As the implications of coronavirus reverberate across markets, industries and the global economy, we’ve launched a daily video series to highlight the latest insights from Goldman Sachs experts around the world, recorded from wherever they are working.
Stephen Scherr, Goldman Sachs’ Chief Financial Officer, discusses the firm’s second quarter earnings results, why he’s confident in the durability of that performance across businesses, and key themes to watch in the second half of 2021.
John Storey, head of Goldman Sachs’ equities franchise in EMEA, takes stock of market performance over the first half of the year, and discusses themes that will be top of mind for investors through the rest of 2021.
Mutual fund flows into European stocks year-to-date are the strongest since 2015. Goldman Sachs Research’s Sharon Bell explains the factors driving investor interest.
Kene Ejikeme of Goldman Sachs Global Markets discusses the key themes European investors are watching—from the impact of fiscal policy on markets to the “reopening theme”—and how Europe is poised to benefit from a global recovery.
Chris Shibutani, senior biotechnology analyst in Goldman Sachs Research, discusses the transition from a Covid-19 pandemic to an endemic, and how biotech companies are preparing for the next stage of vaccines and therapeutics.
Clif Marriott, co-head of Goldman Sachs’ Technology, Media and Telecom Group in EMEA, discusses what the growing scale and breadth of European tech companies—along with bolder ambitions from European tech founders to grow their businesses to multi-billion dollar valuations—means for the European tech landscape.
Goldman Sachs’ Jessica Katz, a portfolio manager in the Asset Management business, explains how companies are harnessing hydrogen, solar, battery storage and carbon capture to accelerate the transition to net-zero emissions.
The surge in electric vehicle sales is charging up the battery market in Europe, explains Michael Bruun, who invests in companies focused on sustainability for Goldman Sachs Asset Management.
Levels of shareholder activism activity are at an all-time high. Avinash Mehrotra, global head of Activism and Shareholder Advisory and Takeover Defense practices in the Investment Banking Division, explains what’s driving an influx of non-dedicated or “occasional” activist campaigns and the implications for corporates.
David Dubner, global head of M&A structuring in the Investment Banking Division, discusses what’s driving a “superbloom” of corporate M&A and separation activity as management teams assess and reimagine their businesses as the US emerges from the pandemic.
Goldman Sachs Research’s David Mericle, chief US economist, discusses why central banks are considering digital currencies and the potential implications for the financial system and monetary and fiscal policy.
Trina Chen, co-head of Goldman Sachs’ China Equity Research, discusses China’s plan to reduce emissions from its upstream commodity sectors—which account for more than 10% of the world’s emissions—as part of the country’s pledge to be carbon neutral by 2060.
As consumers spend more on outdoor leisure activities, which sectors are poised to benefit? Daphne Robbins of the Asset Management Division describes why boating, camping, biking and other outdoor pursuits are likely to gain from secular tailwinds.
To meet the increase in customer demand for same-day delivery, a variety of big-box retailers are expanding their last-mile delivery solutions. Kate McShane of Goldman Sachs Research discusses how third-party fulfillment providers are playing an important role in addressing same-day needs, as well as the challenges that stem from outsourcing delivery.
Evan Tylenda of Goldman Sachs Research discusses the significance of the European Sustainable Finance Disclosure Regulation and how it, along with the EU Sustainable Taxonomy, will change the way asset managers classify ESG funds.
Increased activity in the transportation sector is creating new investment opportunities across the airline, trucking and shipping industries, explains Goldman Sachs’ Kevin Martens, a portfolio manager in the Asset Management Division.
Lou Miller of Goldman Sachs’ Global Markets explains what’s driving the equity market rotation from growth to value, which sectors are benefiting, and how long the trade may continue.
Goldman Sachs’ Gurpreet Gill, a macro strategist in the Asset Management Division, explains how developed market central banks are using monetary policies to address climate change and social inequality.
Andrew Boak of Goldman Sachs Research discusses his latest research on Australia’s macro backdrop and monetary policy, including how its central bank could set the first modern-day precedent for exiting yield curve control.
Jessica Binder Graham, co-head of European Equity Research for Goldman Sachs Research, discusses her team’s research on the growth of the ETF market, including the rapid rise of thematic ETFs and how investors are thinking about single stock exposure.
Goldman Sachs Research’s Kamakshya Trivedi, co-head of global foreign exchange, interest rates and emerging markets strategy research, discusses the speed of the recovery since markets hit bottom one year ago and his outlook for strong global growth in 2021 and beyond.
Damien Courvalin, head of Energy within the Commodities Research team for Goldman Sachs Research, discusses his team’s latest outlook for commodities and why they’re raising their returns forecasts.
Jason Granet, head of Goldman Sachs’ LIBOR transition effort, discusses the recent announcements on the timeline for LIBOR’s cessation and how investors are thinking about the move to other benchmark rates.
Chris Buddin, co-head of Auto Tech Banking at Goldman Sachs, discusses what he calls “the greatest industrial revolution of our time”—the transformation to electrification in the global mobility landscape over the next several decades and the strategic activity happening in the auto tech industry today.
Anna Skoglund of Goldman Sachs’ Investment Banking Division discusses the 25% increase in private equity deal volumes year-over-year, the types of deals and sectors driving this activity, and what the supportive capital markets backdrop means for investing at current valuations.
Carey Halio, Deputy Treasurer of Goldman Sachs, discusses the firm’s $800 million sustainability bond and how Goldman Sachs is responding to demand for investment opportunities related to climate transition and inclusive growth.
Sharmini Chetwode, head of ESG Research in Asia for Goldman Sachs Research, discusses China’s pledge to be carbon neutral by 2060 and the key technologies that will be critical to achieving this target.
Moran Forman of the Global Markets Division explains how the surge in retail trading has changed supply-and-demand dynamics in equity volumes, volatility and options activity.
Lisa Yang, head of the European Media and Internet Research team in Goldman Sachs Research, discusses her recent report on the acceleration of Europe’s digital economy and the emergence of European digital champions.
Asset Management Division’s Nishi Somaiya explains the outlook for private investments in growth equity and technology companies.
Greg Lee of Goldman Sachs’ Investment Banking Division explains how cruise lines are navigating the unprecedented financial challenges of the pandemic and what the future of cruise line travel could look like.
Andrew Tilton, chief Asia economist for Goldman Sachs Research, talks about China's new digital currency initiative and its potential implications for consumers, banks and the Chinese economy.
Heath Terry, Goldman Sachs Research’s business unit leader for the Technology, Media and Telecom Group, discusses the surge in demand for food delivery during the pandemic and the outlook for the industry beyond it.
Goldman Sachs Senior Economist Daan Struyven discusses the slow start to the COVID-19 vaccine rollout, why he expects bottlenecks to clear, and how vaccination factors into his team’s above-consensus global growth forecast for the year.
The lodging, leisure and gaming industries have been hit hard by the pandemic. Goldman Sachs Research’s Stephen Grambling looks at the momentum behind their recovery.
Goldman Sachs Research’s Veronika Dubajova explains the challenges behind the COVID-19 vaccination efforts, including administration logistics and supply constraints.
Bonnie Herzog, a senior analyst covering the beverage and tobacco sectors at Goldman Sachs Research, discusses how U.S. convenience stores are thriving by adapting to a changing retail landscape and taking advantage of their near-ubiquitous footprint.
Nicole Pullen Ross, region head of Goldman Sachs’ New York Private Wealth Management business, talks about the investing themes she’s discussing with her clients going into the new year.
Kelly Galanis, head of the Americas Financial Technology sector in the Investment Banking Division, explains how insurtechs are disrupting the insurance industry.
Michele Della Vigna, the Commodity Equity business unit leader in EMEA, shares takeaways from Goldman Sachs Research’s virtual Carbonomics conference.
Oscar Ostlund, head of content for Marquee in Goldman Sachs’ Global Markets Division, explains the latest findings from the firm’s survey of institutional clients in the wake of the US elections and promising vaccine developments.
With bond yields closer to zero, equities appear more attractive than ever. But higher absolute valuations, boosted by tech growth stocks, have made equities more risky. Christian Mueller-Glissmann of Goldman Sachs Research explains the new “equity duration puzzle.”
Zach Pandl, co-head of Global Foreign Exchange, Interest Rates and Emerging Markets Strategy for Goldman Sachs Research, discusses macroeconomic risks on the minds of investors, including currency volatility and the low interest rate environment.
Sarah-Marie Martin, a managing director in the Financial and Strategic Investors Group within Goldman Sachs’ Investment Banking Division, discusses the drivers behind the exponential growth in private capital and why the private equity landscape provides such an interesting lens into investing right now.
Luke Barrs, head of Fundamental Equity Client Portfolio Management in EMEA and Asia ex-Japan for Goldman Sachs Asset Management, discusses the rise of thematic investing across the European and Asian fund landscape and the long-term secular trends investors are focused on.
Michael Schmitz, co-head of the Global Markets Division for Germany and Austria, shares what was top of mind for clients at this year’s annual German Corporate Conference and how German equities have continued to outperform despite the macroeconomic backdrop.
James Houghton, co-head of the Asia Pacific FICC Franchise for Goldman Sachs’ Global Markets Division, discusses the significance of the FTSE Russell’s inclusion of Chinese bonds in its World Government Bond Index and what this could mean for capital inflows into China.
Alexis Deladerrière, head of International Developed Markets Equity for Goldman Sachs Asset Management’s Fundamental Equity team, discusses the structural tailwinds that are making environmental solutions providers attractive investments for the long term.
As Japan’s new prime minister takes office, what are the implications for economic policy and corporate governance reform? Kathy Matsui, chief Japan equity strategist for Goldman Sachs Research, weighs in.
Anne Marie Darling, head of the Multi-Asset Platform team, Global FICC Execution Services and Marquee, shares insights on the firm’s latest survey of its institutional clients including their market sentiment, views on the US dollar and technology stocks.
Adam Nordin, head of the Global Education Technology & Services team within Goldman Sachs’ Investment Banking Division, discusses how the surge in demand for online learning is translating into strategic activity across the edtech sector.
Sandra Lawson, head of Sustain Strategy within Goldman Sachs Research, kicks off the ESG Sector Roadmap project, taking a sector-level view of principal environment, social and governance risks and opportunities over the medium-term, starting with the Food & Beverage and Alcohol & Tobacco sectors.
Daniela Costa, business unit leader for Goldman Sachs Research’s European Industrials and head of the European Capital Goods team, discusses how European industrial companies have been impacted by the pandemic and what the long-term growth opportunities are for the sector.
Nicholas Chan, client portfolio manager on the Quantitative Investment Strategies (QIS) team within Goldman Sachs Asset Management, discusses the role of big data in investing and what it reveals about trends in behavior since the onset of the pandemic.
Diana Hoadley of the Public Sector and Infrastructure Finance Group in the Goldman Sachs Investment Banking Division discusses how higher education institutions are managing the financial impact of COVID.
John Marshall, head of derivatives research for Goldman Sachs Research, discusses the rise of individual investor activity in the US and whether equities can remain at recent levels as this activity wanes.
Anthony Gutman, global co-head of Goldman Sachs’ Investment Banking Services, discusses European corporate sentiment for the second half of 2020, including a renewed focus on strategic activity as well as an emphasis on corporate responsibility.
Janki Gandhi, who focuses on consumer retail for Goldman Sachs’ Investment Banking Division, discusses the impact of the economic shutdown on the beauty and personal care sector, as well as the outlook for M&A activity within the industry.
Manish Adukia, equity analyst for Goldman Sachs Research’s Asia-Pacific Telecommunications team, discusses how India’s internet market, one of the largest in the world, is at an inflection point both in terms of growth and profitability.
Elizabeth Martin, head of EMEA Equities Execution Services and Systematic Market Making, discusses the evolving liquidity landscape, the advancement of electronic trading and how European clients are navigating the capital markets heading into the second half of the year.
Nicole Irvin, a managing director in the Global Technology, Media and Telecom Group in the Investment Banking Division, discusses what’s driving IPO activity in the tech sector and how the pandemic has impacted sentiment around direct listings.
Sarah Kiernan, head of Americas Commodities Sales for Goldman Sachs’ Global Markets Division, discusses trends across two of the biggest areas of the commodities market, oil and gold, as well as the recent surge in silver prices.
Allison Nathan, senior strategist for Goldman Sachs Research, discusses her latest Top of Mind report on how to close the large and persistent Black-white earnings and wealth gaps central to the social and economic racial inequality in the US.
Sharmin Mossavar-Rahmani, head of the Investment Strategy Group for Goldman Sachs’ Consumer and Investment Management Division, discusses the “wall of worry” that US equities have climbed since the trough of the S&P 500 in March and her team’s recommendation to stay invested amid the current challenges of the pandemic.
Stephen Scherr, Goldman Sachs’ Chief Financial Officer, discusses corporate earnings as a lens into the broader economic recovery, the primary themes in Goldman Sachs’ second quarter earnings, and what he’s focused on for the second half of the year.
Lindsay Drucker Mann, head of Consumer Retail Equity Capital Markets within Goldman Sachs’ Investment Banking Division, discusses how consumer retail companies are accessing the equity issuance market and the ways in which the economic shutdown has accelerated trends in the consumer retail space.
Jan Hatzius, head of Goldman Sachs Research and the firm’s chief economist, explores the link between face masks and coronavirus outcomes, and the economic value of a national face mask mandate in reducing the need for broad lockdowns.
Richard Ramsden, business unit leader of the Financials Group in Goldman Sachs Research, discusses the Federal Reserve’s new framework for stress testing American banks and what the results mean for the banks’ ability to manage their capital and support the economic recovery.
Alberto Gandolfi, head of European Utilities for Goldman Sachs Research, discusses the potential of the European Commission’s Green Deal to reshape the European economy and transform energy consumption from manufacturing to transportation.
Ben Ferguson, head of Goldman Sachs’ Asia Pacific Equities Distribution and co-head of Japan Securities Sales, talks about the lessons learned from the introduction in 2016 of negative interest rates on Japan’s economy and the impact of coronavirus on corporate reform.
Lars Humble, who focuses on debt syndication for sovereigns, supranationals and agencies within Goldman Sachs’ Financing Group, discusses the impact of the pandemic on the role of multinational development agencies and the shift in investor sentiment around social bonds.
Jernej Omahen, head of the European Financial Institutions Group for Goldman Sachs Research, shares what was discussed at the firm’s 24th European Financials Conference—a virtual gathering of bank executives, investors, regulators, and policymakers.
Philippe Camu, global co-head of the infrastructure investment group, talks about how the next big public-works projects are more focused on fiber and data centers than traditional construction like roads and airports.
Alain Durré, Senior European Economist for Goldman Sachs Research, discusses the impact of the European Central Bank’s decision to expand its bond-buying program, and the prospect of fiscal stimulus by EU member countries.
Tammy Kiely, co-head of Goldman Sachs’ Technology Investment Banking, discusses the impact of the pandemic on chip makers, the evolution of competition among semiconductor manufacturers and customers, and the geopolitical factors that are helping shape the industry.
Jenny Chang, portfolio manager for Goldman Sachs Asset Management’s Fundamental Equity team, discusses how the pandemic is driving innovation and increased collaboration across the healthcare industry.
Clif Marriott, co-head of Goldman Sachs’ Technology, Media and Telecom Group in EMEA, discusses the evolution of Europe’s tech industry and how the crisis is accelerating trends across the sector, including growth in e-commerce and collaboration software as well as the digitization of content.
Rod Hall, senior equity analyst for Goldman Sachs Research’s Hardware and Communications Technology group, discusses how the rapid transition to working remotely could pave the way for technologies like virtual reality, enterprise infrastructure at home, and more.
Michelle Cheng, equity analyst for Goldman Sachs Research, discusses the framework her team is using to analyze consumer behavior in China and the key data points they are focused on to forecast long-term growth across a range of retail categories.
Michael Siegel, head of the Insurance Asset Management and the Liquidity Solutions businesses within Goldman Sachs Asset Management, talks about the ways the insurance industry is adapting to the challenges brought on by the coronavirus.
Kevin Daly, co-head of Goldman Sachs’ CEEMEA Economics Research, discusses the impact of the pandemic on emerging markets government deficit and debt levels, and the fiscal adjustments that are likely to be required in the aftermath of the crisis.
Axel Hoefer, Goldman Sachs’ head of auto industry coverage in Europe, discusses the impact of coronavirus on the global demand for cars and the outlook for manufacturing as production restarts in some countries.
Jen Davis, Goldman Sachs’ head of retail investment banking, discusses the impact of the pandemic on various parts of the retail industry, including the potential shift in consumer behavior and the outlook for e-commerce.
Lotfi Karoui, Goldman Sachs Research’s chief credit strategist, discusses the state of corporate credit markets and his outlook for corporate defaults in the months ahead.
Heath Terry, Goldman Sachs Research’s business unit leader for the Technology, Media and Telecom Group, discusses his team’s new report “U.S. Reopening Scale,” which aggregates data across a wide range of consumer and business segments to quantify where the economy sits between full lockdown and a return to activity levels last seen before the COVID-19 outbreak.
Ben Frost, head of Mergers & Acquisitions for Goldman Sachs’ Consumer Retail Group, discusses the impact of coronavirus on grocery stores, supply chains, and consumer behavior.
Richard Gnodde, chief executive officer of Goldman Sachs International, discusses how business leaders in Europe are thinking about their corporate planning and decision-making in response to the economic downturn.
Ashish Shah, co-chief investment officer for Goldman Sachs Asset Management’s Global Fixed Income and Liquidity Solutions business, discusses the wave of fallen angels as rating agencies downgrade the debt of blue-chip companies at the fastest rate since the financial crisis.
Stacy Selig, co-head of Goldman Sachs Global Sales Strats and Structuring, talks about how she’s helping investors see past the broader trends reflected in major indices and dig deeper to find the tactical drivers of the global economy in a time of historic disruption and uncertainty.
Allison Nathan, senior strategist for Goldman Sachs Research, discusses her latest Top of Mind report where she speaks with leading experts across health and policy to understand how well-positioned the U.S. is to achieve a safe reopening of the economy and how quickly it would translate into economic recovery.
Matt Gibson, co-head of Goldman Sachs Global Investment Banking Services, discusses what’s on the minds of CEOs as they navigate the shutdown—from an early focus on liquidity and adapting to work from home, to first quarter earnings and the long-term outlook for their businesses.
Laura Destribats, portfolio manager for Goldman Sachs Asset Management’s fundamental equity team, discusses how the economic shutdown is accelerating growth across industries like video conferencing, e-commerce, streaming, and social media.
José Manuel Barroso, chairman of Goldman Sachs International and former president of the European Commission, weighs in on the economic relief package endorsed by European leaders.
Jonny Fine, head of Goldman Sachs’ Investment Grade Syndicate in the Americas, discusses what’s driving the corporate credit markets during a time of unprecedented uncertainty.
On the heels of a record low quarterly growth report out of China, the firm’s chief Asia economist Andrew Tilton discusses what the data mean for the country’s growth target and where we’re seeing signs of recovery.
Gonzalo Garcia, Goldman Sachs co-head of Latin America and head of Investment Banking in Latin America, discusses how the current environment is impacting the region’s economy and how the firm is helping clients access capital to stabilize economies across the region.
Kathleen Hughes, global head of Liquidity Solutions in Goldman Sachs Asset Management, discusses the emerging focus on money markets and short-duration investing as businesses look to navigate the current market environment.
Michele Della Vigna, Goldman Sachs Research’s head of EMEA natural resources, discusses the dual challenges the world’s oil producers are facing from coronavirus and a battle for market share, which has caused a global imbalance in the supply and demand for oil.
Atte Lahtiranta, Goldman Sachs’ chief technology officer, discusses ways that the pandemic is accelerating the digital transformation of the financial services industry, and the long-term implications across industries.
Kevin Kelly, Goldman Sachs’ co-head of Global Prime Services, discusses how hedge funds are navigating historic levels of market volatility and clients’ “constructive, cautiously optimistic” sentiment looking ahead.
Mike Moran, pension strategist in Goldman Sachs Asset Management, discusses how market volatility is affecting retirement investments, including corporate defined benefit pensions and 401(k) plans.
Goldman Sachs Research’s Kathy Matsui, co-head of macro research in Asia and chief Japan equity strategist, discusses the economic impact of the postponement of the Tokyo Summer Olympics and Paralympics and how the pandemic is affecting the outlook for Japanese equities.
Susie Scher, co-head of the Global Financing Group in Goldman Sachs’ Investment Banking Division, discusses how companies are accessing capital in an uncertain environment.
Goldman Sachs Research’s Kamakshya Trivedi, co-head of global foreign exchange, interest rates and emerging markets strategy research, discusses indicators his team is watching to assess when markets will hit bottom.