Exchanges at Goldman Sachs is a podcast where experts from around the firm discuss developments shaping industries, markets and the global economy
Bain Capital’s Stephen Pagliuca on Private Equity and the Boston Celtics
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.
Navigating the New Geopolitical and Technology Landscape
In an era of geopolitical instability and economic uncertainty, what are the implications for companies and investors? In this 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.
What the Banking Turmoil Means for Investors’ Portfolios
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 this 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.
The Impact of Bank Failures on Markets and the Economy
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.
How Much Higher Can Bond Yields Go?
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.
How 3 Retail CEOs are Navigating Today’s Economic Landscape
How are retailers navigating an environment of slowing consumer demand, high interest rates and rising prices? In this 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.
Is it Time to Invest in Emerging Markets?
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.
Goldman Sachs CEO David Solomon on the Economy, Markets and the Firm’s Performance
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.
Are We on the Cusp of a Generative AI Revolution?
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 this 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.
Should Investors Stay Invested in 2023?
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 this 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.
Why Investors are Leaning into Alternatives: Apollo’s Marc Rowan
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.”
The Bigger Worry: Growth or Inflation?
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 this 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?”
How Employee Ownership Models Can Boost Returns: KKR’s Pete Stavros
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.
As China Reopens, What’s Ahead for Commodities in 2023?
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 this episode of Exchanges at Goldman Sachs, Jeff Currie, global head of commodities research, explains why commodities are poised to outperform.
The Global Economy in 2075: Growth Slows as Asia Rises
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.
What’s Ahead for Economies and Markets in 2023?
What’s in store for economies and markets in 2023? In this 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.
M&A in 2023: A Complex but Optimistic Outlook for Deal-Making
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.
What’s Next for Crypto Regulations?
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."
The Outlook for Financial Services
Banks are often seen as a leading indicator for the economy—so what are they telling us now about the picture in the US? GS Research’s Richard Ramsden and Alex Blostein discuss the broader sector 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.
Asset Allocation Outlook for 2023: Greater Diversification and Divergence
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.
The Path to Net Zero: Managing the Transition
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 this 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.
Central Bank Tightening: What Could Break?
Central banks’ aggressive policy tightening has raised concerns about what could break in a global financial system accustomed to low rates. In this episode of 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.
Europe’s Energy Crisis: End in sight or far from over?
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 this 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.
Breaking Down the US Midterm Elections: What's Next for Policy, Markets and Economic Growth?
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 this 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.
Amid Rising Inflation and Slowing Growth, How is the U.S. Consumer Faring?
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 this 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.
Caught in a ‘Financial Vortex’: Why Retirement Expectations Often Fall Short of Reality
Amid rising interest rates, high inflation, and market volatility, a challenging macroeconomic environment is throwing individuals’ retirement readiness off track. In this episode of 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.
Navigating Macro Headwinds: A Conversation With the Founders of Brex and Chief
What’s top of mind for exceptional entrepreneurs? In this 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.
An Inflection Point?
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.
Taking Stock: What’s Ahead for US Markets
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 US equity strategist in Goldman Sachs Research, discusses the outlook for US equities and the sectors and styles still working in today’s environment.
Breaking Down the Dollar’s Rise
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.
Why Sustainability is a Fashion Staple
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.
Will Slaying Inflation Require Recession?
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.
Bear Market Bounce or Stock Market Bottom?
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.
How Inflation, Rates and Recession Are Reshaping the Real Estate Market
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.
Why We’re In a ‘Golden Age’ of Life Sciences Innovation
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.
Food, Fuel, and the Cost-of-Living Crisis
In this 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.
Investing with Permira’s Tara Alhadeff
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.
Asianomics in America: Contributions and Challenges
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.
Investing with Forerunner’s Eurie Kim
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.
Small Business Owners Pivot from Challenges to Opportunities
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 the 2022 10,000 Small Businesses Summit “Small Business. Big Voice,” more than 2,500 small business owners convened in Washington, D.C., to share their experiences and advocate for meaningful policy change. In this 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.
Investing with Oaktree Capital Management’s Howard Marks
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.”
How Companies are Navigating the Energy Transition
From geopolitical tensions, surging gas prices and energy shortages, how are major companies dealing with the energy transition? In this 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.
Investing with The Carlyle Group’s Sandra Horbach
In this episode of Exchanges at Goldman Sachs: Great Investors, Sandra Horbach, co-head of U.S. Buyout and Growth at The Carlyle Group, talks with 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.
The Boom in Private Credit
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 this 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.
Investing with KKR’s Tara Davies
How is one of the most senior dealmakers in Europe navigating inflationary pressures? In this 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.
Goldman Sachs Chairman and CEO David Solomon on the Economy, Investing and Sustainability
In this 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.”
Investing with Norges Bank Investment Management’s Nicolai Tangen
How is the leader of the world’s largest sovereign wealth fund navigating slowing economic growth, rising inflation and geopolitical conflicts? In this episode of Exchanges at Goldman Sachs: Great Investors, 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 and why he expects the investing environment to be more difficult.
Cybersecurity Deals Surge Amid Rising Attacks
The scale and sophistication of cyberattacks are rising exponentially. But so are the levels of investment, innovation and corporate activity in the space. In this 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.
Investing with KKR’s Joe Bae
In this episode of Exchanges at Goldman Sachs: Great Investors, Joe Bae, Co-CEO of KKR, shares his thoughts with Goldman Sachs’ Alison Mass, chairman of the Investment Banking Division, about the evolution of the private equity industry, what’s top of mind for CEOs and how the firm is navigating a challenging macro environment.
Equity Bear Market: A Paradigm Shift?
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 this 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, Goldman Sachs 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 research report.
Investing with Altimeter Capital’s Brad Gerstner
What’s it like to lead a tech-focused fund invested in public and private companies in this market? In this episode of Exchanges at Goldman Sachs: Great Investors, Brad Gerstner, founder and CEO of Altimeter Capital, talks with Goldman Sachs’ Katie Koch, chief investment officer of Public Equity in the Asset Management Division, about the tech downturn and the launch of Altimeter at the peak of the financial crisis.
How Retail Investors Are Shaping Markets
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.
Investing with Advent International’s Tricia Glynn
In our inaugural episode of Exchanges at Goldman Sachs: Great Investors, 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.
A ‘Seismic’ Shift in Private Markets
The private financial markets have grown sharply in recent years as easy monetary policies drove investors towards illiquid markets offering higher yields. In this 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.
Facing Rising Rates, Insurers Turn to Private Assets, Real Estate — Even Crypto
The world’s largest investors — insurers — are relatively optimistic about the investment landscape, despite rising concerns about inflation. In this 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, Re-emergence: Inflation, Yields, and Uncertainty.
What’s Behind the Tech Sell-Off?
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.
Crypto Volatility: What’s the Outlook for Digital Assets?
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.
Is (De)globalization Ahead?
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?”
The Road to 2050: Balancing Climate Goals with Energy Security
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 our Sustainable Finance Group, which recently released Goldman Sachs' 2021 Sustainability Report, discuss how governments, companies and investors are navigating this transition.
How China’s ‘Perfect Storm’ and Economic Headwinds Are Affecting Markets and Investors
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 markets.
Changes at the Top: Spinoffs, Separations and Restructurings
Against a challenging macroeconomic backdrop, a growing number of companies are turning to spinoffs, separations and carve-outs in an effort to sustain record profit margins and create value for shareholders. In the latest episode of Exchanges at Goldman Sachs, Ben Snider, senior strategist on the U.S. Portfolio Strategy team in Goldman Sachs Research, and David Dubner, global head of M&A Structuring in the Investment Banking Division, discuss these trends in restructuring and the forward outlook.
Rising Stagflation Risks Are Changing the Investment Playbook
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 this episode of Exchanges at Goldman Sachs.
Europe’s Digital Economy: What’s Driving Europe’s Tech Acceleration
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 this episode of 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.
How the Russia-Ukraine Crisis is Reshaping the Global Energy Landscape
How is Europe weaning itself from Russian oil and gas? In this episode of 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.
How Policymakers are Navigating Stagflation Risk
In this 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.
Gene Editing: The Future of Genomic Medicine & Biotech Investing
In this 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.
The Next Tech Battleground: Online Gaming & the Metaverse
In this 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.
Raising Capital: How Corporate Financing Strategies Are Evolving
In this 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.
What the Russia-Ukraine Conflict Means for the Global Economy and Markets
In this 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.
What the Fed’s Hawkish Pivot Means for Economic Growth and Markets
In this episode of Exchanges at Goldman Sachs, David Mericle, Goldman Sachs Research’s chief U.S. economist, and Brian Friedman, the Global Markets Division’s global head of Market Strats, discuss how the hawkish shift in Fed policy is affecting economic growth, markets and investors.
The Case for Commodities: ‘Super-Backwardation,’ Structural Demand and Inventory Shortages
In this episode of Exchanges at Goldman Sachs, Jeffrey Currie, global head of Commodities Research in Goldman Sachs Research, discusses why he believes commodities are entering a supercycle and how the current geopolitical landscape is shaping commodity markets.
What’s Ahead for the Housing Market
In this episode of Exchanges at Goldman Sachs, Douglas Yearley, Chairman and CEO of Toll Brothers, and Terry Hagerty, Goldman Sachs’ co-head of Homebuilding and Building Products, discuss the outlook for the housing and home building market in 2022.
Piloting Through: Why Investors Should Stay the Course
In this 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, Outlook 2022: Piloting Through, and explains why investors should continue to stay invested.
Is 2022 the Endemic Year?
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.
As Rates Reprice and Stocks Sell Off, What’s Next?
In the latest episode of Exchanges at Goldman Sachs, Goldman Sachs Research’s David Kostin and the 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.
David Solomon on the Firm’s Performance, the Global Economy and What to Expect in 2022
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.
Understanding the Metaverse and Web 3.0
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.
What’s Next for M&A?
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.
Accelerating Transition: Market Tools for ESG
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.
Investing in Climate Change 2.0
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.
Redefining the Retirement Landscape
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.
Accelerating Transition: Public-Private Partnerships
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.
What India’s Digital Transformation Means for Markets, Investors and Economic Growth
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.
Accelerating Transition: Nature Based Solutions
Part 3 of our special miniseries: Host Kara Mangone talks to Peter Kelly and Lisa Williams from the AIMS Imprint investment vertical in Goldman Sachs Asset Management about nature based solutions in the world of sustainable finance.
What’s Ahead for Global Economies and Markets in 2022?
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.
Accelerating Transition: Carbonomics
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.
Inflation: Here Today, Gone Tomorrow?
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.
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.
An Evolution in the Cybersecurity Landscape
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.
Why Investors Are Shopping for Consumer Retail
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.
Europe at a Crossroads
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.
The Small Business Perspective: How Owners Are Dealing With Worker Shortages, Inflation and Supply Chain Delays
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.
The Impact of Rising Natural Gas Prices
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.
Why Hedge Funds Are Turning to the Private Markets
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.
Is China Investable?
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.
What’s Behind the Record-Breaking IPO Market?
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.
How Are Investors Navigating China’s Regulatory Uncertainty?
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.
Where Are Family Offices Seeking Higher Returns?
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.
The Future of ‘Femtech’
Three leading voices in the “femtech” space—Ann Roberts of Flo Health, Lea von Bidder of Ava and Dr. Peter Kecskemethy of Kheiron Medical—join Goldman Sachs’ Antonia Riera and Allison Nathan to discuss the convergence of technology and healthcare to advance women’s health.
Race to Zero: How Companies Are Deploying Decarbonization Strategies
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.
The Global Chip Shortage: Impact, Outlook and Recovery
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.
The European Recovery: Here to Stay?
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.
From Crisis to Confidence: How Women Entrepreneurs Fared During the Pandemic
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.
Industrials Influx: What’s Fueling Record Activity Levels?
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.
Crypto: A New Asset Class?
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. To read the report, click here.
Copper is the New Oil
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.
Fostering Innovation Within Companies: An Inside Look at GS Accelerate
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.
The Exit Interview: Jake Siewert on the Media, Communications and the Role of Podcasts
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.
Why Global Insurers Are Leaning Into Risk
Goldman Sachs Asset Management’s Mike Siegel explains the results of the latest annual insurance survey and why insurers are planning to increase risk in their investment portfolios.
Emerging Markets’ Next Phase
Jennifer Roth of Global Markets discusses how emerging markets are faring during a continuing pandemic and a nascent economic recovery.
The Evolution of LGBTQ+ Rights in Japan: A Conversation With GS Advocates
In the wake of a court ruling backing marriage equality in Japan, Goldman Sachs’ Hiroki Inaba, Masakazu Yanagisawa and Akiko Koda discuss the evolution of LGBTQ+ rights in Japan and companies’ efforts to create more inclusive environments.
What’s Ahead for the U.S. Dollar?
Zach Pandl, co-head of foreign exchange strategy for Goldman Sachs Research, explains why he’s still long-term bearish on the greenback.
Whenever, Wherever: Seamless Commerce is the Future of Retail
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.
What’s Behind the Record Level of Equity Issuance?
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.
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 inflationary overheating. 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.
Outlook for Equity Markets
Goldman Sachs’ Brett Nelson, head of tactical asset allocation for the Investment Strategy Group, discusses the outlook for U.S. equity markets amid rising interest rates and high valuations.
A Guide to Bubbles and Why We Are Not in One
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.
How Supply-Chain Disruptions Are Impacting Inflation
As supply-chain disruptions cause delays and higher prices, Global Investment Research’s Joseph Briggs explains the impact on inflation and the rates market.
Special Episode: What the American Rescue Plan Means for the Economy, Markets, Corporations and Investors
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.
The State of U.S. Corporate Pensions
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.
The Case for Investing in Black Women
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.
Higher Rates Unlikely to Derail the US Housing Market Strength
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.
How Hedge Funds are Navigating a Volatile Market
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.
Markets Update: Cryptocurrency Trading
Mathew McDermott, head of Digital Assets for Goldman Sachs’ Global Markets Division, discusses the cryptocurrency trading environment for institutional investors.
The Short and Long of Recent Volatility
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.
How Healthcare CIOs Are Investing Capital Through a Public Health Crisis
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.
How Small Businesses Are Faring Entering Year Two of the Pandemic
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.
Digital Transformation and the Future of Software
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.
Markets Update: Inflation and Equities
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.
Big, Bold, Strategic Moves: The 2021 M&A Outlook
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. Plus, check out an infographic on the implications of executing M&A transactions in a virtual environment.
The Outlook for Airlines in 2021
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.
Markets Update: The Rise of Retail Investing
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.
Special Episode: The Rise of Retail Investing and Its Impact Across Market Participants
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.
The IPO SPAC-Tacle
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.
Markets Update: January’s Record Inflows and Retail Trading Boom
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.
Goldman Sachs CFO Stephen Scherr on 2020 and How the Firm is Tracking Against Its Goals
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.”
Policy Outlook for the Year Ahead
Alec Phillips, chief political economist for Goldman Sachs Research, talks about his team’s latest policy outlook for the year ahead.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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
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
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