Exchanges at Goldman Sachs is a podcast where experts from around the firm discuss developments shaping industries, markets and the global economy
Latest
What is Alternative Risk Premia and Why are Investors Excited About It?
Heather Shemilt and Tom Leake of the Goldman Sachs Securities Division discuss the evolution of systematic investing and what’s next for the industry. Listen Now
Is Womenomics Working?
Back in 1999, Goldman Sachs’ Kathy Matsui first published research on “Womenomics” which explored the impact of women’s labor force participation in Japan on the country’s GDP growth. Now 20 years later, she reflects on the progress that has been made and where challenges remain. Listen Now
What’s the Business Case for Investing in America’s Low-Income Communities?
Margaret Anadu, head of Goldman Sachs’ Urban Investment Group, explains the latest in opportunity zone investing and the role of private capital in revitalizing America’s low-income communities. Listen Now
Why Do Smaller Companies Receive Higher Valuations for New Initiatives?
Steve Strongin of Goldman Sachs Research explains the findings of a new report from Goldman Sachs’ Global Markets Institute, titled “What the Market Pays For.” Listen Now
What’s Keeping Insurers Up at Night?
Mike Siegel of Goldman Sachs Asset Management discusses the findings of his team’s annual insurance survey and explains how insurers are viewing market risks. Listen Now
Why Are Savings Rates Back in Focus in the UK?
A conversation with Goldman Sachs’ Des McDaid on the UK savings landscape. Listen Now
What’s the Role of Private Capital Markets in Europe?
Greg Olafson and Nishi Somaiya of Goldman Sachs’ Securities Division discuss how private capital markets – in particular, direct lending to middle market companies – have evolved in Europe in the wake of the global financial crisis. Listen Now
What’s Next For Emerging Markets?
Kevin Daly of Goldman Sachs Research discusses what’s next for emerging markets across the globe and specifically hones in on the CEEMEA region – Central and Eastern Europe, Middle East and Africa. Listen Now
How is Tech Reshaping the City Skyline?
Jim Garman of Goldman Sachs’ Merchant Banking Division discusses Europe’s real estate sector and how technology is changing the layout of cities. Listen Now
Why ESG is Becoming a ‘Business Imperative’ for Asset Managers
Richard Manley of Goldman Sachs Research explains why integrating ESG is becoming a “business imperative” for asset managers, why Europe is leading other regions in ESG investing and much more. Listen Now
What Can Credit Markets Tell Us About the Chances of a US Recession?
Lotfi Karoui of Goldman Sachs Research explains what today’s credit markets indicate about the likelihood of a US recession. Listen Now
France in Focus: CEOs Playing Offense and Defense
Pierre Hudry, head of the Paris office for Goldman Sachs, discusses the key considerations for his investment banking clients in France, from geopolitical uncertainty to increasing shareholder activism to market stability. Listen Now
Tech in Europe: Innovating Amidst Constraints
Jo Hannaford of Goldman Sachs’ Technology Division discusses tech disruption in Europe and how companies are innovating amidst political and regulatory constraints. Listen Now
China’s ‘Bumpy Deceleration’
Andrew Tilton of Goldman Sachs Research discusses the “bumpy deceleration” of China’s economy. Listen Now
Commodities Outlook: Return of the New Oil Order
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. Listen Now
Tech Talk 2019
Kim Posnett of Goldman Sachs’ Investment Banking Division discusses the outlook for technology companies and the IPO landscape in 2019. Listen Now
Founders’ Spotlight: What It’s Really Like to Start and Scale a Business
From the 2018 Builders + Innovators Summit, Dan Dees of Goldman Sachs’ Investment Banking Division joins entrepreneurs Jen Rubio of Away and Josh Hoffman of Zymergen to discuss what it’s like to start and scale a business. Listen Now
From Pharmaceuticals to Medical Devices: What to Watch in China’s Healthcare Sector
Goldman Sachs’ Stephanie Hui discusses China’s healthcare sector and where investors are eyeing opportunities. Listen Now
Closing the Gender Gaps: Advancing Women in Corporate America
Goldman Sachs’ Amanda Hindlian and Sandra Lawson discuss the Global Markets Institute’s new report, entitled Closing the gender gaps: Advancing women in corporate America. Listen Now
LIBOR’s Long Goodbye
Goldman Sachs’ Beth Hammack and Jason Granet talk through what the London Interbank Offered Rate (LIBOR) is, what went wrong with LIBOR and now why the financial industry is moving away from the interest rate. Listen Now
Talent and Technology: What’s Driving Poland’s Growth
Goldman Sachs’ Artur Tomala and Brent Watson join us to talk through Poland’s economic, business and political environment and where the growing nation fits within the broader European region. Listen Now
Europe’s Energy Evolution
Alberto Gandolfi of Goldman Sachs Research joins us to talk through Europe’s sustainable energy transformation, from the declining costs of wind and solar power to the growth in electric vehicles and more. Listen Now
Finding Value in Today’s Investing Climate, from Emerging Markets to ESG
Sheila Patel, CEO of International Goldman Sachs Asset Management, discusses tailwinds and headwinds facing the asset management industry, including opportunities remaining for emerging market investment, ESG’s continued growth, sovereign wealth funds’ shift toward transparency and more. Listen Now
From Corporate Simplification to Recovering Growth - Europe’s Business Environment
Marc Nachmann, co-head of the Goldman Sachs Investment Banking Division, joins us to talk through the key factors shaping Europe’s business climate, from corporate simplification to global trade tensions to increased scrutiny in the tech sector. Listen Now
“Scale, Sophistication and Global Relevance” – Asia’s Private Equity Market
Asia’s private equity market is reaching a scale the world has never seen before, according to Alison Mass and Brian DeCenzo of the Goldman Sachs Investment Banking Division, who share their impressions from a recent business trip to meet with clients in Asia. Listen Now
Growth, Politics and Shareholder Activism: European Equities in Focus
As part of our closer look at emerging economic and market themes in Europe, Sharon Bell of Goldman Sachs Research discusses the performance of European equities, exploring why growth stocks are outperforming value, how populism impacts markets, what activists see in Europe, and the outlook for the region’s stocks through the rest of the year. Listen Now
Hallo Tech: Germany Adapts to the Digital Age
As part of our close-up look at European economic and business trends, Goldman Sachs’ Wolfgang Fink discusses how Germany’s historically strong economy is undergoing a transformation adapting to the digital age. Listen Now
Getting Clarity on Personal Finance’s Mobile Shift
Adam Dell of Marcus by Goldman Sachs on how smartphones, big data and simplicity are disrupting the personal finance landscape in this episode of our podcast, Exchanges at Goldman Sachs. Listen Now
Beneath Trade Clouds, China’s Transition Opens Opportunities
Rising trade tensions with the US should not obscure the importance of China’s progress in transforming its economy and opening its markets, says Goldman Sachs Research’s Tim Moe. Listen Now
Why Healthcare is (Finally) Chasing Consumers
Jo Natauri of Goldman Sachs’ Merchant Banking Division discusses the changing landscape of the healthcare sector. Listen Now
At the Movies: Battling Box-Office Blues in an Age of Streaming
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. GS Research’s Drew Borst explains. Listen Now
Beyond VR & AR: Extended Reality to Transform Our Lives as Consumers
Heather Bellini of Goldman Sachs Research explains how Extended Reality (XR) will change our lives, and why the e-commerce & consumer sectors will be its biggest beneficiaries in the years ahead. Listen Now
eSports: The New Global Pastime
Ryan Nolan and Moritz Baier of Goldman Sachs’ Investment Banking Division discuss the rise of eSports within the digital gaming sector. Listen Now
Is Bitcoin a (Bursting) Bubble?
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 on this episode of the firm's podcast, Exchanges at Goldman Sachs. Listen Now
From Mobile Wallets to Blockchain: How Fintech is Growing Up
Jeff Gido, global head of Goldman Sachs’ financial technology sector within the Investment Banking Division, shares his views on where we are in the “three waves of fintech” and what we can expect from next-generation fintech business models. Listen Now
In Their Own Words: '10,000 Small Businesses' on Challenges to Growth
Steve Strongin and Amanda Hindlian of Goldman Sachs’ Global Investment Research Division discuss the state of small businesses in America, and owners from the Goldman Sachs 10,000 Small Businesses program share their biggest challenges to growth. Listen Now
The Rate Stuff: What Markets Are Saying About the Macro Outlook
Francesco Garzarelli, co-chief markets economist of the Global Macro Research team, discusses the drivers of recent market volatility and how investors are viewing a strong US macroeconomic backdrop amidst expectations that the Fed will continue to raise interest rates. Listen Now
(Un)Steady as She Goes: 2018 Investment Outlook
Sharmin Mossavar-Rahmani, chief investment officer of the Goldman Sachs Investment Strategy Group, discusses the push and pull between steady economic fundamentals and unsteady undertows in the context of her team’s investment outlook for the year, titled (Un)Steady as She Goes. Listen Now
'Once-in-a-Generation' Energy Shift…Plus Investment Banking Outlook for Latin America
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, discusses how CEOs are responding to the secular shift toward renewable energy and also explains why clients are bullish on investment in Latin America on our podcast, Exchanges at Goldman Sachs. Listen Now
Closer Than You Think: What the Future Looks Like to Venture Capital
Heath Terry of Goldman Sachs Research discusses the state of venture capital today, what trends are in focus for early-stage investors and what it all means for established businesses on our podcast, Exchanges at Goldman Sachs. Listen Now
In the Face of Brexit, Business as Usual in Europe… But for How Long?
Anthony Gutman of the Goldman Sachs Investment Banking Division discusses the European deal-making landscape on the latest episode of our podcast, Exchanges at Goldman Sachs. Listen Now
Tax Reform, Bitcoin and the Year Ahead for Financials
Richard Ramsden of Goldman Sachs Research explains what tax reform, regulatory change and technological innovation could mean for the US financial services industry on our podcast, Exchanges at Goldman Sachs. Listen Now
The “Pay-As-You-Go” Car and the Future of Mobility
Stefan Burgstaller of Goldman Sachs Research explains what the growth of ride-hailing platforms could mean for the automotive industry on our podcast, Exchanges at Goldman Sachs. Listen Now
Three Views on Impact Investing
Hugh Lawson of Goldman Sachs Asset Management is joined by Elizabeth McGeveran of the McKnight Foundation and Scott Brown of New Energy Capital to discuss sustainable investing on our podcast, Exchanges at Goldman Sachs. Listen Now
The Bear Necessities
Peter Oppenheimer, chief global equity strategist for Goldman Sachs Research, discusses the causes and characteristics of bear markets throughout history on our podcast, Exchanges at Goldman Sachs. Listen Now
A Conversation with Goldman Sachs President David Solomon
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 in this episode of Exchanges at Goldman Sachs. Listen Now
Flux, Friction and the Next Phase of Globalization
José Manuel Barroso, chair of Goldman Sachs International, discusses European integration and the challenges and opportunities posed by globalization on our podcast, Exchanges at Goldman Sachs. Listen Now
The Evolution of the Equities Market
Paul Russo of the Goldman Sachs Securities Division discusses how technology and regulation have changed how equity markets operate and how investors generate returns on our podcast, Exchanges at Goldman Sachs. Listen Now
Europe Looks to Germany
Jörg Kukies, co-CEO of Goldman Sachs in Germany and Austria, discusses Germany’s evolving regional and international role on our podcast, Exchanges at Goldman Sachs. Listen Now
The Store of the Future
On the latest episode of our podcast, Exchanges at Goldman Sachs, Goldman Sachs Research’s Matt Fassler discusses the path forward for brick-and-mortar stores in the e-commerce era. Listen Now
Why Health Care’s Future Is All About Value
Jami Rubin and Robert P. Jones of Goldman Sachs Research discuss what value-based contracts could mean for the US health care industry on our podcast, Exchanges at Goldman Sachs. Listen Now
Space: The Next Investment Frontier
Noah Poponak of Goldman Sachs Research discusses the investments and innovations at the heart of the new space race on our podcast, Exchanges at Goldman Sachs. Listen Now
The Metrics that Matter: A ‘Mainstream’ Approach to ESG
Derek Bingham of Goldman Sachs Research discusses how investors can incorporate environmental, social and governance metrics into their stock selection process on our podcast, Exchanges at Goldman Sachs. Listen Now
Post-Brexit Europe: A Period of Uncertainty and Opportunity
Richard Gnodde, vice chairman of Goldman Sachs and CEO of Goldman Sachs International, talks Brexit and its impact on the European business environment on our podcast, Exchanges at Goldman Sachs. Listen Now
'Peak Momentum' and a New Phase for Asian Stocks
Tim Moe of Goldman Sachs Research explains why he sees Chinese equities as poised to outperform on the latest episode of our podcast, Exchanges at Goldman Sachs. Listen Now
Rhetoric Meets Reality in Washington
In the middle of President Trump’s first 100 days in office, Goldman Sachs’ Washington experts discuss what to expect on the pace and path of policy on this episode of Exchanges at Goldman Sachs. Listen Now
Asia Adapts to a New Investing Climate
Sheila Patel of GSAM International discusses what shifting trade winds mean for investors in Asia on the latest episode of our podcast, Exchanges at Goldman Sachs. Listen Now
China, Trump and Asia’s Shifting Trade Order
Andrew Tilton, chief Asia economist of Goldman Sachs Research, considers the evolving roles of both China and the US in Asia on our podcast, Exchanges at Goldman Sachs. Listen Now
Half Full: The Case for Remaining Invested in US Equities
Sharmin Mossavar-Rahmani, chief investment officer of Private Wealth Management at Goldman Sachs, shares why she sees upside for US equities on our podcast, Exchanges at Goldman Sachs. Listen Now
My Generation: What Your Birth Year Says about How You’ll Spend
Hugo Scott-Gall, Lindsay Drucker Mann and Christopher Wolf of Goldman Sachs Research discuss differences between the generations that make up the bulk of US consumption on our podcast, Exchanges at Goldman Sachs. Listen Now
Gary Cohn Says Goodbye to Goldman Sachs
As he departs the firm after 26 years, Gary Cohn, president and chief operating officer of Goldman Sachs, 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. Listen Now
Financials in Focus
Richard Ramsden of Goldman Sachs Research shares how the US financial industry is affected by tightening monetary policy and the presidential transition on our podcast, Exchanges at Goldman Sachs. Listen Now
Taxes, Trade and More in a Trump Presidency
Alec Phillips of Goldman Sachs Research discusses what the Trump administration’s policy agenda might look like and its likelihood of advancement on the latest episode of our podcast, Exchanges at Goldman Sachs. Listen Now
Defining the Terms of Brexit
Huw Pill discusses the UK’s efforts to strike a new relationship with Europe and what the ultimate outcome between a "hard" or "soft" Brexit means on this episode of our podcast, Exchanges at Goldman Sachs. Listen Now
Building Brands to Help People Live Better: Outdoor Voices & Tata Harper
A conversation on entrepreneurship and the global health and wellness movement with Tyler Haney of Outdoor Voices, Tata Harper of Tata Harper Skincare and David Solomon of Goldman Sachs, in this episode of Exchanges at Goldman Sachs. Listen Now
How Fintech Is Transforming Consumer Finance
Harit Talwar, head of Digital Finance at Goldman Sachs, discusses the role of technology in finance and the launch of the firm’s online personal loan platform, Marcus by Goldman Sachs, on this episode of our podcast, Exchanges at Goldman Sachs. Listen Now
The Evolution of the ‘Long Good Buy’
Peter Oppenheimer of Goldman Sachs Research explains why global equity market returns are likely to remain muted as the world’s central banks continue to test the limits of monetary policy on this episode of our podcast, Exchanges at Goldman Sachs. Listen Now
Narrowing the Jobs Gap
Steve Strongin, head of Goldman Sachs Research, and Sandra Lawson, director of the Global Markets Institute, discuss technology’s impact on the nature of work on this episode of our podcast, Exchanges at Goldman Sachs. Listen Now
The Changing Media Landscape: Disrupting Distribution
Michael Ronen and Dave Dase of the Goldman Sachs Investment Banking Division discuss the emergence of technology companies as key players in the media and telecom industries on this episode of our podcast, Exchanges at Goldman Sachs. Listen Now
Emission Control: The Expanding Low Carbon Economy
Jaakko Kooroshy of Goldman Sachs Research discusses the technologies that will underpin the low carbon economy on this episode of our podcast, Exchanges at Goldman Sachs. Listen Now
Brick and Mortal: Retail's Hard Lessons from E-Commerce
Heath Terry and Matt Fassler of Goldman Sachs Research discuss what’s driving the explosive growth of e-commerce and what it means for the future of retail on this episode of our podcast, Exchanges at Goldman Sachs. Listen Now
Healthcare’s Balance between Science and Commerce
Jami Rubin of Goldman Sachs Research discusses progress in the fight against cancer and other diseases and the drug industry’s efforts to navigate concerns over pricing on this episode of our podcast, Exchanges at Goldman Sachs. Listen Now
Brexit - After the Vote
Huw Pill, chief European economist in Goldman Sachs Research, discusses the economic and market implications of the Brexit vote. Listen Now
The Big Deal about Big Data
Armen Avanessians of Goldman Sachs Asset Management discusses how big data can help investors make smarter, better informed decisions on this episode of our podcast, Exchanges at Goldman Sachs.
Bright Spots in Emerging Markets
Kamakshya Trivedi, chief Emerging Markets macro strategist in Goldman Sachs Research, considers the local and global factors influencing asset prices in emerging markets around the world on this episode of our podcast, Exchanges at Goldman Sachs. Listen Now
Disruption in Deutschland
Wolfgang Fink, co-CEO of Goldman Sachs in Germany and Austria, explains how disruptive forces are playing out across German industries, including automobiles, industrials and energy, on Exchanges at Goldman Sachs, the firm’s podcast. Listen Now
Whenever, Wherever: The New Model for Retail
On this episode of the firm’s podcast, Exchanges at Goldman Sachs, Kathy Elsesser of the Investment Banking Division discusses corporate activity in the consumer retail space and how the industry is evolving to offer better experiences for customers. Listen Now
Niche No Longer: ESG Investing Goes Mainstream
On the this episode of our podcast, Exchanges at Goldman Sachs, John Goldstein of Goldman Sachs Asset Management explains why more and more money managers view environmental, social and governance factors as essential to a rigorous investing approach. Listen Now
Mutant Mosquitoes, `Peak Stuff’ and the Shifting Currents of Innovation
Hugo Scott-Gall of Goldman Sachs Research shares standout ideas and technologies from our second-annual Innovation Symposium. Listen Now
Billion Dollar Babies: Virtual Reality and the Shift to Cloud
Heather Bellini of Goldman Sachs Research discusses the multi-billion dollar potential of virtual and augmented reality and why enterprise IT spend is shifting into the cloud. Listen Now
On this episode of Exchanges at Goldman Sachs Goldman Sachs Research’s Peter Oppenheimer weighs in on the recent rally in global equity markets, what’s ahead in the EM-centered "third wave" of the financial crisis, and more. Listen Now
Market Viewpoints: Gary Cohn on China, Commodities and Tech IPOs
On this episode of Exchanges at Goldman Sachs, Gary Cohn discusses China, the commodities cycle and the evolution of the US technology sector. Listen Now
The Digitization of Finance
On this episode of Exchanges at Goldman Sachs, head of Technology Don Duet discusses key areas of tech focus for the firm, and how trends like open source, blockchain, big data and machine learning are driving innovation. Listen Now
Beyond the Fed Hike: The Business of Banking in 2016
On this episode of Exchanges at Goldman Sachs, Goldman Sachs Research's Richard Ramsden discusses the year ahead for the US banking sector, with a focus on technology, rising interest rates and increasing competition. Listen Now
Charting the Course for a Stronger South Africa
On this episode of Exchanges at Goldman Sachs, Colin Coleman, head of the Investment Banking Division for Goldman Sachs in Sub-Saharan Africa, discusses key issues for South Africa and the broader region amidst a challenging environment for emerging markets. Listen Now
Cord Cutting Goes Prime Time
On the firm’s podcast, Exchanges at Goldman Sachs, Brett Feldman and Drew Borst of Global Investment Research discuss cord cutting and its impact on the media and telecom industries. Listen Now
Cars 2025 – What Will Drive You?
In this episode of Exchanges at Goldman Sachs, Stefan Burgstaller, head of European Automotive Equity Research at Goldman Sachs, discusses the innovations that could define the car of the future. Listen Now
Flat Is The New Up
In this episode of Exchanges at Goldman Sachs, David Kostin, chief US equity strategist at Goldman Sachs, on a tempered outlook for US stocks after an “extraordinary run.” Listen Now
Separating Signals from Noise – Perspectives on the Future of Investing
Tim O’Neill, global co-head of the Investment Management Division at Goldman Sachs, on why a market needs both active and passive investors. Listen Now
Oil: Lower for Even Longer
Jeff Currie, global head of Commodities Research at Goldman Sachs, explains why oversupply will continue to hold down oil prices and what could lead to a rebalancing of the market.
Episode 18: Brittle Markets – The Risks from Falling Liquidity
Goldman Sachs Global Investment Research’s Steve Strongin and Charlie Himmelberg discuss market participants’ concerns of a liquidity drought, why market liquidity matters and what can be done to restore it. Listen Now
The Future of Finance
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. Listen Now
The New Bottom Line: ESG Investing
Hugh Lawson, recently named global head of Environmental, Social and Governance (ESG) Investing within Goldman Sachs Asset Management, explains why so many investors are seeking to align their values with the value of their portfolios. Listen Now
Global Equity Markets in Flux
On this episode of Exchanges at Goldman Sachs, Kathryn Koch, head of Fundamental Equity Client Portfolio Management within GSAM, discusses key trends impacting equity markets globally. Listen Now
The State of the Markets: Gary Cohn on Interest Rates, Liquidity and Risk Management
On this episode of Exchanges at Goldman Sachs, Gary Cohn, president and chief operating officer of Goldman Sachs, discusses key issues impacting the global economic landscape. Listen Now
Planes, Brains and Automobiles: The Future of Innovation
On this episode of Exchanges at Goldman Sachs, Hugo Scott-Gall, head of Thematic Research at Goldman Sachs, discusses the disruptive innovations that dominated discussion at the Goldman Sachs Innovation Symposium. Listen Now
Mainframes and Back Again - Lessons from 25 Years in Technology
In this episode of Exchanges at Goldman Sachs, R. Martin Chavez, chief information officer of Goldman Sachs, discusses trends in technology and how financial institutions are embracing these innovations to benefit clients. Listen Now