Briefly… provides an in-depth look at trends and events shaping markets and the economy, with experts inside and outside of Goldman Sachs
On the heels of the firm’s annual conference, we caught up with Richard Ramsden, who leads the Financials Group within Goldman Sachs Research. Below, he discusses takeaways from his conversations with company management teams, including the outlook for capital returns and strategic investment.
The hedge fund industry is poised to post one of its strongest years since the global financial crisis, according to Goldman Sachs’ Tony Pasquariello, global head of hedge fund coverage for the Global Markets Division, who explained the drivers behind the performance and the outlook for 2021.
With one or more COVID-19 vaccines on the horizon, investors are looking ahead to the manufacturing and distribution of the vaccine. During a recent daily Goldman Sachs Asset Management (GSAM) Forum event, Dr. John Grabenstein, president of consulting service Vaccine Dynamics SP and former Global Executive Director of Medical Affairs for Merck Vaccines, discussed the logistics of a vaccine rollout with Gurpreet Gill, a macro strategist within GSAM’s Fixed Income team.
As the chief investment officer for the San Francisco Employees’ Retirement System (SFERS), Bill Coaker Jr. has achieved risk-adjusted returns in the top one percent of SFERS’ peer group. At a recent Goldman Sachs Asset Management (GSAM) Forum discussion, Coaker, who has more than 25 years of investment experience, spoke with portfolio managers on GSAM’s Fundamental Equity business, including Katie Koch, Brook Dane, Jenny Chang, Alexis Deladerrière and Laura Destribats.
A low-for-longer interest rate environment can be particularly difficult for insurance companies, which need higher-yielding investments to match their underwritten liabilities. So how are Japanese insurers adjusting to a prolonged period of negative interest rates? We sat down with Yusuke Ochi, who works with insurers and other institutional clients in Goldman Sachs’ Global Markets Division in Japan, to discuss.
After a challenging second quarter, M&A volumes have picked up in the second half of the year, marking a near return to pre-COVID activity levels. We sat down with Investment Banking Division’s Colin Ryan, co-head of M&A for the Americas and global co-head of Technology M&A, and David Dubner, global head of M&A structuring, about the factors driving activity.
As the CIO and Executive Director for the Minnesota State Board of Investment (MSBI), Mansco Perry oversees approximately $100 billion in assets. At a recent Goldman Sachs Asset Management (GSAM) Forum discussion, Perry spoke with GSAM’s Katie Koch, co-head of GSAM’s Fundamental Equity business, and Mike Swell, head of Global Portfolio Management within the Global Fixed Income team, on his core investment philosophies and processes, asset class preferences, and the role of diversity.
In recent years, investors have broadened their search for potential returns by taking on non-traditional or “alternative” risks. Many of these alternative risk premia (ARP) have historically been implemented by hedge funds and other institutional investors that develop long-short strategies aimed at mitigating market volatility. We sat down with Goldman Sachs Asset Management’s Federico Gilly and Matthew Schwab to discuss the latest developments in this space.
The pandemic is accelerating underlying trends in the real estate market, such as a decline in office space in major cities like New York and a move to the suburbs, according to Jamie LeFrak, Vice Chairman of LeFrak, a multi-generational real estate investment firm with one of the largest privately held portfolios in the US. Speaking at a recent Goldman Sachs Asset Management (GSAM) Forum event, LeFrak shared his thoughts on real estate in a post-COVID landscape with GSAM portfolio manager Nora Creedon.
Can technology be used to improve human performance? At the recent Goldman Sachs Asset Management (GSAM) Healthcare Investor Forum, Andrew Firlik, managing partner of JAZZ Venture Partners, spoke with GSAM’s Hugh Lawson about emerging technologies that are helping to improve health and wellness outcomes.
Insurance is typically considered to be one of the most traditional industries in financial services and, until recently, has proved to be fairly resistant to change. But changes in consumer behaviors, new technologies and emerging business models are disrupting the industry. We sat down with Goldman Sachs’ Kelly Galanis, head of the Americas Financial Technology sector in the Investment Banking Division, about the emergence of insurance technology startups, known as insurtech, and its impact on the insurance industry.
Last year saw a new trend in M&A involving Japanese companies—a sharp increase in large tender offers, including rarely seen hostile bids. The trend has continued in 2020, and may accelerate as a result of the pandemic. Goldman Sachs Research’s Hiromi Suzuki explains the changing times.
Consumer packaged food companies are changing the way they source raw ingredients to help reduce their environmental and social impact. Goldman Sachs Research’s Jason English spoke with Mary Jane Melendez, General Mills’ Chief Sustainability and Social Impact Officer, Christine Montenegro McGrath, Mondelez’s Chief of Global Impact, and Kate Rebernak, Founder and CEO of FrameworkESG, to discuss how consumer food companies are shaking up their supply chains. What follows is an edited excerpt of their conversation from Goldman Sachs’ inaugural Global Consumer ESG Conference, held virtually last month.
Just as the pandemic has accelerated a shift to online learning, it is also reshaping the college application process. On a recent client webcast, Goldman Sachs’ John Mallory, who leads the firm’s Americas Private Wealth Management business, spoke with Amy Alexander and Sai Samboon of Bright Horizons College Coach about the trends shaping the college admissions process.
The airline industry has faced its fair share of crises, but the coronavirus has pushed it into new territory. Greg Lee of Goldman Sachs’ Investment Banking Division looks at how some airlines are weathering the pandemic.
After a decade-long bull run, mergers and acquisition activity slowed sharply earlier this year as global economies came to a halt. But there are signs of life in the M&A market as countries start to reopen, according to the global co-heads of Goldman Sachs’ Mergers & Acquisitions business in the Investment Banking Division—Michael Carr, Dusty Philip and Gilberto Pozzi—who shared their outlooks on the year ahead.
Goldman Sachs’ Firmwide Black Network recently hosted a virtual townhall to share experiences with racial discrimination in the US and around the world. Lisa Opoku, global chief operating officer for the firm’s Engineering Division, moderated a discussion with Margaret Anadu, head of Goldman Sachs’ Urban Investment Group, Leke Osinubi, chief risk officer for the Core Engineering business unit, Kene Ejikeme, head of Multi Asset Platform Sales in EMEA, and Sean Legister, a vice president in Multi Asset Sales in New York, on how to bring the Black community—and its allies—together.
The pandemic is accelerating the adoption of financial technology, known as fintech, among consumers, businesses and government entities. Goldman Sachs’ Jeff Gido and Brandon Watkins of the Investment Banking Division shared their insights on the secular trends driving fintech growth and how the shutdown is creating opportunities in the sector.
As one of the longest-tenured CEOs on Wall Street, Jefferies Financial Group CEO Rich Handler says the current crisis is unlike any he’s ever seen and will have profound effects on the economy, consumer behavior and the future of work. Speaking at a virtual Goldman Sachs Asset Management (GSAM) Forum event, Handler shared his thoughts with Katie Koch, co-head of GSAM’s Fundamental Equity business.
Bill Bynum, is the CEO of HOPE, a Community Development Financial Institution in Jackson, Mississippi, with whom Goldman Sachs is partnering to get capital in the hands of small businesses. Margaret Anadu, head of the Merchant Banking Division’s Urban Investment Group (UIG) at Goldman Sachs, spoke recently with Bynum about the status of those efforts.
Public companies and investors have turned to private investments in public equity, or PIPEs, to raise capital at historically high levels given the uncertainty around the COVID-19 pandemic. Goldman Sachs Investment Banking Division’s Mike Voris and Evan Green discussed the appeal of the approach and why the trend has continued even as liquidity has returned to fixed income markets.
Goldman Sachs’ Bentley de Beyer had just started in his position as the firm’s Global Head of Human Capital Management when the coronavirus hit. In a recent conversation with Greg Wilson, Head of Institutional Client Businesses at the firm’s Ayco financial counseling business, de Beyer spoke about his transition to the firm, the future of work and how he communicates with a global workforce during the crisis. What follows is an edited excerpt from their conversation.
The path to full economic recovery is likely to be complicated and gradual, as wide swaths of the economy are forced to rebuild and adapt. At a recent Forum discussion, Goldman Sachs Asset Management’s (GSAM) Katie Koch, co-head of the Fundamental Equity business, spoke with Steve Strongin, senior advisor at the firm and former head of Goldman Sachs Research, about the forward path.
The face to-face meetings between investors and executives, often requiring week-long tours of major cities across the globe, are emblematic of the IPO process. But such in-person presentations may soon be giving way to virtual IPO roadshows in a travel-restricted landscape. We spoke with Goldman Sachs’ Bill Chu, Sam Thong, James Wang and Darius Naraghi of the Investment Banking team in Hong Kong about the trends that are reshaping the IPO process in Asia.
The technology sector was a strong outperformer during the bull market and, so far, is outperforming other sectors during the current downturn. At a recent Goldman Sachs Asset Management (GSAM) Forum event, Sung Cho and Greg Tuorto, portfolio managers on GSAM’s Fundamental Equity team specializing in technology, and David Fischkoff on GSAM Fixed Income’s credit team, shared their perspectives on why the sector is poised to weather the current crises.
More than two months after imposing quarantines to battle the COVID-19 epidemic, China is on the economic road to recovery. Shao Ping Guan, head of the China Equity team and lead portfolio manager of Goldman Sachs Asset Management’s China Equity strategies, shared his thoughts on the country’s recovery and the resilience of its equity markets.
Even as the Federal Reserve announced plans to expand its bond-buying program, liquidity challenges in the fixed income markets have become another feature of the current crisis. Last week, Goldman Sachs Asset Management’s (GSAM) Mike Swell, co-head, Global Portfolio Management of Global Fixed Income, hosted a client call with members GSAM’s Global Fixed Income team to discuss recent developments and the policy response.
As universities across the US, Europe and Asia cancel in-person classes in an effort to contain the spread of coronavirus, traditional classrooms are adopting virtual classrooms—which could jumpstart the long-term adoption of remote learning. We sat down with Goldman Sachs’ Adam Nordin, who covers the educational technology sector for the Investment Banking Division, who shared his thoughts on one of the fastest-growing segments in higher education.
As universities across the US, Europe and Asia cancel in-person classes in an effort to contain the spread of coronavirus, traditional classrooms are adopting virtual classrooms—which could jumpstart the long-term adoption of remote learning. We sat down with Goldman Sachs’ Adam Nordin, who covers the educational technology sector for the Investment Banking Division, and shared his thoughts on one of the fastest-growing segments in higher education.
When news of coronavirus first broke earlier in the year, Goldman Sachs Research’s Peter Oppenheimer warned that the markets were being too complacent. With the stock market’s latest plunge, we sat down with Peter to get his views on how severe the selloff could be and the key metrics and risks investors should watch.
Raghuram Rajan, former chief economist for the International Monetary Fund (IMF) and India’s former central banker, shared his views on monetary policies, the risk of global supply chains and the importance of communities in a wide-ranging conversation with Goldman Sachs’ Katie Koch, co-head of Goldman Sachs Asset Management’s (GSAM) Fundamental Equity business, at a GSAM Forum event in New York. What follows are excerpts from their conversation.
The hospitals and healthcare systems that are critical to managing our health are also, with more than $1 trillion in investments, a significant part of the institutional investor landscape. We sat down with Paget MacColl of Goldman Sachs Asset Management (GSAM), which recently released the results of its Healthcare Diagnostic, an annual survey assessing the investment approaches and practices of the nation’s largest nonprofit healthcare systems and hospitals. In our interview, Paget discussed the role of investments amid an increasingly challenging operating environment.
With record levels of cash, private equity firms appear poised for another solid year. We recently sat down with Goldman Sachs’ Pete Lyon, who runs the firm’s global sponsors franchise, to discuss his outlook for the private equity industry this year.
Asia’s third-largest economy released its national budget on February 1, outlining its roadmap for boosting economic performance after several years of slowing growth. We sat down with Goldman Sachs Research’s India Chief Economist Prachi Mishra who shared her views on the budget announcement.
As investor focus on infrastructure continues to expand, so too has its scope, according to Goldman Sachs’ Brian Bolster and Michael Sachs, who lead the firm’s investment banking coverage effort for the sector. We sat down with Brian and Michael who shared their views on infrastructure’s evolution.
Last week, leaders from the public and private sectors convened in Davos, Switzerland for the annual meeting of the World Economic Forum. Three members of the firm’s delegation – Gregg Lemkau and Dina Powell of the Investment Banking Division, and Sheila Patel of the Consumer and Investment Management Division – share their takeaways from the week’s events.
European regulators are exploring a new, more rigorous method of evaluating a vehicle’s environmental impact. The so-called Life Cycle Assessment approach would broaden the scope of evaluation to include the entire life cycle of a car – not just its on-road emissions. We sit down with Kota Yuzawa of Goldman Sachs Research to discuss the shift’s implications for the future of electric vehicles and as well as investors who have a stake in the space.
At Goldman Sachs’ inaugural Philanthropy Forum, recently hosted by the firm’s Private Wealth Management business, more than 350 clients convened in New York to hear perspectives from notable philanthropists and learn strategies for maximizing giving and measuring impact. Dr. Deepak Chopra, a pioneer in integrative medicine and personal transformation, spoke about the power of philanthropy with Goldman Sachs’ Meena Flynn. Edited highlights from their conversation are featured below.
A modest pickup in global growth is expected to greet investors in 2020. While this optimism has seen investors shift to riskier assets, Goldman Sachs Research’s Christian Mueller-Glissmann says there’s a risk that they could be disappointed…eventually. We sat down with Christian to discuss multi-asset themes and risks for 2020.
As tech firms from Greater China seek protection from trade tensions, many are adding manufacturing capacity in Vietnam to build everything from AirPods to TVs. To find out more, we spoke to Goldman Sachs Research’s Allen Chang, who recently visited industrial parks across Vietnam to interview the tech companies expanding there. Learn More
After a string of recent mega mergers, food companies are hunkering down to digest their acquisitions—resulting in a slew of spinoffs and divestitures as they look to streamline their operations. We sat down with Goldman Sachs’ Ben Frost, head of Mergers & Acquisitions for the Consumer Retail Group in the Investment Banking Division, to discuss the drivers behind recent banking transactions. Learn More
The sharp fall in the cost of installing and generating renewable power is driving the shift to low-carbon technologies. We sat down with Taylor Jordan – who co-founded impact investment advisory firm Imprint Capital (which Goldman Sachs bought in 2015)– to discuss clean energy investment opportunities. Learn More
Family offices have become one of the fastest-growing investors within the asset management industry. We sat down with Goldman Sachs’ Sara Naison-Tarajano, head of Apex, the firm’s dedicated family-office coverage team in the Consumer and Investment Management Division (CIMD), and Meena Flynn, CIMD’s global head of the Markets Solution Group and one of the partners leading the cross-divisional family-office initiative, who shared their perspectives on the industry. Learn More
Dutch company DSM was once one of the world’s largest bulk chemical companies. But over the last three decades, it has transformed itself into a cutting-edge, purpose and performance-led science company whose strategy is aligned with the United Nations SDGs. At a recent Goldman Sachs Asset Management (GSAM) Forum event, Katie Koch, co-head of GSAM’s Fundamental Equity business, spoke with Feike Sijbesma, DSM’s CEO of 13 years, about the company’s journey and the impact that corporations can have on climate change and malnutrition, among other global issues. Learn More
Asian hedge funds are one of the bright spots in the hedge fund industry, fueled by strong inflows, robust performance and China’s moves to open up its financial markets. We caught up with Goldman Sachs’ Padideh Raphael, whose team recently hosted almost 500 investors, managers and other market practitioners at the firm’s 20th annual Asia Hedge Fund Symposium in Tokyo. Learn More
Despite Japan’s aging population and mounting public debt, the country offers a host of investment opportunities, according to Katie Koch, co-head of Goldman Sachs Asset Management’s (GSAM) Fundamental Equity business. Koch recently returned from GSAM’s annual Investor Tour, held this year in Tokyo and Kyoto, where the team hosted 20 CEOs, CIOs and heads of equity from large global institutions along with Japanese policy makers, government officials and C-suite executives. Learn More
Climate change, advancing technologies and shifting workforce dynamics are among the top priorities for small businesses in the UK, according to survey results released by Goldman Sachs’ 10,000 Small Businesses UK at the firm’s Business 2030 conference held in London earlier this month. We spoke with Goldman Sachs’ Charlotte Keenan, who leads the firm’s Office of Corporate Engagement for the EMEA and APAC regions, to share how entrepreneurs are running their businesses in the face of global uncertainty. Learn More
Faced with geopolitical uncertainty, a slowing economy and negative yields, more than 180 German companies shared their strategies and challenges with investors at Goldman Sachs’ eighth annual German Corporate Conference, held in Munich last month. We sat down with Goldman Sachs’ Michael Schmitz, co-head of the Securities Division in Germany and Austria, to discuss key takeaways from the event. Learn More
China’s food habits are changing in ways that will have long-term repercussions for the world, says Goldman Sachs Research’s Trina Chen. We sat down with her to learn more about what’s driving the shift in consumption and how China can meet these new demands. Learn More
At a time of rising climate activism, The Conservation Fund (TCF) – partnering with Goldman Sachs – tapped the capital markets with an inaugural debt issuance to scale its mission: to protect 1 million acres of America’s privately held working forests. We sat down with TCF’s CEO and CFO Larry Selzer and John Gilbert, respectively, and Goldman Sachs’ Kyung-Ah Park and Ritu Kalra to talk about the conservation sector’s evolving approach to sustainable growth and the role of capital markets. Learn More
Online payments are quickly dethroning cash as king across Asia. We sat down with Goldman Sachs’ Geddes Johnson to discuss the untapped opportunities – and latest misconceptions – within Asia’s payments landscape. Learn More
China’s capital markets reform spread to new fronts this summer with the launch of the Science Technology Innovation Board. The Nasdaq-like stock exchange for emerging companies—dubbed the “STAR” market—has seen its shares rise over 140% since the first IPOs in July. Below, Goldman Sachs Research’s Kinger Lau discusses what distinguishes this market and its applicants, as well as what to expect in the way of foreign access. Learn More
Key to any sustainable economic expansion is the growth of an appropriately skilled labor force – something the US has experienced uninterrupted since the global financial crisis. We caught up with Goldman Sachs Research's Abby Joseph Cohen to discuss immigration's contribution to this growth, the subject of her latest report "Immigration and the US Workforce." Learn More
Eight years after the Fukushima nuclear disaster, Japan has diversified its energy supply through its investment in renewables. We sat down with Toru Inoue in Goldman Sachs’ Investment Banking Division to discuss the implications for investors and the energy landscape. Learn More
How can artificial intelligence impact the workplace of the future? At the Ayco InnerCircle conference, which brings together practitioners and thought leaders in the human resources industry, Goldman Sachs’ Joe LeRoy of Ayco’s Institutional Business Solutions, spoke with Richard Hughes of UnitedHealth Group, Jeffrey Howell of Panasonic Industrial Devices Sales Company of America and Brian Marcotte of the National Business Group on Health, about the role of AI in their businesses. Learn More
In recent years, when central banks were embarking on quantitative easing, investors approached cash as an asset class afterthought given the rock-bottom yields. But the end of QE – and the prospect of rate volatility – has reignited investors’ interest. We sat down with Goldman Sachs’ Kathleen Hughes and Christina Kopec who discussed how clients are investing in cash – and why they’re focused on more than just yield. Learn More
Across Asia, companies are getting more serious about sustainability. We sat down with Goldman Sachs Research’s Sharmini Chetwode, who shared how companies are increasing their disclosures around environmental, social and governance (ESG) factors and how investors are integrating ESG into their investing framework. Learn More
Despite weaknesses in South Africa’s economy, improving business confidence and the promise of structural reforms create the potential for higher economic growth rates going forward, according to Goldman Sachs’ Colin Coleman, the firm’s sub-Saharan Africa head, and Kunal Shah and Ryad Yousuf, who are leading the firm’s market-making expansion into South Africa. We talked with them about the evolving macroeconomic and political landscape in South Africa, as well as the opportunities and challenges for investors. Learn More
As we hit the year's halfway point, investors are faced with an unusual phenomenon in global markets: riskier assets like equities have rallied alongside their safer peers like bonds and gold. Does this mean the asset classes are sending conflicting signals? Not necessarily, says Goldman Sachs Research’s Christian Mueller-Glissmann. We sat down with him to discuss this apparent disconnect in risk appetite and the outlook for the second half. Learn More
The race to roll out 5G networks is accelerating across the globe, with US-China trade tensions putting equipment makers in the spotlight. For China, the transition to faster wireless should bring a wave of opportunities for technology stocks, from increased semiconductor demand to a surge in consumer device upgrades, says Goldman Sachs Research’s Allen Chang. We sat down with him to learn more about the scope of the opportunity and how trade tensions could impact rollout. Learn More
In a trend that has reshaped the financial landscape, private markets continue to gain traction as a popular alternative for companies to raise money. Mike Voris and Lyle Schwartz, who lead Goldman Sachs’ equity private placements business globally, recently shared their views on the drivers and implications for both companies and investors. Learn More
Amid the growth of environmental, social and governance (ESG) investing, the private sector is increasingly looking to harness capital markets to finance positive social outcomes. Earlier this month, Goldman Sachs hosted a roundtable in Paris with investors, issuers and ratings agencies to discuss the opportunities and challenges in the nascent social bonds market. We sat down with Goldman Sachs’ Ivan Fillon, Kathleen Hughes, Marc d’Andlau and Kyung-Ah Park to discuss the takeaways from the event. Learn More
Once lofty expectations for an electric-car future may have been temporarily scaled back, but the adoption of hybrid vehicles is continuing to accelerate. We sat down with Goldman Sachs Research’s Kota Yuzawa who explained why companies are investing in their hybrid technologies before EVs take off in earnest. Learn More
Ahead of this week's 23rd annual European Financials Conference in Paris -- one of Goldman Sachs' longest-running events in Europe -- we sat down with Jernej Omahen, head of European Financials Research, to discuss the challenges facing Europe's banks and insurers, from earnings pressures, to political and macro uncertainty, to competition from fintech startups. Learn More
Infrastructure, digitization and sustainability were just some of the topics on investors’ minds at the Goldman Sachs Industrials & Materials Conference earlier this month. We spoke with Jerry Revich, Joe Ritchie and Brian Maguire of Goldman Sachs Research who shared thoughts from the conference which, for the first time, combined the Industrials and Materials sectors to connect firm clients and corporate management teams in a single, comprehensive event. Learn More
When raising funds outside of Japan, Japanese national banks are often forced to pay higher costs than their foreign peers who can utilize secured funding. But Goldman Sachs worked on a solution for long-time client Sumitomo Mitsui Banking Corporation (SMBC) by serving as lead arranger and lead left book runner on an inaugural EUR 1 billion covered bond in October 2018. The covered bond – which was part of a EUR 20 billon funding package – is the first of its kind in Japan. We sat down with Yusuke Minowa and Eldar Mezbur of the Investment Banking Division to discuss the transaction. Learn More
Demand for leveraged loans — a form of capital issuance to companies with sub-investment-grade credit ratings — is continuing to march higher even as some regulators raise concerns about rising debt levels. We sat down with Goldman Sachs’ Christina Minnis and Vivek Bantwal, who run the firm’s leveraged loans business, to discuss their perspectives on the market. Learn More
Today’s athletes and entertainers are increasingly taking on a secondary title: entrepreneur. We spoke with Goldman Sachs’ Nicole Pullen Ross and DeDe Agar, who run the firm’s newly launched Sports and Entertainment Solutions (SES), about why athletes and entertainers’ second careers and rising salaries can complicate their financial lives. Learn More
The private equity industry has had years of growth and evolution. At the Goldman Sachs Private Markets Investor Forum earlier this month, Chris Kojima, Global Head, Alternative Investments & Manager Selection (AIMS) Group, Sumit Rajpal, Co-Head, Global Corporate Equity, Merchant Banking Division (MBD), and Andrew Wolff, Head, MBD International, shared their perspectives on the industry’s and opportunities for investors. Learn More
Green bonds, or bonds whose proceeds are earmarked for environmentally beneficial projects, have been growing steadily. To understand growth of the global green bond market and what’s ahead, we sat down with Alvaro Camara and Yasmine Coupal of the firm’s Investment Banking Division and Kyung-Ah Park, head of Goldman Sachs’ Environmental Markets Group. Learn More
Earlier this month, Chinese bonds debuted in the benchmark Bloomberg Barclays Global Aggregate Index, an important benchmark for global investors. We sat down with Goldman Sachs Research’s Kenneth Ho and Danny Suwanapruti, who shared their thoughts on the milestone and the opening of China’s capital markets. Learn More
Goldman Sachs recently held its third annual `Women & Wealth Forum`, a gathering of female investors, business owners and entrepreneurs. We sat down with Goldman Sachs’ Natasha Pope, a private wealth advisor who spearheaded the launch of the forum in London and shared takeaways from the event. Learn More
Goldman Sachs Research's annual survey of the world's most critical oil and gas assets -- a series called Top Projects -- reveals an industry in transformation. The global push to reduce the energy sector's carbon footprint is streamlining the market, with fewer, better-capitalized companies set to lead simpler, more profitable developments. The result: a boost for returns across the industry and more market share for the biggest players. We sat down with lead analyst Michele Della Vigna to delve into his conclusions. Learn More
Outside traditional retail and e-commerce in China lies a relatively obscure “grey channel” for reaching Chinese consumers: a network of resellers, or “daigou,” who travel across Asia to purchase in-demand products for resale in China. Christine Cho of Goldman Sachs Research explains.Learn More
Goldman Sachs’ Donough Kilmurray, who advises private wealth clients across EMEA, recently returned from an investor road trip across seven countries where he spoke with more than 450 investors. We caught up with Kilmurray who shared his perspectives on markets and client concerns. Learn More
Chinese stock markets are getting a boost from the decision by global index provider MSCI to quadruple the weighting of mainland China stocks, known as A-shares, in its benchmarks. We sat down with Kinger Lau, Chief China Strategist of Goldman Sachs Research, and Christina Ma, Head of Greater China Equities of Goldman Sachs Securities, who explained the implications for investors. Learn More
Goldman Sachs' Céline-Marie Méchain started the firm's private equity coverage business in France in 2000, at a time when the industry was relatively new. We caught up with Céline who shared her thoughts on the latest trends influencing the industry. Learn More
As more people buy their clothes online, companies are rolling out technologies to provide customers with a more precise fit. We sat down with Sho Kawano of Goldman Sachs Research to learn more about this “body measurement technology,” its advantages for companies and consumers, and the applications beyond retail. Learn More
India's private sector is going through a wave of consolidation as companies look to keep pace with sweeping technological, regulatory and governmental changes. We sat down with Sonjoy Chatterjee, chairman and co-CEO of Goldman Sachs' business in India, who shared his thoughts on the evolving landscape. Learn More
Investors are turning to renewable energy opportunities as the costs of producing wind and solar projects decline. Goldman Sachs' Jon Yoder and Jacob Sandry, portfolio managers in Goldman Sachs Asset Management's Credit Alternatives team, discuss the trends and opportunities in the renewable energy sector.Learn More
The realities of growth deceleration, higher rates, and significantly tighter financial conditions have markets on heightened recession watch. But recession risks look modest according to GS Research economists Jan Hatzius and David Mericle, whose study of 100 years of US recessions suggests the prospects for a “soft landing” are better than widely thought. Learn More
At last week's gathering of political and business leaders at the World Economic Forum in Davos, the mood among participants differed markedly from prior years. Sheila Patel, chief executive officer of International Goldman Sachs Asset Management, discussed key takeaways from the gathering. Learn More
When will the U.S. economy enter a recession? How many times will the Federal Reserve hike interest rates in 2019? Those were among the questions asked of the 275 attendees at the annual Goldman Sachs Global Strategy Conference in London last week. We sat down with Goldman Sachs Research's Ian Wright to discuss what he learned from the responses -- and how they compare with our analysts' forecasts. Learn More
With a new administration in power in Brazil, what's the outlook for the economy and markets in 2019? We sat down with Maria Silvia Bastos Marques, president and CEO of Goldman Sachs Brazil, to discuss opportunities in the region, issues on the minds of clients and her experiences as a pioneering executive in Brazil. Learn More
2019 started for Financial Services much like 2018 ended: with volatility and questions about potential vulnerabilities in the sector. We spoke to Goldman Sachs Research's Richard Ramsden on the heels of the firm's annual Financial Services Conference for his read on industry sentiment, the year-ahead outlook and pockets of risk. Learn More
Equity markets are about to enter a "flat and skinny" period of relatively low returns in a narrow trading range, according to analysis from Goldman Sachs Research. We sat down with Peter Oppenheimer and Sharon Bell from the global equity strategy team to discuss their findings, including where to find returns when growth is scarce. Learn More
At InnerCircle, a recent conference held by Ayco, a Goldman Sachs Company providing workplace financial planning, Dane Holmes, head of Goldman Sachs’ Human Capital Management, spoke with the human resource leaders at Hewlett Packard Enterprise, Northrop Grumman and Darden Restaurants about corporate and social responsibility. Learn More
A combination of domestic political and policy uncertainty, alongside a diplomatic dispute with the US, has contributed to the latest sell-off in Turkish assets and rattled emerging markets investors. Goldman Sachs Asset Management’s Sam Finkelstein and Luke Barrs share their views along with GSAM economist Prakriti Sofat. Learn More
Japanese mergers and acquisition volumes set new records in the first half of the year as companies continued to seek growth outside their home market. Now, moves to improve corporate governance and focus on capital efficiency are spurring further consolidation in domestic industries, leading to more M&A activity and higher valuations. We sat down with Hiromi Suzuki of Goldman Sachs Research to discuss why companies are shedding operations at a record pace. Learn More
Exchange-traded funds (ETFs) are expanding at a rapid clip but still only make up a fraction of investable assets. Today, changing regulations and the growth of digital advisory models, among other factors, could accelerate that growth. We sat down with Mike Crinieri, global head of ETFs in Goldman Sachs Asset Management, who described the evolving landscape. Learn More
Stacy Selig, head of the Securities Division’s Americas Equity Structuring Group, discusses how changes in market structure continue to drive demand for structured products and equity derivatives, as well as boost the types of jobs available on Wall Street. Learn More
Are central bankers using a flawed framework to shape monetary policy? In a new paper, "The Case for a Financial Conditions Index," Goldman Sachs Chief Economist Jan Hatzius and his colleague Sven Jari Stehn argue it is time for the Federal Reserve and other central banks to adjust the macroeconomic model they have used since the 1990s. We caught up with Jan to understand why it makes sense to shift from focusing on short-term interest rates to monitoring a financial conditions index. Learn More
The difference in yield on longer- vs. shorter-dated Treasury bonds has flattened to razor-thin levels, fueling concerns that it could soon veer into negative territory. While this phenomenon—known as yield curve “inversion”—historically has predicted recession, its signaling power looks weaker this cycle in the eyes of Goldman Sachs’ Chief Economist Jan Hatzius and Chief Markets Economist Charlie Himmelberg. GS Research’s Marina Grushin sat down with the pair to discuss the relationship, including what signals to watch if not yield curve inversion. Learn More
On June 1, index provider MSCI will include mainland Chinese stocks, known as A-shares, into its benchmarks which are closely watched by international investors and used to guide the allocation of trillions of dollars in assets that are currently tracking them. Kinger Lau, Chief China Strategist of Goldman Sachs Research, and Christina Ma, Head of Greater China Equities of Goldman Sachs Securities, discuss the implications for China and investors. Learn More
For investors, India's biggest challenges are also its biggest opportunities. Earlier this month, Goldman Sachs Asset Management (GSAM) took a group of 21 institutional investors to India to meet with policymakers and corporate leaders across New Delhi, Mumbai and Bengaluru. Katie Koch, global head of client portfolio management and business strategy for GSAM Fundamental Equity, shared highlights from the trip. Learn More