Exchanges at Goldman Sachs is a podcast where experts from around the firm discuss developments shaping industries, markets and the global economy
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Markets Update: Emerging Markets in 2021
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.
Companies Continue to Turn to SPACs for Greater Flexibility
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.
Markets Update: 2021 Global Growth Outlook
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.
What’s Included in the $900 Billion US Stimulus Package?
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.
Markets Update: Financial Services Outlook
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.
The Outlook for a Commodities Bull Market in 2021
Jeff Currie, head of Commodities Research for Goldman Sachs Research, talks about why his team is bullish on commodities for 2021.
Markets Update: Looking Back on 2020’s Roller Coaster Ride
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.
Gregg Lemkau on How Investment Banking has Changed in his 28 Years at Goldman Sachs
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.
Markets Update: What Investors Are Watching Going into Year-End
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.
November Wrap: Record Inflows into Global Equities
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.
Asia-Pacific Economic Outlook for 2021
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.
Markets Update: The Bull Run in 2021
Peter Oppenheimer, the firm’s chief global equity strategist, talks about why his team remains confident about the global recovery in 2021.
Germany’s Economic Recovery
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.
Markets Update: A Biden Presidency, a Possible Vaccine and the Future of the S&P
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.
Vaccine Progress and What’s Next
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.
Client Call: Macro Outlook 2021
Jan Hatzius, Chief Economist, and Alec Phillips, Chief Political Economist, discuss the outlook for economic recovery and the impact of the US election on global growth in 2021.
Markets Update: Investors Feel “Relief” As Clarity Begins to Form Around US Election
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 growth and policy agendas looking ahead.
Markets Update: Investors Anticipate Next Week’s U.S. Election
Amelia Garnett of Goldman Sachs' Global Markets Division talks about the key conversations she's having with investors ahead of the November 3rd election.
How Entrepreneurs are Leading Their Companies Through an Unexpected Year
From the 2020 virtual Builders + Innovators Summit, Goldman Sachs' Kim Posnett speaks with two founders about their resilience and adaptability leading through an unexpected year and the backdrop for entrepreneurship more broadly.
Markets Update: Election Outlook
Alec Phillips, chief US political economist for Goldman Sachs Research, provides an update on investors’ expectations for the upcoming election on November 3rd.
An Update on the LIBOR Transition and Why It Matters for Wall Street and Main Street
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).
Markets Update: Taking Stock of Year-to-Date Performance
Tony Pasquariello of Global Markets gives an update on US equity performance and why 2020 has seen so much trading activity.
The State of Small Businesses in the UK
Charlotte Keenan, head of the Office of Corporate Engagement’s international responsibilities, talks about how small businesses in the UK are pivoting and persevering through the pandemic.
Markets Update: Investor Sentiment Tilts Marginally Bullish and Pro-Cyclical
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.
Retirement Plans’ Rocky 2020…and Where Investors Go from Here
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.
Markets Update: Investors Assess How and When to Position Portfolios for a Post-Vaccine Economy
Erin Riley of the Markets Coverage Group in Private Wealth Management discusses the two key milestones her clients are watching: the U.S. election and the potential for a COVID-19 vaccine.
Innovation in the Industrials Sector
Matt McClure, co-head of the Global Industrials Group in the Investment Banking Division, discusses the high volume and velocity of deal activity in the sector since March.
Markets Update: How Emerging-Market Economies are Navigating a Recovery
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.
The Battle for Our Screens, Part 4: The Moving Pieces of Tech Policy
Faryar Shirzad, global head of Goldman Sachs’ Office of Government Affairs, gives an overview of the moving parts and pieces of tech policy today and explains why these issues don’t fall clearly down political party lines.
The Battle for Our Screens, Part 3: Social Media in the Social Distancing Age
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.
The Battle for Our Screens, Part 2: The Future of Work
Heather Bellini of Goldman Sachs Research and Ryan Nolan of the Investment Banking Division talk about the role of technology in the workplace of the future. Then, Tammy Kiely of the Investment Banking Division interviews Renee James, CEO of Ampere Computing, about what she’s learned leading a tech startup through the pandemic.
The Battle For Our Screens, Part 1: The Race to Entertain Us
Brett Feldman of Goldman Sachs Research, Adam Agress of Goldman Sachs Asset Management, and Alekhya Uppalapati of the Investment Banking Division talk about the rise of streaming and how movie theaters are adapting to the current environment.
Markets Update: September Turbulence
Tony Pasquariello of Goldman Sachs' Global Markets Division explains how major stock market indices have backtracked somewhat from record highs in August – and why investors aren’t getting too worked up about it.
Pandemic Perspectives: Insights from Our First Virtual Intern Class
Three interns from the firm’s first virtual intern class share their perspectives with Bentley de Beyer, global head of Human Capital Management.
Markets Update: European Leveraged Capital Markets
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.
Exploring the Founder Journey with Launch With GS CEOs
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.
Markets Update: Subdued Mood as S&P 500 Hits Record Highs
Michael Cassell of Goldman Sachs' Global Markets Division talks about the cautious optimism with which investors are viewing the current equity market rally.
The Latest Outlook for U.S. Equities
David Kostin, Goldman Sachs' chief U.S. equity strategist, shares Goldman Sachs Research's latest forecasts for the S&P 500.
Markets Update: U.S. Election in Focus
Tony Pasquariello of Global Markets and Joe Wall of the Office of Government Affairs discuss how investors are viewing the upcoming U.S. election in November.
Why Diversity Drives Better Investment Performance
Katie Koch, co-head of the Fundamental Equity business within Goldman Sachs Asset Management, talks about why diversity gives investing teams a competitive edge.
Markets Update: SPACs
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.
How Companies Are Meeting Their Financing Needs
Susie Scher of the 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.
Markets Update: Balanced Bear Repair
Christian Mueller-Glissmann of Goldman Sachs Research discusses his new research about asset allocation with the risk of ‘fat and flat’ markets.
How Automated Robots are Supporting the Surge in E-commerce
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.
Markets Update: Europe’s Fiscal Stimulus
José Manuel Barroso, chairman of Goldman Sachs International, provides an update on Europe’s latest fiscal stimulus package.
Where CIOs are Allocating Capital, According to GSAM’s 2020 Insurance Report
Mike Siegel of Goldman Sachs Asset Management summarizes key investment trends from GSAM’s 2020 Insurance Report.
Markets Update: A “Gritty” Second Quarter
Jim Esposito, global co-head of Goldman Sachs’ Global Markets Division, recaps second quarter performance and the ongoing commitment to client centricity.
Sustainable ESG Investing: Turning Promises into Performance
Steve Strongin discusses the future of ESG investing, based on a new report from Goldman Sachs Research.
Markets Update: "Investor Sobriety" Carries into Q3
Tony Pasquariello of Global Markets recaps the historic market rally of Q2 and institutional investors’ outlook for Q3.
U.S. Dollar Weakness
Zach Pandl of Goldman Sachs Research explains the factors driving U.S. dollar weakness.
Markets Update: Banks’ Stress Tests
Richard Ramsden of Goldman Sachs Research explains what the results from U.S. banks’ latest stress tests say about the health of the industry.
What’s Driving Growth in Alternative Asset Classes?
Kristin Olson of the Consumer and Investment Management Division explains where investors are finding value in alternative asset classes.
Markets Update: Will the Recovery Be Derailed?
Amelia Garnett of Global Markets discusses how investors are weighing market risks.
How COVID-19 is Impacting Companies’ M&A Strategies
Tim Ingrassia of Goldman Sachs Investment Banking Division provides an update on M&A trends.
Markets Update: The Rise of the Retail Investor
Philip Berlinski, COO of Global Equities, provides an update on what’s driving equity markets.
Upending an Industry: How Digital Banking Will Simplify Corporates’ Financial Needs
Hari Moorthy, head of Transaction Banking, talks about how transaction banking is disrupting legacy technologies.
Markets Update: Constructive Conditions for Equity Issuers and Investors
Lizzie Reed of Goldman Sachs’ Investment Banking Division gives an update on what’s been driving investor interest in equity markets.
The Great Reset: A Framework for Investing After COVID-19
Steve Strongin discusses a new framework for investing after COVID-19.
To Everyone Who’s Asked, ‘How’s It Going?’
Fred Baba of Global Markets tells his story of racism and discrimination as a black man in America.
Markets Update: Investors Assess U.S.-China Risks
Michael Cassell of Global Markets gives a quick update on how investors are approaching market risks, from US-China tensions to ongoing COVID-19 uncertainty.
The Future of Sustainable Nuclear Energy
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.
Markets Update: Investor Sentiment Improves as Lockdowns Lift
Tony Pasquariello of Goldman Sachs’ Global Markets Division provides an update on how investors are reacting to the gradual re-opening of the U.S. economy.
The State of Goldman Sachs’ Small-Business Lending
Margaret Anadu, head of the Urban Investment Group, provides an update on the $500 million Goldman Sachs has committed in lending capital for small businesses.
Markets Update: How ESG is Changing
Goldman Sachs’ John Goldstein and external speakers provide an update on ESG and COVID-19.
How Are Small Businesses Surviving?
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.
Markets Update: Latin America
Jen Roth of Global Markets provides an update on how COVID-19 is impacting investor sentiment in emerging markets.
Client Call: How Retailers Will Re-Open
Brian Dodge, President of the Retail Industry Leaders Association, discusses how retailers will re-open.
Markets Update: Central Bank Responses
Alex Blanchard of Goldman Sachs’ Global Markets Division shares an update on how global central banks are responding to liquidity concerns.
Client Call: CFO Perspectives
Goldman Sachs CFO Stephen Scherr and other senior leaders discuss topics that are top of mind for CFOs in the current environment.
Markets Update: Oil Prices Drop to Record Lows
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.
Client Call: Oil Update as Negative Prices Emerge
Goldman Sachs’ Jeff Currie, Damien Courvalin, Brian Singer, and Anthony Dewell provide an update on oil markets as negative prices emerge.
How the Housing Sector Has Been Impacted by the Economic Slowdown
Terry Hagerty of Goldman Sachs’ Investment Banking Division talks about how COVID-19 has impacted the outlook for housing and the broader building products sector.
Markets Update: What Investors Are Watching
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.
How Markets Have “Changed Forever”
Ashok Varadhan, global co-head of Goldman Sachs’ Global Markets Division, talks about how financial trading has adapted to a primarily remote workforce.
Markets Update: CEO David Solomon Shares His Perspectives on the Current Environment
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.
COVID-19’s Impact on US Small Businesses
Margaret Anadu of Goldman Sachs’ Urban Investment Group talks about how the pandemic is impacting small businesses in the US, and three entrepreneurs and graduates of Goldman Sachs’ 10,000 Small Businesses program share their personal stories.
Markets Update: Do Investors Think The S&P 500 Has Bottomed Out?
Anne Marie Darling of Goldman Sachs’ Global Markets Division analyzes the S&P 500 index’s historically fast fall into bear market territory.
Client Call: Market Volatility and Potential Economic Impacts
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.
Markets Update: Europe and COVID-19
Andrew Wilson of Goldman Sachs’ Consumer and Investment Management Division explains how European markets have been reacting to the ongoing COVID-19 outbreak.
Update on US Growth and Earnings Forecasts, and Expected Stimulus Programs
Goldman Sachs’ top economists and strategists discuss revised forecasts for the US economy and the outlook for stimulus programs.
Markets Update: How COVID-19 Is and Isn't Like the '08 Financial Crisis
Joe Montesano, head of Americas Equity Trading for Goldman Sachs, analyzes how the coronavirus pandemic continues to add volatility to financial markets.
Re-thinking How We Work During a Pandemic
Goldman Sachs’ global medical director, Dr. Michael Rendel, talks about the firm’s response to the coronavirus pandemic and shares advice for how individuals can stay healthy and productive while working remotely.
After the Sharp Drop in Prices, What’s Next for Oil?
The oil price war that contributed to the recent stock market plummet represents a structural shift in the energy market that will have lasting repercussions for producers around the globe, says Goldman Sachs Research’s Jeff Currie.
How computational biology is transforming drug R&D
Heath Terry of Goldman Sachs Research shares the latest from his Venture Capital Horizons report where he dives into the emerging field of computational biology.
From “Fish Out of Water” to Wall Street Changemaker
Sean Legister of Goldman Sachs’ Global Markets Division shares his story as well as the story behind Breakfast Bites, a monthly discussion connecting black colleagues and senior leaders.
Global Market Shocks from the '87 Crash to Brexit: Lessons for Today
Steve Strongin and Jan Hatzius on the lessons we can learn from past global market shocks.
Why Investing in the Longest Bull Market in History is Still a Smart Move
Sharmin Mossavar-Rahmani on why she’s telling clients to stay invested in the stock market.
After Brexit, What’s Next for Business in Europe?
In the wake of Brexit, Denis Coleman of our Investment Banking Division discusses the financing environment in Europe.
Goldman Sachs CFO Stephen Scherr Recaps the Firm’s First-Ever Investor Day
Goldman Sachs CFO Stephen Scherr reflects on the firm’s first-ever Investor Day and the firm’s forward strategy.
What's Next for the Airline Industry?
Catie O’Brien of Goldman Sachs Research explains drivers of improved profitability across the airline industry.
How are “Carbonomics” Reshaping the Energy Industry?
Goldman Sachs’ Michele Della Vigna explains his latest research on the future of energy in the age of climate change.
What’s the Outlook for the US Stock Market in 2020?
David Kostin, the firm’s chief US equity strategist, discusses what’s ahead for US equities in 2020.
Is Sustainable Finance the Next Big Commercial Opportunity?
John Goldstein of Goldman Sachs discusses the firm’s sustainability goals over the next 10 years and explains the commercial opportunity across two core themes–climate transition and inclusive growth. Listen Now
What's Ahead for Europe's Economy in 2020?
Jari Stehn of Goldman Sachs Research discusses his team’s 2020 outlook for Europe’s economy. Listen Now
How Are Healthcare CEOs Steering Through Uncertainty?
Marshall Smith, global head of healthcare investment banking at Goldman Sachs, discusses how healthcare corporations are driving growth amid macro and industry-specific uncertainty. Listen Now
Why Startups Shouldn’t All Be Pitched As "Tech Companies"
From the 2019 Builders + Innovators Summit, Goldman Sachs’ Jake Siewert and Gregg Lemkau join two founders to hear their stories and talk about the current environment for entrepreneurship. Listen Now
What’s Next for Direct Listings and IPOs?
Goldman Sachs’ Will Connolly, Spotify CFO Barry McCarthy, and Latham & Watkins partner Greg Rodgers discuss direct listings and what companies are considering when raising capital in the public markets. Listen Now
What’s on David Solomon’s Mind as He Enters Year Two as CEO?
Goldman Sachs’ David Solomon reflects on his first year as CEO, along with key priorities looking ahead. Listen Now
How Can Cities Adapt to Climate Change?
Goldman Sachs’ Amanda Hindlian and Sandra Lawson discuss key findings of their team’s recent research report. Listen Now
What's It Really Like to Be a Goldman Sachs Intern?
A conversation with Dane Holmes, Goldman Sachs’ head of Human Capital Management, and two recent interns. Listen Now
Why Does Goldman Sachs President and COO John Waldron View Himself as COO First and President Second?
John Waldron demystifies his dual-role as Goldman Sachs President and COO. Listen Now
What Can Wall Street and Silicon Valley Learn From Each Other?
Marty Chavez of Goldman Sachs discusses how technology is re-shaping the future of financial services. Listen Now
Top of Mind: Dissecting the Market Disconnect
In a special episode featuring Goldman Sachs’ newest podcast, Top of Mind at Goldman Sachs, Allison Nathan of Goldman Sachs Research interviews experts to dive into the divergence between falling bond yields and rising equity prices. Listen Now
What’s Driving GDP Growth – and Falling Inflation – in India?
Prachi Mishra, India chief economist for Goldman Sachs Research, Goldman Sachs, discusses the drivers behind India’s economy. Listen Now
Ride Hailing, Electric Scooters, Even Flying Cars – What’s Next for the Mobility Market?
Heath Terry of Goldman Sachs Research explains how ride-hailing and new businesses are poised to fuel a $7 trillion global mobility market. Listen Now
Where Are Retailers Looking For Growth?
Jennifer Davis, head of retail investment banking for Goldman Sachs, shares her views on the retail landscape and what she’s hearing from clients. Listen Now
Does Human Behavior Move the Markets?
Sheba Jafari, head of technical analysis in Goldman Sachs’ Securities Division, explains how human emotions – including fear, greed and hope – drive price action in financial markets. Listen Now
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
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
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
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
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
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
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
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