Investors are facing one of the most challenging backdrops in recent years amid slowing economic growth, rising inflation, and geopolitical conflicts. In this special series, Exchanges at Goldman Sachs: Great Investors, we speak with the world’s most respected investors about their investing strategies, career trajectories, and their outlook on markets and the economy. In our most recent episode, 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.
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.
Against a backdrop of sky-high inflation, rising rates, and growing recession concerns, the S&P 500 has had its worst start to the year since 1962, with the tech-heavy Nasdaq and unprofitable Growth companies performing even more dismally. Whether equity markets are in the midst of a paradigm shift and what’s in store for them ahead is Top of Mind.
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.
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.
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.
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.
The economy based on physical stuff is getting its revenge. Not so long ago, investors were enamored with fast-growing companies that used software to send a ride or groceries to your door at the push of button, even if the firm’s profits were far off in the horizon. But these days, healthy margins and companies that make real, physical stuff are back in focus, according to Peter Oppenheimer, chief global equity strategist at Goldman Sachs.
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.
The S&P 500 Index this year has fallen by the most in decades, as investors reckon with everything from lockdowns in China to a Federal Reserve that aims to cool the most overheated job market in postwar U.S. history. But retail investors, who have become a key force in U.S. equities, have for the most part kept their cool.
From the 1980s a 'Modern Cycle' evolved driven by lower inflation, independent central banks, globalization, lower volatility, longer cycles and higher profit shares of GDP. GS Research analysts argue that we are entering a new 'Postmodern' cycle in which inflation is a bigger risk than deflation. They also predict that we are likely to see greater regionalization, more expensive labor and commodities, as well as larger and more active governments.
The Federal Reserve is tapping the brakes on U.S. economic growth, which could help bring down inflation and temper the most overheated job market in postwar American history, according to Goldman Sachs Research.
Like many countries, Brazil faces a challenging mix of slowing economic growth and soaring inflation. But what makes Latin America’s largest economy different from other nations is that its central bank has lifted its benchmark rate 10-straight times to one of the highest policy rates in the world.
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?”
Joe Bae, Co-CEO of KKR, discusses structural shifts in the global markets caused by the pandemic and war in Ukraine, trends shaping the Asian market, and his work to combat anti-Asian discrimination and violence.
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.
Can the Federal Reserve slow the U.S. economy enough to bring down inflation without causing a recession? It’s a delicate balance, but there are several reasons that it could be more achievable than in the past, according to economists at Goldman Sachs.
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.
Why hasn’t reshoring taken off in the U.S.? It may be that the things that made offshoring popular—like lower labor costs—are still relevant, according to economists at Goldman Sachs. Despite the risks of foreign shocks, it may not be economical or even feasible to be the first company to take on higher production costs as an insurance policy against future crises.
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.
Tricia Glynn, a managing director at Advent International, discusses her personal story and career trajectory, trends shaping private equity, and her investment outlook for the year.
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.
The invasion of Ukraine and the escalating sanctions on Russia continue to be the dominant driver of markets. Before the start of military action, Goldman Sachs Research estimated how much geopolitical risk premium was priced into a range of global assets and estimated how those assets might move in the case of either a full de-escalation or a version of a scenario where risks flared into outright conflict.
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.
Korea: What if? Strong Upside from Potential MSCI DM Reclassification and Narrowing of Valuation Discount
Korea’s potential reclassification as a developed market is gaining traction. The Finance Minister and Korea Exchange Chairman have publicly advocated changes that specifically address impediments to MSCI upgrading Korea to developed market (DM) status. Also, there appears to be broad political consensus for the upgrade initiative given the election platforms of the major presidential candidates.
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.
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.
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.
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.
Is there a case for dropping China from emerging market (EM) indices? We sat down with Goldman Sachs Research’s Timothy Moe and Sunil Koul to discuss the drivers behind the growing debate to invest in EMs, without China.
The number of “unicorns” has surged in India in recent years, enabled by the rise of the internet ecosystem, availability of private capital and a favorable regulatory environment. Goldman Sachs Research expects the IPO pipeline to remain robust over the next 12-24 months, with market cap increasing from US$3.5tn currently to over US$5tn by 2024, making India the 5th largest market by capitalization.
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.
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.
Our inaugural Goldman Sachs Family Office report draws from our firm’s first global survey of family office decision makers, in addition to our collective experience working with family offices.
As one of the longest-tenured CEOs on Wall Street, Jefferies Financial Group CEO Rich Handler has seen his share of market cycles, crises and technological changes. In a recent conversation with Katie Koch, co-head of Goldman Sachs Asset Management’s Fundamental Equity business, Handler shared his thoughts on the economy, capital markets activity and innovation across sectors.
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.
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’ Benny Adler, co-head of the Americas Franchise Trading team, explains the supply-and-demand dynamics behind the “unprecedented" amount of equity issuance.
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.
With markets hitting new highs, are equity valuations at a peak? We sat down with Candice Tse, U.S. head of Market Strategy within the Strategic Advisory Solutions team in Goldman Sachs' Asset Management Division, who shared her view on the current valuations.
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.
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.
Mathew McDermott, head of Digital Assets for Goldman Sachs’ Global Markets Division, discusses the cryptocurrency trading environment for institutional investors.
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.
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.
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.
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.
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.
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.
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.”
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.
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.
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.
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.
Amelia Garnett of Goldman Sachs' Global Markets Division talks about the key conversations she's having with investors ahead of the November 3rd election.
Tony Pasquariello of Global Markets gives an update on US equity performance and why 2020 has seen so much trading activity.
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.
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.
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.
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.
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.
Michael Cassell of Goldman Sachs' Global Markets Division talks about the cautious optimism with which investors are viewing the current equity market rally.
Well into the COVID-19 pandemic, countries continue to grapple with managing the virus while restoring economic activity. Where the virus will go from here, what that means for the economy and markets—and how the vaccine outlook might impact everything—is Top of Mind.
Tony Pasquariello of Global Markets recaps the historic market rally of Q2 and institutional investors’ outlook for Q3.
Kristin Olson of the Consumer and Investment Management Division explains where investors are finding value in alternative asset classes.
Lizzie Reed of Goldman Sachs’ Investment Banking Division gives an update on what’s been driving investor interest in equity markets.
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.
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.
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.
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.
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.
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.
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.
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.
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.
The global oil market is experiencing a massive demand shock, with demand for transportation fuels sitting in the crosshairs of the coronavirus crisis. At the same time, major oil producers have engaged in a war for oil market share, resulting in a sizable supply shock. The impact of these simultaneous shocks on oil prices, OPEC+, the oil industry, and credit and financial markets more broadly are Top of Mind.
Anne Marie Darling of Goldman Sachs’ Global Markets Division analyzes the S&P 500 index’s historically fast fall into bear market territory.
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.
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.
Steve Strongin and Jan Hatzius on the lessons we can learn from past global market shocks.
Extreme ultraviolet lithography is poised to help power the next generation of technologies and impact the $50bn global semiconductor equipment market. Goldman Sachs Research explains how this technology will allow the production of more powerful chips at lower cost. Watch Video
Goldman Sachs’ Michele Della Vigna explains his latest research on the future of energy in the age of climate change.
Europe’s slow economic growth and low inflation have led many to wonder if the region is at risk of “Japanification.” In this episode of The Long & Short of It, Sharon Bell of Goldman Sachs Research explains some of the lessons investors can take from Japan’s recent past to better understand Europe’s future. Watch Video
With the US expansion now the longest on record and no shortage of risks on the horizon, growth uncertainty is Top of Mind. This uncertainty has been at the heart of the dovish pivot from central banks this year, which has generally helped push bond yields lower in anticipation of Fed rate cuts ahead, but equity prices higher. So just how concerned about growth should we really be? Learn More
What do markets pay for when they value companies? The common refrain of frustrated managements is that markets are too short-term oriented and miss the long-term potential. But a deep dive into how the market responds to earnings shows the divide is less about time frame than visibility – investors are paying for predictable and persistent revenue. Read Report
PIMCO Chief Executive Officer Emmanuel Roman discusses bringing a new era of leadership to one of the world’s largest asset management firms, the technological forces shaping the industry and his expectations for the global economy. Watch Video
As emerging brands take market share from larger, established companies, Jane Dunlevie of Goldman Sachs’ Investment Banking division explains that technology is transforming how consumers identify with brands, as well as how those brands are born and become profitable. Watch Video
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
As CEO of SoftBank Investment Advisers, Rajeev Misra has managed some of the biggest deals involving the tech industry in the world. In this discussion, held at the 2017 Goldman Sachs Private Internet Company Conference, Misra describes how he makes investment decisions and the future of finance when it comes to the tech industry. Watch Video
As the longest serving CEO of a European bank, Virgin Money’s Jayne-Anne Gadhia discusses the inflection points that sparked change in her career, how Sir Richard Branson has served as a source of inspiration and why she has made it a top priority to champion equality and diversity in the finance sector. Watch Video
John Mackey, co-founder and CEO of Whole Foods, discusses the importance of reeducating our palates to a diet of “whole foods” and why conscious capitalism is a critical driver of good business during this Talks at GS session. Watch Video