After a period of cost cutting and layoffs — and buoyed by generative AI tailwinds — software and internet companies are starting to invest for growth, say Goldman Sachs Research’s Eric Sheridan and Kash Rangan on this episode of Goldman Sachs Exchanges.
Developed market equities have long dominated global equity markets, but that’s set to change in the coming decades. Kevin Daly, co-head of CEEMEA Economics in Goldman Sachs Research, explains why EM capital markets are likely to rise significantly.
Goldman Sachs’ Co-head of Global Banking & Markets Jim Esposito explains how companies and investing clients are navigating markets and the global economy in the latest episode of Goldman Sachs Exchanges.
In this special episode of Goldman Sachs Exchanges: Great Investors, Peter Brown, CEO of Renaissance Technologies, talks about his career and building the hedge fund company. He also recounts how the firm navigated market crises such as the “quant quake” and the Global Financial Crisis, and describes how computer models and algorithms have long played a role in Renaissance’s growth.
Worries that rising inflation will force the Federal Reserve to raise interest rates later this year appear to be fading amid encouraging signs in the jobs market. Goldman Sachs Research’s Chief U.S. Economist David Mericle shares his views on the U.S. economy, inflation, and the Fed’s path from here.
Goldman Sachs Research’s Sharon Bell and Gizelle George-Joseph discuss the progress, challenges, and opportunities facing women and Black Americans, respectively, and why reducing racial, gender, and economic inequities could ultimately raise global growth over the long term.
The music industry is on the verge of another major structural change, so what should listeners, artists, and industry professionals expect over the years to come? Goldman Sachs Research’s Lisa Yang discusses her latest Music in the Air report which analyzes how streaming, artificial intelligence, and changing listener behavior are affecting the industry.
As the Chief Investment Officer of Global Fixed Income for BlackRock, Rick Rieder and his team are responsible for about $2.4 trillion of assets. In this episode of Goldman Sachs Exchanges: Great Investors, Rieder shares his views on the markets, the strength of the U.S. economy, and where he’s finding investment opportunities.
Higher interest rates are making it more expensive for companies to borrow money. So what could that mean for the health of corporate America? Saba Capital Management’s Boaz Weinstein, founder and CIO, and Goldman Sachs’ Lotfi Karoui, chief credit strategist, discuss the outlook for U.S. credit markets. This episode of Goldman Sachs Exchanges is based on Goldman Sachs Research’s latest Top of Mind report.
Germany slipped into a technical recession earlier this year as the country struggles with a weaker manufacturing sector, high inflation and a war on its doorsteps. In this episode, Wolfgang Fink, CEO of Goldman Sachs for Germany and Austria, explains how German companies and investors are adapting to the macro and market pressures.
More than any other advanced economy, the U.K. has been squeezed by sharply higher prices, but new data shows that inflation may be starting to fall. In this episode, Goldman Sachs Research’s Jari Stehn, chief European economist, and George Cole, head of European rates strategy, explain why the U.K. faces a “confluence of shocks,” why inflation is likely to remain elevated, and what the implications of the U.K.’s inflation problems may mean for yields across the Euro area and globally.
Since Luke Ellis took the helm as CEO of Man Group, a global active investment management firm with a significant hedge fund offering, the firm’s assets under management have almost doubled to around $145 billion. In this episode of Goldman Sachs Exchanges: Great Investors, Goldman Sachs’ John Storey speaks with Ellis about his perspectives on the hedge fund industry, his views on the markets and the global economy, and what’s he’s learned over his career.
China's emergence from Covid lockdowns was expected to boost the global economy. But a string of disappointing data is giving investors, policymakers and market watchers a new reason to worry. Goldman Sachs Research’s Hui Shan, chief China economist, explains the drivers behind the outlook for the world’s second-largest economy.
Investor interest in generative AI technology has surged. But is the hype and market pricing around the technology warranted? In this episode of Goldman Sachs Exchanges, Conviction’s Sarah Guo, NYU’s Gary Marcus and Goldman Sachs Research’s Kash Rangan and Eric Sheridan discuss the technology’s disruptive potential.
Global equity markets have performed relatively well in the first half of the year, but can this performance last? Goldman Sachs Research’s Peter Oppenheimer, chief global equity strategist and head of macro research in Europe, explains why equity returns are likely to remain relatively flat from here.
The U.S. economy has shown signs of surprising resilience this year, despite concerns over inflation, recession and the Fed’s path from here. In the latest episode of Goldman Sachs Exchanges, David Mericle, chief U.S. economist in Goldman Sachs Research, explains why he’s generally optimistic that the U.S. economy can avoid a recession and achieve a soft landing.
Since GQG Partners’ Chairman and CIO Rajiv Jain co-founded the global boutique asset management firm in 2016, the company has grown to more than $100 billion in assets under management. In this episode of Goldman Sachs Exchanges: Great Investors, Jain discusses his approach to managing portfolios and building teams, as well as his views on the macroeconomic and investment landscape.
Family offices have long managed the financial affairs of the world's wealthiest families. In this episode, Meena Flynn and Sara Naison-Tarajano from Goldman Sachs’ Asset & Wealth Management business, and Ken Hirsch and Tony Pasquariello from Global Banking & Markets, break down the findings of the firm’s latest family office investment insights report, Eyes on the Horizon.
How are countries and companies reshaping their supply chains for a new era of global trade? In this episode, Andrew Tilton, chief Asia Pacific economist in Goldman Sachs Research, Luke Barrs from the Fundamental Equity business in Asset Management, and Richard Hill, chairman of the board at Marvell Technology, discuss the macro pressures and geopolitics that are affecting global supply chains, as well as the impact on the investment landscape.
In this episode, Stephen Kaplan, associate professor at George Washington University, Alec Phillips, Goldman Sachs Research’s chief political economist, and David Beers, former head of sovereign credit ratings at S&P, who oversaw the rating agency’s U.S. credit rating downgrade in 2011, dig into the history and mechanics of the U.S. debt limit and explore whether the repeated brinkmanship around raising the debt limit could undermine the value of U.S. assets.
Oil and commodity prices have fallen this year amid unprecedented declines in inventories. But this “great de-stocking” could also pave the way for strong gains if the economy avoids a recession given solid fundamentals and overall demand, explains Jeff Currie, global head of commodities in Goldman Sachs Research.
In this episode, Goldman Sachs Research’s Christian Mueller-Glissmann, who heads asset allocation research within portfolio strategy, explains how recent market stresses are affecting portfolio diversification strategies.
In an environment where merger and acquisition activity is still relatively subdued, companies are turning to spinoffs, sales and divestitures. But what factors are driving this trend? In this episode, Goldman Sachs' David Dubner, global head of M&A structuring within Global Banking & Markets, and Sharath Sharma, global vice chair at EY, discuss “Strategies for successful corporate separations,” a new report coauthored by Goldman Sachs and EY on how and why companies are leaning into corporate separations.
Geopolitical tensions between the U.S. and China have been running high for some time, but are escalating as President Biden prepares to unveil further curbs on U.S. investment to China ahead of this month’s G7 Summit. In this episode, which breaks down Goldman Sachs Research’s recent Top of Mind report, “U.S.-China: more decoupling ahead,” Harvard’s Graham Allison, who has extensively studied the relationship between the two countries, and Rhodium Group’s Dan Rosen, who has analyzed investment and trade flows, explore the tensions between the two countries and how they’re affecting the investing landscape for companies and investors.
After a sharply disappointing performance in 2022, tech stocks are roaring back. But is the latest revival just a short-term blip? Or is there a new growth phase ahead for the tech sector? In this episode, Ben Snider, a senior strategist in Goldman Sachs Research, and Peter Callahan, who covers the tech sector for Global Banking & Markets, break down big tech earnings, new developments like generative AI, and the risks investors are focused on.
The debate over the U.S. debt ceiling is quickly heating up. If the debt limit is not lifted before the deadline, what does this mean for markets and the economy? In this episode, Goldman Sachs Research’s Alec Phillips, chief U.S. political economist, explains how a failure to raise the limit on US government debt could ripple through the global financial markets.
The path to net zero has never been more complicated as businesses and governments look to balance short-term energy demands with long-term sustainability goals. In the latest episode of Exchanges at Goldman Sachs, Goldman Sachs Research’s Michele Della Vigna, head of Natural Resources Research in EMEA, and Kara Mangone, global head of Climate Strategy, discuss the decades-long effort that will require trade-offs between investing and carbon intensive projects and increasing investments in clean energy technologies.
The initial public offering of luxury car manufacturer Porsche last fall was a bright spot in an otherwise difficult equity market. So how has the automaker navigated the macro challenges and what are the implications for the sector more broadly? In this episode of Exchanges at Goldman Sachs, Oliver Blume, the CEO of Porsche and its parent company VW, and Goldman Sachs’ Christoph Stanger, who chairs the European equity capital markets team and helped take the company public, go behind the scenes to look at what it was like to take the company public, as well as discuss some of the broader trends in the automotive industry.
The recent stress in the banking sector appears to have abated but there are knock-on effects that are pressuring a key corner of the economy: commercial real estate. So could commercial real estate be the next possible crisis? In the latest episode of Exchanges at Goldman Sachs, Goldman Sachs Research’s Lotfi Karoui, chief credit strategist and head of the Credit Research Group, and Jeffrey Fine, global head of Real Estate Client Solutions and Product Strategy in the firm’s Asset & Wealth Management business, assess the vulnerabilities in the commercial real estate market today.
As one of the largest investors in the world, insurers represent about $30 trillion in assets — which means their investment decisions can have an outsized impact on markets and investment flows. So in a volatile market and uncertain economic environment, what’s on the minds of this influential investor base? In this episode of Exchanges at Goldman Sachs, Goldman Sachs’ Mike Siegel, global head of the Insurance Asset Management and Liquidity Solutions businesses, and Matt Armas, global head of Insurance Asset Management, break down the results of the 12th annual survey, Balancing with Yield on the Inflationary Tightrope, which surveyed more than 300 insurers about their views on the economy, asset allocation decisions and return expectations.
The recent banking turmoil in the U.S. and Europe triggered by the failure of Silicon Valley Bank — the largest bank failure since the 2008 financial crisis — seems to have abated, but questions remain about whether banking stress could resurge and what policymakers can do to prevent that. In the latest episode of Exchanges at Goldman Sachs, which is based on Goldman Sachs Research’s Top of Mind report, All about bank(panic)s, former policymakers Daniel Tarullo and Thomas Hoenig, and Yale’s Gary Gorton, explain the drivers behind the recent crisis, the potential for it to repeat, and what rules and regulations might help prevent that.
From artificial intelligence and machine learning, to virtual reality and wearable technology, disruptive tech has been at the forefront of markets and investors’ minds. So how are investors and tech founders alike approaching trends in technological innovation during a time of stress in the markets and banking sector? In this episode of Exchanges at Goldman Sachs, Goldman Sachs’ Clif Marriott, co-head of the Technology, Media and Telecommunications Group in EMEA for Global Banking & Markets, and Ophelia Brown, founder and managing partner for early-stage venture capital firm Blossom Capital, explain how founders of tech startups across Europe are navigating the stress in the banking sector, the types of emerging technologies they're most excited about and how investors are approaching opportunities in the current environment.
Even the world's largest companies aren't immune to activist investors. With the management teams of large-cap companies attracting the attention of activism campaigns, what are the implications for corporate strategy and shareholders? In this episode of Exchanges at Goldman Sachs, Goldman Sachs’ Avinash Mehrotra, co-head of America's M&A, who runs activism, shareholder advisory and takeover defense practices, along with Pamela Codo-Lotti, who serves as the global chief operating officer for the practice in Global Banking & Markets, discuss the rise in shareholder activism campaigns, especially among large-cap companies.
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.
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.
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 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.
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 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.
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.
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.
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.
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.
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.”
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?”
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.
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.
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 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.
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.
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."
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.
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.
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 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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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 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.
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.”
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.
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.
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.
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.
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.”
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.
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.
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.
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.
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.
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.
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.
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.
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 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.
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.
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.
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.
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 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.
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.
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.
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.
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.
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.
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 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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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 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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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, 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.
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.
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.
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.
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.
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.
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).
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.
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.
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.
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.
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.
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.
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.
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.
Three interns from the firm’s first virtual intern class share their perspectives with Bentley de Beyer, global head of Human Capital Management.
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.
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.
Michael Cassell of Goldman Sachs' Global Markets Division talks about the cautious optimism with which investors are viewing the current equity market rally.
Katie Koch, co-head of the Fundamental Equity business within Goldman Sachs Asset Management, talks about why diversity gives investing teams a competitive edge.
Mike Siegel of Goldman Sachs Asset Management summarizes key investment trends from GSAM’s 2020 Insurance Report.
Steve Strongin discusses the future of ESG investing, based on a new report from Goldman Sachs Research.
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.
Tim Ingrassia of Goldman Sachs Investment Banking Division provides an update on M&A trends.
Lizzie Reed of Goldman Sachs’ Investment Banking Division gives an update on what’s been driving investor interest in equity markets.
Steve Strongin discusses a new framework for investing after COVID-19.
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.
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.
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.
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.
Anne Marie Darling of Goldman Sachs’ Global Markets Division analyzes the S&P 500 index’s historically fast fall into bear market territory.
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.
Goldman Sachs’ top economists and strategists discuss revised forecasts for the US economy and the outlook for stimulus programs.
Joe Montesano, head of Americas Equity Trading for Goldman Sachs, analyzes how the coronavirus pandemic continues to add volatility to financial markets.
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.
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.
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.
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.
Steve Strongin and Jan Hatzius on the lessons we can learn from past global market shocks.
Goldman Sachs CFO Stephen Scherr reflects on the firm’s first-ever Investor Day and the firm’s forward strategy.
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
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
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
Goldman Sachs’ David Solomon reflects on his first year as CEO, along with key priorities looking ahead. Listen Now
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
Marty Chavez of Goldman Sachs discusses how technology is re-shaping the future of financial services. Listen Now
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
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
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
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
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
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
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
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
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
On the latest episode of Exchanges at Goldman Sachs, Head of Environmental Markets Kyung-Ah Park shares takeaways from the UN Climate Change Conference in Paris and how to turn global urgency into action. Listen Now
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