Tue, 23 Jul 2024 04:00:00 -0000

Ares Management’s Co-founder, CEO, and President Mike Arougheti shares his outlook for the economy and private markets, his evolution as a leader, and the firm’s path to building its prowess in private credit.

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A skeptical look at AI investment

Tue, 16 Jul 2024 04:00:00 -0000

Tech giants and beyond are set to spend an estimated $1 trillion on AI capex in coming years. Will this investment pay off? And if it doesn’t, what does that mean for businesses and investors? MIT’s Daron Acemoglu and Goldman Sachs Research’s Jim Covello explain why reality may not match the hype on the latest episode of Goldman Exchanges, which explores the latest Top of Mind report, Gen AI: too much spend, too little benefit?

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Oil’s extended reign? Adapting to a new era in oil markets

Tue, 09 Jul 2024 04:00:00 -0000

Rising incomes and slowing electric vehicles sales are slowing the world’s transition away from oil. Goldman Sachs Research’s Daan Struyven and Nikhil Bhandari discuss the supply-and-demand drivers shaping the oil market and what they mean for investors and consumers.

For more insights read Peak oil demand is still a decade away, Which commodities are the best hedge for inflation?, and Why are EV sales slowing?

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Taking stock: Can the US rally continue?

Tue, 02 Jul 2024 04:00:00 -0000

Can US stocks sustain their rally from here? Goldman Sachs Research’s David Kostin, chief US equity strategist, shares his outlook for equities for the second half of the year and the risks that could derail that rally.

For more information, read Stocks may extend their rally — but there’s value in diversification or listen to the Goldman Sachs The Markets podcast, where Goldman Sachs experts analyze the key market events each week, in under 10 minutes.

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Large-cap investing with Jennison Associates’ Kathleen McCarragher

Fri, 28 Jun 2024 04:00:00 -0000

Long-time large-cap growth manager Kathleen McCarragher of Jennison Associates speaks with Goldman Sachs’ Betsy Gorton about investing through multiple economic cycles, her perspectives on AI and growth opportunities, and her advice on building and leading teams.

To hear from more Great Investors, check out: Capital Group’s Rob Lovelace on long-term investing, succession planning, and leadership lessons; Dimensional’s Founder and Chairman David Booth on being an index pioneer, working with Nobel laureates, and investing through uncertainty; KKR’s Henry Kravis on private equity, culture, and global markets.

And for more on large-cap stocks, listen to: Goldman Sachs Exchanges: Are the largest US stocks too dominant?

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Why the French and UK elections matter for investors

Tue, 25 Jun 2024 04:00:00 -0000

As two of Europe's three largest economies head to the polls, what are markets telling us about the political landscape? Goldman Sachs Research's Sharon Bell and George Cole explain how France's looming parliamentary elections are affecting French stocks and bonds, while UK financial markets have been relatively stable ahead of the country's general election.

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2024 midyear outlook: building portfolios for a more volatile macroeconomic backdrop

Tue, 18 Jun 2024 12:51:58 -0000

Goldman Sachs’ Christian Mueller-Glissmann and Alexandra Wilson-Elizondo discuss their outlooks for asset classes and portfolios heading into the second half of the year, as well as medium- and longer-term asset allocation shifts investors might make to accommodate a more dynamic macroeconomic backdrop.

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Power surge: AI, renewable energy, and the future of electricity

Tue, 11 Jun 2024 04:00:00 -0000

The demand for power, driven in part by the rise of generative artificial intelligence, is set to grow to levels not seen in a generation. Goldman Sachs Research’s Carly Davenport, Alberto Gandolfi, and Brian Singer discuss the drivers behind their forecast of a surge in global power demand and the investments required to meet that demand.

For more: Goldman Sachs Exchanges.

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Central bank divergence: Why it's happening and why it matters

Tue, 04 Jun 2024 04:00:00 -0000

The Federal Reserve has historically led a relatively synchronized monetary policy cycle across the major economies, but this cycle seems to be shaping up differently. Goldman Sachs' Chief Economist and Head of Goldman Sachs Research Jan Hatzius, Peter Praet, former chief economist of the European Central Bank, and Maurice Obstfeld, former chief economist of the IMF, discuss the implications of central bank divergence for economies and markets. This episode explores the latest Top of Mind report, Central Bank Divergence: Room to Run?

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Can private equity bounce back?

Tue, 28 May 2024 04:00:00 -0000

On this episode of Goldman Sachs Exchanges, Goldman Sachs Research’s Alex Blostein joins moderator Allison Nathan to discuss the challenges and opportunities facing the private equity industry. Nathan also speaks with Global Banking & Markets’ Mike Nickols and Gina Lytle who share their perspectives on the types of deals that are happening today.

For more, read Private Equity Inflection Point, a new report from Goldman Sachs Investment Banking, which explores the strategic and financing opportunities in the private equity industry.

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Is China’s rebound for real?

Tue, 21 May 2024 04:00:00 -0000

After better-than-expected economic data kicking off the year, and a blistering start for the equity market, where does China go from here? Goldman Sachs Research’s Hui Shan and Kinger Lau discuss the evolution of China’s economy and capital markets.

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How AI, the energy transition, and the future of work are shaping impact investing

Tue, 14 May 2024 04:00:00 -0000

Is it possible to have a positive impact through investing without giving up on returns? Brian Singer of Goldman Sachs Research and Greg Shell of Goldman Sachs Asset Management discuss the long-term trends shaping impact investing and the investment opportunities in the space.

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Is the UK economy finally turning the corner?

Tue, 07 May 2024 04:00:00 -0000

Goldman Sachs Research's Jari Stehn joins Charlotte Keenan of the firm's Office of Corporate Engagement to discuss the UK economy’s unique economic challenges, its path forward, and the role that small businesses can play in bolstering growth.

To learn how the UK’s small businesses could help support the UK economy, read Generation Growth: The Small Business Manifesto.

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Why Treasury auctions — and rising deficits — are becoming a focal point for markets and investors

Tue, 30 Apr 2024 04:00:00 -0000

Recent weakness in US Treasury bond auctions have become a focal point for markets. Goldman Sachs’ Jonny Fine and Alec Phillips discuss the implications for markets, yields, and fiscal deficits.

And if you want more insights from Goldman Sachs, make sure to visit GS.com and sign up for Briefings, a weekly newsletter from Goldman Sachs about trends spanning markets, industries, and the global economy.

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Weighing the GLP-1 Market

Tue, 23 Apr 2024 04:00:00 -0000

The newest generation of GLP-1 drugs are being hailed by some as “miracle drugs” for the treatment of obesity. But GLP-1s are expensive, insurance coverage is limited, and not everyone with obesity can and or wants to take them. In this episode, which is based on Goldman Sachs Research’s latest Top of Mind report, obesity medicine physician Dr. Fatima Cody Stanford and Jonathan Gruber, professor of economics and chairman of the Economics Department at MIT, discuss how large the addressable market for GLP-1s actually is and the implications for US fiscal health.

If you want more insights from Goldman Sachs, make sure to visit GS.com and sign up for Briefings, a weekly newsletter from Goldman Sachs about trends spanning markets, industries, and the global economy.

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Are inflation fears overblown? The outlook for inflation, US growth, and long-term rates

Tue, 16 Apr 2024 04:00:00 -0000

Goldman Sachs Research’s US Chief Economist David Mericle explains why worries over overheating inflation are overblown and why the outlook for US economic growth remains relatively strong.

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Global insurers turn to private credit — and AI

Tue, 09 Apr 2024 04:00:00 -0000

Where do the world’s largest investors see investment opportunities? Against a more constructive macroeconomic environment, insurers appear to be more willing to take on risk in their portfolios. Goldman Sachs’ Mike Siegel and Matt Armas discuss where insurers see opportunities and risks, and other findings from their 13th annual Global Insurance Survey.

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Capital Group’s Rob Lovelace on long-term investing, succession planning, and leadership lessons

Tue, 02 Apr 2024 04:00:00 -0000

Capital Group’s Rob Lovelace discusses the firm’s distinct investment process and culture, how he’s thinking about macro trends, and his lessons for leadership. Lovelace, whose grandfather Jonathan Bell Lovelace founded the firm in 1931, recently stepped down at the privately held firm as vice chair and president and continues as a portfolio manager.

If you'd like to learn more, visit GS.com and sign up for Briefings, a weekly newsletter from Goldman Sachs about trends spanning markets, industries, and the global economy.

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Are the largest US stocks too dominant?

Tue, 26 Mar 2024 04:00:00 -0000

The US stock market is more concentrated than it’s been in decades, with a small number of stocks accounting for an unusually large share of market capitalization. While it’s making some investors uneasy, Ben Snider, a senior strategist on the US portfolio strategy team in Goldman Sachs Research, and Peter Callahan, who covers the US technology, media, and telecommunications markets business in Global Banking & Markets, point out on Goldman Sachs Exchanges that these stocks' valuations reflect strong earnings.

If you'd like to learn more, visit GS.com and sign up for Briefings, a weekly newsletter from Goldman Sachs about trends spanning markets, industries, and the global economy.

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Global transit & trade: in rough waters

Tue, 19 Mar 2024 04:00:00 -0000

Transit on the seas — the planet’s most important means of trade — has become more fraught amid geopolitical and climate-related disruptions, particularly in the Red Sea. In this episode, which is based on Goldman Sachs Research’s Top of Mind report, Admiral James Stavridis and DHL Group's CEO Tobias Meyer discuss the factors driving maritime risks today and the threats to global trade.

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High mortgage rates, limited inventory continue to challenge the US housing market

Tue, 12 Mar 2024 04:00:00 -0000

High mortgage rates and a limited supply of homes have created one of the tightest markets in decades. Goldman Sachs Research’s Roger Ashworth explains the supply-and-demand dynamics that are shaping the US housing market and the outlook for 2024.

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What’s ahead for retail: how retail CEOs are navigating a more complex environment

Tue, 05 Mar 2024 05:00:00 -0000

Retailers are facing a more complex environment in 2024, say Goldman Sachs’ Tim Ingrassia, co-chairman of Global Banking & Markets’ Global Mergers & Acquisitions business, and Vishaal Rana, a managing director in the Cross Markets Consumer Retail Group, who discuss the deal-making landscape and the challenges facing investors and consumers. Ingrassia and Rana also join Ted Decker, chairman, CEO, and president of The Home Depot, and Dave Kimbell, the CEO of Ulta Beauty, on a panel held at the annual Retail Industry Leaders Association CEO Forum, to discuss the industry’s challenges and opportunities.

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Beyond roads, bridges, and tunnels: the megatrends shaping infrastructure investments

Wed, 28 Feb 2024 05:00:00 -0000

Climate change, artificial intelligence, shifting supply chains, and population growth are among the broader forces that have boosted the returns — and popularity — of infrastructure investments. Goldman Sachs’ Teresa Mattamouros explains the implications for investors on the latest episode of Goldman Sachs Exchanges.

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Dimensional’s Founder and Chairman David Booth on being an index pioneer, working with Nobel laureates, and investing through uncertainty

Fri, 23 Feb 2024 05:00:00 -0000

David Booth, founder and chairman of Dimensional Fund Advisors, reflects on his career in applying the finance theory he learned at the University of Chicago’s business school – which now bears his name – to the world of asset management.

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Shifting supply and demand dynamics buffer oil market

Wed, 21 Feb 2024 14:48:54 -0000

Oil prices have remained relatively rangebound despite rising geopolitical tensions. Goldman Sachs Research’s Daan Struyven, head of oil research, explains the shifting supply and demand dynamics that have muted the likelihood of large prices spikes.

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2024: the year of elections

Tue, 13 Feb 2024 05:00:00 -0000

With voters representing over half the world’s population — in the US, Europe, India, and beyond — expected to head to the polls this year, Richard Haass, former president of the Council on Foreign Relations, and Timothy Garton Ash, professor of European Studies at the University of Oxford, explain the implications of key elections around the world. The episode breaks down 2024 elections that is the topic of Goldman Sachs Research’s latest Top of Mind report.

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Investing in a post-modern ‘super cycle’

Tue, 06 Feb 2024 05:00:00 -0000

Longer-term structural changes in economic activity, policy, and society can have a bigger impact on investment opportunities than the shorter-term hot-button issues of the moment, explains Goldman Sachs Research’s Peter Oppenheimer, chief global equity strategist, and head of macro research in Europe. In this episode, Oppenheimer explains the factors driving what he sees as the current post-modern super cycle, the investment implications, and findings from his latest book, Any Happy Returns: Structural Changes and Super Cycles in Market.

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The Future of Four Wheels: Episode 4, How a New Kind of Car Will Change Our World

Thu, 01 Feb 2024 05:00:00 -0000

In the final episode of our four-part special series, we look at how infrastructure and the built environment will change cars as evolve into zero-emission places we can sleep, watch TV, and work.

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The Future of Four Wheels: Episode 3, The New New-Car Business

Wed, 31 Jan 2024 05:00:00 -0000

In the third episode of our four-part special series, we delve into the ways carmakers new and old have to think about raising capital, corporate structure, and vertical integration.

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The Future of Four Wheels: Episode 2, Building the Car of the Future

Tue, 30 Jan 2024 05:00:00 -0000

In the second episode of our four-part special series, we go deep into how the production of the car is changing, from new manufacturing methods to the critical role batteries play to the vital importance of new metals like cobalt, lithium, and manganese.

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The Future of Four Wheels: Episode 1, The Twin Revolution

Mon, 29 Jan 2024 05:00:00 -0000

In the first episode of our four-part special series, we take a close look at the two fundamental changes that are upending the auto industry: electrification and autonomy. Both rely on a complete rethinking of how cars are designed, engineered, and built. Those changes, in turn, require massive shifts in supply chains, labor pipelines, and corporate organization.

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Goldman Sachs Chairman and CEO David Solomon on the global economy, the deal-making environment, and the firm’s strategic priorities

Tue, 23 Jan 2024 05:00:00 -0000

Goldman Sachs Chairman and CEO David Solomon shares his view on the global economy, what’s top of mind for business leaders, and why he believes inflation still has the potential to be “stickier” than the market expects.

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America Powers On: Why US equities are still poised to outperform in 2024

Thu, 18 Jan 2024 20:36:14 -0000

Goldman Sachs’ Sharmin Mossavar-Rahmani, head of the Investment Strategy Group (ISG) and chief investment officer of GS Wealth Management, shares ISG’s 2024 outlook, America Powers On, and her recommendations for clients in the year ahead.

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US presidential elections outlook: Implications for policy and markets

Tue, 09 Jan 2024 21:13:13 -0000

As the primary season in the US presidential election kicks off this month, Goldman Sachs’ Joe Wall from the Office of Government Affairs and Alec Phillips, chief US political economist in Goldman Sachs Research, explain the issues at stake and implications for policies and markets.

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KKR’s Henry Kravis on private equity, culture, and global markets

Fri, 05 Jan 2024 05:00:00 -0000

In this episode of Goldman Sachs Exchanges: Great Investors, Henry Kravis, co-founder and co-executive chairman of KKR, discusses the evolution of the private equity industry and KKR’s journey through that transition, the lessons he’s learned from leading the firm, and his views on the economy and markets.

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Uncharted territory: Navigating a ‘geopolitical recession’

Wed, 03 Jan 2024 20:30:09 -0000

Against a backdrop of tense US-China relations and the ongoing conflicts in the Middle East and Ukraine, Washington and Wall Street are increasingly worried about the same thing: geopolitics. In this episode, Jared Cohen, president of Global Affairs at Goldman Sachs, and Ian Bremmer, president and founder of Eurasia Group and GZERO Media, explore the ways in which geopolitics are affecting the global balance of power, the global credibility gap, and what that means for companies and investors.

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Asset allocation outlook: The case for greater portfolio diversification in 2024

Wed, 20 Dec 2023 05:00:00 -0000

As fears over inflation and interest rates start to moderate, the case for taking on more risk may be rising. Christian Mueller-Glissmann, who heads asset allocation research in Goldman Sachs Research, and Alexandra Wilson-Elizondo, co-chief investment officer of the multi-asset solutions business in Goldman Sachs Asset Management, explain their outlooks for asset classes and portfolio strategies.

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Focus on financials: Why banks and asset managers are constructive about the economy in 2024

Mon, 18 Dec 2023 05:16:23 -0000

How is the financial services sector, often seen as a bellwether for the economy, coping with inflation, interest rates, and greater regulatory pressures? Goldman Sachs Research’s Richard Ramsden and Alex Blostein discuss their outlook for banks and asset managers.

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Middle East risks

Fri, 15 Dec 2023 05:00:00 -0000

In this episode of Goldman Sachs Exchanges, Edward P. Djerejian, former US Ambassador to Israel and Syria, and former US Assistant Secretary of State for Near Eastern Affairs, and Emile Hokayem, Director of Regional Security and Senior Fellow for Middle East Security at the International Institute for Strategic Studies, break down the risks of the Middle East conflict and explain how it could erupt into a wider regional or even broader war. This episode is based on Goldman Sachs Research’s latest Top of Mind report, Middle East Risks.

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M&A in 2024: Navigating opportunities and challenges

Tue, 12 Dec 2023 05:00:00 -0000

After a slow start to 2023, deal-makers are starting to return to the negotiating table. Goldman Sachs’ Stephan Feldgoise and Mark Sorrell, the co-heads of Global Mergers & Acquisitions in Global Banking & Markets, explain the M&A outlook for the year ahead.

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Blackstone’s Kathleen McCarthy on the forces shaping the real estate industry

Tue, 05 Dec 2023 05:00:00 -0000

As global co-head of real estate at Blackstone, Kathleen McCarthy has helped grow the firm’s real estate assets under management to more than $330 billion. In a conversation moderated by Goldman Sachs’ Alison Mass, Kathleen shares her journey to becoming one of the leading investors in the real estate industry, the forces shaping key sectors of the market, and her advice to the next generation of leaders.

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What China’s struggling property sector means for the global economy and markets

Tue, 28 Nov 2023 05:00:00 -0000

China’s property sector has remained under pressure, hobbling the country’s recovery and weighing on global economic growth. In this episode, Goldman Sachs Research’s Kenneth Ho, Asia credit strategist, Hui Shan, chief China economist, and Yi Wang, head of the China real estate team, discuss the implications and the road ahead.

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What’s the outlook for deal-making, corporate and investor sentiment, and markets?

Tue, 21 Nov 2023 18:27:40 -0000

In this episode of Goldman Sachs Exchanges, Dan Dees, Jim Esposito, and Ashok Varadhan, the co-heads of Goldman Sachs' Global Banking & Markets business, discuss their views on the markets, corporate and investor sentiment, and the outlook for deal-making. They also share their thoughts about the direction of the industry as well as their leadership and career advice.

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Why the global economy and markets can continue to outperform in 2024

Tue, 14 Nov 2023 21:22:59 -0000

Goldman Sachs’ Jan Hatzius, the firm's chief economist and head of Goldman Sachs Research, and Dominic Wilson, senior advisor in the Global Markets Research Group, discuss their outlook and the findings from their recently published 2024 macro outlook entitled, The Hard Part is Over.

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BlackRock’s Tony Kim on the ‘dawn of a new intelligence era’

Fri, 10 Nov 2023 18:08:26 -0000

In a conversation moderated by Goldman Sachs’ Michael Brandmeyer, BlackRock’s Tony Kim, head of tech sector fundamental equities, shares his views on the technology ecosystem, public and private valuations, and the impact of artificial intelligence and quantum computing.

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The $100 billion opportunity: How anti-obesity drugs are reshaping healthcare and consumer behavior

Tue, 07 Nov 2023 05:00:00 -0000

Goldman Sachs Research’s Chris Shibutani and Jason English explain the business and investor implications of the latest anti-obesity medications and their ripple effects in the healthcare industry and beyond.

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Impactive Capital’s private equity approach to ESG-oriented activism

Fri, 03 Nov 2023 04:00:00 -0000

Lauren Taylor Wolfe, co-founder and managing partner of Impactive Capital, explains why taking a collaborative, private equity approach as an ESG-oriented activist investor leads to sustainable, long-term returns.

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Is US outperformance at a turning point?

Wed, 01 Nov 2023 16:41:07 -0000

The US has had an exceptional decade. US economic growth and equities have outperformed, and the dollar’s global role remains unchallenged. But can this run continue? In this episode of Goldman Sachs Exchanges, Rebecca Patterson, former chief investment strategist at Bridgewater Associates, Jean Boivin, head of the BlackRock Investment Institute, and Goldman Sachs Research’s Peter Oppenheimer, chief global equity strategist, discuss whether the US equity outperformance of the last decade can be repeated over the next decade. This episode breaks down a topic hit on in the recent Top of Mind report.

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Unlocking the AI M&A Supercycle

Tue, 24 Oct 2023 20:44:14 -0000

The rapid rise in adoption of generative AI is spurring companies of all sizes to rethink their strategic plans for growth. Goldman Sachs Investment Banking’s Jung Min and Matt Lucas explain how gen AI is reshaping the dealmaking landscape and discuss findings from their report, “Navigating the AI Era.”

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Commercial real estate risks

Tue, 17 Oct 2023 04:00:00 -0000

US commercial real estate has been hit by the surge in interest rates and a pullback in lending from regional banks. Scott Rechler, chairman and CEO of real estate investment firm RXR, and Stijn Van Nieuwerburgh, professor of real estate and finance at Columbia Business School, break down the risks in the commercial real estate crisis that were the topic of the recent Top of Mind report, Commercial real estate risks.

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Implications of a higher-for-longer rate regime

Wed, 11 Oct 2023 22:01:24 -0000

Global bond yields have moved sharply higher in recent weeks, setting the stage for a higher-for-longer rate regime. Goldman Sachs Research’s Praveen Korapaty, chief interest rates strategist, and Global Banking & Markets’ Anshul Sehgal, co-head of US interest rate products trading, explain the implications for economic growth, investors, and markets.

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General Catalyst CEO Hemant Taneja on mission-driven investing, health assurance, and AI’s transformation advantage

Fri, 06 Oct 2023 04:00:00 -0000

General Catalyst CEO Hemant Taneja shares his insights on the venture capital landscape, society’s digital transformation, and the firm’s mission-based approach to investing in the latest episode of Goldman Sachs Exchanges: Great Investors.

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Why most Americans aren’t saving enough for retirement

Tue, 03 Oct 2023 18:51:00 -0000

An improving economic backdrop is helping to bolster retirement savings but Americans are facing a raft of financial challenges. A retirement plan and recent legislation can help manage the competing financial priorities and unexpected expenses that typically crowd out saving for retirement, explains Mike Moran, pension strategist in Goldman Sachs’ Asset & Wealth Management business, on Goldman Sachs Exchanges.

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The IPO market’s soft opening

Tue, 26 Sep 2023 15:27:26 -0000

Signs of life in the global IPO market are spurring investor optimism for a broader recovery. On Goldman Sachs Exchanges, David Ludwig, global head of equity capital markets at Goldman Sachs’ Global Banking & Markets, shares his outlook for the IPO market and the market dynamics for companies and investors.

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Tech companies are investing in growth

Tue, 19 Sep 2023 04:00:00 -0000

After a period of cost cutting and layoffs — and buoyed by generative AI tailwinds — software and internet companies are starting to invest for growth, say Goldman Sachs Research’s Eric Sheridan and Kash Rangan on the latest episode of Goldman Sachs Exchanges.

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Emerging market equities poised to overtake developed market equities

Fri, 15 Sep 2023 04:00:00 -0000

Developed market equities have long dominated global equity markets, but that’s set to change in the coming decades. Kevin Daly, co-head of CEEMEA Economics in Goldman Sachs Research, explains why EM capital markets are likely to rise significantly.

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How companies, private equity firms, and institutional investors are navigating the global economy

Tue, 12 Sep 2023 21:01:14 -0000

Goldman Sachs’ Co-head of Global Banking & Markets Jim Esposito explains how companies and investing clients are navigating markets and the global economy in the latest episode of Goldman Sachs Exchanges.

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A conversation with Renaissance Technologies CEO Peter Brown

Mon, 11 Sep 2023 04:00:00 -0000

In this special episode of Goldman Sachs Exchanges: Great Investors, Peter Brown, CEO of Renaissance Technologies, talks about his career and building the hedge fund company. He also recounts how the firm navigated market crises such as the “quant quake” and the Global Financial Crisis, and describes how computer models and algorithms have long played a role in Renaissance’s growth.

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The Fed is likely finished hiking rates as the US avoids recession

Thu, 07 Sep 2023 14:25:00 -0000

Worries that rising inflation will force the Federal Reserve to raise interest rates later this year appear to be fading amid encouraging signs in the jobs market. Goldman Sachs Research’s Chief U.S. Economist David Mericle shares his views on the U.S. economy, inflation, and the Fed’s path from here.

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The economic potential of closing gender and racial gaps

Tue, 22 Aug 2023 04:00:00 -0000

Goldman Sachs Research’s Sharon Bell and Gizelle George-Joseph discuss the progress, challenges, and opportunities facing women and Black Americans, respectively, and why reducing racial, gender, and economic inequities could ultimately raise global growth over the long term.

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The music industry’s turning point

Fri, 18 Aug 2023 04:00:00 -0000

The music industry is on the verge of another major structural change, so what should listeners, artists, and industry professionals expect over the years to come? Goldman Sachs Research’s Lisa Yang discusses her latest Music in the Air report which analyzes how streaming, artificial intelligence, and changing listener behavior are affecting the industry.

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BlackRock’s Rick Rieder on his career, the markets, and investing in the current environment

Thu, 17 Aug 2023 04:00:00 -0000

As the Chief Investment Officer of Global Fixed Income for BlackRock, Rick Rieder and his team are responsible for about $2.4 trillion of assets. In this episode of Goldman Sachs Exchanges: Great Investors, Rieder shares his views on the markets, the strength of the U.S. economy, and where he’s finding investment opportunities.

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Corporate credit concerns

Tue, 15 Aug 2023 17:16:11 -0000

Higher interest rates are making it more expensive for companies to borrow money. So what could that mean for the health of corporate America? Saba Capital Management’s Boaz Weinstein, founder and CIO, and Goldman Sachs’ Lotfi Karoui, chief credit strategist, discuss the outlook for U.S. credit markets. This episode of Goldman Sachs Exchanges is based on Goldman Sachs Research’s latest Top of Mind report.

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Germany: a country at the crossroads

Tue, 08 Aug 2023 04:00:00 -0000

Germany slipped into a technical recession earlier this year as the country struggles with a weaker manufacturing sector, high inflation and a war on its doorsteps. In this episode, Wolfgang Fink, CEO of Goldman Sachs for Germany and Austria, explains how German companies and investors are adapting to the macro and market pressures.

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Why the U.K.’s high inflation has global implications

Tue, 01 Aug 2023 14:14:33 -0000

More than any other advanced economy, the U.K. has been squeezed by sharply higher prices, but new data shows that inflation may be starting to fall. In this episode, Goldman Sachs Research’s Jari Stehn, chief European economist, and George Cole, head of European rates strategy, explain why the U.K. faces a “confluence of shocks,” why inflation is likely to remain elevated, and what the implications of the U.K.’s inflation problems may mean for yields across the Euro area and globally.

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Man Group CEO Luke Ellis on hedge funds, quantitative strategies and lessons in leadership

Tue, 25 Jul 2023 04:00:00 -0000

Since Luke Ellis took the helm as CEO of Man Group, a global active investment management firm with a significant hedge fund offering, the firm’s assets under management have almost doubled to around $145 billion. In this episode of Goldman Sachs Exchanges: Great Investors, Goldman Sachs’ John Storey speaks with Ellis about his perspectives on the hedge fund industry, his views on the markets and the global economy, and what’s he’s learned over his career.

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What’s next for China’s economy?

Fri, 21 Jul 2023 04:00:00 -0000

China's emergence from Covid lockdowns was expected to boost the global economy. But a string of disappointing data is giving investors, policymakers and market watchers a new reason to worry. Goldman Sachs Research’s Hui Shan, chief China economist, explains the drivers behind the outlook for the world’s second-largest economy.

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Generative AI: hype, or truly transformative?

Tue, 18 Jul 2023 04:00:00 -0000

Investor interest in generative AI technology has surged. But is the hype and market pricing around the technology warranted? In this episode of Goldman Sachs Exchanges, Conviction’s Sarah Guo, NYU’s Gary Marcus and Goldman Sachs Research’s Kash Rangan and Eric Sheridan discuss the technology’s disruptive potential.

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Why 'everything aligns' for Japanese stocks

Tue, 11 Jul 2023 09:54:59 -0000

Goldman Sachs Research’s Bruce Kirk, chief Japan equity strategist, explains the drivers behind the rally in Japan’s equity market and the state of the country’s economy.

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Why global equities are poised for “fat and flat” returns

Mon, 03 Jul 2023 17:01:00 -0000

Global equity markets have performed relatively well in the first half of the year, but can this performance last? Goldman Sachs Research’s Peter Oppenheimer, chief global equity strategist and head of macro research in Europe, explains why equity returns are likely to remain relatively flat from here.

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What’s ahead for the U.S. economy?

Wed, 28 Jun 2023 04:00:00 -0000

The U.S. economy has shown signs of surprising resilience this year, despite concerns over inflation, recession and the Fed’s path from here. In the latest episode of Goldman Sachs Exchanges, David Mericle, chief U.S. economist in Goldman Sachs Research, explains why he’s generally optimistic that the U.S. economy can avoid a recession and achieve a soft landing.

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GQG’s Rajiv Jain on bold moves, growth of capital and global markets

Tue, 20 Jun 2023 16:56:00 -0000

Since GQG Partners’ Chairman and CIO Rajiv Jain co-founded the global boutique asset management firm in 2016, the company has grown to more than $100 billion in assets under management. In this episode of Goldman Sachs Exchanges: Great Investors, Jain discusses his approach to managing portfolios and building teams, as well as his views on the macroeconomic and investment landscape.

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The Markets: What the Fed’s hawkish pause means for markets

Fri, 16 Jun 2023 04:00:00 -0000

Breaking down the latest decisions from the Fed and the ECB, as well as how corporates are navigating the current economic climate, Jonathan Fine, head of Investment Grade Syndicate in the Americas in Goldman Sachs' Global Banking & Markets, joins our latest episode of The Markets, a new weekly podcast from Goldman Sachs Exchanges.

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An inside look at family offices’ investing strategies

Tue, 13 Jun 2023 04:00:00 -0000

Family offices have long managed the financial affairs of the world's wealthiest families. In this episode, Meena Flynn and Sara Naison-Tarajano from Goldman Sachs’ Asset & Wealth Management business, and Ken Hirsch and Tony Pasquariello from Global Banking & Markets, break down the findings of the firm’s latest Family Office survey, Eyes on the Horizon.

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The Markets: Why the AI-driven tech rally has legs

Fri, 09 Jun 2023 12:46:00 -0000

Investor enthusiasm for artificial intelligence has driven equity markets higher, but does the current rally have legs? In this week’s Markets podcast from Goldman Sachs Exchanges, Sung Cho, co-head of Tech Investing for Fundamental Equity in Goldman Sachs Asset Management, explains the factors and outlook for the sector.

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How countries and companies are reshaping their supply chains

Tue, 06 Jun 2023 04:00:00 -0000

How are countries and companies reshaping their supply chains for a new era of global trade? In this episode, Andrew Tilton, chief Asia Pacific economist in Goldman Sachs Research, Luke Barrs from the Fundamental Equity business in Asset Management, and Richard Hill, chairman of the board at Marvell Technology, discuss the macro pressures and geopolitics that are affecting global supply chains, as well as the impact on the investment landscape.

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The Markets: What’s next for U.S. Treasuries

Fri, 02 Jun 2023 04:00:00 -0000

Discussing what’s next for U.S. treasury issuance as debt ceiling concerns fade, the Fed’s next move, and underlying trends in U.S. equity performance this year, Beth Hammack, co-head of the Global Financing Group in Goldman Sachs’ Global Banking & Markets, joins our latest episode of The Markets, a new weekly podcast from Goldman Sachs Exchanges.

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Daunting debt limit dynamics

Tue, 30 May 2023 21:36:00 -0000

In this episode, Stephen Kaplan, associate professor at George Washington University, Alec Phillips, Goldman Sachs Research’s chief political economist, and David Beers, former head of sovereign credit ratings at S&P, who oversaw the rating agency’s U.S. credit rating downgrade in 2011, dig into the history and mechanics of the U.S. debt limit and explore whether the repeated brinkmanship around raising the debt limit could undermine the value of U.S. assets.

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The Markets: Are markets pricing in the potential of a default?

Fri, 26 May 2023 04:00:00 -0000

Debt ceiling discussions are the primary focus of markets this week but equity and bond markets are reacting in very different ways, explains Candice Tse, a managing director in Goldman Sachs Asset Management, on The Markets podcast.

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Why the ‘great de-stocking’ in oil and commodities could pave the way for future gains

Thu, 25 May 2023 13:56:14 -0000

Oil and commodity prices have fallen this year amid unprecedented declines in inventories. But this “great de-stocking” could also pave the way for strong gains if the economy avoids a recession given solid fundamentals and overall demand, explains Jeff Currie, global head of commodities in Goldman Sachs Research.

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The Markets: Why European stocks are beating US equities

Fri, 19 May 2023 12:46:34 -0000

Breaking down this week’s economic data and events from the Euro area, Japan, China and the U.S., Luke Barrs, global head of client portfolio management in Fundamental Equity within Goldman Sachs Asset & Wealth Management, joins our latest episode of The Markets, a new weekly podcast from Goldman Sachs Exchanges.

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Investing during times of market stress

Tue, 16 May 2023 04:00:00 -0000

In this episode, Goldman Sachs Research’s Christian Mueller-Glissmann, who heads asset allocation research within portfolio strategy, explains how recent market stresses are affecting portfolio diversification strategies.

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The Markets: Pricing in the probability of a recession

Fri, 12 May 2023 12:38:00 -0000

Analyzing this week’s CPI print, continuing concerns in the banking sector, and the ongoing debt limit debate, Joseph Briggs, a global economist in Goldman Sachs Research, joins our latest episode of The Markets, a new weekly podcast from Goldman Sachs Exchanges.

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Breaking Free: The rise of corporate separations

Thu, 11 May 2023 04:00:00 -0000

In an environment where merger and acquisition activity is still relatively subdued, companies are turning to spinoffs, sales and divestitures. But what factors are driving this trend? In this episode, Goldman Sachs' David Dubner, global head of M&A structuring within Global Banking & Markets, and Sharath Sharma, global vice chair at EY, discuss “Strategies for successful corporate separations,” a new report coauthored by Goldman Sachs and EY on how and why companies are leaning into corporate separations.

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U.S.-China: more decoupling ahead?

Tue, 09 May 2023 04:00:00 -0000

Geopolitical tensions between the U.S. and China have been running high for some time, but are escalating as President Biden prepares to unveil further curbs on U.S. investment to China ahead of this month’s G7 Summit. In this episode, which breaks down Goldman Sachs Research’s recent Top of Mind report, “U.S.-China: more decoupling ahead,” Harvard’s Graham Allison, who has extensively studied the relationship between the two countries, and Rhodium Group’s Dan Rosen, who has analyzed investment and trade flows, explore the tensions between the two countries and how they’re affecting the investing landscape for companies and investors.

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The Markets: Fed rate hikes, banking stress & debt limit concerns

Fri, 05 May 2023 04:00:00 -0000

Explaining the takeaways from this week’s Fed decision, recent banking sector stress and debt limit concerns, Ashish Shah, chief investment officer of Public Investing in Asset & Wealth Management, joins our latest episode of The Markets, a new weekly podcast from Goldman Sachs Exchanges.

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Is big tech back?

Thu, 04 May 2023 04:00:00 -0000

After a sharply disappointing performance in 2022, tech stocks are roaring back. But is the latest revival just a short-term blip? Or is there a new growth phase ahead for the tech sector? In this episode, Ben Snider, a senior strategist in Goldman Sachs Research, and Peter Callahan, who covers the tech sector for Global Banking & Markets, break down big tech earnings, new developments like generative AI, and the risks investors are focused on.

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What happens if the U.S. government can’t pay its bills?

Tue, 02 May 2023 19:58:59 -0000

The debate over the U.S. debt ceiling is quickly heating up. If the debt limit is not lifted before the deadline, what does this mean for markets and the economy? In this episode, Goldman Sachs Research’s Alec Phillips, chief U.S. political economist, explains how a failure to raise the limit on US government debt could ripple through the global financial markets.

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The Markets: Volatility, Earnings, and European Equities

Fri, 28 Apr 2023 04:00:00 -0000

Discussing US equity volatility hitting a low, the takeaways from US and European earnings, and what to expect in next week’s Fed and ECB meetings, Sharon Bell, Goldman Sachs Research’s senior strategist on the European Portfolio Strategy team, joins our latest episode of The Markets, a new weekly podcast from Goldman Sachs Exchanges.

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Navigating the trillion dollar path to a more sustainable economy

Thu, 27 Apr 2023 19:12:38 -0000

The path to net zero has never been more complicated as businesses and governments look to balance short-term energy demands with long-term sustainability goals. In the latest episode of Exchanges at Goldman Sachs, Goldman Sachs Research’s Michele Della Vigna, head of Natural Resources Research in EMEA, and Kara Mangone, global head of Climate Strategy, discuss the decades-long effort that will require trade-offs between investing and carbon intensive projects and increasing investments in clean energy technologies.

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How Porsche CEO Oliver Blume is driving innovation

Tue, 25 Apr 2023 04:00:00 -0000

The initial public offering of luxury car manufacturer Porsche last fall was a bright spot in an otherwise difficult equity market. So how has the automaker navigated the macro challenges and what are the implications for the sector more broadly? In the latest episode of Exchanges at Goldman Sachs, Oliver Blume, the CEO of Porsche and its parent company VW, and Goldman Sachs’ Christoph Stanger, who chairs the European equity capital markets team and helped take the company public, go behind the scenes to look at what it was like to take the company public, as well as discuss some of the broader trends in the automotive industry.

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The Markets: A ‘bulletproof’ stock market?

Fri, 21 Apr 2023 04:00:00 -0000

Breaking down recent bank earnings, China’s GDP, European markets and the tech sector, Tony Pasquariello, global head of hedge fund coverage for Global Banking & Markets, joins the inaugural episode of The Markets, a new weekly podcast from Goldman Sachs Exchanges.

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Navigating the ‘perfect storm’ in commercial real estate

Tue, 18 Apr 2023 04:00:00 -0000

The recent stress in the banking sector appears to have abated but there are knock-on effects that are pressuring a key corner of the economy: commercial real estate. So could commercial real estate be the next possible crisis? In the latest episode of Exchanges at Goldman Sachs, Goldman Sachs Research’s Lotfi Karoui, chief credit strategist and head of the Credit Research Group, and Jeffrey Fine, global head of Real Estate Client Solutions and Product Strategy in the firm’s Asset & Wealth Management business, assess the vulnerabilities in the commercial real estate market today.

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What’s on the minds of the world’s largest investors?

Fri, 14 Apr 2023 04:00:00 -0000

As one of the largest investors in the world, insurers represent about $30 trillion in assets — which means their investment decisions can have an outsized impact on markets and investment flows. So in a volatile market and uncertain economic environment, what’s on the minds of this influential investor base? In the latest episode of Exchanges at Goldman Sachs, Goldman Sachs’ Mike Siegel, global head of the Insurance Asset Management and Liquidity Solutions businesses, and Matt Armas, global head of Insurance Asset Management, break down the results of the 12th annual survey, Balancing with Yield on the Inflationary Tightrope, which surveyed more than 300 insurers about their views on the economy, asset allocation decisions and return expectations.

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All about bank(panic)s and the implications for policy

Tue, 11 Apr 2023 16:27:41 -0000

The recent banking turmoil in the U.S. and Europe triggered by the failure of Silicon Valley Bank — the largest bank failure since the 2008 financial crisis — seems to have abated, but questions remain about whether banking stress could resurge and what policymakers can do to prevent that. In the latest episode of Exchanges at Goldman Sachs, which is based on Goldman Sachs Research’s Top of Mind report, All about bank(panic)s, former policymakers Daniel Tarullo and Thomas Hoenig, and Yale’s Gary Gorton, explain the drivers behind the recent crisis, the potential for it to repeat, and what rules and regulations might help prevent that.

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How Europe’s tech startups are continuing to innovate in the current market

Thu, 06 Apr 2023 22:56:39 -0000

From artificial intelligence and machine learning, to virtual reality and wearable technology, disruptive tech has been at the forefront of markets and investors’ minds. So how are investors and tech founders alike approaching trends in technological innovation during a time of stress in the markets and banking sector? In the latest episode of Exchanges at Goldman Sachs, Goldman Sachs’ Clif Marriott, co-head of the Technology, Media and Telecommunications Group in EMEA for Global Banking & Markets, spoke with Ophelia Brown, founder and managing partner for early-stage venture capital firm Blossom Capital, explain how founders of tech startups across Europe are navigating the stress in the banking sector, the types of emerging technologies they're most excited about and how investors are approaching opportunities in the current environment.

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What’s driving the surge in shareholder activism activity?

Tue, 04 Apr 2023 14:52:48 -0000

Even the world's largest companies aren't immune to activist investors. With the management teams of large-cap companies attracting the attention of activism campaigns, what are the implications for corporate strategy and shareholders? In the latest episode of Exchanges at Goldman Sachs, Goldman Sachs’ Avinash Mehrotra, co-head of America's M&A, who runs activism, shareholder advisory and takeover defense practices, along with Pamela Codo-Lotti, who serves as the global chief operating officer for the practice in Global Banking & Markets, discuss the rise in shareholder activism campaigns, especially among large-cap companies.

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Bain Capital’s Stephen Pagliuca on private equity and the Boston Celtics

Fri, 31 Mar 2023 04:00:00 -0000

In this episode of Exchanges at Goldman Sachs: Great Investors, Stephen Pagliuca, senior advisor at Bain Capital, speaks with Alison Mass, chairman of Goldman Sachs Investment Banking, about his career in private equity at Bain Capital, his views on the economy and investment landscape, and his experience managing the Boston Celtics and Atalanta soccer club.

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Navigating the new geopolitical and technology landscape

Tue, 28 Mar 2023 04:00:00 -0000

In an era of geopolitical instability and economic uncertainty, what are the implications for companies and investors? In the latest episode of Exchanges at Goldman Sachs, George Lee and Jared Cohen, the co-heads of Goldman Sachs’ newly created Office of Applied Innovation, discuss shifts in the geopolitical landscape, how rapidly evolving technology is impacting our world, and how the new office works with the firm’s clients to explore issues that sit at the center of a changing global marketplace.

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What the banking turmoil means for investors’ portfolios

Wed, 22 Mar 2023 23:09:54 -0000

Since the failure of Silicon Valley Bank, investors are closely watching how stress in the financial sector is spreading through markets and the economy. With First Republic Bank and Credit Suisse making headlines, policymakers are examining what they can do to steady markets and restore confidence. So, has the fallout been contained? And what does this all mean for investors’ portfolios? In the latest episode of Exchanges at Goldman Sachs, Richard Ramsden, who leads the research coverage of the banking sector, Chris Hallam, who covers the banking sector in EMEA, and Brett Nelson, head of tactical asset allocation for the Asset & Wealth Management Investment Strategy Group of Goldman Sachs, provide an update on the banking sector and discuss what this means for investors.

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The impact of bank failures on markets and the economy

Wed, 15 Mar 2023 19:46:43 -0000

The collapse of Silicon Valley Bank and Signature Bank has sparked broader concerns about the health of the banking industry. So what is the significance of these events? In the latest episode of Exchanges at Goldman Sachs, Goldman Sachs Research’s Richard Ramsden, who leads the coverage of the banking sector, and Lotfi Karoui, chief credit strategist, discuss how we got here, the significance of recent regulatory measures, the implications for credit creation, and more.

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How much higher can bond yields go?

Tue, 07 Mar 2023 05:00:00 -0000

Stronger economic data has recently raised concerns that inflation is likely to remain stickier than expected. In the latest episode of Exchanges at Goldman Sachs, Rick Rieder, chief investment officer of Global Fixed Income at BlackRock, and Praveen Korapaty, chief interest rates strategist at Goldman Sachs Research, say interest rates have somewhat further to climb and are likely to stay at higher levels for longer. Rieder and Korapaty also share their views on the global outlook for bonds across Europe and Japan, as well as the implications for investors. This episode is based on Goldman Sachs’ most recent Top of Mind report, (Japanese) Bonds, Bonds, Bonds.

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How 3 retail CEOs are navigating today’s economic landscape

Fri, 03 Mar 2023 05:00:00 -0000

How are retailers navigating an environment of slowing consumer demand, high interest rates and rising prices? In the latest episode of Exchanges at Goldman Sachs, Goldman Sachs’ Vishaal Rana, is joined by AutoZone Chairman, CEO and President William C. Rhodes III, Best Buy CEO Corie Barry, and Ikea U.S. CEO and Chief Sustainability Officer Javier Quiñones, to discuss the trends and critical issues facing the retail industry today. This episode was recorded at the annual Retail Industry Leaders Association CEO Forum in Palm Beach, Florida.

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Is it time to invest in emerging markets?

Tue, 28 Feb 2023 18:58:07 -0000

As the global economic backdrop continues to improve, is it time to invest in emerging markets? In the latest episode of Exchanges at Goldman Sachs, Kay Haigh, co-CIO of Fixed Income, and Hiren Dasani, co-head of emerging markets equity, within Goldman Sachs Asset & Wealth Management, discuss the recent rally in emerging markets and the outlook for 2023.

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Goldman Sachs CEO David Solomon on the economy, markets and the firm’s performance

Fri, 24 Feb 2023 15:26:00 -0000

In a special episode of the Exchanges at Goldman Sachs podcast, Goldman Sachs Chairman and CEO David Solomon shares his views on the macroeconomic environment — including his concern that inflation is likely to be “stickier” and harder to manage — as well as what’s on the minds of clients and the CEOs he meets with.

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Are we on the cusp of a generative AI revolution?

Tue, 21 Feb 2023 05:00:00 -0000

As new artificial intelligence technologies, such as ChatGPT, capture the public’s imagination, are we at a tipping point in technological advancement — or is this the next bubble? In the latest episode of Exchanges at Goldman Sachs, Goldman Sachs Research’s Eric Sheridan, head of Internet coverage, and Kash Rangan, head of software coverage, discuss the technologies and investment implications, as well as the challenges and opportunities in the space.

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Should investors stay invested in 2023?

Tue, 14 Feb 2023 17:05:23 -0000

2022 was a difficult year for investors' portfolios, and while our Investment Strategy Group expects this year to be less turbulent for markets, there is still a fog of uncertainty facing investors. So, should investors stay invested in the markets? In the latest episode of Exchanges at Goldman Sachs, Sharmin Mossavar-Rahmani, head of the Investment Strategy Group and chief investment officer of Wealth Management at Goldman Sachs, addresses this question and outlines her team's investment themes and views for the year ahead.

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Why investors are leaning into alternatives: Apollo’s Marc Rowan

Fri, 10 Feb 2023 05:00:00 -0000

In this episode of Exchanges at Goldman Sachs: Great Investors, Marc Rowan, CEO and co-founder of Apollo Global Management, speaks with Alison Mass, chairman of Goldman Sachs Investment Banking, about leading one of the world’s largest alternative asset managers, the fundamental changes that are reshaping markets and economies, building a strong workplace culture, and why everyone should “be curious, not defensive.”

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The Bigger Worry: Growth or Inflation?

Tue, 07 Feb 2023 05:00:00 -0000

Recession was the big fear heading into 2023, but the global growth outlook seems to be — if anything — improving. But could this better growth outlook in itself reignite inflation concerns? In the latest episode of Exchanges at Goldman Sachs, Goldman Sachs Research’s Jan Hatzius, Stanford’s Hoover Institution’s John Cochrane and Carlyle Co-founder David Rubenstein dig into the risks around an inflation resurgence. This episode is based off of Goldman Sachs’ most recent Top of Mind report, “The Bigger Worry: Growth or Inflation?”

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How Employee Ownership Models Can Boost Returns: KKR’s Pete Stavros

Tue, 31 Jan 2023 05:00:00 -0000

In this episode of Exchanges at Goldman Sachs: Great Investors, Pete Stavros, co-head of Americas Private Equity at KKR, speaks with Alison Mass, chairman of Goldman Sachs Investment Banking, about his role in implementing broad-based employee ownership models, his views on the economy and investment landscape, and his efforts to enhance the financial resilience of the workforce.

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As China reopens, what’s ahead for commodities in 2023?

Tue, 24 Jan 2023 05:00:00 -0000

Commodities were the best-performing asset class in 2022 but have recently taken a hit as recession fears loom. So what's in store for them in 2023? In the latest episode of Exchanges at Goldman Sachs, Jeff Currie, global head of commodities research, explains why commodities are poised to outperform.

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The global economy in 2075: Growth slows as Asia rises

Tue, 17 Jan 2023 13:21:00 -0000

What are the long-term trends shaping the global economy? What countries are likely to power global growth in the decades to come? In the latest episode of Exchanges at Goldman Sachs, Kevin Daly, co-head of the economics team covering Central & Eastern Europe, the Middle East and Africa, discusses the team’s long-term projections and the continued convergence between emerging and developed market economies.

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What’s ahead for economies and markets in 2023?

Wed, 11 Jan 2023 14:41:00 -0000

What’s in store for economies and markets in 2023? In the latest episode of Exchanges at Goldman Sachs, Jan Hatzius, head of Goldman Sachs Research and the firm’s chief economist, and Dominic Wilson, Senior Advisor in the Global Markets Research Group, explain why they believe the U.S. can avoid a recession and how the economic landscape is improving in Europe and China in 2023.

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M&A in 2023: A complex but optimistic outlook for deal-making

Tue, 03 Jan 2023 17:56:00 -0000

After soaring to record levels in 2021, the global M&A market slowed in 2022 against a challenging economic environment. So what can we expect in 2023? In the latest episode of Exchanges at Goldman Sachs, Stephan Feldgoise and Mark Sorrell, the co-heads of the Global Mergers and Acquisitions business in Goldman Sachs Investment Banking, discuss the drivers behind 2022’s activity and what to expect in the year ahead.

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What’s next for crypto regulations?

Tue, 20 Dec 2022 05:00:00 -0000

The recent rapid collapse of cryptocurrency exchange FTX on the heels of the crash of Terra’s Luna stablecoin and the failure of the Celsius crypto lending platform has sent shockwaves through the crypto ecosystem. In the latest episode of Exchanges at Goldman Sachs, Former Chairman of the Securities and Exchange Commission Jay Clayton, Former Chairman of the Commodity Futures Trading Commission Timothy Massad, Head of Research at One River Asset Management Marcel Kasumovich, and Professor at Yale School of Management Gary Gorton, discuss what the regulatory landscape for digital assets looks like today, what it may be lacking, and how that may be fixed. This episode is based off of Goldman Sachs’ most recent Top of Mind report, “The Winter of Crypto’s Discontents”.

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The Outlook for Financial Services

Tue, 13 Dec 2022 05:00:00 -0000

Banks are often seen as a bellwether for the economy—so what are they signaling about the outlook for the US? GS Research’s Richard Ramsden and Alex Blostein discuss in the latest episode of Exchanges at Goldman Sachs, also sharing the themes and sentiment they took away from the recent GS US Financial Services Conference.

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Asset Allocation Outlook for 2023: Greater Diversification and Divergence

Tue, 06 Dec 2022 15:42:53 -0000

Market volatility, inflation and positive correlations across assets have put a question mark on the diversification benefits of multi-asset portfolios. In the latest episode of Exchanges at Goldman Sachs, Goldman Sachs Research’s Christian Mueller-Glissmann, who heads asset allocation research, breaks down what investors should keep in mind when building portfolios in 2023.

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The Path to Net Zero: Managing the Transition

Tue, 29 Nov 2022 05:00:00 -0000

Rising concerns over climate change are spurring investments into clean energy to help bring the world closer to net zero. But where are we in that transition? And how is that path to decarbonization affecting investments in traditional oil and gas projects? In the latest episode of Exchanges at Goldman Sachs, Michele Della Vigna, head of natural resources research for Goldman Sachs in EMEA, explains the impact of higher fossil fuel prices on the low-carbon transition and the investment that is required to get to net zero.

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Central bank tightening: what could break?

Tue, 22 Nov 2022 05:00:00 -0000

Central banks’ aggressive policy tightening has raised concerns about what could break in a global financial system accustomed to low rates. In the latest Exchanges at Goldman Sachs, Goldman Sachs’ Allison Nathan speaks with Jeremy Stein, Professor at Harvard University and a former Federal Reserve Board Governor, and Vítor Constâncio, former vice president of the European Central Bank, about which financial stability risks are worth watching, whether policymakers have the tools to manage those risks, and if they could prompt central banks to slow or even pause tightening. The episode is based on Goldman Sachs Research’s latest Top of Mind report.

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Europe’s Energy Crisis: End in sight or far from over?

Tue, 15 Nov 2022 15:52:20 -0000

Plentiful natural gas supplies and mild weather across Europe are creating optimism that the continent may be able to avoid shortages and blackouts this winter. But is that optimism premature? In the latest episode of Exchanges at Goldman Sachs, Goldman Sachs Research’s Samantha Dart, a senior energy strategist who focuses on the natural gas markets, and Jari Stehn, our chief European economist, discuss the state of Europe’s energy crisis and its impact on the broader European economy.

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Breaking Down the U.S. Midterm Elections: What’s Next for Policy, Markets and Economic Growth

Thu, 10 Nov 2022 15:23:55 -0000

As the voting continues from the U.S. midterm elections, the results so far indicate a status quo in country’s political divisions. But what does a divided Congress mean for policy, markets and economic growth? In the latest episode of Exchanges at Goldman Sachs, Goldman Sachs Research’s Alec Phillips and the Office of Government Affairs’ Joe Wall analyze the results of the U.S. midterm elections and the impact for policy and economic growth.

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Amid Rising Inflation and Slowing Growth, How is the U.S. Consumer Faring?

Tue, 08 Nov 2022 05:00:00 -0000

As the holiday shopping season kicks off — against a backdrop of high inflation and slowing economic growth — will consumers continue to remain a bright spot in the U.S. economy? In the latest episode of Exchanges at Goldman Sachs, Goldman Sachs Research’s David Mericle, chief U.S. economist, Kate McShane, U.S. retail analyst, and Eric Sheridan, U.S. internet sector analyst, discuss the health of the consumer and the implications for economic growth.

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Caught in a ‘Financial Vortex’: Why Retirement Expectations Often Fall Short of Reality

Tue, 01 Nov 2022 04:00:00 -0000

Amid rising interest rates, high inflation, and market volatility, a challenging macroeconomic environment is throwing individuals’ retirement readiness off track. In the latest Exchanges at Goldman Sachs, Michael Moran, a senior pension strategist in Goldman Sachs’ Asset Management Division, explains how today's complex backdrop, as well as competing financial priorities, are affecting individual retirement plans. This episode is based on the latest findings from the team’s Retirement Survey & Insights Report 2022, Navigating the Financial Vortex.

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Navigating Macro Headwinds: A Conversation With the Founders of Brex and Chief

Tue, 25 Oct 2022 04:00:00 -0000

What’s top of mind for exceptional entrepreneurs? In the latest episode of Exchanges at Goldman Sachs, Goldman Sachs’ Kim Posnett, global head of Investment Banking Services, sat down with two company founders — Henrique Dubugras, co-founder and co-CEO at Brex and Carolyn Childers, co-founder and CEO at Chief — to discuss their founder journeys, how their businesses are adapting to a challenging macro environment, and what they are most optimistic about for their futures. The episode was recorded at the firm’s annual Builders and Innovators Summit.

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China’s Congress: an inflection point?

Tue, 18 Oct 2022 18:37:00 -0000

The 20th Party Congress of the Chinese Communist Party, which kicked off on Sunday, promises to be one of the most significant events for China in modern history, not only because President Xi Jinping is widely expected to secure an unprecedented third term, but also because it comes amid the country’s slowest pace of growth in decades. So, whether the Congress marks an inflection point for economic policy is Top of Mind. In the latest episode of Exchanges at Goldman Sachs, Susan Shirk, chair of the 21st Century China Center at UC San Diego, David Li, professor at Tsinghua University, and Hui Shan, Goldman Sachs Research’ chief China economist, discuss what to watch for that could presage a policy inflection, what that inflection may look like, and what it could mean for growth. This episode is based on GIR’s Allison Nathan’s latest Top of Mind report.

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Taking Stock: What’s Ahead for US Markets

Tue, 11 Oct 2022 11:39:08 -0000

It’s been a bleak year for the stock market which, despite some short-term rallies, is still firmly entrenched in bear market territory. So where do we go from here? In the latest episode of Exchanges at Goldman Sachs, David Kostin, chief U.S. equity strategist in Goldman Sachs Research, discusses the outlook for U.S. equities and the sectors and styles still working in today's environment.

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Breaking Down the Dollar's Rise

Tue, 04 Oct 2022 04:00:00 -0000

What’s behind the volatility in the currency markets—and how much higher can the dollar go? In the latest episode of Exchanges at Goldman Sachs, Kamakshya Trivedi, Head of Global Foreign Exchange, Interest Rates and Emerging Markets Strategy, discusses what a surging US dollar and falling currencies across markets from the UK and Japan to China and Europe mean for global growth.

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Why Sustainability is a Fashion Staple

Tue, 27 Sep 2022 18:12:00 -0000

One of the fastest-growing sectors in the fashion and apparel industry has been the resale market, fueled by price and environmental concerns. So what are the opportunities and challenges for retailers and investors? And how will the macro challenges facing today’s consumers affect the sector? In the latest episode of Exchanges at Goldman Sachs, James Reinhart, CEO & Co-founder of thredUP, and Karen Levin, a managing director in Goldman Sachs’ Consumer Retail Group, discuss the rise of secondhand fashion and how brands are pivoting their retailing practices towards a more sustainable future.

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Will Slaying Inflation Require Recession?

Tue, 20 Sep 2022 22:16:11 -0000

In the fight to combat high inflation, the Federal Reserve and the European Central Bank have embarked on aggressive tightening paths. But how much damage to economic growth will they ultimately have to inflict to win this fight? In the latest episode of Exchanges at Goldman Sachs, Jan Hatzius, Goldman Sachs’ chief economist and head of Goldman Sachs Research, and Olivier Blanchard, C. Fred Bergsten Senior Fellow at the Peterson Institute, debate whether the Fed can rebalance an overheated labor market — a key requirement to tame inflation — without a sharp rise in unemployment. This episode is based off of Goldman Sachs’ latest Top of Mind report.

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Bear Market Bounce or Stock Market Bottom?

Tue, 13 Sep 2022 10:34:02 -0000

Has the stock market hit bottom yet? Or are we seeing another false bottom? In the latest episode of Exchanges at Goldman Sachs, Peter Oppenheimer, Chief Global Equity Strategist and head of Macro Research in Europe, explains why the bear market in stocks isn’t over. Oppenheimer’s latest research, which analyzes the characteristics of bear markets over time, suggests that investors are likely to see further bumpy markets before a decisive trough is established.

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How Inflation, Rates and Recession Are Reshaping the Real Estate Market

Tue, 06 Sep 2022 20:24:54 -0000

While the real estate market has been a near sure-fire investment in recent years, rising rates, inflation and recession risks are reshaping the investment landscape. In the latest episode of Exchanges at Goldman Sachs, Jeff Fine, global head of Real Estate Client Solutions and Product Strategy, and Nora Creedon, an investor in our private Real Estate business in Goldman Sachs Asset Management, look at how the new macro realities are creating new risks and opportunities for investors.

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Why We’re In a ‘Golden Age’ of Life Sciences Innovation

Tue, 16 Aug 2022 04:00:00 -0000

The business of life sciences came into sharp focus after the pandemic highlighted the effectiveness of mRNA vaccines in protecting people against COVID. But what exactly is life sciences and is the recent market weakness a threat to future innovation — or an opportunity? In the latest episode of Exchanges at Goldman Sachs, Amit Sinha, head of Life Sciences Investing in Goldman Sachs Asset Management, discusses the evolution of life sciences and how investors are approaching the risks and opportunities within the biotechnology sector.

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Food, Fuel, and the Cost-of-Living Crisis

Tue, 09 Aug 2022 04:00:00 -0000

The recent decline in commodity prices has provided a rare respite for central banks trying to rein in high inflation. But are the energy and food crises afflicting the world actually easing? In the latest episode of Exchanges at Goldman Sachs, commodity bull Jeff Currie, Goldman Sachs’ Global Head of Commodities Research, and commodity bear Gary Shilling, President of A. Gary Shilling & Co., debate whether the recent commodity price declines will prove temporary or more lasting while Meghan O’Sullivan, Professor at Harvard University, discusses the geopolitical implications of the commodity crisis and Chris Barrett, Professor at Cornell University, dives deep into the global food crisis and explains what could solve it. This episode is based off of Goldman Sachs Research’s latest Top of Mind report.

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Investing with Permira’s Tara Alhadeff

Fri, 05 Aug 2022 04:00:00 -0000

In this episode of Exchanges at Goldman Sachs: Great Investors, Tara Alhadeff, partner at Permira, talks with Alison Mass, chairman of Goldman Sachs’ Investment Banking Division, about investing in iconic brands like Doc Martens, Valentino and Golden Goose and the outlook for discretionary spending in times of volatility.

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Asianomics in America: Contributions and Challenges

Tue, 02 Aug 2022 04:00:00 -0000

The Asian American community has seen marked success in education, income and innovation but remains underrepresented in managerial and executive positions, according to new research from Goldman Sachs Research. In the latest episode of Exchanges at Goldman Sachs, Goldman Sachs Research’s Hui Shan, Chief China Economist, and Daan Struyven, Senior Global Economist, discuss the contributions and challenges of the Asian communities in the U.S. and countries across the globe — and the role that policymaking can play in creating a more equitable future.

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Investing with Forerunner’s Eurie Kim

Fri, 29 Jul 2022 04:00:00 -0000

In this episode of Exchanges at Goldman Sachs: Great Investors, Eurie Kim, Managing Partner at Forerunner Ventures, speaks with Goldman Sachs’ Katie Koch, Chief Investment Officer of Public Equity in Goldman Sachs Asset Management, about the evolution of direct-to-consumer businesses, her investment philosophy and the dislocation between private and public market valuations.

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Small Business Owners Pivot from Challenges to Opportunities

Tue, 26 Jul 2022 04:00:00 -0000

Small businesses are the life blood of the U.S. economy and the backbone of local communities , but the current economic environment is proving especially challenging. At last week’s 10,000 Small Businesses Summit, more than 2,500 small businesses owners convened in Washington, D.C., to share their experiences and advocate for meaningful policy change. In the latest episode of Exchanges at Goldman Sachs, recorded at the summit, Asahi Pompey, president of Goldman Sachs Foundation, and Joe Wall, a managing director in the Office of Government Affairs, joined host Allison Nathan and two small business owners, Natalie Kaddas and Merv Cutler, to talk about the crucial tests they’re facing – and the opportunities they see.

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Investing with Oaktree Capital Management’s Howard Marks

Fri, 22 Jul 2022 04:00:00 -0000

In this episode of Exchanges at Goldman Sachs: Great Investors, Howard Marks, Co-Chairman of Oaktree Capital Management, speaks with Goldman Sachs’ Katie Koch, Chief Investment Officer of Public Equity in Goldman Sachs Asset Management, about his investment philosophy, his views on market cycles and why investing is the “discipline of relative selection.”

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How Companies are Navigating the Energy Transition

Tue, 19 Jul 2022 12:00:00 -0000

From geopolitical tensions, surging gas prices and energy shortages, how are major companies dealing with the energy transition? In the latest episode of Exchanges at Goldman Sachs, Giulia Chierchia, Executive Vice President of Strategy, Sustainability & Ventures at bp, and Michele Della Vigna, head of Natural Resources Research in EMEA for Goldman Sachs Research, discuss the impact of geopolitical tensions on global energy supplies and how major corporations are navigating the energy transition.

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Investing with The Carlyle Group’s Sandra Horbach

Fri, 15 Jul 2022 04:00:00 -0000

In this episode of Exchanges at Goldman Sachs: Great Investors, Sandra Horbach, co-head of US Buyout and Growth at The Carlyle Group, talks with Goldman Sachs’ Alison Mass, chairman of Goldman Sachs’ Investment Banking Division, about what it was like to be a trailblazer in the private equity space and the evolution of diversity in the industry.

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The Boom in Private Credit

Tue, 12 Jul 2022 04:00:00 -0000

One of the fastest-growing areas within the private financial markets is private credit— where money managers, instead of banks, lend directly to companies. In the latest episode of Exchanges at Goldman Sachs, Lotfi Karoui, Goldman Sachs Research’s chief credit strategist and head of the credit research group, and James Reynolds, global co-head of Private Credit within Goldman Sachs Asset Management, discuss the growth in private credit and how a challenging macro environment is shaping the opportunities — and the risks — in the asset class.

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Investing with KKR’s Tara Davies

Fri, 08 Jul 2022 04:00:00 -0000

How is one of the most senior dealmakers in Europe navigating inflationary pressures? In the latest episode of Exchanges at Goldman Sachs: Great Investors, Tara Davies, Partner, Global Head of Core Infrastructure and Co-head of European Infrastructure at KKR, talks with Goldman Sachs’ Alison Mass, Chairman of the Investment Banking Division, about the European infrastructure space and the inflation pass-through mechanic in infrastructure assets.

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Goldman Sachs Chairman and CEO David Solomon on the Economy, Investing and Sustainability

Tue, 05 Jul 2022 04:00:00 -0000

In the latest episode of Exchanges at Goldman Sachs, Goldman Sachs Chairman and CEO David Solomon joined Valentijn van Nieuwenhuijzen, CIO of NN Investment Partners, in The Hague to discuss Goldman Sachs’ recent acquisition of NN IP, the economic environment and the challenges facing companies and investors. This episode is repurposed from NN IP’s recent Market Talk podcast “David Solomon on the economy, investing and sustainability.”

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Investing with Norges Bank Investment Management’s Nicolai Tangen

Fri, 01 Jul 2022 04:00:00 -0000

How is the leader of the world’s largest sovereign wealth fund navigating slowing economic growth, rising inflation and geopolitical conflicts? In Exchanges at Goldman Sachs: Great Investors, we speak with the world’s most respected investors about their investing strategies, career trajectories and their outlook on markets and the economy. In the latest episode, Nicolai Tangen, Chief Executive Officer of Norges Bank Investment Management, talks with Goldman Sachs’ Katie Koch, Chief Investment Officer of Public Equity in the Asset Management Division, about the fund’s mission, why he expects the investing environment to be more difficult and living life as a “perpetual student.”

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Cybersecurity Deals Surge Amid Rising Attacks

Tue, 28 Jun 2022 04:00:00 -0000

The scale and sophistication of cyberattacks are rising exponentially. But so are the levels of investment, innovation and corporate activity in the space. In the latest episode of Exchanges at Goldman Sachs, David Campbell, managing director in growth equity in Goldman Sachs Asset Management, and Marco Poletti, Goldman Sachs’ head of Cybersecurity Investment Banking, discuss the evolution of technology and the acceleration of investment and M&A activity within the space.

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Investing with KKR’s Joe Bae

Fri, 24 Jun 2022 04:00:00 -0000

Investors are facing one of the most challenging backdrops in recent years amid slowing economic growth, rising inflation and geopolitical conflicts. In this special series, Exchanges at Goldman Sachs: Great Investors, we speak with the world’s most respected investors about their investing strategies, career trajectories, and their outlook on markets and the economy. In our most recent episode, Joe Bae, Co-CEO of KKR, talks with Goldman Sachs’ Alison Mass, Chairman of the Investment Banking Division, about shifts in the macroeconomic environment, building the firm’s business in Asia and his work to combat anti-Asian discrimination and violence.

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Equity Bear Market: A Paradigm Shift?

Tue, 21 Jun 2022 15:51:00 -0000

Against a challenging backdrop of sky-high inflation, rising rates and growing recession concerns, the S&P 500 has had an undeniably grim start to the year, with the tech-heavy Nasdaq and unprofitable growth companies performing even more dismally. In the latest episode of Exchanges at Goldman Sachs, host Allison Nathan turns to three equity market heavyweights — Cathie Wood, Founder, CEO, and CIO of ARK Invest; Cliff Asness, Founder and CIO of AQR Capital Management; and David Kostin, GS Chief U.S. Equity Strategist — for their thoughts on where equities are heading from here and what that means for investors. This episode is based on Allison Nathan's Top of Mind report.

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Investing with Altimeter Capital’s Brad Gerstner

Fri, 17 Jun 2022 04:00:00 -0000

Investors are facing one of the most challenging backdrops in recent years amid slowing economic growth, rising inflation, and geopolitical conflicts. In this special series, Exchanges at Goldman Sachs: Great Investors, we speak with the world’s most respected investors about their investing strategies, career trajectories, and their outlook on markets and the economy. In our most recent episode, Brad Gerstner, founder and CEO of Altimeter Capital, talks with Goldman Sachs’ Katie Koch, Chief Investment Officer of Public Equities in the Asset Management Division, about the tech downturn and the launch of Altimeter at the peak of the financial crisis.

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How Retail Investors Are Shaping Markets

Tue, 14 Jun 2022 04:00:00 -0000

The pandemic spurred a new generation of retail investors, many of whom are now stepping away from the markets. In the latest episode Exchanges at Goldman Sachs, John Marshall, head of derivatives research in Goldman Sachs Research, Greg Tuorto, a portfolio manager of small to midcap stocks in our Asset Management Division, and David Jeria, who manages the Americas equity execution team in our Global Markets Division, explain how the role of the retail investor in the markets has evolved and how their trading patterns have shaped market liquidity.

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Investing with Advent International’s Tricia Glynn

Fri, 10 Jun 2022 04:00:00 -0000

Investors are facing one of the most challenging backdrops in recent years amid slowing economic growth, rising inflation, and geopolitical conflicts. In this special series, Exchanges at Goldman Sachs: Great Investors, we speak with the world’s most respected investors about their investing strategies, career trajectories, and their outlook on markets and the economy. In our inaugural episode, Tricia Glynn, Managing Director at Advent International, talks with Goldman Sachs’ Alison Mass, Chairman of the Investment Banking Division, on “breaking glass moments” in the industry, her outlook on the private equity landscape, and how she finds her best investments.

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A ‘Seismic’ Shift in Private Markets

Tue, 07 Jun 2022 04:00:00 -0000

The private financial markets have grown sharply in recent years as easy monetary policies drove investors towards illiquid markets offering higher yields. In the latest episode of Exchanges at Goldman Sachs, Mike Koester, co-president of the Alternatives business in Goldman Sachs’ Asset Management Division, explains how investors in the private markets are navigating cyclical headwinds and a slowdown in the pace of fundraising.

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Facing Rising Rates, Insurers Turn to Private Assets, Real Estate — Even Crypto

Tue, 31 May 2022 15:32:51 -0000

The world’s largest investors — insurers — are relatively optimistic about the investment landscape, despite rising concerns about inflation. In the latest episode of Exchanges at Goldman Sachs, Mike Siegel, global head of the insurance asset management and liquidity solutions businesses in Goldman Sachs Asset Management, breaks down the results of the firm’s latest insurance survey.

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What’s Behind the Tech Sell-Off?

Tue, 24 May 2022 04:00:00 -0000

How low can tech go? The sharp sell-off in technology shares is one of the sector’s worst stretches in years. In our latest Exchanges at Goldman Sachs, Brook Dane, portfolio manager in Goldman Sachs Asset Management, and Peter Callahan, a U.S. TMT sector specialist in our Global Markets Division, discuss the drivers and implications of the tech sector’s market rout.

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Crypto Volatility: What’s the Outlook for Digital Assets?

Wed, 18 May 2022 13:59:56 -0000

As investors pull back from risk assets amid fears of slowing economic growth, what does the future of digital assets and cryptocurrencies hold? In our latest Exchanges at Goldman Sachs, Mathew McDermott, global head of digital assets at Goldman Sachs, looks at how the recent volatility in crypto assets is affecting investor demand for digital assets, which is gaining broader acceptance among institutional investors.

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Is (De)globalization Ahead?

Tue, 10 May 2022 04:00:00 -0000

Amid the Russia-Ukraine conflict, COVID-19 lockdowns and associated supply chain disruptions, globalization is arguably facing its biggest test of the post-Cold War era. In this episode of Exchanges at Goldman Sachs, Adam Posen, president of the Peterson Institute for International Economics, Dani Rodrik, professor at the Harvard Kennedy School of Government, and Jim O’Neill, former chairman of Goldman Sachs Asset Management, discuss where globalization is headed from here and what that could mean for society, the economy, and markets. This episode is based on Goldman Sachs Research’s latest Top of Mind report “(De)Globalization Ahead?”

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The Road to 2050: Balancing Climate Goals with Energy Security

Tue, 03 May 2022 19:24:48 -0000

The road to reducing greenhouse gas emissions to zero by 2050 has never been more urgent, but geopolitical tensions, supply chain disruptions and rising inflation have led to renewed focus on energy security. In this episode of Exchanges at Goldman Sachs, Kara Mangone, global head of climate strategy, and John Goldstein, head of Goldman Sachs's Sustainable Finance Group at Goldman Sachs, which recently released its 2021 Sustainability Report, discuss how governments, companies and investors are navigating this transition.

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How China’s ‘Perfect Storm’ and Economic Headwinds Are Affecting Markets and Investors

Tue, 26 Apr 2022 14:15:21 -0000

As COVID-19 lockdowns in China threaten to further upend supply chains and the global economy, investors are reevaluating their exposure to China. In the latest episode of Exchanges at Goldman Sachs, Goldman Sachs Research’s Kinger Lau, chief equity strategist in Macro Research, and Hui Shan, Goldman Sachs’ chief China economist, discuss the outlook for China’s economy and the markets.

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Changes at the Top: Spinoffs, Separations and Restructurings

Tue, 19 Apr 2022 04:00:00 -0000

Against a challenging macroeconomic backdrop, a growing number of companies are turning to spinoffs, separations and carve-outs in an effort to create value for shareholders. In the latest episode of Exchanges at Goldman Sachs, Ben Snider, senior strategist on the U.S. Portfolio Strategy macro team in Goldman Sachs Research, and David Dubner, global head of M&A Structuring in the Investment Banking Division, explain why an increased focus on corporate margins is leading to a change in restructuring strategies.

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Rising Stagflation Risks Are Changing the Investment Playbook

Tue, 12 Apr 2022 16:20:07 -0000

For decades, investors have relied on a 60/40 portfolio — a mix of 60% stocks and 40% bonds — for steady growth and income. But rising stagflation risks are raising the possibility of a “lost decade” of returns for investors in these balanced portfolios while changing the playbook for portfolio construction, according to Christian Mueller-Glissmann, head of asset allocation research in Goldman Sachs Research, and Maria Vassalou, co-chief investment officer of Multi-Asset Solutions in the Asset Management Division, in the latest episode of Exchanges at Goldman Sachs.

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Europe’s Digital Economy: What’s Driving Europe’s Tech Acceleration

Tue, 05 Apr 2022 12:46:46 -0000

Innovations in the U.S. and China have largely overshadowed Europe's tech scene. But now, thanks to supportive government policies and a surge of private capital, the sector is set to take off. In our latest Exchanges at Goldman Sachs, Lisa Yang, head of the European Media and Internet Research team, and Alexander Duval, head of Europe Tech Hardware, Semiconductors and Video Games, discuss the drivers behind Europe’s digital acceleration.

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How the Russia-Ukraine Crisis is Reshaping the Global Energy Landscape

Tue, 29 Mar 2022 19:04:44 -0000

How is Europe weaning itself from Russian oil and gas? In our latest Exchanges at Goldman Sachs, Goldman Sachs Research’s Samantha Dart, senior energy strategist on the commodities team, Alberto Gandolfi, head of the European Utilities Research team, and Michele Della Vigna, head of Natural Resources Research in EMEA, explain the alternatives to — and timing of — Europe’s independence from Russian resources and how these shifts are reshaping the global energy markets.

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How Policymakers are Navigating Stagflation Risk

Fri, 25 Mar 2022 04:00:00 -0000

In the latest episode of Exchanges at Goldman Sachs, Former President of the Federal Reserve Bank of Boston Eric Rosengren, Vice Chairman of BlackRock Philipp Hildebrand, and Goldman Sachs’ Head of Global Investment Research and Chief Economist Jan Hatzius discuss how policymakers and businesses are navigating the looming risk of stagflation.

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Gene Editing: The Future of Genomic Medicine & Biotech Investing

Wed, 23 Mar 2022 20:55:00 -0000

In the latest episode of Exchanges at Goldman Sachs, Salveen Richter, Lead Analyst for the U.S. Biotechnology Sector in Goldman Sachs Research, explains how new innovations in gene editing are transforming the future of medicine and the greater biotech investment landscape.

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The Next Tech Battleground: Online Gaming & the Metaverse

Tue, 15 Mar 2022 21:12:41 -0000

In the latest episode of Exchanges at Goldman Sachs, Jung Min, co-COO of Global Technology, Media and Telecom (TMT) and co-head of TMT in Asia Pacific Ex-Japan in Goldman Sachs’ Investment Banking Division, explains the evolution of the gaming industry and why the sector is poised to become the next battleground for big tech.

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Raising Capital: How Corporate Financing Strategies Are Evolving

Tue, 08 Mar 2022 05:00:00 -0000

In the latest episode of Exchanges at Goldman Sachs, Beth Hammack, Goldman Sachs’ co-head of the Global Financing Group in the Investment Banking Division, explains how tightening financial conditions and volatile markets are affecting companies’ ability to raise capital.

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What the Russia-Ukraine Conflict Means for the Global Economy and Markets

Tue, 01 Mar 2022 18:25:50 -0000

In the latest episode of Exchanges at Goldman Sachs, Goldman Sachs Research’s Daan Struyven, senior global economist, Peter Oppenheimer, chief global equity strategist, and Kamakshya Trivedi, co-head of Global Foreign Exchange, Interest Rates and Emerging Markets Strategy Research, discuss the implications of the Russia-Ukraine conflict on global economies, equities and emerging markets.

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What the Fed’s Hawkish Pivot Means for Economic Growth and Markets

Tue, 22 Feb 2022 18:54:56 -0000

In the latest episode of Exchanges at Goldman Sachs, David Mericle, Goldman Sachs Research’s chief U.S. economist, and Brian Friedman, Global Markets Division’s global head of Market Strats, discuss how the hawkish shift in Fed policy is affecting economic growth, markets and investors.

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The Case for Commodities: ‘Super-Backwardation,’ Structural Demand and Inventory Shortages

Tue, 15 Feb 2022 05:00:00 -0000

In the latest episode of Exchanges at Goldman Sachs, Jeffrey Currie, Global Head of Commodities Research in the Goldman Sachs Research, discusses why he believes commodities are entering a supercycle and how the current geopolitical landscape is shaping commodity markets.

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What’s Ahead for the Housing Market

Tue, 08 Feb 2022 05:00:00 -0000

In the latest episode of Exchanges at Goldman Sachs, Toll Brothers CEO and Chairman Doug Yearley and Terry Hagerty, Goldman Sachs’ co-head of Homebuilding and Building Products, discuss the outlook for the housing and home building market in 2022.

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Piloting Through: Why Investors Should Stay the Course

Tue, 01 Feb 2022 05:00:00 -0000

In the latest episode of Exchanges at Goldman Sachs, Sharmin Mossavar-Rahmani, Head of the Investment Strategy Group and Chief Investment Officer for the Consumer and Wealth Management Division, discusses the investment themes outlined in ISG’s 14th annual investment outlook and explains why investors should continue to stay invested.

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Is 2022 the Endemic Year?

Thu, 27 Jan 2022 18:47:00 -0000

In the latest episode of Exchanges at Goldman Sachs, Jeffrey Shaman, Director of the Climate and Health Program at Columbia University’s Mailman School of Public Health, and Dr. Eric Topol, Founder and Director of the Scripps Translational Science Institute, discuss the rapid spread of the Omicron variant of SARS-CoV-2 and the potential shift to an endemic phase of the pandemic in 2022.

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As Rates Reprice and Stocks Sell Off, What’s Next?

Mon, 24 Jan 2022 20:04:37 -0000

In the latest episode of Exchanges at Goldman Sachs, Goldman Sachs Research’s David Kostin and Global Markets Division’s Jonathan Shugar share their thoughts on how the recent jump in bond yields and sell off in growth stocks are reshaping markets and investor strategy.

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Goldman Sachs’ David Solomon on the Firm’s Performance, the Global Economy and What to Expect in 2022

Tue, 18 Jan 2022 13:00:00 -0000

In the latest episode of Exchanges at Goldman Sachs, Goldman Sachs Chairman and CEO David Solomon shares his thoughts on the year ahead and what he expects for the global economy, markets and corporate activity.

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Understanding the Metaverse and Web 3.0

Tue, 11 Jan 2022 05:00:00 -0000

The “metaverse” has captured the imagination of technology investors, but what is it, and what does it signal for the next era of computing? In the latest episode of Exchanges at Goldman Sachs, Goldman Sachs Research's Eric Sheridan examines how the blending of elements of the physical and digital worlds via virtual reality, augmented reality, gaming and immersive online communities is contributing to the rise of a more decentralized Web 3.0.

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What’s Next for M&A

Tue, 04 Jan 2022 05:00:00 -0000

The record wave of M&A activity that we witnessed in 2021 is showing no signs of slowing as we turn the page on a new year. Goldman Sachs’ Stephan Feldgoise and Mark Sorrell, co-heads of the global mergers and acquisition business in the Investment Banking Division, explain the drivers behind the deal-making activity and the outlook for 2022.

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Accelerating Transition: Market Tools for ESG

Tue, 28 Dec 2021 05:00:00 -0000

In part 5 of our special miniseries, host Kara Mangone talks to Sarah Lawlor, Chief Operating Officer of the Sustainable Solutions Council in the Global Markets Division about the tools available to ESG investors and how they can find and access opportunities in a Net Zero future.

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Investing in Climate Change 2.0

Tue, 21 Dec 2021 05:00:00 -0000

Despite mixed progress on global climate action at COP26, a key takeaway emerged: the private sector is stepping up to tackle climate change. In this episode, experts from former Bank of England Governor Mark Carney to Engine No. 1’s founder Chris James debate the role—and effectiveness—of the private sector in driving change.

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Redefining the Retirement Landscape

Tue, 14 Dec 2021 16:45:00 -0000

Retirement expectations in the wake of COVID-19 are evolving and may be at odds with reality, according to the inaugural Retirement Survey & Insights Report from Goldman Sachs Asset Management.

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Accelerating Transition: Public-Private Partnerships

Fri, 10 Dec 2021 16:49:30 -0000

In part 4 of our special miniseries, host Kara Mangone talks to John Greenwood of our Investment Banking Division and Ahmed Saeed of the Asian Development Bank on the role public-private partnerships will play in the drive to Net Zero.

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What India’s Digital Transformation Means for Markets, Investors and Economic Growth

Tue, 07 Dec 2021 05:00:00 -0000

India’s digital transformation is driving a surge in tech IPOs that is reshaping its markets and economy. Goldman Sachs Research’s Tim Moe, Sunil Koul and Santanu Sengupta explain the drivers that are powering economic growth and markets, fueling IPOs and creating emerging investment opportunities.

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Accelerating Transition: Nature Based Solutions

Thu, 02 Dec 2021 20:08:45 -0000

In part 3 of our special miniseries, host Kara Mangone explores nature based solutions in sustainable finance with Peter Kelly and Lisa Williams of GS' Asset Management Division.

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What’s Ahead for Global Economies and Markets in 2022?

Tue, 30 Nov 2021 16:56:01 -0000

Global economies and markets are facing a more complicated landscape amid rising rates, slowing growth and shifting monetary and fiscal policies. Goldman Sachs’ Jan Hatzius and Dominic Wilson examine what’s in store for 2022. Dates Recorded: November 23rd and 29th, 2021.

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Accelerating Transition: Carbonomics

Wed, 24 Nov 2021 05:00:00 -0000

Part 2 of our special miniseries: Host Kara Mangone and Michele Della Vigna, head of Natural Resources Research in EMEA discuss the role capital markets, public policy, and technology will play in moving toward a sustainable future.

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Inflation: Here Today, Gone Tomorrow?

Tue, 23 Nov 2021 05:00:00 -0000

As U.S. inflation hits 30+ year highs, experts debate whether the “temporary” pandemic-related inflationary pressures could prove persistent. In the latest Exchanges at Goldman Sachs episode, Goldman Sachs’ Allison Nathan speaks with Mohamed El-Erian, President of Queens’ College, Cambridge University, and Chief Economic Advisor at Allianz, and Jan Hatzius, Goldman Sachs’ Chief Economist and head of Goldman Sachs Research, for their views on where inflation goes from here—and what that means for the economy, monetary policy, interest rates and assets.

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Accelerating Transition

Tue, 16 Nov 2021 15:36:51 -0000

In the kickoff episode of our new sustainability miniseries, Accelerating Transition, John Goldstein and Kara Mangone of Goldman Sachs’ Sustainable Finance Group discuss what it will take from both the private and public sectors to achieve the climate goals necessary for a sustainable future.

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An Evolution in the Cybersecurity Landscape

Wed, 10 Nov 2021 16:35:00 -0000

How has the surge in cyberattacks—and companies’ efforts to counter these efforts—evolved? Matthew Chung, Goldman Sachs' Chief Information Security Officer, Wesley Williams, head of the firm's Security Incident Response team, and Andy Boura, the Chief Information Security Officer for the Consumer Banking Business explain how cybersecurity is adapting to new threats.

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Why Investors Are Shopping for Consumer Retail

Tue, 02 Nov 2021 04:00:00 -0000

Amid a record-setting IPO market, one group of companies going public stands out—the makers of things we use in our everyday lives. On this episode, host Allison Nathan speaks with Jennifer Davis and Vishaal Rana from the Investment Banking Division’s Consumer Retail Group about why investors are enthusiastic about consumer goods and services.

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Europe at a Crossroads

Tue, 26 Oct 2021 04:00:00 -0000

Will the Euro area's unprecedented program of fiscal risk sharing in response to the pandemic, and a new, likely less fiscally conservative, ruling coalition in Germany increase integration, raise growth and improve investor returns in the region? In the latest episode, experts debate whether the current moment will go down as a seized—or (another) missed—opportunity for Euro area integration. Host Allison Nathan, creator and author of the Top of Mind report on which the episode is based, speaks with Goldman Sachs Research’s Jari Stehn, former ECB Chief Economist Otmar Issing, former PM of Italy and President of the EC Romano Prodi and Oxford’s Timothy Garton Ash.

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The Small Business Perspective: How Owners Are Dealing With Worker Shortages, Inflation and Supply Chain Delays

Tue, 12 Oct 2021 04:00:00 -0000

Goldman Sachs’ Joe Wall of the Office of Government Affairs explains why small business owners’ sentiment has turned sharply negative as the pandemic continues and host Allison Nathan speaks with three business owners about their current experiences.

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The Impact of Rising Natural Gas Prices

Tue, 05 Oct 2021 04:00:00 -0000

As natural gas prices hit record highs in Europe and Asia, what does that mean for the broader commodity complex? Goldman Sachs Research’s Damien Courvalin explains the impact of rising prices on energy costs, inflation and economic growth.

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Why Hedge Funds Are Turning to the Private Markets

Tue, 28 Sep 2021 04:00:00 -0000

Hedge funds are turning to the private markets, bringing increasing competition to the space. Goldman Sachs’ Kristin Kramer and Freddie Parker explain the shift in public and private market dynamics and the implications for investors.

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Is China Investable?

Tue, 21 Sep 2021 04:00:00 -0000

As the Chinese government continues to carry out unprecedented regulatory tightening, what does the new environment mean for China’s growth and investment outlook? Goldman Sachs Research senior strategist and creator of the firm’s Top of Mind report, Allison Nathan, speaks with China watchers to better understand the motivations behind the government’s actions and whether they mark a meaningful shift in the relationship between the government and the private sector in China.

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What’s Behind the Record-Breaking IPO Market?

Tue, 14 Sep 2021 04:00:00 -0000

Global equity issuance is up substantially and on track to set new records in 2021. Goldman Sachs’ Elizabeth Reed explains why—and how—more companies are choosing to go public today.

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Outlook for Global Growth: Less Synchronized, More Complicated

Tue, 07 Sep 2021 04:00:00 -0000

Goldman Sachs’ Chief Economist Jan Hatzius describes his outlook for global growth, Fed tapering, inflation and jobs.

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How Are Investors Navigating China’s Regulatory Uncertainty?

Tue, 17 Aug 2021 11:25:00 -0000

Goldman Sachs’ Stephanie Hui, Basak Yavuz and Prakriti Sofat of the Asset Management Division describe the impact of China's heightened regulatory scrutiny on the capital markets and the implications for investors.

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The Delta Variant: Implications for Vaccines, Booster Shots and Economic Growth

Tue, 10 Aug 2021 04:00:00 -0000

How is the fast-spreading Delta variant affecting the outlook for reopening and economic growth? Goldman Sachs Research’s Terence Flynn and Daan Struyven break down the implications for vaccines, booster shots and the economy on Exchanges at Goldman Sachs.

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M&A Outlook: How Companies Are Positioning For Growth

Tue, 03 Aug 2021 13:07:45 -0000

Can the record pace of M&A continue? Goldman Sachs’ Mark Sorrell and Stephan Feldgoise, co-heads of global M&A for the Investment Banking Division, discuss the outlook, drivers and structures of M&A activity on Exchanges at Goldman Sachs.

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Where Are Family Offices Seeking Higher Returns?

Tue, 27 Jul 2021 04:00:00 -0000

With their unique structures, family offices are increasing their allocation to alternative investments and acting more like institutional investors, according to a new report from Goldman Sachs, Widening the Aperture: Family Office Investment Insights, which draws on a cross-divisional survey of more than 150 Goldman Sachs clients around the world.

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The Future of ‘Femtech’

Tue, 20 Jul 2021 04:00:00 -0000

Three leading voices in the “femtech” space—Ann Roberts of Flo Health, Lea von Bidder of Ava and Dr. Peter Kecskemethy of Kherion Medical—join Goldman Sachs’ Antonia Riera and Allison Nathan to discuss the convergence of technology and healthcare to advance women’s health.

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Race to Zero: How Companies Are Deploying Decarbonization Strategies

Tue, 13 Jul 2021 18:21:18 -0000

As companies look to reduce their carbon footprints, decarbonization strategies are taking center stage. Goldman Sachs’ John Greenwood and Cindy Quan discuss the efforts by corporations to reach their net-zero goals.

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‘Bidenomics’: Evolution or Revolution?

Tue, 06 Jul 2021 14:07:47 -0000

Does President Biden’s economic agenda represent a new progressive era in the U.S.? Goldman Sachs Research’s Allison Nathan discusses how big of a shift in U.S. economic policy Bidenomics truly represents and the implications for the economy with David Brady, professor at the Stanford Graduate School of Business; Jason Furman, professor at the Harvard Kennedy School; and Dean Baker, co-founder of the Center for Economic Policy Research.

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The Global Chip Shortage: Impact, Outlook and Recovery

Tue, 29 Jun 2021 10:00:00 -0000

Goldman Sachs Research’s Toshiya Hari, Kota Yuzawa and Rod Hall discuss the impact of the global semiconductor chip shortage across industries and supply chains.

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The European Recovery: Here to Stay?

Tue, 22 Jun 2021 11:25:25 -0000

The economic outlook for Europe appears to be brightening, but how sustainable is the recovery? Goldman Sachs’ Allison Nathan speaks with Jari Stehn, chief European economist for Goldman Sachs Research, and Richard Privorotsky, manager of European Cash Equities trading in the Global Markets Group, on the prospects for the region’s long-term recovery and how the markets—and investors—are positioned.

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From Crisis to Confidence: How Women Entrepreneurs Fared During the Pandemic

Tue, 15 Jun 2021 11:30:19 -0000

How did women entrepreneurs fare during the pandemic? Goldman Sachs’ Asahi Pompey, Global Head of Corporate Engagement, and Candice Tse, U.S. Head of Market Strategy in Goldman Sachs Asset Management’s Strategic Advisory Solutions team, discuss the findings from a new report on this topic in Exchanges at Goldman Sachs.

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Industrials Influx: What’s Fueling Record Activity Levels?

Tue, 08 Jun 2021 16:03:58 -0000

The industrials sector—historically comprised of mature businesses without as much need for near-term growth capital—has seen robust IPO activity so far in 2021, with no signs of slowing down. Matt McClure, co-head of the Investment Banking Division’s global industrials group, explains what’s driving the activity and how clients are thinking about accessing the public markets.

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Crypto: A New Asset Class?

Tue, 01 Jun 2021 11:16:19 -0000

Should cryptocurrencies be considered an institutional asset class? That’s the question Goldman Sachs’ Allison Nathan explores on this episode of Exchanges at Goldman Sachs in conversations with Galaxy Digital’s Michael Novogratz, NYU’s Nouriel Roubini and Goldman Sachs’ Mathew McDermott.

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What’s Ahead for Inflation?

Tue, 25 May 2021 11:14:05 -0000

Amid rising concerns over inflation, David Mericle of Goldman Sachs Research explains the big-picture risks to the economy, while Josh Schiffrin from the Global Markets Division looks at market implications on this episode of Exchanges at Goldman Sachs.

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Copper is the New Oil

Tue, 18 May 2021 10:33:58 -0000

A surge in green capex—combined with the lack of copper mining projects—will lead to a multi-year bull market in copper, explains Goldman Sachs Research’s Nick Snowdon.

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Fostering Innovation Within Companies: An Inside Look at GS Accelerate

Tue, 11 May 2021 11:51:05 -0000

How do companies identify new business opportunities? Goldman Sachs’ Tanya Baker and Hasan Malik, co-heads of the firm’s GS Accelerate program, and Daniel Kovenat, whose business idea was developed through the program, share their views on how to foster innovation.

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The Exit Interview: Jake Siewert on the Media, Communications and the Role of Podcasts

Tue, 04 May 2021 11:56:32 -0000

Jake Siewert, outgoing global head of corporate communications, reflects on how communications, media relations and the role of podcasts as a communications vehicle have changed since he joined the firm in 2012.

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Why Global Insurers Are Leaning Into Risk

Tue, 27 Apr 2021 11:37:43 -0000

Goldman Sachs Asset Management’s annual insurance survey finds that insurers plan to increase the overall risk in their investment portfolios.

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Markets Update: Emerging Markets’ Next Phase

Fri, 23 Apr 2021 13:44:54 -0000

Jennifer Roth of Global Markets discusses how emerging markets are faring during a continuing pandemic and a nascent economic recovery.

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The Evolution of LGBTQ+ Rights in Japan: A Conversation With GS Advocates

Tue, 20 Apr 2021 11:57:45 -0000

In the wake of a court ruling backing same-sex marriages in Japan, Goldman Sachs’ Hiroki Inaba, Masakazu Yanagisawa and Akoko Koda discuss the evolution of gay rights in Japan and companies’ efforts to create more inclusive environments.

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What’s Ahead for the U.S. Dollar?

Fri, 16 Apr 2021 12:07:54 -0000

Zach Pandl, co-head of foreign exchange strategy for Goldman Sachs Research, explains why he’s still long-term bearish on the greenback.

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Whenever, Wherever: Seamless Commerce is the Future of Retail

Tue, 13 Apr 2021 17:52:01 -0000

Jennifer Davis and Vishaal Rana of the Investment Banking Division discuss the fate of brick-and-mortar retail locations and why the seamless omnichannel experience is the future of consumer retail.

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What’s Behind the Record Level of Equity Issuance?

Fri, 09 Apr 2021 14:55:49 -0000

Goldman Sachs’ Benny Adler, co-head of the Americas Franchise Trading team, explains the supply-and-demand dynamics behind the “unprecedented’ amount of equity issuance.

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Top of Mind: Reflation Risk

Thu, 08 Apr 2021 20:10:00 -0000

With fiscal stimulus and accommodative monetary policy buoying the U.S. economic recovery, prominent economists from former Treasury Secretary Lawrence Summers to former IMF Chief Economist Olivier Blanchard have raised concerns that the U.S. economy could be headed for overheating and inflation. In the latest episode of Exchanges at Goldman Sachs: Top of Mind, host Allison Nathan weighs these reflation risks in conversations with the firm’s chief economist Jan Hatzius and GS Research’s senior markets strategist Dominic Wilson.

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Outlook for Equity Markets

Tue, 06 Apr 2021 20:29:49 -0000

With valuations and rising interest rates, Goldman Sachs' Brett Nelson, head of tactical asset allocation for the Investment Strategy Group, discusses the outlook for U.S. equity markets.

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A Guide to Bubbles and Why We Are Not in One

Tue, 30 Mar 2021 14:51:37 -0000

A new report from Goldman Sachs Global Investment Research examines the history of financial bubbles and the qualifications for what defines one. Peter Oppenheimer, chief global equity strategist, discusses how today’s strong equities performance may have elements that resemble a bubble, but looks at other factors that argue against that assessment.

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How Supply-Chain Disruptions Are Impacting Inflation

Fri, 26 Mar 2021 15:00:55 -0000

As supply-chain disruptions cause delays and higher prices, Global Investment Research’s Joseph Briggs explains the impact on inflation and the rates market.

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Special Episode: What the American Rescue Plan Means for the Economy, Markets, Corporations and Investors

Tue, 23 Mar 2021 19:20:08 -0000

In this special episode, four leaders across Goldman Sachs—Alec Phillips of Goldman Sachs Research, Amelia Garnett of Global Markets, Susie Scher of the Investment Banking Division, and Ashish Shah of the Asset Management Division—discuss what the $1.9 trillion American Rescue Plan means for the economy, markets, corporations and investors.

Recorded March 17, 18, and 22, 2021.

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The State of U.S. Corporate Pensions

Fri, 19 Mar 2021 17:05:30 -0000

Rising interest rates in 2021 have bolstered the funding status of corporate defined pension plans to their highest levels in years. Goldman Sachs Asset Management’s Mike Moran explains how pensions plans have fared in 2020 in his latest report as well as his outlook for this year.

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The Case for Investing in Black Women

Tue, 16 Mar 2021 21:28:00 -0000

In this episode, Gizelle George-Joseph of Goldman Sachs Research discusses the staggering gaps Black women face across a range of economic measures—including wealth, earnings, and access to healthcare—as outlined in her team’s recent Black Womenomics research report. Next, David Solomon, Chairman and CEO of Goldman Sachs, and Margaret Anadu of the Asset Management Division discuss the firm’s new One Million Black Women initiative. Then, Melissa Bradley of 1863 Ventures discusses how her work providing economic and networking opportunities for Black and brown entrepreneurs is aligned with the One Million Black Women initiative.

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Higher Rates Unlikely to Derail the US Housing Market Strength

Fri, 12 Mar 2021 13:55:29 -0000

Marty Young of Goldman Sachs Research discusses his team’s new report on the US housing market, one of the most rate-sensitive sectors of the US economy, and why he expects house price appreciation to continue to remain positive even in the event of an interest rate shock.

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How Hedge Funds are Navigating a Volatile Market

Tue, 09 Mar 2021 18:30:33 -0000

Diana Dieckman and Freddie Parker of Prime Service within Goldman Sachs’ Global Markets Division talk about the state of the hedge fund industry and the current sentiment among fund managers and allocators.

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Markets Update: Cryptocurrency Trading

Fri, 05 Mar 2021 14:34:12 -0000

Mathew McDermott, head of Digital Assets for Goldman Sachs’ Global Markets Division, discusses the cryptocurrency trading environment for institutional investors.

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The Short and Long of Recent Volatility

Wed, 03 Mar 2021 14:00:00 -0000

The volatile start to 2021—with some heavily-shorted stocks unexpectedly skyrocketing in late January—seemed to have subsided. But with some of these stocks again on the rise, we ask what factors caused this volatility, how likely it is to repeat, what could prevent this, and what it signals about, or for, markets. Allison Nathan, creator and editor of the firm’s Top of Mind report, turns to former SEC Chair Arthur Levitt, Wellington’s Owen Lamont, and Goldman Sachs’ co-head of Global Prime Services, Kevin Kelly, for answers.

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How Healthcare CIOs Are Investing Capital Through a Public Health Crisis

Tue, 02 Mar 2021 13:58:39 -0000

Paget MacColl, co-head of the Americas Institutional Client Business within Goldman Sachs Asset Management, shares takeaways from GSAM’s annual healthcare diagnostic, which surveys CIOs of nonprofit healthcare organizations and hospital systems. MacColl is joined by Stefan Strein, chief investment officer for the Cleveland Clinic, who talks about managing a portfolio through a public health crisis and why he’s particularly excited about the investment opportunities in tech and ESG.

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How Small Businesses Are Faring Entering Year Two of the Pandemic

Fri, 26 Feb 2021 11:00:00 -0000

To start the episode, Joe Wall of Goldman Sachs’ Office of Government Affairs gives an overview of survey results from nearly 1,300 Goldman Sachs Small Businesses participants who answered questions about PPP funding, access to capital, affordable healthcare, the personal toll of COVID-19, and more. Then, two graduates of the Goldman Sachs 10,000 Small Businesses program, Brent Reaves of Smokey John’s Bar-B-Que in Texas and JoEllen Hockenbrough of Providence Power Yoga in Rhode Island, share their personal stories about leading a business through a pandemic and how they’re staying resilient and optimistic looking toward the future.

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Digital Transformation and the Future of Software

Tue, 23 Feb 2021 14:01:27 -0000

Kash Rangan, lead software analyst for Goldman Sachs Research, talks about how the pandemic has accelerated investment in the software sector and the key opportunities that lie ahead.

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Markets Update: Inflation and Equities

Fri, 19 Feb 2021 13:54:44 -0000

Peter Oppenheimer, Goldman Sachs’ chief global equity strategist and head of Macro Research in Europe, talks about why the changing mix of policy support in this cycle suggests a possible inflection point towards a more reflationary environment.

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Big, Bold, Strategic Moves: The 2021 M&A Outlook

Tue, 16 Feb 2021 20:48:49 -0000

Stephan Feldgoise and Mark Sorrell, co-heads of global mergers & acquisitions in Goldman Sachs’ Investment Banking Division, discuss the key drivers behind historic levels of M&A activity, their positive outlook for dealmaking in 2021, and the resurgence of cross-border transactions.

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The Outlook for Airlines in 2021

Fri, 12 Feb 2021 14:10:11 -0000

Catie O’Brien of Goldman Sachs Research talks about her outlook for the airline industry in 2021 and why her team is forecasting an uptick in demand in the second half of the year.

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2021 Investment Outlook: “US Resilient”

Tue, 09 Feb 2021 15:11:58 -0000

Sharmin Mossavar-Rahmani, Chief Investment Officer for Goldman Sachs Private Wealth Management, discusses her team’s investment outlook for 2021 and why she is telling clients to stay invested. “Our recommendation of US preeminence and staying invested has served our clients well,” Mossavar-Rahmani says. “People might think that those two themes have outlived their value, and our message is, no, continue with that theme.”

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Markets Update: The Rise of Retail Investing

Fri, 05 Feb 2021 14:37:11 -0000

Joe Duran, head of Personal Financial Management, a Goldman Sachs company, discusses the rise in retail investing and what it means for individual investors’ portfolio strategies.

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Special Episode: The Rise of Retail Investing and Its Impact Across Market Participants

Thu, 04 Feb 2021 20:03:17 -0000

In this special episode, four leaders across Goldman Sachs—Raj Mahajan of the Global Markets Division, John Marshall of Goldman Sachs Research, Lizzie Reed of the Investment Banking Division, and Greg Tuorto of Goldman Sachs Asset Management— discuss the historic rise of retail investing and its profound implications for market participants.

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The IPO SPAC-Tacle

Tue, 02 Feb 2021 13:50:00 -0000

With the strength of the IPO market and the surge in IPOs via SPACs continuing into 2021, host Allison Nathan, creator and editor of the firm’s Top of Mind report, asks experts whether or not these trends are sustainable. She speaks with Goldman Sachs’ head of Global Equity Capital Markets, David Ludwig, Professor of Finance at the University of Florida, Jay Ritter, and Professor of Business and Law at Stanford Law School, Michael Klausner.

A note to subscribers of the Top of Mind at Goldman Sachs podcast: going forward, we will be publishing future episodes as Exchanges at Goldman Sachs so please be sure to subscribe to that feed.

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The IPO SPAC-Tacle

Tue, 02 Feb 2021 13:45:59 -0000

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Markets Update: January’s Record Inflows and Retail Trading Boom

Fri, 29 Jan 2021 13:17:24 -0000

Scott Rubner of Goldman Sachs' Global Markets Division recaps historic inflows into global equities in January and talks about the ongoing retail trading phenomenon and what it means for markets.

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France’s Economic Environment for 2021

Tue, 26 Jan 2021 18:57:12 -0000

Pierre Hudry, head of Goldman Sachs' Paris office, talks about the landscape in France for both small businesses and large corporations as the economy recovers from the pandemic.

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Goldman Sachs CFO Stephen Scherr on 2020 and How the Firm is Tracking Against Its Goals

Fri, 22 Jan 2021 18:57:00 -0000

One year after Goldman Sachs’ first-ever Investor Day, Stephen Scherr, the firm’s Chief Financial Officer, provides an update on how the firm is tracking against its goals and why 2021 will be a “year of execution.”

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Policy Outlook for the Year Ahead

Wed, 20 Jan 2021 14:18:00 -0000

Alec Phillips, chief political economist for Goldman Sachs Research, talks about the policy outlook for the year ahead.

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Markets Update: Emerging Markets in 2021

Fri, 15 Jan 2021 14:29:27 -0000

Jennifer Roth of Goldman Sachs' Global Markets Division gives a quick update on why investors have been turning to emerging markets amid the global backdrop of low interest rates.

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Companies Continue to Turn to SPACs for Greater Flexibility

Tue, 12 Jan 2021 16:21:56 -0000

Olympia McNerney of Goldman Sachs’ Investment Banking Division talks about the continued momentum behind SPACs as an alternative path for companies to raise money in the public markets.

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Markets Update: 2021 Global Growth Outlook

Fri, 08 Jan 2021 21:11:46 -0000

As part of a client call hosted on January 8th, Jan Hatzius, Goldman Sachs’ chief economist, talks about why his team continues to forecast above-consensus growth for 2021, despite the weak US jobs report for December.

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What’s Included in the $900 Billion US Stimulus Package?

Mon, 21 Dec 2020 21:08:08 -0000

Joe Wall of Goldman Sachs’ Office of Government Affairs explains what’s included -- and what’s not – in the US’ second stimulus package of 2020. Wall also talks about other policy priorities that investors are watching for in the new year. This podcast was recorded on the morning of December 21, 2020.

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Markets Update: Financial Services Outlook

Fri, 18 Dec 2020 13:00:00 -0000

Richard Ramsden, business unit leader of the Financials Group for Goldman Sachs Research, provides an update on the financial services industry and the market backdrop going into 2021.

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The Outlook for a Commodities Bull Market in 2021

Tue, 15 Dec 2020 21:58:57 -0000

Jeff Currie, head of Commodities Research for Goldman Sachs Research, talks about why his team is bullish on commodities for 2021.

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Markets Update: Looking Back on 2020’s Roller Coaster Ride

Fri, 11 Dec 2020 12:00:00 -0000

Drew Pavlovich of Goldman Sachs’ Consumer and Wealth Division recaps a historic year in financial markets and talks about how clients are positioning their portfolios going into 2021.

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Gregg Lemkau on How Investment Banking has Changed in his 28 Years at Goldman Sachs

Tue, 08 Dec 2020 14:26:22 -0000

Gregg Lemkau, co-head of the Investment Banking Division, reflects on how the industry and the firm have changed – and stayed the same – since he joined Goldman Sachs in 1992.

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Markets Update: What Investors Are Watching Going into Year-End

Fri, 04 Dec 2020 14:46:00 -0000

Moran Forman of Goldman Sachs’ Global Markets Division gives her take on how institutional investors are viewing market pricing and volatility going into the last few weeks of the year.

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November Wrap: Record Inflows into Global Equities

Tue, 01 Dec 2020 13:45:17 -0000

Scott Rubner of Goldman Sachs' Global Markets Division breaks down the record-setting November in equity markets and talks about investor sentiment going into year-end.

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Asia-Pacific Economic Outlook for 2021

Tue, 24 Nov 2020 19:43:26 -0000

Andrew Tilton, chief Asia-Pacific economist for Goldman Sachs Research, talks about his team’s economic outlook for Asia-Pacific in 2021, and why they’re forecasting above-consensus growth. “We’re optimistic about growth in Asia-Pacific next year,” Tilton says. “We think the region could grow more than 7% in 2021. We’re optimistic about the world also – we think the world can grow about 6% – but especially optimistic about Asia-Pacific.”

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Markets Update: The Bull Run in 2021

Fri, 20 Nov 2020 16:01:01 -0000

Goldman Sachs Research remains confident about the global recovery in 2021, says Peter Oppenheimer, the firm’s chief global equity strategist. “We are optimistic for equity markets, risk assets and indeed the economy,” Oppenheimer says in this episode, and goes on to explain why he thinks the current bull market is transitioning from a “hope” phase to a “growth” phase. “As we move forwards in time, we do expect to see more even returns globally – less so than extreme outperformance of the US,” says Oppenheimer. “We would expect people to be diversifying more by country, region and by industry.”

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Germany’s Economic Recovery

Tue, 17 Nov 2020 14:09:51 -0000

Wolfgang Fink, CEO of Germany and Austria for Goldman Sachs, talks about why Germany’s economy has weathered the pandemic better than that of many of its European neighbors and what’s ahead on the road to recovery.

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Markets Update: A Biden Presidency, a Possible Vaccine and the Future of the S&P

Fri, 13 Nov 2020 16:04:38 -0000

David Kostin, Goldman Sachs Research’s Chief U.S. Equity Strategist, looks back at an events-heavy week and what it means for markets in the days ahead.

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Vaccine Progress and What’s Next

Thu, 12 Nov 2020 17:47:45 -0000

Salveen Richter, lead analyst for the US Biotechnology sector in Goldman Sachs Research, talks about Pfizer’s clinical-trial results for its COVID-19 vaccine and the obstacles that still lie ahead for FDA approval and widespread distribution.

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What’s In Store For The Dollar

Tue, 10 Nov 2020 22:00:00 -0000

After the US Dollar surged in late March as investors rushed to its safety amid the global onset of the coronacrisis, its value has since declined sharply. As uncertainty about the virus trajectory and the global economic recovery continues to loom large, the key question from here is whether this retrenchment marks the start of a multi-year Dollar down cycle, and, even more fundamentally, an erosion of the Dollar’s dominance in the global monetary system.

In this episode, host Allison Nathan interviews three experts to answer these questions: UC Berkeley’s Barry Eichengreen, Cornell’s Eswar Prasad and Goldman Sachs’ own Zach Pandl. They don’t necessarily agree on the direction of the Dollar ahead, with Eichengreen less convinced than Pandl that the Dollar is set for a period of sustained depreciation. But they do agree that despite economic and geopolitical trends that suggest an eventual erosion of the Dollar’s global role, there’s still a long way to go before potential Dollar substitutes—the Euro, RMB and digital currencies—challenge its dominance.

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Client Call: Macro Outlook 2021

Mon, 09 Nov 2020 22:16:53 -0000

Jan Hatzius, Chief Economist for Goldman Sachs, and Alec Phillips, Chief Political Economist, discuss the outlook for economic recovery and the impact of the US election on global growth in 2021. This podcast leverages a Goldman Sachs Research client call, hosted the morning of November 9th, 2020.

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Markets Update: Investors Feel “Relief” As Clarity Begins to Form Around US Election

Fri, 06 Nov 2020 19:43:58 -0000

Ashok Varadhan, global co-head of Goldman Sachs’ Global Markets Division, on how markets have moved in response to the US election and what investors expect in terms of economic recovery and policy agendas looking ahead.

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Markets Update: Investors Anticipate Next Week’s US Election

Fri, 30 Oct 2020 11:17:00 -0000

Amelia Garnett of Goldman Sachs' Global Markets Division talks about the key conversations she's having with investors ahead of the November 3rd election.

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How Entrepreneurs are Leading Their Companies Through an Unexpected Year

Tue, 27 Oct 2020 13:41:57 -0000

From the 2020 virtual Builders + Innovators Summit, Goldman Sachs' Kim Posnett speaks with two founders -- Irving Fain of Bowery Farming and Sheila Gujrathi of Gossamer Bio -- about their experiences leading through an unexpected year and the backdrop for entrepreneurship more broadly.

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Markets Update: Election Outlook

Thu, 22 Oct 2020 18:00:00 -0000

Alec Phillips, chief US political economist for Goldman Sachs Research, provides an update on investors’ expectations for the upcoming election on November 3rd.

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An Update on the LIBOR Transition and Why It Matters for Wall Street and Main Street

Tue, 20 Oct 2020 10:24:03 -0000

Jason Granet, head of the firm’s LIBOR transition effort, gives an update on the timing and impact of the industry-wide transition away from the London Inter-bank Offered Rate (LIBOR).

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Markets Update: Taking Stock of Year-to-Date Performance

Fri, 16 Oct 2020 17:24:27 -0000

Tony Pasquariello of Goldman Sachs' Global Markets Division gives an update on US equity performance and why 2020 has driven so much trading activity.

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The State of Small Businesses in the U.K.

Thu, 15 Oct 2020 14:08:31 -0000

Charlotte Keenan, head of the Office of Corporate Engagement’s international responsibilities, talks about how small businesses in the U.K. are pivoting and persevering through the pandemic.

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Markets Update: Investor Sentiment Tilts Marginally Bullish and Pro-Cyclical

Fri, 09 Oct 2020 10:00:00 -0000

Jason Mathews of Goldman Sachs’ Global Markets Division explains what the futures market indicates about investors’ outlook for the election and another round of U.S. fiscal stimulus.

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Retirement Plans’ Rocky 2020…and Where Investors Go from Here

Tue, 06 Oct 2020 12:38:05 -0000

Mike Moran, senior pension strategist for Goldman Sachs Asset Management, discusses how COVID-19 and the resulting market volatility have impacted defined benefit pension plans and participants in defined contribution plans, and what to consider going forward.

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Beyond 2020: Post-Election Policies

Mon, 05 Oct 2020 04:00:00 -0000

The US presidential election is shaping up to be one of the most contentious and consequential in modern history, making its potential policy, growth and market implications Top of Mind.

In this episode, host Allison Nathan discusses the candidates’ economic policy priorities with Kevin Hassett, former Chairman of the Council of Economic Advisers under President Trump, and Jared Bernstein, economic adviser to former Vice President Biden. For perspectives on US foreign policy, she speaks with Eurasia Group’s Ian Bremmer, who sees significant alignment between the candidates on many key foreign policy issues—including trade.

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Markets Update: Investors Assess How and When to Position Portfolios for a Post-Vaccine Economy

Fri, 02 Oct 2020 10:00:00 -0000

Back in February, Erin Riley of Goldman Sachs’ Markets Coverage Group was our first podcast guest to discuss the coronavirus and its implications for markets. In this episode, she’s back on the show to discuss the current state of things and where investors go from here after the equity market’s stunning recovery. Riley says her clients are looking ahead to two key milestones: the U.S. election and the potential for a COVID-19 vaccine, both of which have the potential to kickstart thematic portfolio rotations.

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Innovation in the Industrials Sector

Tue, 29 Sep 2020 16:09:09 -0000

Matt McClure, co-head of the Global Industrials Group in Goldman Sachs' Investment Banking Division, discusses the high volume and velocity of deal activity in the sector since March.

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The Battle for Our Screens, Part 4: The Moving Pieces of Tech Policy

Mon, 28 Sep 2020 20:13:07 -0000

As the pandemic has increased our reliance on digital platforms and services, debate around tech regulation has come into the spotlight, from antitrust enforcement to consumer privacy protection to national security concerns.

In this episode, Faryar Shirzad, global head of Goldman Sachs’ Office of Government Affairs, gives an overview of the moving parts of tech policy today – including the latest analysis of the U.S.’s stance toward TikTok – and explains why these issues don’t fall clearly down political party lines.

This is the final episode of a four-part miniseries: Exchanges Deep Dive: The Battle for Our Screens, which brings together experts from across Goldman Sachs to analyze how the pandemic has shifted our lives digitally and forever changed how we rely on technology.

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Markets Update: How Emerging-Market Economies are Navigating a Recovery

Fri, 25 Sep 2020 19:42:02 -0000

Jennifer Roth of Goldman Sachs’ Global Markets Division talks about how emerging-market economies are trying to steer their way toward a recovery, and how investors are responding to those efforts.

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The Battle for Our Screens, Part 3: Social Media in the Social Distancing Age

Tue, 22 Sep 2020 12:40:00 -0000

As lockdown measures turned our real lives digital, we’ve looked to social media to connect with the outside world. This has only accelerated trends within the industry, like the increasing appetite for user-generated short-form video.

To explore these shifting habits, Heather Bellini and Piyush Mubayi of Goldman Sachs Research discuss consumers’ social media consumption in the U.S. and Asia. Then, Jane Dunlevie from the Investment Banking Division discusses the state of play among her social media clients and how the pandemic has impacted their corporate strategies.

This is the third episode of a four-part miniseries: Exchanges Deep Dive: The Battle for Our Screens, which brings together experts from across Goldman Sachs to analyze how the pandemic has shifted our lives digitally and forever changed how we rely on technology.

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The Battle for Our Screens, Part 2: The Future of Work

Tue, 22 Sep 2020 12:35:00 -0000

The pandemic began a massive, unexpected work-from-home experiment. That has led companies to rely on technology in new ways to keep their employees connected, productive, and happy.

Heather Bellini of Goldman Sachs Research and Ryan Nolan of the Investment Banking Division talk about the opportunity for software to unlock productivity gains in the world’s 1.25 billion knowledge workers. Then, Tammy Kiely of the Investment Banking Division is joined by Renee James, CEO of Ampere Computing, to talk about what she’s learned about leading a tech startup through the pandemic and keeping her team mentally and physically well.

This is the second episode of a four-part miniseries: Exchanges Deep Dive: The Battle for Our Screens, which brings together experts from across Goldman Sachs to analyze how the pandemic has shifted our lives digitally and forever changed how we rely on technology.

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The Battle for Our Screens, Part 1: The Race to Entertain Us

Tue, 22 Sep 2020 12:30:00 -0000

Staying at home has resulted in sharp increases in streaming-video consumption, as well as entertainment companies moving some of their big releases from movie theaters to on-demand video. This has upended the entertainment landscape, creating challenges and opportunities for content creators, distributors and exhibitors. In this episode, Brett Feldman of Goldman Sachs Research, Adam Agress of Goldman Sachs Asset Management, and Alekhya Uppalapati of the Investment Banking Division explore these topics and how the entertainment industry is rapidly evolving.

This is the first episode of a four-part miniseries: Exchanges Deep Dive: The Battle for Our Screens, which brings together experts from across Goldman Sachs to analyze how the pandemic has shifted our lives digitally and how industries are responding.

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Markets Update: September Turbulence

Fri, 18 Sep 2020 11:00:00 -0000

Tony Pasquariello of Goldman Sachs' Global Markets Division explains how and why major stock market indices have backtracked somewhat from record highs in August, and what it all means for the forward-looking equity outlook. "I don't think we should get too worked up about the turbulence we've encountered in September, just given the astonishing run the preceded it.," he says."

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Pandemic Perspectives: Insights from Our First Virtual Intern Class

Tue, 15 Sep 2020 16:23:36 -0000

Three interns from Goldman Sachs' first virtual intern class share their perspectives with Bentley de Beyer, global head of Human Capital Management.

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Markets Update: European Leveraged Capital Markets

Fri, 11 Sep 2020 19:00:13 -0000

Dominic Ashcroft and Luke Gillam, co-heads of EMEA Leveraged Capital Markets in Goldman Sachs’ Investment Banking Division, talk about the “cautiously optimistic” sentiment among corporate clients.

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Exploring the Founder Journey with Launch With GS CEOs

Wed, 09 Sep 2020 15:18:11 -0000

Goldman Sachs’ Chief Strategy Officer Stephanie Cohen talks with three "Launch with GS" CEOs about their founder journeys and lessons learned while leading through times of crisis. The founders, who are all part of the "Launch With GS" Black and Latinx Entrepreneur Cohort, are Helen Adeosun of CareAcademy, Sean Mitchell of REZI, and Max Tuchman of Caribu.

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Markets Update: Subdued Mood as S&P 500 Hits Record Highs

Fri, 21 Aug 2020 11:00:00 -0000

Michael Cassell of Goldman Sachs' Global Markets Division talks about the cautious optimism with which investors are viewing the current equity market rally.

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The Latest Outlook for U.S. Equities

Wed, 19 Aug 2020 14:26:12 -0000

David Kostin, Goldman Sachs' chief U.S. equity strategist, shares Goldman Sachs Research's latest forecasts for the S&P 500.

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Covid-19: Where We Go From Here

Tue, 18 Aug 2020 04:00:00 -0000

Well into the COVID-19 pandemic, countries continue to grapple with managing the virus while restoring economic activity. Where the virus will go from here, what that means for the economy and markets—and how the vaccine outlook might impact everything—is Top of Mind.

In this episode, Allison Nathan speaks to Harvard’s Dr. Marc Lipsitch, who believes that the rising expectation for a resolution of the pandemic in 2021 is a plausible best-case scenario, but one we likely won’t be sure of until at least midyear. Our own Jan Hatzius argues that economic activity should be able to normalize further even if the virus remains an issue, and that a vaccine would only reinforce the economic recovery. Finally, Allison asks CEPI CEO, Dr. Richard Hatchett, if the rise in vaccine optimism is warranted. He’s also hopeful about the vaccine timeline, but cautions vaccines likely won’t be a magic bullet.

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Markets Update: U.S. Election in Focus

Fri, 14 Aug 2020 18:55:01 -0000

Tony Pasquariello of Goldman Sachs' Global Markets Division and Joe Wall of the Office of Government Affairs discuss how investors are viewing the upcoming U.S. election in November.

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Why Diversity Drives Better Investment Performance

Tue, 11 Aug 2020 14:40:22 -0000

Katie Koch, co-head of the Fundamental Equity business within Goldman Sachs Asset Management, talks about why diversity gives investing teams a competitive edge.

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Markets Update: SPACs

Fri, 07 Aug 2020 17:54:47 -0000

Olympia McNerney of Goldman Sachs talks about what’s been driving the surge in SPACs as an alternative avenue for companies to raise money in the public markets.

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How Companies Are Meeting Their Financing Needs

Tue, 04 Aug 2020 20:29:42 -0000

Susie Scher, co-head of the Global Financing Group in Goldman Sachs' Investment Banking Division, talks about how companies are meeting their financing needs in this environment and the broader sentiment for banking activity in the second half of 2020. Additionally, Scher shares her thoughts on how to recruit and develop diverse talent, as well as advice for how junior employees can continue to grow and develop their networks while working remotely.

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Markets Update: Balanced Bear Repair

Fri, 31 Jul 2020 12:15:20 -0000

Christian Mueller-Glissmann of Goldman Sachs Research discusses his new research about asset allocation with the risk of ‘fat and flat’ markets.

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How Automated Robots are Supporting the Surge in E-commerce

Tue, 28 Jul 2020 17:13:29 -0000

In this episode of our Venture Capital Horizon series with Heath Terry of Goldman Sachs Research, we dive into the future of e-commerce and the adoption of robotics in everything from manufacturing to packaging and delivery.

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Markets Update: Europe’s Fiscal Stimulus

Fri, 24 Jul 2020 16:13:19 -0000

Jose Manuel Barroso, chairman of Goldman Sachs International, provides an update on Europe’s latest fiscal stimulus package.

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Where CIOs are Allocating Capital, According to GSAM’s 2020 Insurance Report

Tue, 21 Jul 2020 13:42:59 -0000

Mike Siegel of Goldman Sachs Asset Management summarizes key investment trends from GSAM’s 2020 Insurance Report.

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Investing in Racial Economic Equality

Mon, 20 Jul 2020 04:00:00 -0000

America appears to be at a point of reckoning with its long history of social and economic racial inequality. How to close the large and persistent Black-white earnings and wealth gaps central to this inequality is not just Top of Mind, but one of the most pressing questions of our time.

In this episode, Allison Nathan interviews Kerwin K. Charles, dean and professor at the Yale School of Management, for perspective on the magnitude of these gaps, their evolution over time, and what these trends suggest for effective policy solutions moving forward. And we dig into racial gaps in healthcare with Dr. John Z. Ayanian, director of the Institute for Healthcare Policy and Innovation at the University of Michigan; and access to capital and professional advancement with Margaret Anadu, the firm’s head of the Urban Investment Group. All are core areas that must be addressed if we’re serious about reducing economic inequities. Our key takeaway: overcoming these inequities will require a holistic approach from all areas of society, and coming together to achieve this goal is not only a moral imperative, but also essential for the health and vibrancy of our economy and our nation more generally.

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Markets Update: A “Gritty” Second Quarter

Fri, 17 Jul 2020 13:00:00 -0000

Jim Esposito, global co-head of Goldman Sachs’ Global Markets Division, recaps a “gritty” second quarter, the importance of technological resilience, and the ongoing commitment to client centricity.

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Sustainable ESG Investing: Turning Promises into Performance

Tue, 14 Jul 2020 15:31:21 -0000

Steve Strongin, a senior advisor at Goldman Sachs, discusses the future of ESG investing, based on a new Goldman Sachs Research report, Sustainable ESG Investing: Turning Promises into Performance.

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Markets Update: "Investor Sobriety" Carries into Q3

Fri, 10 Jul 2020 11:49:59 -0000

Tony Pasquariello of Goldman Sachs' Global Markets Division recaps the historic market rally of the second quarter and talks about how institutional investors are viewing Q3 and the remainder of 2020.

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U.S. Dollar Weakness

Tue, 07 Jul 2020 16:38:59 -0000

Zach Pandl of Goldman Sachs Research explains the factors driving U.S. dollar weakness.

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Markets Update: Banks’ Stress Tests

Thu, 02 Jul 2020 12:08:08 -0000

Richard Ramsden of Goldman Sachs Research explains what the results from U.S. banks’ latest stress tests say about the health of the industry.

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What’s Driving Growth in Alternative Asset Classes?

Tue, 30 Jun 2020 14:28:41 -0000

Kristin Olson, global head of the Alternative Capital Markets Group in Goldman Sachs' Consumer and Investment Management Division, explains where investors are finding value in alternative asset classes.

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Markets Update: Will the Recovery Be Derailed?

Fri, 26 Jun 2020 13:01:00 -0000

Amelia Garnett of Goldman Sachs' Global Markets Division provides an update on how institutional investors are weighing market risks, from an uptick in COVID-19 cases to the U.S. election.

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How COVID-19 is Impacting Companies’ M&A Strategies

Tue, 23 Jun 2020 16:52:06 -0000

Tim Ingrassia, co-chairman of Global Mergers & Acquisitions for Goldman Sachs Investment Banking, provides an update on the recent M&A slowdown. “I fully expect M&A to normalize and recover because all those deals that aren’t happening right now, some significant percentage of them are deals that will happen,” Ingrassia says. “And so then it’s a question of when will they happen?”

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Markets Update: The Rise of the Retail Investor

Thu, 18 Jun 2020 23:24:36 -0000

In this episode, Philip Berlinski, COO of Global Equities, provides an update on equity markets, from the growth in day trading to the role of active management in the COVID-19 crisis to the impact of the U.S. presidential election in November.

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Upending an Industry: How Digital Banking Will Simplify Corporates’ Financial Needs

Tue, 16 Jun 2020 15:13:36 -0000

In this episode, Hari Moorthy, head of Transaction Banking for Goldman Sachs, talks about innovations in banking technology for corporations and what it’s been like to build the first-ever digital-only transaction bank over the past two years.

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Markets Update: Constructive Conditions for Equity Issuers and Investors

Fri, 12 Jun 2020 13:32:00 -0000

Lizzie Reed of Goldman Sachs’ Investment Banking Division gives an update on what’s been driving investor interest in equity markets.

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To Everyone Who’s Asked, ‘How’s It Going?’

Fri, 05 Jun 2020 16:38:58 -0000

Fred Baba, a managing director in Goldman Sachs' Global Markets Division, reflects on a raw and honest email he wrote this week about his experience with racism and discrimination as a black man in America, as well as how his co-workers can best support the black community moving forward. Baba's email has been shared around the firm and was published as a Bloomberg Op-Ed.

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The Great Reset: A Framework for Investing After COVID-19

Tue, 02 Jun 2020 14:40:38 -0000

Steve Strongin, a senior advisor for Goldman Sachs, discusses a new framework for investing after COVID-19.

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Daunting Debt Dynamics

Mon, 01 Jun 2020 04:00:00 -0000

Government deficits, debt issuance and debt levels are set to surge as countries race to ease the economic impact of the coronacrisis. This raises many questions: who will finance this debt, will it force a market repricing and/or an eventual growth or inflation problem, and would greater use of negative rates help avoid any of these risks? At the same time, whether corporate bankruptcies could derail the economic recovery is a key concern. In short, how disruptive the recent, dramatic shift in debt dynamics might be is Top of Mind.

In this episode, Allison Nathan consults Harvard professor Kenneth Rogoff, University of Pennsylvania’s David Skeel, and Goldman Sachs’ chief economist Jan Hatzius. Our key takeaways: the benefit of running large deficits today far outweighs any eventual costs; worries about distress in emerging markets and the Euro area are largely warranted; and a likely wave of corporate bankruptcies could prolong—but likely won’t derail—the economic recovery.

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Markets Update: Investors Assess U.S.-China Risks

Fri, 29 May 2020 14:43:06 -0000

Michael Cassell of Global Markets gives a quick update on how investors are approaching market risks, from U.S.-China tensions to ongoing COVID-19 uncertainty.

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The Future of Sustainable Nuclear Energy

Wed, 27 May 2020 16:54:00 -0000

Heath Terry of Goldman Sachs Research explores clean energy and the advances in nuclear power technology as part of his team’s Venture Capital Horizon series.

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Markets Update: Investor Sentiment Improves as Lockdowns Lift

Fri, 22 May 2020 16:26:54 -0000

Tony Pasquariello, global head of hedge fund coverage for Goldman Sachs’ Global Markets Division, provides an update on how investors are reacting to the gradual re-opening of the U.S. economy, historic government stimulus efforts, potential vaccine developments, and ongoing US-China tensions.

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The State of Goldman Sachs’ Small-Business Lending

Tue, 19 May 2020 15:45:12 -0000

Goldman Sachs has committed $500 million in lending capital to provide Paycheck Protection Program, or PPP, loans to small businesses suffering in this crisis. In this episode, Margaret Anadu, head of the firm’s Urban Investment Group, provides an update on the more than 8,000 small businesses across the country that the firm has reached through partnerships with community development financial institutions (CDFIs) and other mission-driven lenders.

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Markets Update: How ESG is Changing

Fri, 15 May 2020 20:57:00 -0000

In this episode, leveraging a client call from Goldman Sachs Investment Banking, leaders from across the financial services industry discuss the pandemic’s impact on the ESG landscape, including how corporations and investors are responding. The conversation features Mark Wiedman, a senior managing director at BlackRock, Katherine Collins, head of Putnam Investment’s sustainable investing, Martin Whittaker, CEO of JUST Capital, and John Goldstein, head of Goldman Sachs’ Sustainable Finance Group.

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How Are Small Businesses Surviving?

Wed, 13 May 2020 00:00:00 -0000

Asahi Pompey, global head of Corporate Engagement and president of the Goldman Sachs Foundation, interviews three graduates of the Goldman Sachs 10,000 Small Businesses program to talk about their experiences with PPP loans, what’s keeping them up at night, and how they’re pivoting to adapt to changing industries and a changing society. The entrepreneurs are Khari Parker, co-founder of Connie’s Chicken and Waffles based in Baltimore, Dana White, founder and CEO of Paralee Boyd, a blow-dry salon in Detroit, and Jennie Ripps, founder and CEO of Owl’s Brew, a New York-based beverage company that specializes in teas and botanical-based drinks.

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Markets Update: Latin America

Fri, 08 May 2020 13:48:32 -0000

Jen Roth of Goldman Sachs' Global Markets Division provides an update on how COVID-19 is impacting investor sentiment in emerging markets.

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Client Call: How Retailers Will Re-Open

Wed, 06 May 2020 20:26:12 -0000

In a recent client call held by Goldman Sachs Research, Brian Dodge, President of the Retail Industry Leaders Association, discusses how retailers will re-open. Dodge is joined by Goldman Sachs Research’s Kate McShane, Alex Walvis, and Jenna Giannelli, who all cover the retail sector.

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Markets Update: Central Bank Responses

Sat, 02 May 2020 02:12:53 -0000

Alex Blanchard of Goldman Sachs’ Global Markets Division shares an update on how global central banks are responding to liquidity concerns.

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Reopening the Economy

Thu, 30 Apr 2020 04:00:00 -0000

With mitigation measures leading to an apparent leveling off of case growth globally at the same time that the economic costs of such measures continue to mount, several countries around the world have begun to plan for—or have already started to implement—economic reopening. But absent herd immunity or a vaccine, such reopenings increase the risk of a resurgence. With this in mind, what a safe reopening might look like, how well-positioned the US is to achieve one and how quickly reopening would really translate into economic recovery is Top of Mind.

In this episode, we consult three experts on these questions: University of Pennsylvania’s Dr. Zeke Emanuel, Duke University’s Dr. Mark McClellan and Harvard University’s Dr. Barry Bloom. Finally, with more complete economic normalization only likely with an effective testing regime, treatments, or a widely available vaccine, we discuss where we are on all of the above.

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Client Call: CFO Perspectives

Wed, 29 Apr 2020 17:16:40 -0000

Goldman Sachs CFO Stephen Scherr and other senior leaders across the firm discuss topics that are top of mind for CFOs in the current environment, from financing markets and liquidity concerns, to earnings guidance and economic outlooks.

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Markets Update: Oil Prices Drop to Record Lows

Fri, 24 Apr 2020 13:13:36 -0000

Sarah Kiernan of Goldman Sachs’ Global Markets Division gives her quick take on the latest market volatility, including investors’ reactions to record-low oil prices.

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Client Call: Oil Update as Negative Prices Emerge

Wed, 22 Apr 2020 19:21:38 -0000

To share Goldman Sachs’ latest analysis on record price declines in oil markets, this episode leverages a client call, featuring Jeff Currie, Damien Courvalin and Brian Singer of Goldman Sachs Research, and Anthony Dewell of EMEA Commodity Trading in Global Markets. The call was held the morning of April 21st, 2020.

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How the Housing Sector Has Been Impacted by the Economic Slowdown

Tue, 21 Apr 2020 11:53:25 -0000

In this episode, Terry Hagerty, co-head of homebuilding & building products investment banking for Goldman Sachs, discusses how COVID-19 has impacted the outlook for housing and the broader building products sector. Despite the severity of the current slowdown, Hagerty points to favorable demographic tailwinds as reasons to expect a return to industry growth into 2021. Additionally, Hagerty explains why the sector may be poised to rebound more quickly from this crisis than that of 2008, driven by more favorable supply/demand dynamics, consumers’ relatively strong financial position, and healthy corporate balance sheets. “When I look at the balance sheets and liquidity positions of my clients, both in home building and building products, it’s quite strong,” Hagerty says. “Most of them have access to the capital markets, given some of the Fed action that we’ve seen, and generally they’re all positioned to weather what could potentially be a very extended downturn. So the outlook today is much different than 2008.”

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Markets Update: What Investors Are Watching

Fri, 17 Apr 2020 15:11:59 -0000

As volatility continues in the public markets, Meena Flynn of Goldman Sachs’ Consumer and Investment Management Division gives her analysis on the latest swings and explains how investors with permanent capital are positioning themselves.

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How Markets Have “Changed Forever”

Thu, 16 Apr 2020 15:30:00 -0000

Ashok Varadhan, global co-head of Goldman Sachs’ Global Markets Division, talks about how financial trading has adapted to a primarily remote workforce and also shares takeaways from the division’s strong first quarter performance.

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Markets Update: CEO David Solomon Shares His Perspectives on the Current Environment

Thu, 09 Apr 2020 23:27:00 -0000

Goldman Sachs Chairman and CEO David Solomon shares his views on the pandemic and the economic impact, alongside other of the firm’s senior leaders.

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COVID-19’s Impact on US Small Businesses

Wed, 08 Apr 2020 21:08:10 -0000

In this episode, Margaret Anadu, head of Goldman Sachs’ Urban Investment Group, talks about COVID-19’s impact on US small businesses and explains the firm’s recent announcement to commit $500 million in capital for emergency loans to small businesses. Then, three entrepreneurs and graduates of Goldman Sachs’ 10,000 Small Businesses program share their personal stories -- Erin Andrews of Indi Chocolate, a Seattle-based chocolate factory, Ellen McNulty-Brown of Lotuff Leather, a Rhode-Island based leather maker, and Matt Jozwiak of Rethink Food, a New York City-based nonprofit.

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Oil’s Seismic Shock

Mon, 06 Apr 2020 04:00:00 -0000

The global oil market is experiencing a massive demand shock, with demand for transportation fuels sitting in the crosshairs of the coronavirus crisis. At the same time, major oil producers have engaged in a war for oil market share, resulting in a sizable supply shock. The impact of these simultaneous shocks on oil prices, OPEC+, the oil industry, and credit and financial markets more broadly are Top of Mind.

In this episode, Allison Nathan interviews three energy experts, Pulitzer Prize-winning author, Daniel Yergin, PIRA Energy Group Founder, Gary Ross, and our own head of Global Commodities Research, Jeff Currie. They discuss the enormity of the current oil shock, how we got here, and what’s in store—namely, sharply lower, and even negative, crude oil prices as oil infrastructure is overwhelmed by the supply surge. But they also argue that the sharper the price decline, the sharper the eventual rebound as oil production is shut in.

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Markets Update: Do Investors Think the S&P 500 Has Bottomed Out?

Fri, 03 Apr 2020 04:00:00 -0000

Anne Marie Darling of Goldman Sachs’ Global Markets Division analyzes the S&P 500 index’s historically fast fall into bear market territory and shares results of the April Marquee QuickPoll, a survey of institutional clients which found that about half of respondents don’t believe lows have been set yet.

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Client Call: Market Volatility and Potential Economic Impacts

Wed, 01 Apr 2020 15:20:51 -0000

In an effort to provide timely and valuable updates regarding ongoing market volatility and potential economic impacts, we’re sharing a “Market Update” call hosted by our Investment Banking Division. In the conversation, Goldman Sachs President and COO John Waldron provides an update on the current environment, alongside other senior leaders across the firm.

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Markets Update: Europe and COVID-19

Fri, 27 Mar 2020 04:00:00 -0000

Andrew Wilson of Goldman Sachs Asset Management explains how volatility in U.S. financial markets from the COVID-19 outbreak is playing out across Europe as well. “European markets have been very much in the eye of the storm,” Wilson says. “So the focus is on what policy responses are coming out of Europe, just as much as it is out of the U.S.”

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Roaring Into Recession

Thu, 26 Mar 2020 04:00:00 -0000

Coronavirus has pushed the global economy into a recession of historic proportions and halted the longest-lasting equity bull market on record. As infections spread globally, economic activity collapses, markets recoil and policymakers respond, the depth and duration of the economic and market downturn is Top of Mind.

In this episode, Allison Nathan speaks with the former Chair of the Council of Economic Advisers, Jason Furman, and Goldman Sachs’ Chief Economist, Jan Hatzius. Both agree that the near-term economic damage will be severe, but whether it proves longer-lasting will depend largely on the virus’ trajectory and somewhat on policymakers, who have done a lot, but may need to do more to sustain households, businesses and market functioning in this difficult period. To that end, we assess the risk that the global health crisis becomes a financial crisis. And we discuss how this might play out in markets, and what investors should do from here. For that, we draw on the wisdom of Oaktree Co-Chairman, Howard Marks. His advice? Buy things with solid fundamentals when they go on sale.

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Update on US Growth and Earnings Forecasts, and Expected Stimulus Programs

Mon, 23 Mar 2020 21:55:09 -0000

Goldman Sachs’ top economists and strategists discuss revised forecasts for the US economy and corporate earnings and the prospect of federal stimulus programs in the face of the COVID-19 outbreak.

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Markets Update: How COVID-19 Is and Isn't Like the '08 Financial Crisis

Fri, 20 Mar 2020 04:00:00 -0000

Joe Montesano, head of Americas Equity Trading for Goldman Sachs, analyzes how the coronavirus pandemic continues to add volatility to markets. Montesano also talks about parallels and differences in today's market environment compared to that of the 2008 global financial crisis.

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Re-thinking How We Work During a Pandemic

Tue, 17 Mar 2020 21:08:50 -0000

Amid the uncertainty surrounding the coronavirus pandemic, Goldman Sachs’ global medical director Dr. Michael Rendel joins by phone to talk about what employees can do to stay healthy and productive while working remotely – from setting up comfortable work stations to taking time for meditation and exercise. Dr. Rendel also talks about the importance of managers supporting their teams’ physical and psychological well-being, as well as the firm’s strategy more broadly in terms of coordinating global offices.

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Markets Update: The Fed's Recent Efforts to Increase Liquidity

Fri, 13 Mar 2020 20:52:59 -0000

Alex Blanchard of Goldman Sachs' Global Markets Division analyzes the Fed's recent decisions to increase liquidity amidst market volatility.

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After a Sharp Drop in Prices, What's Next for Oil?

Tue, 10 Mar 2020 21:35:21 -0000

Jeff Currie, global head of Commodities Research for Goldman Sachs, explains the latest on the price war in the oil market.

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Markets Update: March 6, 2020

Fri, 06 Mar 2020 05:00:00 -0000

Amelia Garnett of Goldman Sachs' Global Markets Division provides a quick update on how investors are responding to ongoing volatility around coronavirus concerns.

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How Computational Biology is Transforming Drug R&D

Tue, 03 Mar 2020 11:00:00 -0000

The latest episode of Exchanges at Goldman Sachs premieres a new monthly feature: An examination of a topic at the center of conversations in the venture-capital community. This week, Goldman Sachs Research’s Heath Terry explores the growing world of computational biology—using the power of big data to revolutionize drug discovery, disease prevention and cancer detection. Terry talked to VCs like Lux Capital’s Zavain Dar, who invests in emerging science and technology firms. “It feels like we’re at the precipice of what I think will be a multi-decade revolution in how biology and chemistry are fundamentally practiced,” explains Dar. Terry also spoke with James Field, CEO of computational-biology startup LabGenius, which is using machine learning to more easily identify useful proteins for the human body. “If we can deploy technology in building out some discovery platforms in a way that the learnings compound over time,” says Field, “then it will dramatically change the economics of discovering and developing drug molecules.”

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2020’s Black Swan: Coronavirus

Tue, 03 Mar 2020 05:00:00 -0000

Amid many concerns heading into 2020, the event that no one expected was the outbreak of COVID-19—a coronavirus that first emerged in the populous city of Wuhan, China, and which is now proving to be both more infectious and virulent than the common flu. As China attempts to restart its economy after an unprecedented lockdown, the virus continues to spread globally, and data on the sizeable economic fallout starts to trickle in, coronavirus is Top of Mind. We feature expert interviews with Harvard’s Dr. Barry Bloom and University of Minnesota’s Dr. Michael Osterholm to better understand what we know—and don’t know—about the virus today. We also interview Goldman Sachs’ Chief Economist Jan Hatzius about the economic impact of the outbreak—both on global growth and actions of central banks around the world.

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Markets Update: Coronavirus

Fri, 28 Feb 2020 05:30:00 -0000

After a volatile week in markets, Erin Riley of Goldman Sachs’ Consumer and Investment Management Division talks about how coronavirus is weighing on investor sentiment.

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From “Fish Out of Water” to Wall Street Changemaker

Tue, 25 Feb 2020 07:00:00 -0000

Sean Legister, a vice president in the Global Markets Division, talks about overcoming imposter syndrome on the Goldman Sachs trading floor and what led him to start Breakfast Bites, a monthly fireside chat connecting black colleagues with senior leaders. Legister tells podcast host Jake Siewert, “When I looked at the black population, particularly within the Global Markets Group, I thought, ‘I don’t think we lack the intellect. I don’t think we lack the hunger. I don’t think we lack ambition. I think sometimes where we may falter a little bit is culture, empowerment, access to resources.’ And so what could I do in my seat to be innovative or creative. Not just do what’s asked of me, but to give back?”

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Markets Update: February 21, 2020

Fri, 21 Feb 2020 06:00:00 -0000

Michael Cassell of our Global Markets Division shares the top numbers he's watching in markets right now.

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Global Market Shocks from the '87 Crash to Brexit: Lessons for Today

Tue, 18 Feb 2020 20:48:30 -0000

From the 2020 Global Macro Conference in Hong Kong, Steve Strongin and Jan Hatzius of Goldman Sachs Research sat down for a discussion all about connections: why economic cycles and market cycles are increasingly independent, why economic volatility has declined while market volatility has largely remained the same, and how shocks like political surprises and climate change stand to radiate through each space.

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Markets Update: February 14, 2020

Fri, 14 Feb 2020 06:00:00 -0000

Jordan Meer of Goldman Sachs' Renewable Power Group gives his quick take on the five numbers he's watching in renewable energy markets.

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Why Investing in the Longest Bull Market in History is Still a Smart Move

Tue, 11 Feb 2020 17:10:18 -0000

Sharmin Mossavar-Rahmani, chief investment officer of Goldman Sachs’ Private Wealth Management Division, summarizes her team's 2020 investment outlook and explains why she's telling clients to stay invested in the stock market.

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After Brexit, What’s Next for Business in Europe?

Fri, 07 Feb 2020 15:42:58 -0000

Denis Coleman, co-head of Goldman Sachs' Global Financing Group in the Investment Banking Division, joins host Jake Siewert to talk about the business and financing environment in Europe.

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Markets Update: February 7, 2020

Fri, 07 Feb 2020 06:00:00 -0000

Sarah Kiernan of Goldman Sachs' Global Markets Division gives her quick take on the five numbers she's watching in markets.

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Investing In Climate Change

Wed, 05 Feb 2020 05:00:00 -0000

In this episode, we dig into what may be the most important issue of our time: climate change. On the heels of a climate-focused World Economic Forum in Davos, the unveiling of Europe’s new Green Deal, and increased attention on climate change by the world’s largest asset managers and banks, climate change is undoubtedly Top of Mind.

We speak with Michael Greenstone of the University of Chicago, Nathaniel Keohane of the Environmental Defense Fund and Goldman Sachs’ Steve Strongin about the climate challenge, and what it will take to address it. We also discuss how capital markets and climate policy are driving transformational shifts in the energy industry, and what it means for sector returns. Finally, the head of the Goldman Sachs Sustainable Finance Group, John Goldstein, provides insight and advice on ESG investing and integration, and the growing implications of shareholders and clients increasingly demanding more accountability on climate.

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Goldman Sachs CFO Stephen Scherr Recaps the Firm’s First-Ever Investor Day

Fri, 31 Jan 2020 16:34:27 -0000

This week, Goldman Sachs opened its doors for its first-ever Investor Day in its 150-year history. In this episode, Goldman Sachs CFO Stephen Scherr recaps the day and explains how leadership is trying to increase transparency with clients by releasing three-year financial targets, restructuring its business segments, and more. Scherr, who has been at Goldman Sachs for nearly 27 years and CFO since 2018, also talks about his transition into the role. To kick off the episode, Jen Roth of Global Markets gives her quick take on the five numbers she’s watching in markets.

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What’s Next for the Airline Industry?

Fri, 17 Jan 2020 15:05:38 -0000

Scott Rubner of Goldman Sachs Global Markets talks through the five numbers he’s watching in markets, from $671 billion of money market inflows to the 32% “January effect.” Then, Catie O’Brien, also of Global Markets, provides a deep dive into the airline industry, including how the Boeing 737 Max is impacting supply and profitability, and how airlines have been reinvesting back into the product, resulting in more options than just coach or business class.

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How are “Carbonomics” Reshaping the Energy Industry?

Fri, 10 Jan 2020 16:40:15 -0000

To start the episode, Goldman Sachs' Oscar Ostlund talks through the five numbers he’s watching in markets, from China’s debt-to-GDP ratio to the Euro-USD exchange rate. Then, Michele Della Vigna of Goldman Sachs Research explains his latest “carbonomics” research and how climate change is reshaping the energy industry through technological innovation and capital markets pressure.

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What’s the Outlook for the US Stock Market in 2020?

Mon, 06 Jan 2020 20:55:59 -0000

David Kostin, chief US equity strategist for Goldman Sachs Research, discusses his team's forecasts for US stocks in the year ahead. But before that, Tony Pasquariello, global head of hedge fund coverage for Goldman Sachs Securities Division, walks through the five numbers he's watching in markets.

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Is Sustainable Finance the Next Big Commercial Opportunity?

Sun, 15 Dec 2019 17:00:00 -0000

In this episode, John Goldstein, head of Goldman Sachs’ Sustainable Finance Group, talks about the firm’s recent sustainability announcement to invest or finance $750 billion of capital over the next 10 years across two themes–climate transition and inclusive growth. Goldstein highlights the commercial motivation behind the firm’s sustainability strategy. “This is grounded in a core view of where the world is going, a thesis, a research-driven view...almost a market call that fundamentally these questions of climate transition and inclusive growth are going to be central, secular themes for the economy for our clients and for ourselves,” he says.

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What’s Ahead for Europe’s Economy in 2020?

Mon, 09 Dec 2019 16:38:35 -0000

In this episode, Jake Siewert sits down with Jari Stehn of Goldman Sachs Research to discuss his team’s outlook for Europe’s economy in 2020. “We think 2020 is going to be a better year for Europe than 2019,” Stehn says. “We expect growth to be 1.1% next year, which is a bit above consensus, and is certainly notably above where the current numbers are running.” Stehn goes on to explain the drivers behind this growth pick-up as well as key risks that could derail estimates.

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Fiscal Focus

Mon, 02 Dec 2019 05:00:00 -0000

With monetary policy, conducted by central banks, nearly exhausted in the major economies and low interest rates globally, whether fiscal policy, conducted by governments, should play a greater role from here is Top of Mind. In this episode, Goldman Sachs Research’s Allison Nathan interviews former IMF Chief Economist, Olivier Blanchard, Harvard professor, Alberto Alesina, and Goldman Sachs’ Chief Economist, Jan Hatzius. They discuss whether increased fiscal stimulus today would do more good than harm, and, even if it would, whether the economies that need it the most will pursue it. Our key takeaways: Germany should embrace a large fiscal expansion, but likely won’t; investors should expect some more fiscal stimulus in China, but only enough to avoid a sharp slowdown.

Audio of former European Central Bank President Mario Draghi is courtesy of the European Central Bank YouTube channel via the Creative Commons Attribution license ⁠https://www.youtube.com/watch?v=TjIaLD4I8go⁠).

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How Are Healthcare CEOs Steering Through Uncertainty?

Mon, 18 Nov 2019 19:36:18 -0000

Healthcare CEOs in the US are “trying to set course in an otherwise unpredictable, highly uncertain world,” according to this episode’s guest, Marshall Smith, global head of Goldman Sachs’ healthcare investment banking. The uncertainty, stemming from global growth concerns, trade policy risk and drug pricing debates, is a consistent theme across the healthcare industry, but that doesn’t mean corporations are sitting back and waiting. Growth strategies are top priorities for executives, Smith explains, with pharmaceutical companies turning to M&A–both to acquire smaller biotech companies for their drug portfolios and to merge with other large pharma companies. Smith also discusses how being the son of a doctor spurred an early interest in healthcare. “My dad would come home from the hospital [and] we’d have dinner together, all seven of us sitting around the table,” Smith recalled. “And so, invariably, we ended up talking about medical cases at dinner pretty much every night.”

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Why Startups Shouldn’t All Be Pitched As ‘Tech Companies’

Wed, 30 Oct 2019 20:00:00 -0000

The latest episode of Exchanges at Goldman Sachs was recorded at the firm’s recent 2019 Builders + Innovators Summit, which convened nearly one hundred entrepreneurs from various industries to share their stories and learn from one another. Host Jake Siewert was joined by Investment Banking Division co-head Gregg Lemkau, as well as Brynn Putnam, founder of fitness startup Mirror, and Ryan Petersen of the logistics company Flexport. The group discussed today’s environment for entrepreneurship as well as the highs and lows of startup life. “The future of entrepreneurship is exciting,” Lemkau said. “And just being around people like [Putnam and Petersen], who started their own businesses, and the passion you feel for what they’re trying to build. I think the ability to start a business and scale it, given where technology is now, is phenomenal and only growing.”

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Growth and Geopolitical Risk

Wed, 16 Oct 2019 04:00:00 -0000

The market has once again been gripped by recession fears at the same time that geopolitical and policy risk is flaring up. Some of these risks—like the US-China trade war—are feeding recessionary fears, while others—like the attack on Saudi oil facilities that led to the largest ever daily disruption in oil supplies—have gone almost unnoticed. And this is despite the fact that oil shocks were one of the most common causes of recession historically. Whether this complacency is warranted, and the vulnerability of the economy and markets to this and other geopolitical shocks, is Top of Mind. In this episode, Goldman Sachs’ Head of Energy Research Damien Courvalin explains why the oil market is much better positioned to deal with supply outages today, and thus is a less likely recession trigger than in the past. But the Council on Foreign Relations’ President, Richard Haass, and Columbia Professor Richard Nephew explain why instability looks set to rise in the Middle East and beyond.

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What’s Next for Direct Listings and IPOs?

Fri, 11 Oct 2019 16:02:46 -0000

What’s all the buzz around direct listings? How are companies weighing IPOs vs. alternatives to raising capital in the public markets? Those questions were the focus of a recent panel at the Goldman Sachs Private Innovative Company Conference. Goldman Sachs’ Will Connolly, Spotify CFO Barry McCarthy, and Latham & Watkins partner Greg Rodgers sat down with Exchanges at Goldman Sachs host Jake Siewert to talk about Spotify’s own history with direct listings and what the future may hold for other companies planning to go public. “Companies’ needs and objectives are changing,” Connolly said, pointing to how technology has resulted in companies scaling much faster than in the past. “And when those needs and objectives change, it makes sense that people would seek out new ways to enter the public markets.” Adding context to the discussion, which was taped live in Las Vegas, Goldman Sachs’ David Ludwig joins Jake in the studio to talk more about the evolving needs of clients and how the firm is partnering to meet their objectives.

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What’s on David Solomon’s Mind as He Enters Year Two as CEO?

Tue, 01 Oct 2019 11:00:00 -0000

In this episode, David Solomon reflects on his first year as Goldman Sachs CEO: “I've been very focused on making sure that our client focus is at the center of everything we do, and that we really work with our clients as one firm,” he says. “We're a divisional firm, we've always been a divisional firm, but I think there's a great opportunity to make sure for our clients that we're delivering the whole firm.” Looking toward year two, Solomon says his priorities are about execution – from centralizing the firm's investing platforms to scaling new business initiatives, such as the Apple-Goldman Sachs credit card. “The big thing that we as a leadership team -- and I'm very personally focused on -- is the rollout of our broader strategy,” Solomon says.

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How Can Cities Adapt to Climate Change?

Wed, 25 Sep 2019 14:00:31 -0000

Adapting to a warmer world could drive one of the largest infrastructure build-outs in history, according to a new report from Goldman Sachs’ Global Markets Institute, titled Taking the heat: making cities resilient to climate change. The report acknowledges the importance of reducing carbon emissions but focuses on the need to adapt to ongoing changes in the climate. Cities, which are home to the majority of the world’s population and generate most of its GDP, will need to develop climate resilience across all types of infrastructure, including coastal protection, transportation, energy and communications. They will need to take an “all-of-the-above” approach to financing, according to Sandra Lawson, executive director of the Global Markets Institute, because “even the most prosperous cities are not going to be able to fund this alone.” Amanda Hindlian, chief operating officer of Global Investment Research and president of the Global Markets Institute, recommends that cities “start now” and allow for maximum flexibility, so that they can “benefit from input costs and economies of scale that that come from new technologies and that make these problems easier to address in economically feasible ways over time.”

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What’s It Really Like to Be a Goldman Sachs Intern?

Thu, 19 Sep 2019 18:44:04 -0000

What’s it like to be a Goldman Sachs intern? In this episode, two interns from this past summer talk about their experiences at GS, as well as what they value in an employer—from diversity to work-life balance. Also in the studio was head of Human Capital Management Dane Holmes to discuss how the interns’ perspectives—and the results of a larger, firm-wide intern survey—translate into how employers are thinking about connecting with a younger generation of workers.

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Currency Wars

Tue, 17 Sep 2019 04:00:00 -0000

President Trump has voiced concern that a strong Dollar is damaging US competitiveness. Of course, exchange rates do matter for trade, and the US' non-oil trade balance has deteriorated sharply since the Dollar began to climb in 2014. So it’s no surprise that Trump’s laser focus on the US trade deficit would end up targeting Dollar strength—and that currency would become another front in the US-China trade war. Whether the US should, could, and would begin to proactively manage the Dollar, and whether these actions—or further trade war escalation—could lead to a global “currency war” is Top of Mind.

In this episode, Goldman Sachs Research’s Allison Nathan gets perspectives from the Peterson Institute’s Joseph Gagnon and the Council on Foreign Relations’ Brad Setser; both believe that Dollar strength and the associated US trade deficit are cause for concern, but see low odds of US foreign exchange intervention that triggers a currency war (Goldman Sachs analysts agree). But given that China has been managing the Yuan stronger than it otherwise would be, trade war escalation that motivates a sharp Yuan depreciation could be such a trigger.

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Why Does Goldman Sachs President and COO John Waldron View Himself as COO First and President Second?

Fri, 13 Sep 2019 16:36:00 -0000

John Waldron is a busy man. He’s almost a year into his role as Goldman Sachs COO and President, and he’s also a father of six. In this episode, Waldron demystifies his day-to-day and explains why he’s even more focused on executing on the title “COO” than “president.” “My role right now really is to first learn the firm and understand the inner workings of the firm, and so that’s a really operationally intensive job, thus the chief operating officer component,” says Waldron. “The president job comes into play more on an external basis where you’re out with clients, with governments, with regulators and other external constituencies where that title has real resonance.” Waldron also discusses how younger employees can identify and invest in mentors, as well as the importance of recharging out of the office. For Waldron, that means getting home for dinner with his family if he has to head out to a client event later in the evening. “I’ll have a little bit of peanut butter and jelly and then I’ll have a steak tartare later on,” he tells podcast host Jake Siewert.

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What Can Wall Street and Silicon Valley Learn From Each Other?

Tue, 03 Sep 2019 17:25:26 -0000

Technology is changing the structure of the financial industry, says Marty Chavez, global co-head of the Goldman Sachs Securities Division. In this episode, he discusses how the industry is reshaping. “If you look inside a financial services firm, you’ll find there has traditionally been a relatively small number of roles that we talk about—so there’d be bankers, salespeople and traders,” Chavez says. “Now, all of those simple, easy categories are going away and they’re going away fast, and it’s becoming much more complicated and much more multidimensional.” This breaking down of clear categories also changes how financial firms compete with each other. “The traditional notions of ‘You’re my competitor’ are giving away to something that looks much more like coopetition—maybe not my favorite word, but you compete in some areas and you cooperate in some other areas; and some other areas you might be a client, or they might be a client,” Chavez says.

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Top of Mind: Dissecting the Market Disconnect

Thu, 22 Aug 2019 14:23:19 -0000

For this special episode of Exchanges, we’re running our newest podcast, Top of Mind at Goldman Sachs. Hosted by Allison Nathan, a senior strategist in Goldman Sachs Research, Top of Mind examines the macroeconomic issues that are shaping the global economy. In each episode, Allison interviews Goldman Sachs experts—as well as influential policymakers, academics, and investors—on market-moving topics. The series’ latest installment, Dissecting the Market Disconnect, takes a close look at the divergence between falling bond yields and rising equity prices. Bridgewater Associates’ Ray Dalio and Goldman Sachs’ Jan Hatzius join Allison to dive into this dynamic and understand how concerned investors should really be about economic growth.

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Central Bank Independence

Tue, 13 Aug 2019 04:00:00 -0000

The US Federal Reserve’s sharp pivot toward easing amid substantial White House pressure has raised concerns about central bank independence, as have developments in other advanced and emerging market economies alike. How worried we should be about this threat—and its implications for policy, the economy, and markets—is Top of Mind. In this episode, Goldman Sachs Research’s Allison Nathan interviews former central bankers Donald Kohn and Sir Paul Tucker who explain why central bank independence is critical to maintaining price and financial stability—even today when too little, rather than too much, inflation is the main problem. But while Kohn is concerned that Trump’s overt pressure could undermine Fed credibility, Tucker worries more that over-reliance on central banks since the GFC has left them vulnerable to politicization. Nathan also speaks with the firm’s chief economist Jan Hatzius who does not believe the Fed has responded directly to pressure from the White House, but does think that political pressure could already be influencing Fed policy through indirect channels such as bond market pricing. That said, Hatzius argues this in itself shouldn’t inflict too much harm on the economy unless inflationary pressures rise materially.

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Ride Hailing, Electric Scooters, Even Flying Cars – What’s Next for the Mobility Market?

Thu, 25 Jul 2019 19:56:38 -0000

The next 10 years of mobility will bring more change in the way that people and products move than any decade since the invention of the automobile, Goldman Sachs Research’s Heath Terry explains in this episode. Emerging technologies and business models like ride-hailing and sharing, autonomous driving and delivery, micro-mobility and even eVTOL (flying cars, finally) stand to disrupt profit pools that we estimate exceed $700 billion, and venture-backed startups and incumbents will attempt to address over $7 trillion in spending. Given the size of the opportunity, it should come as no surprise that access to capital has created a hyper-competitive environment marked by massive operating losses driven by marketing, subsidies, incentives, and capital investment. As this environment matures and rationalizes, Goldman Sachs Research expects consolidation that will lead to profitability, the establishment of category leaders, and significant opportunities for investors.

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Dissecting the Market Disconnect

Tue, 16 Jul 2019 04:00:00 -0000

With the US expansion now the longest on record and no shortage of risks on the horizon, growth uncertainty is Top of Mind. This uncertainty has been at the heart of the dovish pivot from central banks this year, which has generally helped push bond yields lower in anticipation of Fed rate cuts ahead, but equity prices higher. So just how concerned about growth should we really be? In this episode of the Top of Mind at Goldman Sachs podcast, Goldman Sachs Research’s Allison Nathan asks Bridgewater’s Ray Dalio, Goldman Sachs’ Jan Hatzius and others to weigh in. Dalio argues that recent price action makes sense given the Fed’s easier stance, but worries we’re pushing the limits of monetary easing, which—among other political and geopolitical factors—will ultimately bring about a negative shift in growth and markets. But Jan Hatzius argues that markets are perhaps too concerned about growth and not concerned enough about the direction of Fed policy, as the costs of easing now potentially outweigh the benefits.

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Where Are Retailers Looking For Growth?

Wed, 03 Jul 2019 17:10:00 -0000

In this episode, Jennifer Davis, head of retail investment banking for Goldman Sachs, explains how retailers are expanding their growth strategies against a backdrop of continued e-commerce growth and shifting demographics. While Davis acknowledges that growth strategies are “very specific to a retailer or brand,” she outlines three key areas of focus for her clients: customer demographic growth, channel growth (including the rise of digitally native brands), and geographic growth.

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Does Human Behavior Move the Markets?

Wed, 26 Jun 2019 20:45:23 -0000

Although financial markets tend to be explained largely in quantitative terms, human behavior still plays a major role in driving price action, says Sheba Jafari, head of technical analysis for Goldman Sachs’ Securities Division. Jafari, who looks at historical patterns to predict movements in markets, explains: “In my opinion, the mere fact that we have the existence of [asset] bubbles indicates that markets are still run by emotions -- fear, greed and hope.” Also in the episode, Jafari discusses the impact of AI and machine learning on trading decisions and her own unlikely path from film studies to finance.

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What is Alternative Risk Premia and Why are Investors Excited About It?

Mon, 10 Jun 2019 21:25:00 -0000

While systematic investing has origins in academia dating back to the 1950s, only in the past several years has it evolved into practical applications for portfolio construction. In this episode, Heather Shemilt and Tom Leake of the Goldman Sachs Securities Division explain how ARP strategies work and the diversification and customization benefits they offer investors. "Alternative risk premia, or ARP, are long/short strategies that are designed to generate positive returns in exchange for an investor taking risk," Shemilt explains. "These strategies are seeking to provide persistent exposure to these factors or risk premia, such as carry value or momentum...What's interesting is that ARP can be systematically harvested across all of the asset classes." Also in the episode, they discuss how the ARP industry will continue to evolve, including the impact of big data, AI and machine learning on these strategies, with Leake acknowledging adoption of these technologies is still in "early days."

This podcast was recorded on May 15, 2019.

All price references and market forecasts correspond to the date of this recording. This podcast should not be copied, distributed, published or reproduced, in whole or in part. The information contained in this podcast does not constitute research or a recommendation from any Goldman Sachs entity to the listener. Neither Goldman Sachs nor any of its affiliates makes any representation or warranty, as to the accuracy or completeness of the statements or any information contained in this podcast and any liability therefor (including in respect of direct, indirect or consequential loss or damage) is expressly disclaimed. The views expressed in this podcast are not necessarily those of Goldman Sachs, and Goldman Sachs is not providing any financial, economic, legal, accounting or tax advice or recommendations in this podcast. In addition, the receipt of this podcast by any listener is not to be taken as constituting the giving of investment advice by Goldman Sachs to that listener, nor to constitute such person a client of any Goldman Sachs entity.

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Trade Wars 3.0

Fri, 07 Jun 2019 04:00:00 -0000

The prospect of a larger and longer trade war has increased as US-China trade negotiations have taken a turn for the worse and President Trump has opened up trade battles on new fronts. Allison Nathan from Goldman Sachs Research speaks with experts about how we got here, where tensions may go from here, and potential implications for the global economy and beyond in this episode of Top of Mind at Goldman Sachs.

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Is Womenomics Working?

Thu, 30 May 2019 20:50:00 -0000

When Kathy Matsui first published research on "Womenomics," exploring the economic outcomes of women in the workforce, Japan had one of the lowest female participation rates in the developed world. Now, 20 years later, Japan's female participation rate is 71%, which tops the US and Europe. In this episode, Kathy Matsui joins us in the studio to discuss the progress that has been made over the next two decades and where challenges remain. "I believe Womenomics is working in Japan's context," Matsui says, though she notes that it remains "a work in progress" with significant room to improve the nation's gender leadership and pay gap.

This podcast was recorded on April 23, 2019.

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What's the Business Case for Investing in America's Low-Income Communities?

Wed, 22 May 2019 20:50:00 -0000

The 2017 tax overhaul created incentives for investing in certain low-income communities across America, or "opportunity zones" as they're called. In this episode, Margaret Anadu, head of Goldman Sachs Urban Investment Group, explains the opportunity zone investing landscape and the role of private capital in revitalizing struggling communities. "There's no way we're going to change the situation in low-income communities and bring back all of that opportunity without the investment of private capital," Anadu says.

This podcast was recorded on May 7, 2019.

This podcast should not be copied, distributed, published or reproduced, in whole or in part. The information contained in this podcast is not financial research nor a product of Goldman Sachs Global Investment Research. Neither Goldman Sachs nor any of its affiliates makes any representation or warranty, as to the accuracy or completeness of the statements or any information contained in this podcast and any liability therefore (including in respect of direct, indirect or consequential loss or damage) is expressly disclaimed. The views expressed in this podcast are not necessarily those of Goldman Sachs, and Goldman Sachs is not providing any financial, economic, legal, accounting or tax advice or recommendations in this podcast. In addition, the receipt of this podcast by any listener is not to be taken as constituting the giving of investment advice by Goldman Sachs to that listener, nor to constitute such person a client of any Goldman Sachs entity.

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EU Elections: What’s at Stake?

Fri, 10 May 2019 04:00:00 -0000

Elections for the European Parliament taking place May 23-26 are setting up to be exceptionally important given the rise of populist and nationalist forces that threaten Europe’s long-standing centrist status quo. Some even see this election as a crucial moment in deciding the future of the European Union. Allison Nathan from Goldman Sachs Research talks to experts about the potential implications of this important election in this episode of Top of Mind. José Manuel Barroso, former President of the European Commission and Chairman of Goldman Sachs International, gives firsthand insight on the large and growing relevance of the European Parliament. Mark Leonard, Director of the European Council on Foreign Relations, provides his view on how a possible realignment in power at both the European and national levels could disrupt everything from EU leadership appointments, to trade deals, to the EU’s budget— not to mention implications for fiscal policy in member countries, among other policy areas.

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Why Do Smaller Companies Receive Higher Valuations for New Initiatives?

Thu, 09 May 2019 20:50:00 -0000

In this episode, Steve Strongin of Goldman Sachs Research discusses a new report from Goldman Sachs' Global Markets Institute, titled "What the Market Pays For." One of the main findings is that equity investors tend to pay for persistence or what is sometimes called "visibility." Strongin also discusses why large corporations often feel that they aren't rewarded for innovation the way small firms are. The reason for this, Strongin explains, is how the market perceives the "deep pocket risk" involved. Investors worry that large firms may overspend on failing projects because they have the resources to do so. Smaller companies, however, don't have as much money to be able to do the same. Strongin also discusses how corporate reporting can be managed to improve firms' valuations.

This podcast was recorded on May 1, 2019..

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What's Keeping Insurers Up at Night?

Mon, 06 May 2019 20:50:00 -0000

The findings of Goldman Sachs Asset Management's (GSAM) annual insurance survey are in, and insurance companies generally believe that US markets are in late stages of the economic cycle. Of the companies surveyed, 84% indicated that the US will see a recession within the next two years, but only 2% think that the recession will come this year, explains GSAM's Mike Siegel. Given these views, along with the current environment of high equity valuations and low bond yields, the key consideration on insurers' minds, Siegel says, is "where to safely deploy their capital in order to get a recent return."

This podcast was recorded on April 26, 2019.

The views and opinions expressed herein should not be construed as an offer to buy or sell any securities and such views and opinions may differ from those of Goldman Sachs Global Investment Research or other departments or divisions of Goldman Sachs and its affiliates. This information may not be current and Goldman Sachs has no obligation to provide any updates or changes. Neither Goldman Sachs nor any of its affiliates makes any representation or warranty, as to the accuracy or completeness of the statements or any information contained in this podcast and any liability therefore (including in respect of direct, indirect or consequential loss or damage) is expressly disclaimed. Goldman Sachs is not providing any financial, economic, legal, accounting or tax advice in this podcast. In addition, the receipt of this podcast by any listener is not to be taken as constituting the giving of investment advice by any Goldman Sachs entity. The portfolio risk management process includes an effort to monitor and manage risk but does not imply low risk.

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Why Are Savings Rates Back in Focus in the UK?

Tue, 30 Apr 2019 20:50:00 -0000

In the wake of the financial crisis, the low interest rate environment gave consumers little incentive to put their money into savings accounts. That's changing in the UK, says Goldman Sachs' Des McDaid, with savings rates "back on the agenda." In this episode, McDaid, who oversaw the launch of Marcus by Goldman Sachs in the UK, explains the factors driving the renewed demand for savings accounts and compares savings habits in the region to those around the world.

This podcast was recorded on March 5, 2019.

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Buyback Realities

Mon, 29 Apr 2019 04:00:00 -0000

The surge in US corporate buybacks to all-time highs in 2018 has generated public debate about the effects of buybacks on workers, companies, and the economy. We speak with William Lazonick, prof. at the University of Massachusetts, about the concerns driving this debate, at the core of which is the notion that buybacks come at the expense of investment. But GS portfolio strategists see little evidence of this. Aswath Damodaran, prof. at the NYU Stern School of Business, argues that’s because buybacks redirect—rather than reduce—investment, and trapping cash in firms that don’t have a good use for it instead would harm their competitiveness. More broadly, Steven Davis, prof. at The Chicago Booth School of Business, explains that such an inefficient allocation of resources would shrink the size of the economic “pie” and likely reinforce the unequal distribution of it. As for market impacts, we conclude that banning buybacks would likely lead to lower and more volatile US equity markets.

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What's the Role of Private Capital Markets in Europe?

Tue, 23 Apr 2019 20:50:00 -0000

When banks reigned in their lending activities after the global financial crisis, there was a gap in the market as small-to-medium sized businesses had nowhere to go to raise capital that they needed to grow. In this episode, Greg Olafson and Nishi Somaiya of Goldman Sachs' Securities Division discuss how alternative asset managers have filled that gap in Europe through direct lending to middle-market companies. "This form of lending in Europe has evolved and has become an asset class in its own right, to the point where companies now have an option where they go [to raise capital]," Somaiya says.

This podcast was recorded on March 6, 2019.

This podcast should not be copied, distributed, published or reproduced, in whole or in part. The information contained in this podcast is not financial research nor a product of Goldman Sachs Global Investment Research. Neither Goldman Sachs nor any of its affiliates makes any representation or warranty, as to the accuracy or completeness of the statements or any information contained in this podcast and any liability therefore (including in respect of direct, indirect or consequential loss or damage) is expressly disclaimed. The views expressed in this podcast are not necessarily those of Goldman Sachs, and Goldman Sachs is not providing any financial, economic, legal, accounting or tax advice or recommendations in this podcast. This recording should not be relied upon to evaluate any potential transaction. In addition, the receipt of this podcast by any listener is not to be taken as constituting the giving of investment advice by Goldman Sachs to that listener, nor to constitute such person a client of any Goldman Sachs entity.

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What's Next For Emerging Markets?

Thu, 11 Apr 2019 20:30:00 -0000

Emerging market economies are showing early signs of stabilization, according to Kevin Daly of Goldman Sachs Research, and a number of the factors that contributed to the weakness of EM economies last year have now been reversed. "There has already been the beginnings of a recovery from the lows pasted in September-October last year," he says. Also in the episode, Daly discusses the outlook for his core focus area, CEEMEA – Central and Eastern Europe, Middle East and Africa – and explains the impact of Turkey's economic turmoil. "We expect the recovery in Turkey to be very slow…but nevertheless, we do seem to be past the worst point of Turkish growth" he says. He argues that the long-term growth outlook for the region is positive.

This podcast was recorded on March 6, 2019.

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How is Tech Reshaping the City Skyline?

Mon, 01 Apr 2019 19:45:00 -0000

Technology is changing the physical layout of cities, says Jim Garman, who runs real estate investing for Goldman Sachs' Merchant Banking Division in Europe. For instance, while e-commerce is driving down demand for brick-and-mortar storefronts, it's accelerating demand for warehouses and other logistical assets. "Logistics has become a very in-favor asset class for investors," Garman says. "Whereas retail has become a very out-of-favor asset class at the moment." Also in the episode, Garman discusses the change in office buildings, student housing, and more.

This podcast was recorded on March 6, 2019.

This podcast should not be copied, distributed, published or reproduced, in whole or in part. The information contained in this podcast does not constitute research or a recommendation from any Goldman Sachs entity to the listener. The views and opinions expressed herein should not be construed as an offer to buy or sell any securities and such views/opinions may differ from those of Goldman Sachs Global Investment Research or other departments or divisions of Goldman Sachs and its affiliates. Neither Goldman Sachs nor any of its affiliates makes any representation or warranty, as to the accuracy or completeness of the statements or any information contained in this podcast and any liability therefor (including in respect of direct, indirect or consequential loss or damage) is expressly disclaimed. The views expressed in this podcast are not necessarily those of Goldman Sachs, and Goldman Sachs is not providing any financial, economic, legal, accounting or tax advice or recommendations in this podcast. In addition, the receipt of this podcast by any listener is not to be taken as constituting the giving of investment advice by Goldman Sachs to that listener, nor to constitute such person a client of any Goldman Sachs entity.

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Why ESG is Becoming a 'Business Imperative' for Asset Managers

Mon, 25 Mar 2019 19:10:00 -0000

Integrating ESG - environmental and social governance - into asset managers' portfolios is becoming a "business imperative," says Richard Manley, head of Environmental Social Governance Research in Goldman Sachs Research. In this episode, Manley explains the business case for ESG, why Europe is leading other regions and what households can do to lower their carbon footprint.

This podcast was recorded on February 1, 2019.

All price references and market forecasts correspond to the date of this recording.

This podcast should not be copied, distributed, published or reproduced, in whole or in part. The information contained in this podcast does not constitute research or a recommendation from any Goldman Sachs entity to the listener. Neither Goldman Sachs nor any of its affiliates makes any representation or warranty, as to the accuracy or completeness of the statements or any information contained in this podcast and any liability therefor (including in respect of direct, indirect or consequential loss or damage) is expressly disclaimed. The views expressed in this podcast are not necessarily those of Goldman Sachs, and Goldman Sachs is not providing any financial, economic, legal, accounting or tax advice or recommendations in this podcast. In addition, the receipt of this podcast by any listener is not to be taken as constituting the giving of investment advice by Goldman Sachs to that listener, nor to constitute such person a client of any Goldman Sachs entity.

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With Brexit Uncertainty and Sluggish Growth, Where Are European Investors Seeking Value?

Mon, 18 Mar 2019 19:10:00 -0000

From our office in London, this episode is all about Europe's investing environment, including how investors are preparing for possible Brexit scenarios, drivers of the region's economic slowdown and where clients are finding alpha. "The number one issue that clients in Europe are facing is how do we get returns," says Andrew Wilson, CEO of Goldman Sachs Asset Management for Europe, the Middle East and Africa, who explains how both macro and political uncertainties are weighing on investors' minds.

This podcast was recorded on March 5, 2019.

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What Can Credit Markets Tell Us About the Chances of a US Recession?

Mon, 11 Mar 2019 20:00:00 -0000

A Goldman Sachs Research study of the last 100 years suggests US recessions can be boiled down to five major causes - and several (like industrial and oil supply shocks) look structurally less threatening today. But among those that still bear close watching are the financial balances of households and corporations, which GS Research's Chief Credit Strategist Lotfi Karoui says aren't showing signs of a private sector living beyond its means. Outstanding mortgage debt has declined drastically and consumer credit growth has slowed to a four-cycle low, while on the corporate side, strong profitability and debt-servicing capacity are providing a buffer for rising net leverage. That said, there are several pockets of risk - including the growth in leveraged loans, direct lending, and delinquencies in the subprime auto loan market - but Karoui thinks it's unlikely we'll see them drag the broader economy into a downturn.

This podcast was recorded on February 26, 2019.

All price references and market forecasts correspond to the date of this recording.

This podcast should not be copied, distributed, published or reproduced, in whole or in part. The information contained in this podcast does not constitute research or a recommendation from any Goldman Sachs entity to the listener. Neither Goldman Sachs nor any of its affiliates makes any representation or warranty, as to the accuracy or completeness of the statements or any information contained in this podcast and any liability therefor (including in respect of direct, indirect or consequential loss or damage) is expressly disclaimed. The views expressed in this podcast are not necessarily those of Goldman Sachs, and Goldman Sachs is not providing any financial, economic, legal, accounting or tax advice or recommendations in this podcast. In addition, the receipt of this podcast by any listener is not to be taken as constituting the giving of investment advice by Goldman Sachs to that listener, nor to constitute such person a client of any Goldman Sachs entity.

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France in Focus: CEOs Playing Offense and Defense

Mon, 25 Feb 2019 17:20:00 -0000

In France, Goldman Sachs Investment Banking clients are focused on key three risk factors, according to Goldman Sachs' Pierre Hudry: geopolitical outlook, market stability and rising shareholder activism. Amid the uncertainty, however, French management teams remain focused on scaling businesses to compete on the global stage. "Achieving scale and being able to compete notably with the US players, which are massively consolidating and the Chinese players, who are benefitting from the whole market is really top of mind for these corporates," Hudry says.

This podcast was recorded on February 1, 2019.

The information contained in this recording was obtained from publicly available sources and has not been independently verified by Goldman Sachs. Neither Goldman Sachs nor any of its affiliates makes any representation or warranty, as to the accuracy or completeness of the information contained in this recording and any liability as a result of this recording is expressly disclaimed. The recording should not be relied upon to evaluate any potential transaction. Goldman Sachs is not giving investment advice by means of this recording, and this recording does not establish a client relationship with Goldman Sachs.

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Tech in Europe: Innovating Amidst Constraints

Tue, 19 Feb 2019 20:10:00 -0000

This episode is all about Europe's technology sector, from the pace of tech disruption and the growth of AI, to how companies are innovating in the face of political and regulatory constraints and more. Jo Hannaford of Goldman Sachs' Technology Division, points to Europe's geography as a key driver for development and innovation in technology in the region. "You feel like [in] Europe that [the countries'] physical distance doesn't really stop people being able to really...come together and communicate."

This podcast was recorded on February 1, 2019.

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China's 'Bumpy Deceleration'

Mon, 11 Feb 2019 23:00:00 -0000

The bumpy deceleration underway in China will be met with additional economic policy easing, albeit with some notable differences to previous stimulus, says Goldman Sachs Research's Andrew Tilton. He expects a slightly smaller and later stimulus relative to other slowdowns, leveraging not only Chinese policymakers' typical favored tools like infrastructure spending but also a tax cut.

This podcast was recorded on February 1, 2019.

All price references and market forecasts correspond to the date of this recording.

This podcast should not be copied, distributed, published or reproduced, in whole or in part. The information contained in this podcast does not constitute research or a recommendation from any Goldman Sachs entity to the listener. Neither Goldman Sachs nor any of its affiliates makes any representation or warranty, as to the accuracy or completeness of the statements or any information contained in this podcast and any liability therefor (including in respect of direct, indirect or consequential loss or damage) is expressly disclaimed. The views expressed in this podcast are not necessarily those of Goldman Sachs, and Goldman Sachs is not providing any financial, economic, legal, accounting or tax advice or recommendations in this podcast. In addition, the receipt of this podcast by any listener is not to be taken as constituting the giving of investment advice by Goldman Sachs to that listener, nor to constitute such person a client of any Goldman Sachs entity.

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The Scene from China: VC and Tech Reach New Scale

Mon, 04 Feb 2019 21:35:00 -0000

Last year, venture capital investment in China surpassed North American totals for the first time in history, bringing Chinese business models to a stage and scale that "the entire world needs to pay attention to" in the eyes of Goldman Sachs Research's Piyush Mubayi. Corporate venture capital plays a major role: the country's big tech companies are active investors domestically, and now they're also setting sights on new markets. In this episode, Mubayi joins Jake Siewert to discuss developments in China's corporate venture capital space, as well as trends he's seeing in the broader tech sector.

This podcast was recorded on October 24, 2018.

This podcast should not be copied, distributed, published or reproduced, in whole or in part. The information contained in this podcast does not constitute research or a recommendation from any Goldman Sachs entity to the listener. Neither Goldman Sachs nor any of its affiliates makes any representation or warranty, as to the accuracy or completeness of the statements or any information contained in this podcast and any liability therefor (including in respect of direct, indirect or consequential loss or damage) is expressly disclaimed. The views expressed in this podcast are not necessarily those of Goldman Sachs, and Goldman Sachs is not providing any financial, economic, legal, accounting or tax advice or recommendations in this podcast. In addition, the receipt of this podcast by any listener is not to be taken as constituting the giving of investment advice by Goldman Sachs to that listener, nor to constitute such person a client of any Goldman Sachs entity.

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Commodities Outlook: Return of the New Oil Order

Tue, 22 Jan 2019 22:00:00 -0000

Making a comeback alongside higher spot prices this year will be the rapid growth in US shale, says Jeff Currie, with new pipeline capacity unlocking supply from the Permian Basin and re-anchoring the market around a fast-cycle, lower-cost New Oil Order.

This podcast was recorded on January 10, 2019.

All price references and market forecasts correspond to the date of this recording.

This podcast should not be copied, distributed, published or reproduced, in whole or in part. The information contained in this podcast does not constitute research or a recommendation from any Goldman Sachs entity to the listener. Neither Goldman Sachs nor any of its affiliates makes any representation or warranty, as to the accuracy or completeness of the statements or any information contained in this podcast and any liability therefor (including in respect of direct, indirect or consequential loss or damage) is expressly disclaimed. The views expressed in this podcast are not necessarily those of Goldman Sachs, and Goldman Sachs is not providing any financial, economic, legal, accounting or tax advice or recommendations in this podcast. In addition, the receipt of this podcast by any listener is not to be taken as constituting the giving of investment advice by Goldman Sachs to that listener, nor to constitute such person a client of any Goldman Sachs entity.

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Tech Talk 2019

Fri, 11 Jan 2019 21:40:00 -0000

"Startups right now are all using technology in different ways to drive growth, to drive expansion internationally...to continue to innovate their products..." says Kim Posnett of Goldman Sachs Investment Banking, who expects a strong IPO and M&A market for tech companies in 2019 given the pervasiveness of technological applications and access to capital. In this episode, Posnett discusses what to expect from the tech sector in the year ahead, from the biggest trends shaping internet and software businesses around the globe to how tech companies are thinking about IPOs to whether the pace of innovation among startups can continue and much more.

This podcast was recorded on December 6, 2018.

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Founders' Spotlight: What It's Really Like to Start and Scale a Business

Thu, 20 Dec 2018 19:30:00 -0000

"[As a founder] there is no stopping. The commitment is bottomless in a way that I've never had before...and so it requires a level of emotional resilience and balance that is not the easiest thing to do," says Josh Hoffman, co-founder and CEO of biotech startup Zymergen in the latest episode of the firm's podcast, Exchanges at Goldman Sachs. Hoffman joined Jen Rubio, co-founder and chief brand officer of luggage startup Away, and Dan Dees, co-head of Goldman Sachs' Investment Banking Division to discuss what it's really like to start and scale a company.

This podcast was recorded on October 18, 2018.

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From Pharmaceuticals to Medical Devices: What to Watch in China's Healthcare Sector

Tue, 27 Nov 2018 19:30:00 -0000

In our first ever podcast taped in Hong Kong, we're exploring one of the highest growth sectors in China: healthcare. Stephanie Hui, head of Goldman Sachs' Merchant Banking Division in Asia-Pacific, ex-Japan, joins us in the studio to discuss the drivers behind healthcare's explosive growth in China and how investors are viewing the industry's risk and reward.

This podcast was recorded on October 22, 2018.

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Closing the Gender Gaps: Advancing Women in Corporate America

Mon, 12 Nov 2018 21:00:00 -0000

In this episode, we sit down with Amanda Hindlian and Sandra Lawson, two of the authors of a Goldman Sachs Global Markets Institute report called "Closing the gender gaps: Advancing women in corporate America." The report aims to contribute to the ongoing dialogue surrounding gender equality by analyzing some of the drivers of the gender gaps in seniority and pay and by helping clients to address these obstacles and biases.

This podcast was recorded on November 2, 2018.

All price references and market forecasts correspond to the date of this recording.

This podcast should not be copied, distributed, published or reproduced, in whole or in part. The information contained in this podcast does not constitute research or a recommendation from any Goldman Sachs entity to the listener. Neither Goldman Sachs nor any of its affiliates makes any representation or warranty, as to the accuracy or completeness of the statements or any information contained in this podcast and any liability therefor (including in respect of direct, indirect or consequential loss or damage) is expressly disclaimed. The views expressed in this podcast are not necessarily those of Goldman Sachs, and Goldman Sachs is not providing any financial, economic, legal, accounting or tax advice or recommendations in this podcast. In addition, the receipt of this podcast by any listener is not to be taken as constituting the giving of investment advice by Goldman Sachs to that listener, nor to constitute such person a client of any Goldman Sachs entity.

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LIBOR's Long Goodbye

Mon, 29 Oct 2018 22:00:00 -0000

This episode is all about the London Interbank Offered Rate, or LIBOR as it's commonly called. Beth Hammack, Goldman Sachs' global treasurer, and Jason Granet, head of the firm's LIBOR transition efforts, discuss what LIBOR is, what went wrong with the interest rate and now why and how the financial industry is moving to an alternative rate. As far as what the shift away from LIBOR means for markets, Hammack says, "First and foremost I think the impact is going to be hopefully an improvement in safety and soundness."

This podcast was recorded on September 27, 2018.

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Talent and Technology: What's Driving Poland's Growth

Mon, 15 Oct 2018 18:25:00 -0000

Poland is sometimes overshadowed by its European neighbors, but it's an important player within the region, according to Goldman Sachs' Artur Tomala and Brent Watson. In this episode, Tomala and Watson describe Poland's economic, business and political environment and why robust job opportunities are leading many Poland emigrates to return home. "We're starting to see people come back," Watson says. "And it's all based upon the fundamental principle of having quality work."

br> This podcast was recorded on August 2, 2018.

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Europe's Energy Evolution

Mon, 01 Oct 2018 21:10:00 -0000

Europe's energy sector is undergoing a transformation toward sustainable energy sources, says Goldman Sachs Research's Alberto Gandolfi. In this episode, Gandolfi discusses why clean energy has started to undercut the cost of conventional generation. "In several regions of Europe right now, renewables are way, way cheaper than any other technology. So we think they're going to displace conventional generation over the next decade," Gandolfi says.

This podcast was recorded on August 2, 2018.

All price references and market forecasts correspond to the date of this recording.

This podcast should not be copied, distributed, published or reproduced, in whole or in part. The information contained in this podcast does not constitute research or a recommendation from any Goldman Sachs entity to the listener. Neither Goldman Sachs nor any of its affiliates makes any representation or warranty, as to the accuracy or completeness of the statements or any information contained in this podcast and any liability therefor (including in respect of direct, indirect or consequential loss or damage) is expressly disclaimed. The views expressed in this podcast are not necessarily those of Goldman Sachs, and Goldman Sachs is not providing any financial, economic, legal, accounting or tax advice or recommendations in this podcast. In addition, the receipt of this podcast by any listener is not to be taken as constituting the giving of investment advice by Goldman Sachs to that listener, nor to constitute such person a client of any Goldman Sachs entity.

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Finding Value in Today's Investing Climate, from Emerging Markets to ESG

Mon, 17 Sep 2018 20:40:00 -0000

International Goldman Sachs Asset Management CEO Sheila Patel joins us in the studio to discuss key trends facing investors, from where opportunities remain in emerging markets assets to the growth of ESG investing to sovereign wealth funds' shift towards transparency. "Across the board [with both legacy and new sovereign wealth funds] what you've seen go on is an increase in transparency, a realization that the level of concern about their actions or what they might be doing could lead to a potential distrust or a disruption of their activities."

This podcast was recorded on August 2, 2018.

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From Corporate Simplification to Recovering Growth: Europe's Business Environment

Mon, 10 Sep 2018 16:00:00 -0000

Europe's business environment is in focus as companies simplify their corporate structure, global trade tensions continue and the tech industry faces increased scrutiny. Marc Nachmann, co-head of the Goldman Sachs Investment Banking Division, joins us to talk through how these factors and more are shaping business decisions and M&A in Europe. "CEO confidence remains quite strong in light of strong U.S. GDP growth, European growth recovering, and a pretty good consumer environment almost everywhere," Nachmann says. "So business environment is pretty good, confidence is high, and as a result, everybody's pretty open-minded to consider strategic transactions."

This podcast was recorded on August 2, 2018.

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"Scale, Sophistication and Global Relevance" -- Asia's Private Equity Market

Thu, 23 Aug 2018 17:45:00 -0000

"The scale of deals we're seeing [in Asia] is something we've never seen before," says Alison Mass of the Goldman Sachs Investment Banking Division. While Mass has been traveling to Asia for more than twenty years to meet with private equity clients, her most recent business trip with colleague Brian DeCenzo felt different in terms of the industry's maturation and international sophistication. In this episode, Mass and DeCenzo explain why global private equity firms are raising multi-billion dollar funds in Asia, the impact of increased Chinese buyers in global auctions, how Asian companies are embracing innovation and more.

This podcast was recorded on July 31, 2018.

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Growth, Politics and Shareholder Activism: European Equities in Focus

Fri, 17 Aug 2018 14:50:00 -0000

Looking at investor returns, European equities are trailing U.S. peers while beating emerging-market stocks in 2018. As part of our closer look at emerging economic and market themes in Europe, Sharon Bell of Goldman Sachs Research discusses the factors that explain this performance, zeroing in on U.K., German and French stocks. Bell breaks down investors' preference for growth companies over value stocks that trade at cheaper prices, particularly against a backdrop of ongoing political uncertainty and a slower pace of economic growth in the region. As for her outlook for the rest of the year, Bell says European companies look poised to deliver decent earnings growth of around 10 percent in 2018 and equities' performance could improve if political concerns subside.

This podcast was recorded on August 1, 2018.

All price references and market forecasts correspond to the date of this recording.

This podcast should not be copied, distributed, published or reproduced, in whole or in part. The information contained in this podcast does not constitute research or a recommendation from any Goldman Sachs entity to the listener. Neither Goldman Sachs nor any of its affiliates makes any representation or warranty, as to the accuracy or completeness of the statements or any information contained in this podcast and any liability therefor (including in respect of direct, indirect or consequential loss or damage) is expressly disclaimed. The views expressed in this podcast are not necessarily those of Goldman Sachs, and Goldman Sachs is not providing any financial, economic, legal, accounting or tax advice or recommendations in this podcast. In addition, the receipt of this podcast by any listener is not to be taken as constituting the giving of investment advice by Goldman Sachs to that listener, nor to constitute such person a client of any Goldman Sachs entity.

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Why Technology is Not a Bubble

Tue, 07 Aug 2018 14:50:00 -0000

Is there a bubble in technology? Goldman Sachs Research's Peter Oppenheimer doesn't think so. Despite the recent stumbles in some of tech's biggest names, the sector continues to dominate global stock indexes. "The thing that's really set apart [today's] technology revolution as we're seeing it expressed in the stock market since the financial crisis is that these companies have been very successful," says Oppenheimer. "They've been very dominant in terms of returns, but they've also been extraordinarily successful in terms of their earnings power, and their valuations have not become that extreme." Oppenheimer draws attention to just how large the tech sector has become by comparing tech companies' valuations to country GDPs and discusses the challenges facing today's most dominant players.

This podcast was recorded on July 19, 2018.

All price references and market forecasts correspond to the date of this recording.

This podcast should not be copied, distributed, published or reproduced, in whole or in part. The information contained in this podcast does not constitute research or a recommendation from any Goldman Sachs entity to the listener. Neither Goldman Sachs nor any of its affiliates makes any representation or warranty, as to the accuracy or completeness of the statements or any information contained in this podcast and any liability therefor (including in respect of direct, indirect or consequential loss or damage) is expressly disclaimed. The views expressed in this podcast are not necessarily those of Goldman Sachs, and Goldman Sachs is not providing any financial, economic, legal, accounting or tax advice or recommendations in this podcast. In addition, the receipt of this podcast by any listener is not to be taken as constituting the giving of investment advice by Goldman Sachs to that listener, nor to constitute such person a client of any Goldman Sachs entity.

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Hallo Tech: Germany Adapts to the Digital Age

Fri, 03 Aug 2018 18:40:00 -0000

Germany is in focus in Europe and around the globe as its historically strong economy undergoes a transformation adapting to the digital age. As part of our closer look at emerging economic and market themes in Europe, we sat down with Wolfgang Fink, chief executive officer of Goldman Sachs Germany and Austria, to talk about Germany's economy and business trends, including how technology is impacting German corporations. "Technology change is affecting all large [German] corporates," Fink says. "Most importantly, with respect to access to their customers… the disruption of their business models, the change in their value chain." Also in the episode, Fink discusses the future of the European Union and political challenges facing Chancellor Merkel.

This podcast was recorded on July 19, 2018.

The information contained in this recording was obtained from publicly available sources and has not been independently verified by Goldman Sachs. Neither Goldman Sachs nor any of its affiliates makes any representation or warranty as to the accuracy or completeness of the information contained in this recording and any liability as a result of this recording is expressly disclaimed. This recording should not be relied upon to evaluate any potential transaction. Goldman Sachs is not giving investment advice by means of this recording, and this recording does not establish a client relationship with Goldman Sachs.

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Getting Clarity on Personal Finance's Mobile Shift

Fri, 20 Jul 2018 17:55:00 -0000

From the financial problems facing Americans to how psychology explains people's saving and spending habits, this episode is all about money. Entrepreneur Adam Dell, founder of Clarity Money, a personal finance app that was acquired by Marcus by Goldman Sachs in April 2018, joins us to talk about all this and more, including how he created a mobile app to simplify individuals' money management. "Startups that have risen to prominence are focused on transparency, advocacy and simplicity - what I consider to be the tectonic shifts in consumer finance," he says.

This podcast was recorded on June 14, 2018.

This podcast should not be copied, distributed, published or reproduced, in whole or in part. The views expressed in this podcast are not necessarily those of Goldman Sachs, and Goldman Sachs is not providing any financial, economic, legal, accounting or tax advice or recommendations in this podcast. The information contained in this podcast was prepared for general information purposes only, does not constitute research, advice or a recommendation from any Goldman Sachs entity to the listener and are not a substitute for personalized financial advice. Neither Goldman Sachs nor any of its affiliates makes any representation or warranty as to the accuracy or completeness of the statements or any information contained in this podcast. Goldman Sachs and its affiliates expressly disclaim any liability (including any direct, indirect, or consequential loss or damage) for this podcast and its content.

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Beneath Trade Clouds, China's Transition Opens Opportunities

Mon, 09 Jul 2018 22:45:00 -0000

Rising trade tensions with the United States should not obscure the importance of China's progress in transforming its economy and opening its markets, according to Goldman Sachs Research's Tim Moe. On the latest episode of our podcast, Exchanges at Goldman Sachs, he says the size of the Chinese economy and its diminished reliance on trade to fuel growth makes it resilient to the direct impact of trade tariffs. At the same time, the inclusion of China A shares in global benchmark stock indexes means the Chinese market is poised to become an even bigger player on the global equity stage. "We have a very strong view that the opening up of the A-share market is something that investors globally really need to take very seriously and prepare for," he says. With a market capitalization of $9.3 trillion-second in size to only the US stock market--"people are just going to have to care about this," Moe says. The approved A shares will be phased into the MSCI indexes slowly, but as their inclusion ramps, benchmarked funds will be required to hold a greater proportion of Chinese assets. And with that comes greater exposure to a deep market with "lots of opportunity for so-called alpha generation or stock-picking capability," Moe says.

This podcast was recorded on June 28, 2018. All price references and market forecasts correspond to the date of this recording.

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Why Healthcare is (Finally) Chasing Consumers

Thu, 21 Jun 2018 19:45:00 -0000

From consumers' growing influence and vertical consolidation to the shift to value-based care and questions around drug pricing policy, there's a lot going on in the healthcare industry. Jo Natauri, global head of healthcare investing in Goldman Sachs' Merchant Banking Division, joins us in the studio to discuss what corporations and investors are focused on. "Operating-wise, these businesses are performing really well," Natauri says. "Healthcare is a defensive industry. But if you look at the environment right now, it's really tied to the risk around policy."

This podcast was recorded on May 14, 2018.

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What Happened to the American Pension?

Mon, 11 Jun 2018 15:00:00 -0000

Fifty years ago, if you asked Americans how they mainly saved for retirement, chances are they'd answer: "my pension." That's no longer the case. After surging in the post-World War II years, corporate pensions have been on the decline in the US over the past couple decades, largely driven by a stricter regulatory environment and long period of low interest rates, says Goldman Sachs' Michael Moran. With fewer corporations offering comprehensive pension plans, Moran says it will be up to individuals to carry the burden of retirement savings. "It's going to be falling on a lot of individuals in terms of saving for retirement, investing money themselves and then realizing how long they're going to have to use that money in retirement."

This podcast was recorded on April 13th, 2018.

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At the Movies: Battling Box-Office Blues in an Age of Streaming

Thu, 24 May 2018 22:00:00 -0000

From subscription services with generous discounts on concessions to comfier theaters, the film industry is moving aggressively to get more people off their sofas and to the box office, says Drew Borst of Goldman Sachs Research, so far with mixed results. Some efforts (think: reclining seats) are likely to prove more successful than others (think: forays into alternative content like eSports), he says. But one constant is likely to be a heavier reliance on big-budget blockbusters to draw audiences even as TV ups its game. "In television, the hits keep getting smaller and smaller and smaller as the supply has ballooned. It's become a crowded marketplace, and it's difficult for even a very well-produced, high-quality series to stand out," Borst says. "In movies, it's just the opposite. The hits are getting bigger and bigger...in the United States, but also globally."

This podcast was recorded on May 16, 2018.

All price references and market forecasts correspond to the date of this recording.

This podcast should not be copied, distributed, published or reproduced, in whole or in part. The information contained in this podcast does not constitute research or a recommendation from any Goldman Sachs entity to the listener. Neither Goldman Sachs nor any of its affiliates makes any representation or warranty, as to the accuracy or completeness of the statements or any information contained in this podcast and any liability therefore (including in respect of direct, indirect or consequential loss or damage) is expressly disclaimed. The views expressed in this podcast are not necessarily those of Goldman Sachs, and Goldman Sachs is not providing any financial, economic, legal, accounting or tax advice or recommendations in this podcast. In addition, the receipt of this podcast by any listener is not to be taken as constituting the giving of investment advice by Goldman Sachs to that listener, nor to constitute such person a client of any Goldman Sachs entity.

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Beyond VR and AR: Extended Reality to Transform Our Lives as Consumers

Mon, 21 May 2018 19:45:00 -0000

It's not a matter of if Extended Reality (XR) will touch all aspects of our lives-it's a matter of when, says Heather Bellini of Goldman Sachs Research. By 2025, XR is projected to generate over $100 billion in sales, with the consumer and e-commerce sectors being its biggest beneficiaries. The technology carries broad implications for healthcare, education and real estate as well. "Ultimately, this AR/VR/mixed reality movement will change the way we interact with technology forever," Bellini says.

This podcast was recorded on April 5, 2018.

All price references and market forecasts correspond to the date of this recording.

This podcast should not be copied, distributed, published or reproduced, in whole or in part. The information contained in this podcast does not constitute research or a recommendation from any Goldman Sachs entity to the listener. Neither Goldman Sachs nor any of its affiliates makes any representation or warranty, as to the accuracy or completeness of the statements or any information contained in this podcast and any liability therefor (including in respect of direct, indirect or consequential loss or damage) is expressly disclaimed. The views expressed in this podcast are not necessarily those of Goldman Sachs, and Goldman Sachs is not providing any financial, economic, legal, accounting or tax advice or recommendations in this podcast. In addition, the receipt of this podcast by any listener is not to be taken as constituting the giving of investment advice by Goldman Sachs to that listener, nor to constitute such person a client of any Goldman Sachs entity.

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eSports: The New Global Pastime

Tue, 08 May 2018 17:00:00 -0000

eSports - professional video gaming - has over 350 million viewers worldwide. In this episode, Ryan Nolan, global head of digital gaming in Goldman Sachs' Investment Banking Division, and his colleague Moritz Baier, a former eSports world champion, discuss how eSports is going mainstream after facing early skepticism. "I think the entire ecosystem is going to enjoy richer valuations, greater monetization opportunities and broader reach with time," Nolan said.

This podcast was recorded on March 14, 2018.

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Oil Investing Enters "The Age of Restraint"

Fri, 27 Apr 2018 22:30:00 -0000

The oil and natural gas investment cycle is entering an "age of restraint," according to a newly-published report from Goldman Sachs Research. In this episode, we sit down with Michele Della Vigna, Commodity Equity business unit leader in EMEA, to understand what this means for the sector. "The period of restraint is a period where fear around long-term demand distraction from decarbonization and electric vehicles is forcing the industry to really rationalize its capital investment," Della Vigna says.

This podcast was recorded on April 16, 2018.

All price references and market forecasts correspond to the date of this recording.

This podcast should not be copied, distributed, published or reproduced, in whole or in part. The information contained in this podcast does not constitute research or a recommendation from any Goldman Sachs entity to the listener. Neither Goldman Sachs nor any of its affiliates makes any representation or warranty, as to the accuracy or completeness of the statements or any information contained in this podcast and any liability therefor (including in respect of direct, indirect or consequential loss or damage) is expressly disclaimed. The views expressed in this podcast are not necessarily those of Goldman Sachs, and Goldman Sachs is not providing any financial, economic, legal, accounting or tax advice or recommendations in this podcast. In addition, the receipt of this podcast by any listener is not to be taken as constituting the giving of investment advice by Goldman Sachs to that listener, nor to constitute such person a client of any Goldman Sachs entity.

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Is Bitcoin a (Bursting) Bubble?

Thu, 19 Apr 2018 19:20:00 -0000

As cryptocurrency volatility continues, Steve Strongin, Charlie Himmelberg and Jeff Currie of Goldman Sachs Research reaffirm their cautious stance on the long-term viability of bitcoin and other first-generation cryptocurrencies. "This should be a battle of the best technology, and instead it seems to be a common wave of enthusiasm," says Strongin, head of GS Research, of the buzz surrounding the first generation. "Certainly these technologies offer some promise, but on the other hand, when you think about how much they will need to change to meet that need, you realize…how different those future generations are going to be."

This podcast was recorded on April 10, 2018.

All price references and market forecasts correspond to the date of this recording.

This podcast should not be copied, distributed, published or reproduced, in whole or in part. The information contained in this podcast does not constitute research or a recommendation from any Goldman Sachs entity to the listener. Neither Goldman Sachs nor any of its affiliates makes any representation or warranty, as to the accuracy or completeness of the statements or any information contained in this podcast and any liability therefor (including in respect of direct, indirect or consequential loss or damage) is expressly disclaimed. The views expressed in this podcast are not necessarily those of Goldman Sachs, and Goldman Sachs is not providing any financial, economic, legal, accounting or tax advice or recommendations in this podcast. In addition, the receipt of this podcast by any listener is not to be taken as constituting the giving of investment advice by Goldman Sachs to that listener, nor to constitute such person a client of any Goldman Sachs entity.

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From Mobile Wallets to Blockchain: How Fintech is Growing Up

Thu, 05 Apr 2018 21:50:00 -0000

The fintech sector has been evolving rapidly as new startups emerge and large financial institutions figure out how to adapt...or else get left behind. To understand where we are in the "three waves of fintech," we spoke with Jeff Gido, global head of the financial technology sector in Goldman Sachs' Investment Banking Division. "We're seeing much more two-way dialogue [between financial services incumbents and startups]. We're seeing much more cooperation, much more partnerships. And we're actually seeing a lot of investment by traditional financial services into these fintech startups."

This podcast was recorded on March 8, 2018.

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In Their Own Words: 10,000 Small Businesses on Challenges to Growth

Fri, 23 Mar 2018 16:15:00 -0000

Small businesses make up over 99 percent of all U.S. enterprises, and they employ 60 million Americans, nearly half the national workforce. In this episode, we sit down with Steve Strongin and Amanda Hindlian of Goldman Sachs' Global Investment Research Division to discuss the state of small businesses in America. We also hear directly from some of the small business owners of Goldman Sachs' 10,000 Small Businesses program about their biggest challenges to growth.

This podcast was recorded on March 9, 2018.

All price references and market forecasts correspond to the date of this recording.

This podcast should not be copied, distributed, published or reproduced, in whole or in part. The information contained in this podcast does not constitute research or a recommendation from any Goldman Sachs entity to the listener. Neither Goldman Sachs nor any of its affiliates makes any representation or warranty, as to the accuracy or completeness of the statements or any information contained in this podcast and any liability therefor (including in respect of direct, indirect or consequential loss or damage) is expressly disclaimed. The views expressed in this podcast are not necessarily those of Goldman Sachs, and Goldman Sachs is not providing any financial, economic, legal, accounting or tax advice or recommendations in this podcast. In addition, the receipt of this podcast by any listener is not to be taken as constituting the giving of investment advice by Goldman Sachs to that listener, nor to constitute such person a client of any Goldman Sachs entity.

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The Rate Stuff: What Markets Are Saying About the Macro Outlook

Mon, 12 Mar 2018 19:45:00 -0000

What are the markets telling us about expectations for the economy and monetary policy? We sat down with Francesco Garzarelli, co-chief markets economist of the Global Macro Research team, who says recent upticks in volatility reflect a stronger US growth outlook and uncertainty about how the Federal Reserve will respond to it. He discusses why investors should pay attention to the "term premium" reflected in bond prices to assess whether investors are too complacent about inflation, and the implications of divergence in monetary policy between the US, Europe and Japan.

This podcast was recorded on March 6, 2018.

All price references and market forecasts correspond to the date of this recording.

This podcast should not be copied, distributed, published or reproduced, in whole or in part. The information contained in this podcast does not constitute research or a recommendation from any Goldman Sachs entity to the listener. Neither Goldman Sachs nor any of its affiliates makes any representation or warranty, as to the accuracy or completeness of the statements or any information contained in this podcast and any liability therefor (including in respect of direct, indirect or consequential loss or damage) is expressly disclaimed. The views expressed in this podcast are not necessarily those of Goldman Sachs, and Goldman Sachs is not providing any financial, economic, legal, accounting or tax advice or recommendations in this podcast. In addition, the receipt of this podcast by any listener is not to be taken as constituting the giving of investment advice by Goldman Sachs to that listener, nor to constitute such person a client of any Goldman Sachs entity.

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How Podcasts Are Creating The "Second Golden Age of Audio"

Fri, 23 Feb 2018 23:25:00 -0000

The popularity of podcasts is surging, as millions of listeners turn to their smartphones each day for audio content ranging from quick news to immersive storytelling. So what makes a great podcast, and how are podcasts changing traditional media and journalism? To answer those questions, we sat down with two of the most popular podcast hosts and producers, Alex Blumberg of Gimlet Media and Jacob Weisberg of Slate.

This podcast was recorded on January 31, 2018.

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(Un)Steady as She Goes: 2018 Investment Outlook

Fri, 09 Feb 2018 23:15:00 -0000

The U.S. is in its second-longest equity bull market in the post WWII-era, at nearly nine years. Can financial markets continue on their upward course, or is the recent volatility a sign that bearish conditions are on their way? Sharmin Mossavar-Rahmani, chief investment officer of the Goldman Sachs Investment Strategy Group, discusses her team's 2018 investment outlook, titled (Un)Steady as She Goes, and explains its recommendation that clients stay invested in equities in the year ahead.

This podcast was recorded on February 5th, 2018.

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"Once-in-a-Generation" Energy Shift...Plus Investment Banking Outlook for Latin America

Fri, 02 Feb 2018 17:45:00 -0000

"We are looking at a once-in-a-generation secular change in the way we produce power," says Gonzalo Garcia, co-head of the Global Natural Resources Group in Goldman Sachs' Investment Banking Division and co-head of Latin America for the firm. In addition to discussing the shift to renewable energy and how CEOs are adapting, Garcia also addresses the macroeconomic backdrop of Latin America and why clients view the region as an attractive growth opportunity.

This podcast was recorded on January 17, 2018.

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President Trump, Year Two: What's Next on the Agenda?

Thu, 25 Jan 2018 22:20:00 -0000

Now over the hurdle of tax reform, the question becomes which political priorities the Trump Administration will tackle next. Alec Phillips, chief US political economist for Goldman Sachs Research, says the potential for a mid-term election shakeup is likely to delay legislative progress on infrastructure and compromise on immigration, but he does expect movement on financial deregulation this year. Trade tensions with China could also re-heat as the Administration responds to the results of several key international trade investigations.

This podcast was recorded on January 22, 2018.

All price references and market forecasts correspond to the date of this recording.

This podcast should not be copied, distributed, published or reproduced, in whole or in part. The information contained in this podcast does not constitute research or a recommendation from any Goldman Sachs entity to the listener. Neither Goldman Sachs nor any of its affiliates makes any representation or warranty, as to the accuracy or completeness of the statements or any information contained in this podcast and any liability therefor (including in respect of direct, indirect or consequential loss or damage) is expressly disclaimed. The views expressed in this podcast are not necessarily those of Goldman Sachs, and Goldman Sachs is not providing any financial, economic, legal, accounting or tax advice or recommendations in this podcast. In addition, the receipt of this podcast by any listener is not to be taken as constituting the giving of investment advice by Goldman Sachs to that listener, nor to constitute such person a client of any Goldman Sachs entity.

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Closer Than You Think: What the Future Looks Like to Venture Capital

Mon, 08 Jan 2018 23:45:00 -0000

Venture capital has taken on a higher profile in the public imagination in recent years, thanks to the dramatic success of several early bets that have since become household names. Heath Terry, lead internet sector analyst for Goldman Sachs Research, shares where venture firms are focused now and what that means for the future of global industries, including health care and financial services.

This podcast was recorded on November 14, 2017.

All price references and market forecasts correspond to the date of this recording.

This podcast should not be copied, distributed, published or reproduced, in whole or in part. The information contained in this podcast does not constitute research or a recommendation from any Goldman Sachs entity to the listener. Neither Goldman Sachs nor any of its affiliates makes any representation or warranty, as to the accuracy or completeness of the statements or any information contained in this podcast and any liability therefor (including in respect of direct, indirect or consequential loss or damage) is expressly disclaimed. The views expressed in this podcast are not necessarily those of Goldman Sachs, and Goldman Sachs is not providing any financial, economic, legal, accounting or tax advice or recommendations in this podcast. In addition, the receipt of this podcast by any listener is not to be taken as constituting the giving of investment advice by Goldman Sachs to that listener, nor to constitute such person a client of any Goldman Sachs entity.

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In the Face of Brexit, Business as Usual in Europe... But For How Long?

Wed, 20 Dec 2017 22:15:00 -0000

The year's most notable elections in Europe produced largely market-friendly results, stability that has helped support the deal-making environment across the continent. Anthony Gutman, co-head of UK Investment Banking at Goldman Sachs and co-head of Investment Banking Services in EMEA, discusses the sectors and geographies where activity has been most robust, why activism is on the rise in Europe and what Brexit has meant so far for clients and the firm.

This podcast was recorded on December 7, 2017.

The information contained in this recording was obtained from publicly available sources and has not been independently verified by Goldman Sachs. Neither Goldman Sachs nor any of its affiliates makes any representation or warranty as to the accuracy or completeness of the information contained in this recording and any liability as a result of this recording is expressly disclaimed. This recording should not be relied upon to evaluate any potential transaction. Goldman Sachs is not giving investment advice by means of this recording, and this recording does not establish a client relationship with Goldman Sachs.

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Tax Reform, Bitcoin and the Year Ahead for Financials

Thu, 14 Dec 2017 21:10:00 -0000

Banks in the United States are well-positioned to benefit from corporate tax reform, says Goldman Sachs Research's Richard Ramsden. What's less clear is how they'll continue to fend off challenges from technology companies, which have already made inroads in certain businesses, like payments. Richard shares his outlook for the sector heading into 2018, talking through the regulatory and technological changes that are on everyone's minds - including what bitcoin means for banks.

This podcast was recorded on December 11, 2017.

All price references and market forecasts correspond to the date of this recording.

This podcast should not be copied, distributed, published or reproduced, in whole or in part. The information contained in this podcast does not constitute research or a recommendation from any Goldman Sachs entity to the listener. Neither Goldman Sachs nor any of its affiliates makes any representation or warranty, as to the accuracy or completeness of the statements or any information contained in this podcast and any liability therefor (including in respect of direct, indirect or consequential loss or damage) is expressly disclaimed. The views expressed in this podcast are not necessarily those of Goldman Sachs, and Goldman Sachs is not providing any financial, economic, legal, accounting or tax advice or recommendations in this podcast. In addition, the receipt of this podcast by any listener is not to be taken as constituting the giving of investment advice by Goldman Sachs to that listener, nor to constitute such person a client of any Goldman Sachs entity.

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The "Pay-As-You-Go" Car and the Future of Mobility

Wed, 06 Dec 2017 16:00:00 -0000

Ride-hailing companies are poised for explosive growth over the next decade, according to Stefan Burgstaller, head of European industrials equity research. Their prominence may usher in the era of the 'pay-as-you-go' car, which could have dramatic effects on the entire automotive ecosystem.

This podcast was recorded on November 2, 2017.

All price references and market forecasts correspond to the date of this recording.

This podcast should not be copied, distributed, published or reproduced, in whole or in part. The information contained in this podcast does not constitute research or a recommendation from any Goldman Sachs entity to the listener. Neither Goldman Sachs nor any of its affiliates makes any representation or warranty, as to the accuracy or completeness of the statements or any information contained in this podcast and any liability therefor (including in respect of direct, indirect or consequential loss or damage) is expressly disclaimed. The views expressed in this podcast are not necessarily those of Goldman Sachs, and Goldman Sachs is not providing any financial, economic, legal, accounting or tax advice or recommendations in this podcast. In addition, the receipt of this podcast by any listener is not to be taken as constituting the giving of investment advice by Goldman Sachs to that listener, nor to constitute such person a client of any Goldman Sachs entity.

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The Method in the Madness: Adam Lowry and Eric Ryan on Starting Up All Over Again

Wed, 22 Nov 2017 13:25:00 -0000

Eric Ryan and Adam Lowry were childhood friends who started a business together. Then it got crazy. They discuss building Method, the innovative homecare company, out of the dirtiest bachelor pad in San Francisco, and why both got the itch to start-up a second time, Eric with Olly Nutrition, and Adam with Ripple Foods.

This podcast was recorded on October 19, 2017.

The information contained in this recording was obtained from publicly available sources and has not been independently verified by Goldman Sachs. Neither Goldman Sachs nor any of its affiliates makes any representation or warranty as to the accuracy or completeness of the information contained in this recording and any liability as a result of this recording is expressly disclaimed. This recording should not be relied upon to evaluate any potential transaction. Goldman Sachs is not giving investment advice by means of this recording and this recoding does not establish a client relationship with Goldman Sachs.

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Building Brands, Creating Communities: Beautycounter and Zola

Wed, 22 Nov 2017 13:20:00 -0000

From the 2017 Goldman Sachs Builders + Innovators Summit: Shan-Lyn Ma, co-founder and CEO of online wedding destination Zola, and Gregg Renfrew, founder and CEO of skincare and cosmetics brand Beautycounter, are joined by Goldman Sachs co-head of Investment Banking John Waldron to discuss fundraising, recruiting top talent and building brands that last.

This podcast was recorded on October 19, 2017.

The information contained in this recording was obtained from publicly available sources and has not been independently verified by Goldman Sachs. Neither Goldman Sachs nor any of its affiliates makes any representation or warranty as to the accuracy or completeness of the information contained in this recording and any liability as a result of this recording is expressly disclaimed. This recording should not be relied upon to evaluate any potential transaction. Goldman Sachs is not giving investment advice by means of this recording and this recoding does not establish a client relationship with Goldman Sachs.

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Three Views on Impact Investing

Tue, 07 Nov 2017 22:50:00 -0000

Hugh Lawson, head of Goldman Sachs Asset Management's Institutional Client Strategy and ESG and Impact investing efforts, is joined by Scott Brown, CEO of New Energy Capital, and Elizabeth McGeveran, Director of Impact Investing at the McKnight Foundation, to discuss how socially conscious investing has become mainstream and where it could be headed.

This podcast was recorded on October 10, 2017.

The views and opinions expressed herein should not be construed as an offer to buy or sell any securities and such views and opinions may differ from those of Goldman Sachs Global Investment Research or other departments or divisions of Goldman Sachs and its affiliates. This information may not be current and Goldman Sachs has no obligation to provide any updates or changes. Neither Goldman Sachs nor any of its affiliates makes any representation or warranty, as to the accuracy or completeness of the statements or any information contained in this podcast and any liability therefore (including in respect of direct, indirect or consequential loss or damage) is expressly disclaimed. Goldman Sachs is not providing any financial, economic, legal, accounting or tax advice in this podcast. In addition, the receipt of this podcast by any listener is not to be taken as constituting the giving of investment advice by any Goldman Sachs entity or individual to that listener, nor to constitute such person a client of any Goldman Sachs entity. No part of this podcast may, without GSAM's prior written consent, be reproduced, redistributed, published, copied or duplicated in any form, by any means.

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The Bear Necessities

Mon, 30 Oct 2017 18:40:00 -0000

Eight years into the "most unloved" bull market in history, many investors are asking how much longer the upswing can last. Peter Oppenheimer, chief global equity strategist for Goldman Sachs Research, discusses why identifying the peak may be less important than recognizing a bear market once it starts, and what history can tell us about the types and tenures of these declines.

This podcast was recorded on October 16, 2017.

All price references and market forecasts correspond to the date of this recording.

This podcast should not be copied, distributed, published or reproduced, in whole or in part. The information contained in this podcast does not constitute research or a recommendation from any Goldman Sachs entity to the listener. Neither Goldman Sachs nor any of its affiliates makes any representation or warranty, as to the accuracy or completeness of the statements or any information contained in this podcast and any liability therefor (including in respect of direct, indirect or consequential loss or damage) is expressly disclaimed. The views expressed in this podcast are not necessarily those of Goldman Sachs, and Goldman Sachs is not providing any financial, economic, legal, accounting or tax advice or recommendations in this podcast. In addition, the receipt of this podcast by any listener is not to be taken as constituting the giving of investment advice by Goldman Sachs to that listener, nor to constitute such person a client of any Goldman Sachs entity.

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Goldman Sachs President Harvey Schwartz on Mentorship, Markets and More

Thu, 19 Oct 2017 23:35:00 -0000

Harvey Schwartz, president and co-COO of Goldman Sachs, took a year off after high school, though it wasn't part of any kind of grand plan - he readily admits there wasn't one. But it did introduce him to his first mentor, and the concept of investing in other people's success that has been a defining theme of his three decades in finance. He shares how his path has evolved over the course of his career and his thoughts on today's market environment.

This podcast was recorded on October 3, 2017.

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A Conversation with Goldman Sachs President David Solomon

Fri, 13 Oct 2017 15:15:00 -0000

Markets are up, volatility is down and clients have questions. David Solomon, president and co-COO of Goldman Sachs, discusses the rise in passive investing, how technology is making the world more competitive and his 35-year career on Wall Street.

This podcast was recorded on September 7, 2017.

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Flux, Friction and the Next Phase of Globalization

Mon, 09 Oct 2017 22:10:00 -0000

After a distinguished career in politics that included roles as prime minister of Portugal and president of the European Commission, José Manuel Barroso was named chair of Goldman Sachs International in 2016. He discusses the future of European integration amidst populist movements across the region, the challenges and opportunities in global trade and his role at the firm.

This podcast was recorded on September 20, 2017.

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The Evolution of the Equities Market

Mon, 25 Sep 2017 22:00:00 -0000

Paul Russo, co-COO of the Equities Franchise in the Goldman Sachs Securities Division, explains how technological change and regulatory reform helped develop a growing class of institutional investor - systematic traders - and what a rising interest rate environment could mean for the equity markets.

This podcast was recorded on August 30, 2017.

This podcast should not be copied, distributed, published or reproduced, in whole or in part. The information contained in this podcast is not financial research nor a product of Goldman Sachs Global Investment Research. Neither Goldman Sachs nor any of its affiliates makes any representation or warranty, as to the accuracy or completeness of the statements or any information contained in this podcast and any liability therefore (including in respect of direct, indirect or consequential loss or damage) is expressly disclaimed. The views expressed in this podcast are not necessarily those of Goldman Sachs, and Goldman Sachs is not providing any financial, economic, legal, accounting or tax advice or recommendations in this podcast. This recording should not be relied upon to evaluate any potential transaction. In addition, the receipt of this podcast by any listener is not to be taken as constituting the giving of investment advice by Goldman Sachs to that listener, nor to constitute such person a client of any Goldman Sachs entity.

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Europe Looks to Germany

Mon, 18 Sep 2017 22:30:00 -0000

Jörg Kukies, co-CEO of Goldman Sachs in Germany and Austria, discusses Germany's unique role within Europe and on the global stage during a period of significant political and economic developments in Europe and globally.

This podcast was recorded on September 13, 2017.

This podcast should not be copied, distributed, published or reproduced, in whole or in part. The information contained in this podcast is not financial research nor a product of Goldman Sachs Global Investment Research. Neither Goldman Sachs nor any of its affiliates makes any representation or warranty, as to the accuracy or completeness of the statements or any information contained in this podcast and any liability therefore (including in respect of direct, indirect or consequential loss or damage) is expressly disclaimed. The views expressed in this podcast are not necessarily those of Goldman Sachs, and Goldman Sachs is not providing any financial, economic, legal, accounting or tax advice or recommendations in this podcast. This recording should not be relied upon to evaluate any potential transaction. In addition, the receipt of this podcast by any listener is not to be taken as constituting the giving of investment advice by Goldman Sachs to that listener, nor to constitute such person a client of any Goldman Sachs entity.

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The Store of the Future

Tue, 22 Aug 2017 16:40:00 -0000

For all the pain that e-commerce has inflicted on retailers, the brick-and-mortar store is far from dead, according to Goldman Sachs Research's lead retail analyst Matt Fassler. Instead, he says, survivors of the latest round of retail disruption will succeed in part by narrowing their sights, focusing either on efficiently distributing goods or improving the in-store experience for customers.

This podcast was recorded on August 14, 2017.

All price references and market forecasts correspond to the date of this recording.

This podcast should not be copied, distributed, published or reproduced, in whole or in part. The information contained in this podcast does not constitute research or a recommendation from any Goldman Sachs entity to the listener. Neither Goldman Sachs nor any of its affiliates makes any representation or warranty, as to the accuracy or completeness of the statements or any information contained in this podcast and any liability therefor (including in respect of direct, indirect or consequential loss or damage) is expressly disclaimed. The views expressed in this podcast are not necessarily those of Goldman Sachs, and Goldman Sachs is not providing any financial, economic, legal, accounting or tax advice or recommendations in this podcast. In addition, the receipt of this podcast by any listener is not to be taken as constituting the giving of investment advice by Goldman Sachs to that listener, nor to constitute such person a client of any Goldman Sachs entity.

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Investing in Low-Carbon Asia

Mon, 07 Aug 2017 17:30:00 -0000

With energy demand expected to double in Asia by 2030, and with a billion people currently without electricity, Ankur Sahu, co-head of Goldman Sachs' Merchant Bank in Asia-Pacific, says that renewables fill a crucial gap in the marketplace. Investors have been faced with ample opportunity, he says, so much so that an industry previously thought as niche has rapidly broadened to include large institutional investors -- even in emerging markets.

This podcast was recorded on August 1, 2017.

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Why Health Care's Future Is All About Value

Thu, 20 Jul 2017 21:30:00 -0000

Health care is projected to make up nearly forty percent of the US federal budget by 2025. In an effort to slow down cost increases, some in the industry have begun to explore value-based contracts, potentially transforming the industry's economics. Jami Rubin and Robert P. Jones of Goldman Sachs Research discuss how placing an emphasis on patient outcomes - instead of volumes of medications or services sold - could impact investors, companies and consumers.

This podcast was recorded on July 12, 2017.

All price references and market forecasts correspond to the date of this recording.

This podcast should not be copied, distributed, published or reproduced, in whole or in part. The information contained in this podcast does not constitute research or a recommendation from any Goldman Sachs entity to the listener. Neither Goldman Sachs nor any of its affiliates makes any representation or warranty, as to the accuracy or completeness of the statements or any information contained in this podcast and any liability therefor (including in respect of direct, indirect or consequential loss or damage) is expressly disclaimed. The views expressed in this podcast are not necessarily those of Goldman Sachs, and Goldman Sachs is not providing any financial, economic, legal, accounting or tax advice or recommendations in this podcast. In addition, the receipt of this podcast by any listener is not to be taken as constituting the giving of investment advice by Goldman Sachs to that listener, nor to constitute such person a client of any Goldman Sachs entity.

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Music: Back in Black

Fri, 30 Jun 2017 20:15:00 -0000

Digitization ravaged the music business, but nearly 20 years after the launch of Napster, the industry has returned to growth on the back of a "second digital revolution," according to Lisa Yang of Goldman Sachs Research. Streaming services are leading the way, growing the revenue pie for artists and labels both and creating new opportunities for companies across the music ecosystem. Yang is joined by Marc Geiger, worldwide head of music for William Morris Endeavor; and Patrick Spence, CEO of Sonos, to talk about where music was and where it could be headed.

This podcast was recorded on June 27, 2017.

All price references and market forecasts correspond to the date of this recording.

This podcast should not be copied, distributed, published or reproduced, in whole or in part. The information contained in this podcast does not constitute research or a recommendation from any Goldman Sachs entity to the listener. Neither Goldman Sachs nor any of its affiliates makes any representation or warranty, as to the accuracy or completeness of the statements or any information contained in this podcast and any liability therefor (including in respect of direct, indirect or consequential loss or damage) is expressly disclaimed. The views expressed in this podcast are not necessarily those of Goldman Sachs, and Goldman Sachs is not providing any financial, economic, legal, accounting or tax advice or recommendations in this podcast. In addition, the receipt of this podcast by any listener is not to be taken as constituting the giving of investment advice by Goldman Sachs to that listener, nor to constitute such person a client of any Goldman Sachs entity.

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Retail: Online, Offline, All the Time

Fri, 16 Jun 2017 22:25:00 -0000

The retail sector is at the epicenter of technological disruption and changing consumer behavior. But according to Goldman Sachs' Kathy Elsesser, global chair of the Healthcare Group and the Consumer and Retail Group in Investment Banking, and Kim Posnett, global head of Internet Investment Banking, these shifts are more evolution than revolution. An omnichannel approach, combining traditional brick-and-mortar and ecommerce offerings, is emerging as the primary way forward for companies at both ends of the spectrum.

This podcast was recorded on June 8, 2017.

The information contained in this recording was obtained from publicly available sources and has not been independently verified by Goldman Sachs. Neither Goldman Sachs nor any of its affiliates makes any representation or warranty as to the accuracy or completeness of the information contained in this recording and any liability as a result of this recording is expressly disclaimed. This recording should not be relied upon to evaluate any potential transaction. Goldman Sachs is not giving investment advice by means of this recording, and this recording does not establish a client relationship with Goldman Sachs.

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Space: The Next Investment Frontier

Mon, 22 May 2017 20:30:00 -0000

Long dominated by government agencies, space is now in play for private companies and venture capitalists, who see big potential in areas like launch, communications and exploration. Noah Poponak, senior Aerospace and Defense equity research analyst for Goldman Sachs Research, says this investment interest has helped reduce launch costs and spur innovation across related industries, opening up a new chapter in the history of the space economy.

This podcast was recorded on May 3, 2017.

All price references and market forecasts correspond to the date of this recording.

This podcast should not be copied, distributed, published or reproduced, in whole or in part. The information contained in this podcast does not constitute research or a recommendation from any Goldman Sachs entity to the listener. Neither Goldman Sachs nor any of its affiliates makes any representation or warranty, as to the accuracy or completeness of the statements or any information contained in this podcast and any liability therefor (including in respect of direct, indirect or consequential loss or damage) is expressly disclaimed. The views expressed in this podcast are not necessarily those of Goldman Sachs, and Goldman Sachs is not providing any financial, economic, legal, accounting or tax advice or recommendations in this podcast. In addition, the receipt of this podcast by any listener is not to be taken as constituting the giving of investment advice by Goldman Sachs to that listener, nor to constitute such person a client of any Goldman Sachs entity.

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The Metrics that Matter: A 'Mainstream' Approach to ESG

Mon, 08 May 2017 18:50:00 -0000

Environmental, social and governance metrics have matured to the point where they can help mainstream investors beat their benchmarks, says Goldman Sachs Research's Derek Bingham. As a member of the GS SUSTAIN team, which seeks to identify companies with long-term growth potential, Bingham and his colleagues study which sustainability measures most closely align with returns over time. He shares the team's findings and explains why he sees ESG research as integral to a "holistic" take on stock selection.

This podcast was recorded on May 2, 2017.

All price references and market forecasts correspond to the date of this recording.

This podcast should not be copied, distributed, published or reproduced, in whole or in part. The information contained in this podcast does not constitute research or a recommendation from any Goldman Sachs entity to the listener. Neither Goldman Sachs nor any of its affiliates makes any representation or warranty, as to the accuracy or completeness of the statements or any information contained in this podcast and any liability therefor (including in respect of direct, indirect or consequential loss or damage) is expressly disclaimed. The views expressed in this podcast are not necessarily those of Goldman Sachs, and Goldman Sachs is not providing any financial, economic, legal, accounting or tax advice or recommendations in this podcast. In addition, the receipt of this podcast by any listener is not to be taken as constituting the giving of investment advice by Goldman Sachs to that listener, nor to constitute such person a client of any Goldman Sachs entity.

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Post-Brexit Europe: A Period of Uncertainty and Opportunity

Wed, 26 Apr 2017 22:50:00 -0000

The two-year negotiation process of Brexit has officially commenced amidst Europe's year of elections, meaning the broader sense of uncertainty that has underpinned much of the region's business operations will continue for the foreseeable future. Richard Gnodde, vice chairman of Goldman Sachs and chief executive officer of Goldman Sachs International, discusses how companies - Goldman Sachs included - are adapting to the political landscape.

This podcast was recorded on April 24, 2017.

The information contained in this recording was obtained from publicly available sources and has not been independently verified by Goldman Sachs. Neither Goldman Sachs nor any of its affiliates makes any representation or warranty as to the accuracy or completeness of the information contained in this recording and any liability as a result of this recording is expressly disclaimed. This recording should not be relied upon to evaluate any potential transaction. Goldman Sachs is not giving investment advice by means of this recording, and this recording does not establish a client relationship with Goldman Sachs.

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'Peak Momentum' and a New Phase for Asian Stocks

Fri, 07 Apr 2017 20:50:00 -0000

Tim Moe, chief Asia Pacific equity strategist for Goldman Sachs Research, says recent economic data indicate global growth has perhaps reached "peak momentum." While that could mean more modest returns for equity investors going forward, there is still value to be found in Asia, he argues, most notably in China.

This podcast was recorded on April 3, 2017.

This podcast should not be copied, distributed, published or reproduced, in whole or in part. The information contained in this podcast does not constitute research or a recommendation from any Goldman Sachs entity to the listener. Neither Goldman Sachs nor any of its affiliates makes any representation or warranty, as to the accuracy or completeness of the statements or any information contained in this podcast and any liability therefor (including in respect of direct, indirect or consequential loss or damage) is expressly disclaimed. The views expressed in this podcast are not necessarily those of Goldman Sachs, and Goldman Sachs is not providing any financial, economic, legal, accounting or tax advice or recommendations in this podcast. In addition, the receipt of this podcast by any listener is not to be taken as constituting the giving of investment advice by Goldman Sachs to that listener, nor to constitute such person a client of any Goldman Sachs entity.

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Manufacturing in the Digital Age: A Balancing Act for Businesses

Mon, 27 Mar 2017 16:30:00 -0000

The manufacturing sector has long offered a window into the changing nature of work and the evolution of technology. Clare Scherrer, global co-head of the Industrials Group in Goldman Sachs' Investment Banking Division, discusses how industrial businesses are managing technology and workforce investments amidst economic and political change.

This podcast was recorded on February 27, 2017.

The information contained in this recording was obtained from publicly available sources and has not been independently verified by Goldman Sachs. Neither Goldman Sachs nor any of its affiliates makes any representation or warranty as to the accuracy or completeness of the information contained in this recording and any liability as a result of this recording is expressly disclaimed. This recording should not be relied upon to evaluate any potential transaction. Goldman Sachs is not giving investment advice by means of this recording, and this recording does not establish a client relationship with Goldman Sachs.

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Rhetoric Meets Reality in Washington

Fri, 10 Mar 2017 17:15:00 -0000

President Trump's policy agenda is a source of intense interest for investors and clients around the world. Michael Paese, co-head of the Office of Government Affairs at Goldman Sachs, and Alec Phillips, US political economist in Goldman Sachs Research, discuss how the president's agenda has evolved as he's transitioned from the campaign trail to the White House, the outlook for tax reform, health care, trade and other issues, and what the Administration can realistically expect to achieve in a divided Washington.

This podcast was recorded on March 8, 2017.

All price references and market forecasts correspond to the date of this recording.

This podcast should not be copied, distributed, published or reproduced, in whole or in part. The information contained in this podcast does not constitute research or a recommendation from any Goldman Sachs entity to the listener. Neither Goldman Sachs nor any of its affiliates makes any representation or warranty, as to the accuracy or completeness of the statements or any information contained in this podcast and any liability therefor (including in respect of direct, indirect or consequential loss or damage) is expressly disclaimed. The views expressed in this podcast are not necessarily those of Goldman Sachs, and Goldman Sachs is not providing any financial, economic, legal, accounting or tax advice or recommendations in this podcast. In addition, the receipt of this podcast by any listener is not to be taken as constituting the giving of investment advice by Goldman Sachs to that listener, nor to constitute such person a client of any Goldman Sachs entity.

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Asia Adapts to a New Investing Climate

Wed, 22 Feb 2017 19:20:00 -0000

Sheila Patel, chief executive officer of Goldman Sachs Asset Management International, shares how her discussions with clients in Asia have changed since the election of Donald Trump, with a focus on trade, risk and the evolution of active and passive strategies in an age of technological disruption.

This podcast was recorded on February 10, 2017.

The views and opinions expressed herein should not be construed as an offer to buy or sell any securities and such views and opinions may differ from those of Goldman Sachs Global Investment Research or other departments or divisions of Goldman Sachs and its affiliates. This information may not be current and Goldman Sachs has no obligation to provide any updates or changes. Neither Goldman Sachs nor any of its affiliates makes any representation or warranty, as to the accuracy or completeness of the statements or any information contained in this podcast and any liability therefore (including in respect of direct, indirect or consequential loss or damage) is expressly disclaimed. Goldman Sachs is not providing any financial, economic, legal, accounting or tax advice in this podcast. In addition, the receipt of this podcast by any listener is not to be taken as constituting the giving of investment advice by any Goldman Sachs entity or individual to that listener, nor to constitute such person a client of any Goldman Sachs entity. No part of this podcast may, without GSAM's prior written consent, be reproduced, redistributed, published, copied or duplicated in any form, by any means.

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China, Trump and Asia's Shifting Trade Order

Tue, 07 Feb 2017 22:50:00 -0000

The United States appears poised to revisit its trading stance with China - and Asia more broadly - after the inauguration of President Donald Trump. Andrew Tilton, chief Asia economist of Goldman Sachs Research, considers the Asian economies most at-risk of disruption and the evolving roles of both China and the US in the region.

This podcast was recorded on February 6, 2017.

All price references and market forecasts correspond to the date of this recording.

This podcast should not be copied, distributed, published or reproduced, in whole or in part. The information contained in this podcast does not constitute research or a recommendation from any Goldman Sachs entity to the listener. Neither Goldman Sachs nor any of its affiliates makes any representation or warranty, as to the accuracy or completeness of the statements or any information contained in this podcast and any liability therefor (including in respect of direct, indirect or consequential loss or damage) is expressly disclaimed. The views expressed in this podcast are not necessarily those of Goldman Sachs, and Goldman Sachs is not providing any financial, economic, legal, accounting or tax advice or recommendations in this podcast. In addition, the receipt of this podcast by any listener is not to be taken as constituting the giving of investment advice by Goldman Sachs to that listener, nor to constitute such person a client of any Goldman Sachs entity.

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Half Full: The Case for Remaining Invested in US Equities

Tue, 17 Jan 2017 20:00:00 -0000

US equities have returned nearly 300% since the trough of the global financial crisis, and now sit at historically high valuations. Sharmin Mossavar-Rahmani, chief investment officer of Private Wealth Management at Goldman Sachs, says that high valuations alone are not enough to warrant underweighting equities. What's important is context: she explains her optimism towards the US economy, as well as the potential risks to her views.

This podcast was recorded on January 10, 2017.

The views and opinions expressed herein should not be construed as an offer to buy or sell any securities and such views/opinions may differ from those of Goldman Sachs Global Investment Research or other departments or divisions of Goldman Sachs and its affiliates. This information may not be current and Goldman Sachs has no obligation to provide any updates or changes. Neither Goldman Sachs nor any of its affiliates makes any representation or warranty, as to the accuracy or completeness of the statements or any information contained in this podcast and any liability therefor (including in respect of direct, indirect or consequential loss or damage) is expressly disclaimed. Goldman Sachs is not providing any financial, economic, legal, accounting or tax advice in this podcast. In addition, the receipt of this podcast by any listener is not to be taken as constituting the giving of investment advice by any Goldman Sachs entity or individual to that listener, nor to constitute such person a client of any Goldman Sachs entity. The portfolio risk management process includes an effort to monitor and manage risk, but does not imply low risk.

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My Generation: What Your Birth Year Says about How You'll Spend

Tue, 10 Jan 2017 16:10:00 -0000

Each new generation comes of age with different experiences and preferences than their parents. Goldman Sachs Research's Hugo Scott-Gall, Lindsay Drucker Mann and Christopher Wolf discuss how the differing habits of three generations that make up the bulk of US consumption today -- Gen X, Millennials and Gen Z - are changing how Americans spend and manage their careers.

This podcast was recorded on October 4, 2016.

All price references and market forecasts correspond to the date of this recording.

This podcast should not be copied, distributed, published or reproduced, in whole or in part. The information contained in this podcast does not constitute research or a recommendation from any Goldman Sachs entity to the listener. Neither Goldman Sachs nor any of its affiliates makes any representation or warranty, as to the accuracy or completeness of the statements or any information contained in this podcast and any liability therefor (including in respect of direct, indirect or consequential loss or damage) is expressly disclaimed. The views expressed in this podcast are not necessarily those of Goldman Sachs, and Goldman Sachs is not providing any financial, economic, legal, accounting or tax advice or recommendations in this podcast. In addition, the receipt of this podcast by any listener is not to be taken as constituting the giving of investment advice by Goldman Sachs to that listener, nor to constitute such person a client of any Goldman Sachs entity.

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Artificial Intelligence: The Apex Technology of the Information Age

Tue, 27 Dec 2016 16:10:00 -0000

Artificial intelligence - the science of teaching computers to think like humans - could reshape the global economy by making both capital investments and labor costs more efficient. That would provide a meaningful boost to productivity growth, which has stagnated since the internet boom of the 1990s. Heath Terry of Goldman Sachs Research discusses the technology's most promising uses, the industries set to take advantage and how widespread adoption might impact the labor market.

This podcast was recorded on December 2, 2016.

All price references and market forecasts correspond to the date of this recording.

This podcast should not be copied, distributed, published or reproduced, in whole or in part. The information contained in this podcast does not constitute research or a recommendation from any Goldman Sachs entity to the listener. Neither Goldman Sachs nor any of its affiliates makes any representation or warranty, as to the accuracy or completeness of the statements or any information contained in this podcast and any liability therefor (including in respect of direct, indirect or consequential loss or damage) is expressly disclaimed. The views expressed in this podcast are not necessarily those of Goldman Sachs, and Goldman Sachs is not providing any financial, economic, legal, accounting or tax advice or recommendations in this podcast. In addition, the receipt of this podcast by any listener is not to be taken as constituting the giving of investment advice by Goldman Sachs to that listener, nor to constitute such person a client of any Goldman Sachs entity.

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Gary Cohn Says Goodbye to Goldman Sachs

Mon, 12 Dec 2016 23:00:00 -0000

Gary Cohn reflects on his journey from a difficult childhood struggle with dyslexia to serving as president and chief operating officer of Goldman Sachs. As he departs the firm after 26 years, Cohn shares some of the experiences that have shaped him, and reflects on the value of diversity, the importance of perseverance and learning how to turn failure into success.

This podcast was recorded on December 12, 2016.

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After the Trump Trade: The Future of Financials

Mon, 12 Dec 2016 16:00:00 -0000

Investors have flocked to financials since Donald Trump's election in expectation of a steepening yield curve and regulatory reform boosting bank bottom lines. Richard Ramsden, business unit leader of the Financials Group in Goldman Sachs Research, explains how tightening monetary policy, higher inflation and a potential infrastructure spend could be even more important for the trajectory of the US financial industry.

This podcast was recorded on December 8, 2016.

All price references and market forecasts correspond to the date of this recording.

This podcast should not be copied, distributed, published or reproduced, in whole or in part. The information contained in this podcast does not constitute research or a recommendation from any Goldman Sachs entity to the listener. Neither Goldman Sachs nor any of its affiliates makes any representation or warranty, as to the accuracy or completeness of the statements or any information contained in this podcast and any liability therefor (including in respect of direct, indirect or consequential loss or damage) is expressly disclaimed. The views expressed in this podcast are not necessarily those of Goldman Sachs, and Goldman Sachs is not providing any financial, economic, legal, accounting or tax advice or recommendations in this podcast. In addition, the receipt of this podcast by any listener is not to be taken as constituting the giving of investment advice by Goldman Sachs to that listener, nor to constitute such person a client of any Goldman Sachs entity.

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Taxes, Trade and More in a Trump Presidency

Thu, 17 Nov 2016 20:35:00 -0000

As President-elect Donald Trump makes the transition from the campaign trail to the White House, investors will be watching carefully to determine the economic issues at the top of his agenda. Alec Phillips, Goldman Sachs Research's political economist in Washington, discusses where Trump can act on his own without Congress, why corporate tax changes are more likely than personal tax cuts in 2017, and how Trump may reshape the leadership of the Federal Reserve.

This podcast was recorded on November 15, 2016.

This podcast should not be copied, distributed, published or reproduced, in whole or in part. The information contained in this podcast does not constitute research or a recommendation from any Goldman Sachs entity to the listener. Neither Goldman Sachs nor any of its affiliates makes any representation or warranty, as to the accuracy or completeness of the statements or any information contained in this podcast and any liability therefor (including in respect of direct, indirect or consequential loss or damage) is expressly disclaimed. The views expressed in this podcast are not necessarily those of Goldman Sachs, and Goldman Sachs is not providing any financial, economic, legal, accounting or tax advice or recommendations in this podcast. In addition, the receipt of this podcast by any listener is not to be taken as constituting the giving of investment advice by Goldman Sachs to that listener, nor to constitute such person a client of any Goldman Sachs entity.

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Defining the Terms of Brexit

Mon, 14 Nov 2016 17:15:00 -0000

As the UK moves closer to triggering formal talks on its exit from the European Union, investors are focused on the terms of the new relationship it will strike with Brussels. Goldman Sachs' Chief European Economist Huw Pill discusses the spectrum of issues to be resolved in the negotiations and what the ultimate outcome between a "hard" or "soft" Brexit means for the UK, Europe and the global economy.

This podcast was recorded on November 8, 2016.

All price references and market forecasts correspond to the date of this recording.

This podcast should not be copied, distributed, published or reproduced, in whole or in part. The information contained in this podcast does not constitute research or a recommendation from any Goldman Sachs entity to the listener. Neither Goldman Sachs nor any of its affiliates makes any representation or warranty, as to the accuracy or completeness of the statements or any information contained in this podcast and any liability therefor (including in respect of direct, indirect or consequential loss or damage) is expressly disclaimed. The views expressed in this podcast are not necessarily those of Goldman Sachs, and Goldman Sachs is not providing any financial, economic, legal, accounting or tax advice or recommendations in this podcast. In addition, the receipt of this podcast by any listener is not to be taken as constituting the giving of investment advice by Goldman Sachs to that listener, nor to constitute such person a client of any Goldman Sachs entity.

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Building Brands to Help People Live Better: Outdoor Voices and Tata Harper

Mon, 31 Oct 2016 15:55:00 -0000

Tyler Haney, founder and CEO of activewear brand Outdoor Voices, and Tata Harper, founder and co-CEO of Tata Harper Skincare, are joined by Goldman Sachs' David Solomon to discuss entrepreneurship and the global health and wellness movement.

This podcast was recorded on October 20, 2016.

The information contained in this recording was obtained from publicly available sources and has not been independently verified by Goldman Sachs. Neither Goldman Sachs nor any of its affiliates makes any representation or warranty as to the accuracy or completeness of the information contained in this recording and any liability as a result of this recording is expressly disclaimed. This recording should not be relied upon to evaluate any potential transaction. Goldman Sachs is not giving investment advice by means of this recording, and this recording does not establish a client relationship with Goldman Sachs.

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How Fintech Is Transforming Consumer Finance

Thu, 13 Oct 2016 13:00:00 -0000

Purpose-driven loans - for housing, education and automobiles - comprise most of the consumer credit market, with credit cards making up most of the rest. But the industry is undergoing a profound shift, as new entrants leverage responsive technologies to offer better experiences for consumers. Harit Talwar, head of Digital Finance at Goldman Sachs, discusses the evolving role of technology in finance and the launch of the firm's new online personal loan platform, Marcus by Goldman Sachs.

This podcast was recorded on August 17, 2016, with portions re-recorded on October 12, 2016.

This podcast should not be copied, distributed, published or reproduced, in whole or in part. The views expressed in this podcast are not necessarily those of Goldman Sachs, and Goldman Sachs is not providing any financial, economic, legal, accounting or tax advice or recommendations in this podcast. The information contained in this podcast was prepared for general information purposes only, does not constitute research, advice or a recommendation from any Goldman Sachs entity to the listener and is not a substitute for personalized financial advice. Neither Goldman Sachs nor any of its affiliates makes any representation or warranty as to the accuracy or completeness of the statements or any information contained in this podcast. Goldman Sachs and its affiliates expressly disclaim any liability (including any direct, indirect, or consequential loss or damage) for this podcast and its content.

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The Evolution of the 'Long Good Buy'

Tue, 27 Sep 2016 21:00:00 -0000

Quantitative easing by the world's major central banks has helped deflate bond yields and pushed valuations across asset classes to historic levels. Peter Oppenheimer, chief global equity strategist and head of Macro Research in Europe for Goldman Sachs Research, discusses how the long-term case for investing in stocks has evolved and why he sees the most likely scenario from here as a 'Fat & Flat' range of tepid yet positive returns and greater volatility.

This podcast was recorded on September 12, 2016.

All price references and market forecasts correspond to the date of this recording.

This podcast should not be copied, distributed, published or reproduced, in whole or in part. The information contained in this podcast does not constitute research or a recommendation from any Goldman Sachs entity to the listener. Neither Goldman Sachs nor any of its affiliates makes any representation or warranty, as to the accuracy or completeness of the statements or any information contained in this podcast and any liability therefor (including in respect of direct, indirect or consequential loss or damage) is expressly disclaimed. The views expressed in this podcast are not necessarily those of Goldman Sachs, and Goldman Sachs is not providing any financial, economic, legal, accounting or tax advice or recommendations in this podcast. In addition, the receipt of this podcast by any listener is not to be taken as constituting the giving of investment advice by Goldman Sachs to that listener, nor to constitute such person a client of any Goldman Sachs entity.

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Narrowing the Jobs Gap

Mon, 12 Sep 2016 16:30:00 -0000

Technology's rapid progress and expanding scope are having a significant impact on the nature of work. Steve Strongin, head of Goldman Sachs Research, and Sandra Lawson, director of the Global Markets Institute, explain why preparing for the jobs of the future is about more than STEM.

This podcast was recorded on September 7, 2016.

All price references and market forecasts correspond to the date of this recording.

This podcast should not be copied, distributed, published or reproduced, in whole or in part. The information contained in this podcast does not constitute research or a recommendation from any Goldman Sachs entity to the listener. Neither Goldman Sachs nor any of its affiliates makes any representation or warranty, as to the accuracy or completeness of the statements or any information contained in this podcast and any liability therefor (including in respect of direct, indirect or consequential loss or damage) is expressly disclaimed. The views expressed in this podcast are not necessarily those of Goldman Sachs, and Goldman Sachs is not providing any financial, economic, legal, accounting or tax advice or recommendations in this podcast. In addition, the receipt of this podcast by any listener is not to be taken as constituting the giving of investment advice by Goldman Sachs to that listener, nor to constitute such person a client of any Goldman Sachs entity.

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The Changing Media Landscape: Disrupting Distribution

Fri, 26 Aug 2016 16:30:00 -0000

Technology companies are entering areas traditionally dominated by the media and telecom industries, forcing legacy players to adapt. Michael Ronen and Dave Dase of the Investment Banking Division discuss the emerging partnerships, developing rivalries and most promising opportunities in the new media landscape.

This episode was recorded on August 8, 2016.

The information contained in this recording was obtained from publicly available sources and has not been independently verified by Goldman Sachs. Neither Goldman Sachs nor any of its affiliates makes any representation or warranty as to the accuracy or completeness of the information contained in this recording and any liability as a result of this recording is expressly disclaimed. This recording should not be relied upon to evaluate any potential transaction. Goldman Sachs is not giving investment advice by means of this recording, and this recording does not establish a client relationship with Goldman Sachs.

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Emission Control: The Expanding Low Carbon Economy

Fri, 12 Aug 2016 16:40:00 -0000

Until recently, low carbon technologies like wind and solar were a niche part of the global energy landscape. But Goldman Sachs Research's GS SUSTAIN team, which focuses on identifying long-term industry leaders, says that low carbon technologies like onshore wind, solar PV, LEDs and hybrid/electric vehicles are now "taking off the training wheels" and rapidly gaining share. According to GS SUSTAIN's Jaakko Kooroshy, these four technologies not only could help global carbon emissions peak as early as 2020, versus mainstream expectations of a peak closer to 2030-they're also poised to reshape competitive dynamics across the global economy.

This podcast was recorded on July 11, 2016.

All price references and market forecasts correspond to the date of this recording.

This podcast should not be copied, distributed, published or reproduced, in whole or in part. The information contained in this podcast does not constitute research or a recommendation from any Goldman Sachs entity to the listener. Neither Goldman Sachs nor any of its affiliates makes any representation or warranty, as to the accuracy or completeness of the statements or any information contained in this podcast and any liability therefor (including in respect of direct, indirect or consequential loss or damage) is expressly disclaimed. The views expressed in this podcast are not necessarily those of Goldman Sachs, and Goldman Sachs is not providing any financial, economic, legal, accounting or tax advice or recommendations in this podcast. In addition, the receipt of this podcast by any listener is not to be taken as constituting the giving of investment advice by Goldman Sachs to that listener, nor to constitute such person a client of any Goldman Sachs entity.

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Brick and Mortal: Retail's Hard Lessons from E-Commerce

Thu, 28 Jul 2016 22:35:00 -0000

Heath Terry and Matt Fassler of Goldman Sachs Research discuss the explosive growth of e-commerce and how brick-and-mortar retailers are contending with changing consumer habits, generational shifts and technological disruption.

This podcast was recorded on June 30, 2016.

All price references and market forecasts correspond to the date of this recording.

This podcast should not be copied, distributed, published or reproduced, in whole or in part. The information contained in this podcast does not constitute research or a recommendation from any Goldman Sachs entity to the listener. Neither Goldman Sachs nor any of its affiliates makes any representation or warranty, as to the accuracy or completeness of the statements or any information contained in this podcast and any liability therefor (including in respect of direct, indirect or consequential loss or damage) is expressly disclaimed. The views expressed in this podcast are not necessarily those of Goldman Sachs, and Goldman Sachs is not providing any financial, economic, legal, accounting or tax advice or recommendations in this podcast. In addition, the receipt of this podcast by any listener is not to be taken as constituting the giving of investment advice by Goldman Sachs to that listener, nor to constitute such person a client of any Goldman Sachs entity.

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Healthcare's Balance Between Science and Commerce

Wed, 13 Jul 2016 20:10:00 -0000

Jami Rubin, business unit leader of the Healthcare Research Group for Goldman Sachs Research, discusses top trends in healthcare, including progress in the fight against cancer, diabetes and Alzheimer's, cutting-edge science in gene therapy and gene editing, and how the drug industry is dealing with debates over pricing and mergers.

This podcast was recorded on June 17, 2016.

All price references and market forecasts correspond to the date of this recording.

This podcast should not be copied, distributed, published or reproduced, in whole or in part. The information contained in this podcast does not constitute research or a recommendation from any Goldman Sachs entity to the listener. Neither Goldman Sachs nor any of its affiliates makes any representation or warranty, as to the accuracy or completeness of the statements or any information contained in this podcast and any liability therefor (including in respect of direct, indirect or consequential loss or damage) is expressly disclaimed. The views expressed in this podcast are not necessarily those of Goldman Sachs, and Goldman Sachs is not providing any financial, economic, legal, accounting or tax advice or recommendations in this podcast. In addition, the receipt of this podcast by any listener is not to be taken as constituting the giving of investment advice by Goldman Sachs to that listener, nor to constitute such person a client of any Goldman Sachs entity.

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Brexit: After the Vote

Tue, 28 Jun 2016 19:30:00 -0000

The UK's vote to leave the EU sets in motion a series of complex adjustments for the UK and Europe that will take years to play out. Huw Pill, chief European economist in Goldman Sachs Research, discusses the economic and market implications of the Brexit vote.

This podcast was recorded on June 27, 2016.

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The Big Deal about Big Data

Thu, 16 Jun 2016 15:05:00 -0000

Armen Avanessians, chief investment officer of Goldman Sachs Asset Management's Quantitative Investment Strategies team, discusses how big data can help investors make smarter, better informed decisions.

This episode was recorded on April 26, 2016.

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Bright Spots in Emerging Markets

Fri, 03 Jun 2016 20:30:00 -0000

A better external backdrop is just part of the reason why emerging market assets have surprised in the first half of 2016. Kamakshya Trivedi, chief Emerging Markets macro strategist in Goldman Sachs Research, considers the local and global factors influencing asset prices in developing economies around the world, including China, Brazil and India.

This podcast was recorded on May 17, 2016.

All price references and market forecasts correspond to the date of this recording.

This podcast should not be copied, distributed, published or reproduced, in whole or in part. The information contained in this podcast does not constitute research or a recommendation from any Goldman Sachs entity to the listener. Neither Goldman Sachs nor any of its affiliates makes any representation or warranty, as to the accuracy or completeness of the statements or any information contained in this podcast and any liability therefor (including in respect of direct, indirect or consequential loss or damage) is expressly disclaimed. The views expressed in this podcast are not necessarily those of Goldman Sachs, and Goldman Sachs is not providing any financial, economic, legal, accounting or tax advice or recommendations in this podcast. In addition, the receipt of this podcast by any listener is not to be taken as constituting the giving of investment advice by Goldman Sachs to that listener, nor to constitute such person a client of any Goldman Sachs entity.

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Disruption in Deutschland

Thu, 19 May 2016 20:10:00 -0000

Export-heavy Germany is contending with a wave of disruptive changes that are altering the competitive landscape for both the country's largest corporations and its globally admired small and medium-sized enterprises, the Mittelstand. Wolfgang Fink, co-CEO of Goldman Sachs in Germany and Austria, discusses how German companies are adapting to twenty-first century market pressures.

This podcast was recorded on April 19, 2016.

The information contained in this recording was obtained from publicly available sources and has not been independently verified by Goldman Sachs. Neither Goldman Sachs nor any of its affiliates makes any representation or warranty as to the accuracy or completeness of the information contained in this recording and any liability as a result of this recording is expressly disclaimed. This recording should not be relied upon to evaluate any potential transaction. Goldman Sachs is not giving investment advice by means of this recording, and this recording does not establish a client relationship with Goldman Sachs.

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Whenever, Wherever: The New Model for Retail

Wed, 04 May 2016 22:35:00 -0000

Kathy Elsesser, global co-head of the Consumer Retail and Healthcare Group in the Investment Banking Division at Goldman Sachs discusses how the slowdown in deal-making in the first quarter of 2016 has affected the consumer retail space, why the sector is so attractive to activist investors and whether the rise of e-commerce means the end of brick-and-mortar retail.

This episode was recorded on April 12, 2016.

The information contained in this recording was obtained from publicly available sources and has not been independently verified by Goldman Sachs. Neither Goldman Sachs nor any of its affiliates makes any representation or warranty as to the accuracy or completeness of the information contained in this recording and any liability as a result of this recording is expressly disclaimed. This recording should not be relied upon to evaluate any potential transaction. Goldman Sachs is not giving investment advice by means of this recording, and this recording does not establish a client relationship with Goldman Sachs.

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Niche No Longer: ESG Investing Goes Mainstream

Thu, 21 Apr 2016 22:55:00 -0000

What does it mean to be an environmental, social and governance (ESG) investor? For John Goldstein, co-founder of Imprint Capital and a managing director in Goldman Sachs Asset Management, investing for ESG requires the same rigor and discipline as "traditional" investing, and the distinction between the two is growing increasingly irrelevant. With better tools to parse data and an ever-expanding understanding of risk, ESG investing has gone from niche to mainstream.

This episode was recorded on February 19, 2016.

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Mutant Mosquitoes, 'Peak Stuff' and the Shifting Currents of Innovation

Wed, 06 Apr 2016 21:50:00 -0000

Hugo Scott-Gall recaps the technologies and topics discussed at the second-annual Goldman Sachs Research Innovation Symposium, including the evolving markets for drones, the surprising demographics of the sharing economy and the opportunity at the intersection of digital services and traditional healthcare.

This episode was recorded on March 18, 2016.

This podcast should not be copied, distributed, published or reproduced, in whole or in part. The information contained in this podcast does not constitute research or a recommendation from any Goldman Sachs entity to the listener. Neither Goldman Sachs nor any of its affiliates makes any representation or warranty, as to the accuracy or completeness of the statements or any information contained in this podcast and any liability therefor (including in respect of direct, indirect or consequential loss or damage) is expressly disclaimed. The views expressed in this podcast are not necessarily those of Goldman Sachs, and Goldman Sachs is not providing any financial, economic, legal, accounting or tax advice or recommendations in this podcast. In addition, the receipt of this podcast by any listener is not to be taken as constituting the giving of investment advice by Goldman Sachs to that listener, nor to constitute such person a client of any Goldman Sachs entity.

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Billion Dollar Babies: Virtual Reality and the Shift to Cloud

Tue, 22 Mar 2016 22:40:00 -0000

Heather Bellini, head of the Technology Research Group in Goldman Sachs Research, discusses the multi-billion dollar industry forming around virtual and augmented reality, and the $300 billion in enterprise IT spend at stake as companies pursue cloud strategies.

This podcast was recorded on March 1, 2016.

All price references and market forecasts correspond to the date of this recording.

This podcast should not be copied, distributed, published or reproduced, in whole or in part. The information contained in this podcast does not constitute research or a recommendation from any Goldman Sachs entity to the listener. Neither Goldman Sachs nor any of its affiliates makes any representation or warranty, as to the accuracy or completeness of the statements or any information contained in this podcast and any liability therefor (including in respect of direct, indirect or consequential loss or damage) is expressly disclaimed. The views expressed in this podcast are not necessarily those of Goldman Sachs, and Goldman Sachs is not providing any financial, economic, legal, accounting or tax advice or recommendations in this podcast. In addition, the receipt of this podcast by any listener is not to be taken as constituting the giving of investment advice by Goldman Sachs to that listener, nor to constitute such person a client of any Goldman Sachs entity.

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"Fat and Flat" and the Market Path from Here

Thu, 10 Mar 2016 23:00:00 -0000

Peter Oppenheimer, Goldman Sachs Research's chief equity strategist and head of European Macro Research, weighs in on the recent rally in equity markets, the "third wave" of the financial crisis, the likelihood of a global recession, and more.

This podcast was recorded on March 9, 2016.

All price references and market forecasts correspond to the date of this recording.

This podcast should not be copied, distributed, published or reproduced, in whole or in part. The information contained in this podcast does not constitute research or a recommendation from any Goldman Sachs entity to the listener. Neither Goldman Sachs nor any of its affiliates makes any representation or warranty, as to the accuracy or completeness of the statements or any information contained in this podcast and any liability therefor (including in respect of direct, indirect or consequential loss or damage) is expressly disclaimed. The views expressed in this podcast are not necessarily those of Goldman Sachs, and Goldman Sachs is not providing any financial, economic, legal, accounting or tax advice or recommendations in this podcast. In addition, the receipt of this podcast by any listener is not to be taken as constituting the giving of investment advice by Goldman Sachs to that listener, nor to constitute such person a client of any Goldman Sachs entity.

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The Markets vs. the Economy - Explaining the Disconnect

Thu, 25 Feb 2016 17:40:00 -0000

Jan Hatzius, Goldman Sachs' chief economist, and Jeff Currie, global head of Commodities Research, explain why volatility in the oil, equity and credit markets could be sending false signals about the underlying strength of the broader economy.

This podcast was recorded on February 23, 2016.

All price references and market forecasts correspond to the date of this recording.

This podcast should not be copied, distributed, published or reproduced, in whole or in part. The information contained in this podcast does not constitute research or a recommendation from any Goldman Sachs entity to the listener. Neither Goldman Sachs nor any of its affiliates makes any representation or warranty, as to the accuracy or completeness of the statements or any information contained in this podcast and any liability therefor (including in respect of direct, indirect or consequential loss or damage) is expressly disclaimed. The views expressed in this podcast are not necessarily those of Goldman Sachs, and Goldman Sachs is not providing any financial, economic, legal, accounting or tax advice or recommendations in this podcast. In addition, the receipt of this podcast by any listener is not to be taken as constituting the giving of investment advice by Goldman Sachs to that listener, nor to constitute such person a client of any Goldman Sachs entity.

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Market Viewpoints - Gary Cohn on China, Commodities and Tech IPOs

Tue, 09 Feb 2016 23:30:00 -0000

Gary Cohn, president and chief operating officer of Goldman Sachs, shares his perspective on the state of global markets -- including China's economic slowdown, volatile oil prices and the evolution of Silicon Valley.

This podcast was recorded on February 3, 2016.

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The Digitization of Finance

Wed, 20 Jan 2016 17:35:00 -0000

Don Duet, co-head of the Technology Division at Goldman Sachs, discusses the technological transformation of the financial services industry, and how advances in open source, big data, blockchain and other areas are driving further innovation.

This podcast was recorded on January 12, 2016.

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Beyond the Fed Hike: The Business of Banking in 2016

Wed, 06 Jan 2016 22:30:00 -0000

US banks are at an inflection point after the Federal Reserve's decision to raise its benchmark interest rate for the first time in nearly a decade. Goldman Sachs Research's Richard Ramsden discusses front-burner issues for the industry in the year ahead, including the pace of future hikes, the rise of new entrants and the growing imperative for banks to stay ahead of technological innovation.

This podcast was recorded on December 17, 2015.

All price references and market forecasts correspond to the date of this recording.

This podcast should not be copied, distributed, published or reproduced, in whole or in part. The information contained in this podcast does not constitute research or a recommendation from any Goldman Sachs entity to the listener. Neither Goldman Sachs nor any of its affiliates makes any representation or warranty, as to the accuracy or completeness of the statements or any information contained in this podcast and any liability therefor (including in respect of direct, indirect or consequential loss or damage) is expressly disclaimed. The views expressed in this podcast are not necessarily those of Goldman Sachs, and Goldman Sachs is not providing any financial, economic, legal, accounting or tax advice or recommendations in this podcast. In addition, the receipt of this podcast by any listener is not to be taken as constituting the giving of investment advice by Goldman Sachs to that listener, nor to constitute such person a client of any Goldman Sachs entity.

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The Business Case for Climate Action

Fri, 18 Dec 2015 21:20:00 -0000

Kyung-Ah Park, head of Environmental Markets at Goldman Sachs, represented the firm at the UN Climate Change Conference in Paris. She discusses the historic climate agreement adopted by 196 parties and ways the business community can help facilitate the transition to a low carbon economy.

This podcast was recorded on December 15, 2015.

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Charting the Course for a Stronger South Africa

Wed, 25 Nov 2015 17:00:00 -0000

Colin Coleman, head of the Investment Banking Division for Goldman Sachs in Sub-Saharan Africa, discusses South Africa's resilience amidst a challenging environment for emerging markets and steps it can take to boost productivity and broaden economic opportunity.

This podcast was recorded on November 2, 2015.

The information contained in this recording was obtained from publicly available sources and has not been independently verified by Goldman Sachs. Neither Goldman Sachs nor any of its affiliates makes any representation or warranty as to the accuracy or completeness of the information contained in this recording and any liability as a result of this recording is expressly disclaimed. This recording should not be relied upon to evaluate any potential transaction. Goldman Sachs is not giving investment advice by means of this recording, and this recording does not establish a client relationship with Goldman Sachs.

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Cord Cutting Goes Prime Time

Fri, 20 Nov 2015 01:30:00 -0000

In the second and third quarters of 2015, pay-TV services lost nearly one million subscribers to online streaming options. Brett Feldman and Drew Borst, equity research analysts in Global Investment Research at Goldman Sachs, share how the media and telecom industries are responding and why this is a golden era for consumer choice.

This podcast was recorded on October 23, 2015.

All price references and market forecasts correspond to the date of this recording.

This podcast should not be copied, distributed, published or reproduced, in whole or in part. The information contained in this podcast does not constitute research or a recommendation from any Goldman Sachs entity to the listener. Neither Goldman Sachs nor any of its affiliates makes any representation or warranty, as to the accuracy or completeness of the statements or any information contained in this podcast and any liability therefor (including in respect of direct, indirect or consequential loss or damage) is expressly disclaimed. The views expressed in this podcast are not necessarily those of Goldman Sachs, and Goldman Sachs is not providing any financial, economic, legal, accounting or tax advice or recommendations in this podcast. In addition, the receipt of this podcast by any listener is not to be taken as constituting the giving of investment advice by Goldman Sachs to that listener, nor to constitute such person a client of any Goldman Sachs entity.

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Start-Up Stories from the Builders + Innovators Summit

Mon, 09 Nov 2015 18:45:00 -0000

"There's never been a better time to start a business," says Philip Krim, co-founder and CEO of Casper. He joined Mariam Naficy, founder and CEO of Minted, and David Solomon, co-head of the Investment Banking Division at Goldman Sachs, to discuss what's most important for successful companies and the one class business school graduates wish they could take again.

This podcast was recorded on October 15, 2015.

The information contained in this recording was obtained from publicly available sources and has not been independently verified by Goldman Sachs. Neither Goldman Sachs nor any of its affiliates makes any representation or warranty as to the accuracy or completeness of the information contained in this recording and any liability as a result of this recording is expressly disclaimed. This recording should not be relied upon to evaluate any potential transaction. Goldman Sachs is not giving investment advice by means of this recording, and this recording does not establish a client relationship with Goldman Sachs.

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China's Transition and the Outlook for Asia

Tue, 20 Oct 2015 13:40:00 -0000

Timothy Moe, co-head of Macro Research in Asia for Goldman Sachs, explains why China's markets could be poised for a rebound and what China's transition to a consumer-driven economy means for markets across Asia.

This podcast was recorded on October 14, 2015.

All price references and market forecasts correspond to the date of this recording.

This podcast should not be copied, distributed, published or reproduced, in whole or in part. The information contained in this podcast does not constitute research or a recommendation from any Goldman Sachs entity to the listener. Neither Goldman Sachs nor any of its affiliates makes any representation or warranty, as to the accuracy or completeness of the statements or any information contained in this podcast and any liability therefor (including in respect of direct, indirect or consequential loss or damage) is expressly disclaimed. The views expressed in this podcast are not necessarily those of Goldman Sachs, and Goldman Sachs is not providing any financial, economic, legal, accounting or tax advice or recommendations in this podcast. In addition, the receipt of this podcast by any listener is not to be taken as constituting the giving of investment advice by Goldman Sachs to that listener, nor to constitute such person a client of any Goldman Sachs entity.

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Cars 2025 - What Will Drive You?

Mon, 12 Oct 2015 12:50:00 -0000

Stefan Burgstaller, head of European Automotive Equity Research at Goldman Sachs, discusses the innovations that could define the car of the future, including widespread Internet connectivity, the adoption of ultra-lightweight materials and the development of autonomous driving technology.

This podcast was recorded on July 21, 2015.

This podcast should not be copied, distributed, published or reproduced, in whole or in part. The information contained in this podcast does not constitute research or a recommendation from any Goldman Sachs entity to the listener. Neither Goldman Sachs nor any of its affiliates makes any representation or warranty, as to the accuracy or completeness of the statements or any information contained in this podcast and any liability therefor (including in respect of direct, indirect or consequential loss or damage) is expressly disclaimed. The views expressed in this podcast are not necessarily those of Goldman Sachs, and Goldman Sachs is not providing any financial, economic, legal, accounting or tax advice or recommendations in this podcast. In addition, the receipt of this podcast by any listener is not to be taken as constituting the giving of investment advice by Goldman Sachs to that listener, nor to constitute such person a client of any Goldman Sachs entity.

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Flat is the New Up

Fri, 09 Oct 2015 12:33:00 -0000

David Kostin, chief US equity strategist at Goldman Sachs, discusses why he sees a flatter trajectory for US stocks after an ''extraordinary run," and why the decline in energy prices will have important implications for corporate profits and capital spending in 2016.

This podcast was recorded on October 5, 2015.

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Separating Signals from Noise - Perspectives on the Future of Investing

Tue, 29 Sep 2015 16:15:00 -0000

Tim O'Neill, global co-head of the Investment Management Division at Goldman Sachs, on the seduction of big data, why a market needs both active and passive investors, and the greatest challenge for investors of every generation.

This episode was recorded on September 15, 2015.

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Oil: Lower for Even Longer

Thu, 17 Sep 2015 21:00:00 -0000

Jeff Currie, global head of Commodities Research at Goldman Sachs, explains why prolonged oversupply and steady production out of the US and OPEC will continue to hold down oil prices, and the feedback loop driving down commodity prices around the world.

This podcast was recorded on September 11, 2015.

All price references and market forecasts correspond to the date of this recording.

This podcast should not be copied, distributed, published or reproduced, in whole or in part. The information contained in this podcast does not constitute research or a recommendation from any Goldman Sachs entity to the listener. Neither Goldman Sachs nor any of its affiliates makes any representation or warranty, as to the accuracy or completeness of the statements or any information contained in this podcast and any liability therefor (including in respect of direct, indirect or consequential loss or damage) is expressly disclaimed. The views expressed in this podcast are not necessarily those of Goldman Sachs, and Goldman Sachs is not providing any financial, economic, legal, accounting or tax advice or recommendations in this podcast. In addition, the receipt of this podcast by any listener is not to be taken as constituting the giving of investment advice by Goldman Sachs to that listener, nor to constitute such person a client of any Goldman Sachs entity.

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Small Business in the Big Easy: Powering an Economic Revival

Wed, 26 Aug 2015 13:45:00 -0000

Dina Powell, head of Goldman Sachs' Impact Investing business and president of the Goldman Sachs Foundation, discusses how investing in the New Orleans small business community has helped to revitalize the city. She is joined by two graduates of the Goldman Sachs 10,000 Small Businesses program: Kristen Preau Moore, CEO and owner of Cook Me Somethin' Mister, and Barrett Wiley, owner of Cleaning Concierge.

This episode was recorded on July 28, 2015.

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Brittle Markets: The Risks from Falling Liquidity

Wed, 19 Aug 2015 21:30:00 -0000

Steve Strongin, head of the Global Investment Research (GIR) Division, and Charlie Himmelberg, GIR's co-head of Global Markets Research and global head of Credit and Mortgage Strategy Research, discuss the importance of liquidity in the market, the vulnerabilities of less-liquid markets and proposals to restore liquidity without undermining market safety.

This episode was recorded on August 11, 2015.

This podcast should not be copied, distributed, published or reproduced, in whole or in part. The information contained in this podcast does not constitute research or a recommendation from any Goldman Sachs entity to the listener. Neither Goldman Sachs nor any of its affiliates makes any representation or warranty, as to the accuracy or completeness of the statements or any information contained in this podcast and any liability therefor (including in respect of direct, indirect or consequential loss or damage) is expressly disclaimed. The views expressed in this podcast are not necessarily those of Goldman Sachs, and Goldman Sachs is not providing any financial, economic, legal, accounting or tax advice or recommendations in this podcast. In addition, the receipt of this podcast by any listener is not to be taken as constituting the giving of investment advice by Goldman Sachs to that listener, nor to constitute such person a client of any Goldman Sachs entity.

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The Future of Finance

Thu, 30 Jul 2015 21:00:00 -0000

Heath Terry and Ryan Nash, analysts in Global Investment Research at Goldman Sachs, explore how the twin forces of regulation and technology are opening the door for a new and expanding class of competitors aiming to shake up financial services.

This episode was recorded on June 3, 2015.

This podcast should not be copied, distributed, published or reproduced, in whole or in part. The information contained in this podcast does not constitute research or a recommendation from any Goldman Sachs entity to the listener. Neither Goldman Sachs nor any of its affiliates makes any representation or warranty, as to the accuracy or completeness of the statements or any information contained in this podcast and any liability therefor (including in respect of direct, indirect or consequential loss or damage) is expressly disclaimed. The views expressed in this podcast are not necessarily those of Goldman Sachs, and Goldman Sachs is not providing any financial, economic, legal, accounting or tax advice or recommendations in this podcast. In addition, the receipt of this podcast by any listener is not to be taken as constituting the giving of investment advice by Goldman Sachs to that listener, nor to constitute such person a client of any Goldman Sachs entity.

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Global Equity Markets in Flux

Thu, 09 Jul 2015 16:45:00 -0000

Kathryn Koch, head of Fundamental Equity Client Portfolio Management within Goldman Sachs Asset Management, discusses key trends impacting equity markets globally, including the ongoing Greek debt negotiations, stock volatility in China, and the boom in M&A activity.

This episode was recorded on July 6, 2015.

The views and opinions expressed herein should not be construed as an offer to buy or sell any securities and such views and opinions may differ from those of Goldman Sachs Global Investment Research or other departments or divisions of Goldman Sachs and its affiliates. This information may not be current and Goldman Sachs has no obligation to provide any updates or changes. Neither Goldman Sachs nor any of its affiliates makes any representation or warranty, as to the accuracy or completeness of the statements or any information contained in this podcast and any liability therefor (including in respect of direct, indirect or consequential loss or damage) is expressly disclaimed. Goldman Sachs is not providing any financial, economic, legal, accounting or tax advice in this podcast. In addition, the receipt of this podcast by any listener is not to be taken as constituting the giving of investment advice by any Goldman Sachs entity or individual to that listener, nor to constitute such person a client of any Goldman Sachs entity.

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The State of the Markets: Gary Cohn on Interest Rates, Liquidity and Risk Management

Wed, 24 Jun 2015 17:30:00 -0000

Gary Cohn, president and chief operating officer of Goldman Sachs, discusses key issues impacting the global economic landscape, including the anticipated rise in interest rates, market liquidity and the relationship between clearing houses and systemic stability.

This podcast was recorded on June 17, 2015.

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Mainframes and Back Again: Lessons from 25 Years in Technology

Fri, 05 Jun 2015 22:00:00 -0000

R. Martin Chavez, chief information officer of Goldman Sachs, discusses some of the game-changing trends in technology today -- including the shift to cloud, open source for enterprise, and big data -- and how financial institutions are embracing these innovations to provide a better experience for clients.

This episode was recorded on April 1, 2015.

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A Conversation with Lloyd Blankfein

Wed, 20 May 2015 12:00:00 -0000

Lloyd Blankfein, chairman and CEO of Goldman Sachs, discusses a range of global economic issues -- including the United States' evolving policies on trade, energy and infrastructure, opportunities and challenges facing China's economy, and the impact of technology on the financial services industry -- along with lessons from his own career.

This episode was recorded on May 12, 2015.

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Planes, Brains and Automobiles: The Future of Innovation

Tue, 05 May 2015 21:00:00 -0000

Hugo Scott-Gall, head of Thematic Research at Goldman Sachs, discusses the disruptive innovations that dominated discussion at the Goldman Sachs Innovation Symposium.

This podcast was recorded on March 18, 2015.

This podcast should not be copied, distributed, published or reproduced, in whole or in part. The information contained in this podcast does not constitute research or a recommendation from any Goldman Sachs entity to the listener. Neither Goldman Sachs nor any of its affiliates makes any representation or warranty, as to the accuracy or completeness of the statements or any information contained in this podcast and any liability therefore (including in respect of direct, indirect or consequential loss or damage) is expressly disclaimed. The views expressed in this podcast are not necessarily those of Goldman Sachs, and Goldman Sachs is not providing any financial, economic, legal, accounting or tax advice or recommendations in this podcast. In addition, the receipt of this podcast by any listener is not to be taken as constituting the giving of investment advice by Goldman Sachs to that listener, nor to constitute such person a client of any Goldman Sachs entity.

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The UK Macro Environment

Thu, 23 Apr 2015 20:30:00 -0000

Kevin Daly, senior European economist in Global Investment Research at Goldman Sachs, discusses factors influencing the growth outlook in the UK, including housing, wages and energy prices.

This podcast was recorded on March 30, 2015.

This podcast should not be copied, distributed, published or reproduced, in whole or in part. The information contained in this podcast does not constitute research or a recommendation from any Goldman Sachs entity to the listener. Neither Goldman Sachs nor any of its affiliates makes any representation or warranty, as to the accuracy or completeness of the statements or any information contained in this podcast and any liability therefor (including in respect of direct, indirect or consequential loss or damage) is expressly disclaimed. The views expressed in this podcast are not necessarily those of Goldman Sachs, and Goldman Sachs is not providing any financial, economic, legal, accounting or tax advice or recommendations in this podcast. In addition, the receipt of this podcast by any listener is not to be taken as constituting the giving of investment advice by Goldman Sachs to that listener, nor to constitute such person a client of any Goldman Sachs entity.

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Revitalizing Communities Through Impact Investing

Wed, 15 Apr 2015 17:00:00 -0000

Margaret Anadu, a managing director in the Urban Investment Group at Goldman Sachs, discusses impact investing and the firm's efforts to help rebuild communities in Newark and New York City.

This podcast was recorded on April 1, 2015.

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Artificial Intelligence: The Next Wave of Disruption

Wed, 01 Apr 2015 17:50:00 -0000

George Lee, chief information officer for the Investment Banking Division at Goldman Sachs, discusses the disruptive potential of artificial intelligence.

This podcast was recorded on March 4, 2015.

The information contained in this recording was obtained from publicly available sources and has not been independently verified by Goldman Sachs. Neither Goldman Sachs nor any of its affiliates makes any representation or warranty as to the accuracy or completeness of the information contained in this recording and any liability as a result of this recording is expressly disclaimed. This recording should not be relied upon to evaluate any potential transaction. Goldman Sachs is not giving investment advice by means of this recording, and this recording does not establish a client relationship with Goldman Sachs.

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The Long-term Potential of the Growth Markets

Fri, 20 Mar 2015 14:00:00 -0000

Michael Sherwood, a vice chairman of Goldman Sachs and co-CEO of Goldman Sachs International, discusses the economic potential of Growth Markets around the world, including India and China.

This podcast was recorded on March 4, 2015.

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The Future of the US-China Economic Relationship

Thu, 05 Mar 2015 20:00:00 -0000

Mark Schwartz, a vice chairman of Goldman Sachs and chairman of Goldman Sachs Asia Pacific, discusses China's reform efforts, future growth and prospects for an enhanced investment relationship with the United States.

This podcast was recorded on February 13, 2015.

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The Global Growth Landscape

Tue, 17 Feb 2015 16:00:00 -0000

Sheila Patel, chief executive officer of International Goldman Sachs Asset Management, discusses what makes 2015 a "year of change" for investors.

This episode was recorded on February 4, 2015.

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The New Oil Order

Thu, 08 Jan 2015 17:45:00 -0000

Jeff Currie, global head of Commodities Research at Goldman Sachs, discusses the surge in US oil production, the changing role of OPEC and how lower oil prices are impacting the global economy.

This podcast was recorded on December 15, 2014

This podcast should not be copied, distributed, published or reproduced, in whole or in part. The information contained in this podcast does not constitute research or a recommendation from any Goldman Sachs entity to the listener. Neither Goldman Sachs nor any of its affiliates makes any representation or warranty, as to the accuracy or completeness of the statements or any information contained in this podcast and any liability therefor (including in respect of direct, indirect or consequential loss or damage) is expressly disclaimed. The views expressed in this podcast are not necessarily those of Goldman Sachs, and Goldman Sachs is not providing any financial, economic, legal, accounting or tax advice or recommendations in this podcast. In addition, the receipt of this podcast by any listener is not to be taken as constituting the giving of investment advice by Goldman Sachs to that listener, nor to constitute such person a client of any Goldman Sachs entity.

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Macro Themes for Fixed Income Investors in 2015

Fri, 19 Dec 2014 15:30:00 -0000

Jonathan Beinner, chief investment officer of Global Fixed Income at Goldman Sachs Asset Management (GSAM), discusses trends for investors to watch in 2015.

This podcast was recorded on December 15, 2014

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A Revolution in Cancer Treatment

Fri, 05 Dec 2014 23:00:00 -0000

Jami Rubin, head of US healthcare research at Goldman Sachs, discusses how immuno-oncology is transforming the treatment of cancer.

This podcast was recorded on November 25, 2014

This podcast should not be copied, distributed, published or reproduced, in whole or in part. The information contained in this podcast does not constitute research or a recommendation from any Goldman Sachs entity to the listener. Neither Goldman Sachs nor any of its affiliates makes any representation or warranty, as to the accuracy or completeness of the statements or any information contained in this podcast and any liability therefor (including in respect of direct, indirect or consequential loss or damage) is expressly disclaimed. The views expressed in this podcast are not necessarily those of Goldman Sachs, and Goldman Sachs is not providing any financial, economic, legal, accounting or tax advice or recommendations in this podcast. In addition, the receipt of this podcast by any listener is not to be taken as constituting the giving of investment advice by Goldman Sachs to that listener, nor to constitute such person a client of any Goldman Sachs entity.

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