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Exchanges at Goldman Sachs

English, Finance, 1 season, 472 episodes, 17 hours, 59 minutes
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In each episode of "Exchanges at Goldman Sachs," people from the firm share their insights on developments shaping industries, markets and the global economy.
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Power surge: AI, renewable energy, and the future of electricity

The demand for power, driven in part by the rise of generative artificial intelligence, is set to grow to levels not seen in a generation. Goldman Sachs Research’s Carly Davenport, Alberto Gandolfi, and Brian Singer discuss the drivers behind their forecast of a surge in global power demand and the investments required to meet that demand.  Related articles on AI include AI is showing ‘very positive’ signs of eventually boosting GDP and productivity and Generative AI could raise global GDP by 7%. For more: Goldman Sachs Exchanges.
6/11/202428 minutes, 40 seconds
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Central bank divergence: Why it's happening and why it matters

The Federal Reserve has historically led a relatively synchronized monetary policy cycle across the major economies, but this cycle seems to be shaping up differently. Goldman Sachs' Chief Economist and Head of Goldman Sachs Research Jan Hatzius, Peter Praet, former chief economist of the European Central Bank, and Maurice Obstfeld, former chief economist of the IMF, discuss the implications of central bank divergence for economies and markets. This episode explores the latest Top of Mind report, Central Bank Divergence: Room to Run?
6/4/202420 minutes, 47 seconds
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Can private equity bounce back?

On this episode of Goldman Sachs Exchanges, Goldman Sachs Research’s Alex Blostein joins moderator Allison Nathan to discuss the challenges and opportunities facing the private equity industry. Nathan also speaks with Global Banking & Markets’ Mike Nickols and Gina Lytle who share their perspectives on the types of deals that are happening today.  For more, read Private Equity Inflection Point, a new report from Goldman Sachs Investment Banking, which explores the strategic and financing opportunities in the private equity industry. 
5/28/202426 minutes, 55 seconds
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Is China’s rebound for real?

After better-than-expected economic data kicking off the year, and a blistering start for the equity market, where does China go from here? Goldman Sachs Research’s Hui Shan and Kinger Lau discuss the evolution of China’s economy and capital markets.
5/21/202427 minutes, 58 seconds
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How AI, the energy transition, and the future of work are shaping impact investing

Is it possible to have a positive impact through investing without giving up on returns? Brian Singer of Goldman Sachs Research and Greg Shell of Goldman Sachs Asset Management discuss the long-term trends shaping impact investing and the investment opportunities in the space.
5/14/202421 minutes, 54 seconds
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Is the UK economy finally turning the corner?

Goldman Sachs Research's Jari Stehn joins Charlotte Keenan of the firm's Office of Corporate Engagement to discuss the UK economy’s unique economic challenges, its path forward, and the role that small businesses can play in bolstering growth. To learn how the UK’s small businesses could help support the UK economy, read Generation Growth: The Small Business Manifesto.
5/7/202422 minutes, 13 seconds
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Why Treasury auctions — and rising deficits — are becoming a focal point for markets and investors

Recent weakness in US Treasury bond auctions have become a focal point for markets. Goldman Sachs’ Jonny Fine and Alec Phillips discuss the implications for markets, yields, and fiscal deficits. And if you want more insights from Goldman Sachs, make sure to visit GS.com and sign up for Briefings, a weekly newsletter from Goldman Sachs about trends spanning markets, industries, and the global economy. 
4/30/202423 minutes, 12 seconds
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Weighing the GLP-1 Market

The newest generation of GLP-1 drugs are being hailed by some as “miracle drugs” for the treatment of obesity. But GLP-1s are expensive, insurance coverage is limited, and not everyone with obesity can and or wants to take them. In this episode, which is based on Goldman Sachs Research’s latest Top of Mind report, obesity medicine physician Dr. Fatima Cody Stanford and Jonathan Gruber, professor of economics and chairman of the Economics Department at MIT, discuss how large the addressable market for GLP-1s actually is and the implications for US fiscal health.   If you want more insights from Goldman Sachs, make sure to visit GS.com and sign up for Briefings, a weekly newsletter from Goldman Sachs about trends spanning markets, industries, and the global economy. 
4/23/202424 minutes, 27 seconds
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Are inflation fears overblown? The outlook for inflation, US growth, and long-term rates

Goldman Sachs Research’s US Chief Economist David Mericle explains why worries over overheating inflation are overblown and why the outlook for US economic growth remains relatively strong. And if you want more insights from Goldman Sachs, make sure to visit GS.com and sign up for Briefings, a weekly newsletter from Goldman Sachs about trends spanning markets, industries, and the global economy. 
4/16/202422 minutes, 1 second
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Global insurers turn to private credit — and AI

Where do the world’s largest investors see investment opportunities? Against a more constructive macroeconomic environment, insurers appear to be more willing to take on risk in their portfolios. Goldman Sachs’ Mike Siegel and Matt Armas discuss where insurers see opportunities and risks, and other findings from their 13th annual Global Insurance Survey.
4/9/202419 minutes, 53 seconds
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Capital Group’s Rob Lovelace on long-term investing, succession planning, and leadership lessons

Capital Group’s Rob Lovelace discusses the firm’s distinct investment process and culture, how he’s thinking about macro trends, and his lessons for leadership. Lovelace, whose grandfather Jonathan Bell Lovelace founded the firm in 1931, recently stepped down at the privately held firm as vice chair and president and continues as a portfolio manager. If you'd like to learn more, visit GS.com and sign up for Briefings, a weekly newsletter from Goldman Sachs about trends spanning markets, industries, and the global economy.    
4/2/202442 minutes, 34 seconds
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Are the largest US stocks too dominant?

The US stock market is more concentrated than it’s been in decades, with a small number of stocks accounting for an unusually large share of market capitalization. While it’s making some investors uneasy, Ben Snider, a senior strategist on the US portfolio strategy team in Goldman Sachs Research, and Peter Callahan, who covers the US technology, media, and telecommunications markets business in Global Banking & Markets, point out on Goldman Sachs Exchanges that these stocks' valuations reflect strong earnings. If you'd like to learn more, visit GS.com and sign up for Briefings, a weekly newsletter from Goldman Sachs about trends spanning markets, industries, and the global economy.  
3/26/202419 minutes, 8 seconds
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Global transit & trade: in rough waters

Transit on the seas — the planet’s most important means of trade — has become more fraught amid geopolitical and climate-related disruptions, particularly in the Red Sea. In this episode, which is based on Goldman Sachs Research’s Top of Mind report, Admiral James Stavridis and DHL Group's CEO Tobias Meyer discuss the factors driving maritime risks today and the threats to global trade. 
3/19/202432 minutes, 45 seconds
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High mortgage rates, limited inventory continue to challenge the US housing market

High mortgage rates and a limited supply of homes have created one of the tightest markets in decades. Goldman Sachs Research’s Roger Ashworth explains the supply-and-demand dynamics that are shaping the US housing market and the outlook for 2024.
3/12/202421 minutes, 11 seconds
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What’s ahead for retail: how retail CEOs are navigating a more complex environment

Retailers are facing a more complex environment in 2024, say Goldman Sachs’ Tim Ingrassia, co-chairman of Global Banking & Markets’ Global Mergers & Acquisitions business, and Vishaal Rana, a managing director in the Cross Markets Consumer Retail Group, who discuss the deal-making landscape and the challenges facing investors and consumers. Ingrassia and Rana also join Ted Decker, chairman, CEO, and president of The Home Depot, and Dave Kimbell, the CEO of Ulta Beauty, on a panel held at the annual Retail Industry Leaders Association CEO Forum, to discuss the industry’s challenges and opportunities.
3/5/202437 minutes, 2 seconds
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Beyond roads, bridges, and tunnels: the megatrends shaping infrastructure investments

Climate change, artificial intelligence, shifting supply chains, and population growth are among the broader forces that have boosted the returns — and popularity — of infrastructure investments. Goldman Sachs’ Teresa Mattamouros explains the implications for investors on the latest episode of Goldman Sachs Exchanges.
2/28/202423 minutes, 46 seconds
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Dimensional’s Founder and Chairman David Booth on being an index pioneer, working with Nobel laureates, and investing through uncertainty

David Booth, founder and chairman of Dimensional Fund Advisors, reflects on his career in applying the finance theory he learned at the University of Chicago’s business school – which now bears his name – to the world of asset management. 
2/23/202435 minutes, 57 seconds
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Shifting supply and demand dynamics buffer oil market

Oil prices have remained relatively rangebound despite rising geopolitical tensions. Goldman Sachs Research’s Daan Struyven, head of oil research, explains the shifting supply and demand dynamics that have muted the likelihood of large prices spikes.  
2/21/202421 minutes, 15 seconds
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2024: the year of elections

With voters representing over half the world’s population — in the US, Europe, India, and beyond — expected to head to the polls this year, Richard Haass, former president of the Council on Foreign Relations, and Timothy Garton Ash, professor of European Studies at the University of Oxford, explain the implications of key elections around the world. The episode breaks down 2024 elections that is the topic of Goldman Sachs Research’s latest Top of Mind report.
2/13/202425 minutes, 31 seconds
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Investing in a post-modern ‘super cycle’

Longer-term structural changes in economic activity, policy, and society can have a bigger impact on investment opportunities than the shorter-term hot-button issues of the moment, explains Goldman Sachs Research’s Peter Oppenheimer, chief global equity strategist, and head of macro research in Europe. In this episode, Oppenheimer explains the factors driving what he sees as the current post-modern super cycle, the investment implications, and findings from his latest book, Any Happy Returns: Structural Changes and Super Cycles in Market. 
2/6/202423 minutes, 14 seconds
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The Future of Four Wheels: Episode 4, How a New Kind of Car Will Change Our World

In the final episode of our four-part special series, we look at how infrastructure and the built environment will change cars as evolve into zero-emission places we can sleep, watch TV, and work. 
2/1/202428 minutes, 55 seconds
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The Future of Four Wheels: Episode 3, The New New-Car Business

In the third episode of our four-part special series, we delve into the ways carmakers new and old have to think about raising capital, corporate structure, and vertical integration.
1/31/202434 minutes, 45 seconds
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The Future of Four Wheels: Episode 2, Building the Car of the Future

In the second episode of our four-part special series, we go deep into how the production of the car is changing, from new manufacturing methods to the critical role batteries play to the vital importance of new metals like cobalt, lithium, and manganese.
1/30/202429 minutes, 20 seconds
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The Future of Four Wheels: Episode 1, The Twin Revolution

In the first episode of our four-part special series, we take a close look at the two fundamental changes that are upending the auto industry: electrification and autonomy. Both rely on a complete rethinking of how cars are designed, engineered, and built. Those changes, in turn, require massive shifts in supply chains, labor pipelines, and corporate organization.
1/29/202426 minutes, 4 seconds
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Goldman Sachs Chairman and CEO David Solomon on the global economy, the deal-making environment, and the firm’s strategic priorities

Goldman Sachs Chairman and CEO and Chairman David Solomon shares his view on the global economy, what’s top of mind for business leaders, and why he believes inflation still has the potential to be “stickier” than the market expects. 
1/23/202419 minutes, 41 seconds
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America Powers On: Why US equities are still poised to outperform in 2024

Goldman Sachs’ Sharmin Mossavar-Rahmani, head of the Investment Strategy Group (ISG) and chief investment officer of GS Wealth Management, shares ISG’s 2024 outlook, America Powers On, and her recommendations for clients in the year ahead.
1/18/202422 minutes, 24 seconds
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US presidential elections outlook: Implications for policy and markets

As the primary season in the US presidential election kicks off this month, Goldman Sachs’ Joe Wall from the Office of Government Affairs and Alec Phillips, chief US political economist in Goldman Sachs Research, explain the issues at stake and implications for policies and markets. 
1/9/202427 minutes, 6 seconds
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KKR’s Henry Kravis on private equity, culture, and global markets

In this episode of Goldman Sachs Exchanges: Great Investors, Henry Kravis, co-founder and co-executive chairman of KKR, discusses the evolution of the private equity industry and KKR’s journey through that transition, the lessons he’s learned from leading the firm, and his views on the economy and markets. 
1/5/202454 minutes, 23 seconds
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Uncharted territory: Navigating a ‘geopolitical recession’

Against a backdrop of tense US-China relations and the ongoing conflicts in the Middle East and Ukraine, Washington and Wall Street are increasingly worried about the same thing: geopolitics. In this episode, Jared Cohen, president of Global Affairs at Goldman Sachs, and Ian Bremmer, president and founder of Eurasia Group and GZERO Media, explore the ways in which geopolitics are affecting the global balance of power, the global credibility gap, and what that means for companies and investors.
1/3/202434 minutes, 59 seconds
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Asset allocation outlook: The case for greater portfolio diversification in 2024

As fears over inflation and interest rates start to moderate, the case for taking on more risk may be rising. Christian Mueller-Glissmann, who heads asset allocation research in Goldman Sachs Research, and Alexandra Wilson-Elizondo, co-chief investment officer of the multi-asset solutions business in Goldman Sachs Asset Management, explain their outlooks for asset classes and portfolio strategies. 
12/20/202332 minutes, 50 seconds
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Focus on financials: Why banks and asset managers are constructive about the economy in 2024

How is the financial services sector, often seen as a bellwether for the economy, coping with inflation, interest rates, and greater regulatory pressures? Goldman Sachs Research’s Richard Ramsden and Alex Blostein discuss their outlook for banks and asset managers. 
12/18/202328 minutes, 20 seconds
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Middle East risks

In this episode of Goldman Sachs Exchanges, Edward P. Djerejian, former US Ambassador to Israel and Syria, and former US Assistant Secretary of State for Near Eastern Affairs, and Emile Hokayem, Director of Regional Security and Senior Fellow for Middle East Security at the International Institute for Strategic Studies, break down the risks of the Middle East conflict and explain how it could erupt into a wider regional or even broader war. This episode is based on Goldman Sachs Research’s latest Top of Mind report, Middle East Risks.
12/15/202326 minutes, 19 seconds
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M&A in 2024: Navigating opportunities and challenges

After a slow start to 2023, deal-makers are starting to return to the negotiating table. Goldman Sachs’ Stephan Feldgoise and Mark Sorrell, the co-heads of Global Mergers & Acquisitions in Global Banking & Markets, explain the M&A outlook for the year ahead. 
12/12/202320 minutes, 25 seconds
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Blackstone’s Kathleen McCarthy on the forces shaping the real estate industry

As global co-head of real estate at Blackstone, Kathleen McCarthy has helped grow the firm’s real estate assets under management to more than $330 billion. In a conversation moderated by Goldman Sachs’ Alison Mass, Kathleen shares her journey to becoming one of the leading investors in the real estate industry, the forces shaping key sectors of the market, and her advice to the next generation of leaders. 
12/5/202351 minutes, 36 seconds
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What China’s struggling property sector means for the global economy and markets

China’s property sector has remained under pressure, hobbling the country’s recovery and weighing on global economic growth. In this episode, Goldman Sachs Research’s Kenneth Ho, Asia credit strategist, Hui Shan, chief China economist, and Yi Wang, head of the China real estate team, discuss the implications and the road ahead. 
11/28/202327 minutes, 58 seconds
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What’s the outlook for deal-making, corporate and investor sentiment, and markets?

In this episode of Goldman Sachs Exchanges, Dan Dees, Jim Esposito, and Ashok Varadhan, the co-heads of Goldman Sachs' Global Banking & Markets business, discuss their views on the markets, corporate and investor sentiment, and the outlook for deal-making. They also share their thoughts about the direction of the industry as well as their leadership and career advice.
11/21/202335 minutes, 59 seconds
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Why the global economy and markets can continue to outperform in 2024

Goldman Sachs’ Jan Hatzius, the firm's chief economist and head of Goldman Sachs Research, and Dominic Wilson, senior advisor in the Global Markets Research Group, discuss their outlook and the findings from their recently published 2024 macro outlook entitled, The Hard Part is Over.
11/14/202328 minutes, 44 seconds
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BlackRock’s Tony Kim on the ‘dawn of a new intelligence era’

In a conversation moderated by Goldman Sachs’ Michael Brandmeyer, BlackRock’s Tony Kim, head of tech sector fundamental equities, shares his views on the technology ecosystem, public and private valuations, and the impact of artificial intelligence and quantum computing. 
11/10/202339 minutes, 20 seconds
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The $100 billion opportunity: How anti-obesity drugs are reshaping healthcare and consumer behavior

Goldman Sachs Research’s Chris Shibutani and Jason English explain the business and investor implications of the latest anti-obesity medications and their ripple effects in the healthcare industry and beyond.
11/7/202326 minutes, 30 seconds
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Impactive Capital’s private equity approach to ESG-oriented activism

Lauren Taylor Wolfe, co-founder and managing partner of Impactive Capital, explains why taking a collaborative, private equity approach as an ESG-oriented activist investor leads to sustainable, long-term returns.
11/3/202334 minutes, 34 seconds
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Is US outperformance at a turning point?

The US has had an exceptional decade. US economic growth and equities have outperformed, and the dollar’s global role remains unchallenged. But can this run continue? In this episode of Goldman Sachs Exchanges, Rebecca Patterson, former chief investment strategist at Bridgewater Associates, Jean Boivin, head of the BlackRock Investment Institute, and Goldman Sachs Research’s Peter Oppenheimer, chief global equity strategist, discuss whether the US equity outperformance of the last decade can be repeated over the next decade. This episode breaks down a topic hit on in the recent Top of Mind report. 
11/1/202325 minutes, 45 seconds
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Unlocking the AI M&A Supercycle

The rapid rise in adoption of generative AI is spurring companies of all sizes to rethink their strategic plans for growth. Goldman Sachs Investment Banking’s Jung Min and Matt Lucas explain how gen AI is reshaping the dealmaking landscape and discuss findings from their report, “Navigating the AI Era.”
10/24/202323 minutes, 2 seconds
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Commercial real estate risks

US commercial real estate has been hit by the surge in interest rates and a pullback in lending from regional banks. Scott Rechler, chairman and CEO of real estate investment firm RXR, and Stijn Van Nieuwerburgh, professor of real estate and finance at Columbia Business School, break down the risks in the commercial real estate crisis that were the topic of the recent Top of Mind report, Commercial real estate risks.
10/17/202324 minutes
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Implications of a higher-for-longer rate regime

Global bond yields have moved sharply higher in recent weeks, setting the stage for a higher-for-longer rate regime. Goldman Sachs Research’s Praveen Korapaty, chief interest rates strategist, and Global Banking & Markets’ Anshul Sehgal, co-head of US interest rate products trading, explain the implications for economic growth, investors, and markets. 
10/11/202325 minutes, 33 seconds
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General Catalyst CEO Hemant Taneja on mission-driven investing, health assurance, and AI’s transformation advantage

General Catalyst CEO Hemant Taneja shares his insights on the venture capital landscape, society’s digital transformation, and the firm’s mission-based approach to investing in the latest episode of Goldman Sachs Exchanges: Great Investors. 
10/6/202342 minutes, 22 seconds
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Why most Americans aren’t saving enough for retirement

An improving economic backdrop is helping to bolster retirement savings but Americans are facing a raft of financial challenges. A retirement plan and recent legislation can help manage the competing financial priorities and unexpected expenses that typically crowd out saving for retirement, explains Mike Moran, pension strategist in Goldman Sachs’ Asset & Wealth Management business, on Goldman Sachs Exchanges. 
10/3/202323 minutes, 37 seconds
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The IPO market’s soft opening

Signs of life in the global IPO market are spurring investor optimism for a broader recovery. On Goldman Sachs Exchanges, David Ludwig, global head of equity capital markets at Goldman Sachs’ Global Banking & Markets, shares his outlook for the IPO market and the market dynamics for companies and investors.
9/26/202315 minutes, 37 seconds
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Tech companies are investing in growth

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 the latest episode of Goldman Sachs Exchanges. 
9/19/202322 minutes, 10 seconds
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Emerging market equities poised to overtake developed market equities

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.
9/15/202315 minutes, 16 seconds
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How companies, private equity firms, and institutional investors are navigating the global economy

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.
9/12/202325 minutes, 18 seconds
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A conversation with Renaissance Technologies CEO Peter Brown

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. 
9/11/202340 minutes, 45 seconds
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The Fed is likely finished hiking rates as the US avoids recession

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.
9/7/202323 minutes, 7 seconds
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The economic potential of closing gender and racial gaps

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.
8/22/202327 minutes, 55 seconds
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The music industry’s turning point

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.
8/18/202326 minutes, 42 seconds
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BlackRock’s Rick Rieder on his career, the markets, and investing in the current environment

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. 
8/17/202329 minutes, 48 seconds
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Corporate credit concerns

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.
8/15/202322 minutes, 56 seconds
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Germany: a country at the crossroads

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. 
8/8/202323 minutes, 39 seconds
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Why the U.K.’s high inflation has global implications

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. 
8/1/202325 minutes, 40 seconds
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Man Group CEO Luke Ellis on hedge funds, quantitative strategies and lessons in leadership

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. 
7/25/202340 minutes, 58 seconds
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What’s next for China’s economy?

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. 
7/21/202322 minutes, 37 seconds
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Generative AI: Hype, or truly transformative?

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. 
7/18/202323 minutes, 32 seconds
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Why 'everything aligns' for Japanese stocks

Goldman Sachs Research’s Bruce Kirk, chief Japan equity strategist, explains the drivers behind the rally in Japan’s equity market and the state of the country’s economy. 
7/11/202316 minutes, 58 seconds
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Why global equities are poised for “fat and flat” returns

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. 
7/3/202324 minutes, 32 seconds
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What’s ahead for the U.S. economy?

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. 
6/28/202321 minutes, 50 seconds
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GQG’s Rajiv Jain on bold moves, growth of capital and global markets

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. 
6/20/202323 minutes, 31 seconds
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The Markets: What the Fed’s hawkish pause means for markets

Breaking down the latest decisions from the Fed and the ECB, as well as how corporates are navigating the current economic climate, Jonathan Fine, head of Investment Grade Syndicate in the Americas for Goldman Sachs Global Banking & Markets, joins our latest episode of The Markets, a new weekly podcast from Goldman Sachs Exchanges.
6/16/202310 minutes, 7 seconds
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An inside look at family offices’ investing strategies

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 survey, Eyes on the Horizon. 
6/13/202326 minutes, 38 seconds
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Why the AI-driven tech rally has legs

Investor enthusiasm for artificial intelligence has driven equity markets higher, but does the current rally have legs? In this week’s Markets podcast from Goldman Sachs Exchanges, Sung Cho, co-head of Tech Investing for Fundamental Equity in Goldman Sachs Asset Management, explains the factors and outlook for the sector.
6/9/20239 minutes, 35 seconds
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How countries and companies are reshaping their supply chains

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. 
6/6/202338 minutes, 49 seconds
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The Markets: What’s next for U.S. Treasury issuance

Discussing the latest debt ceiling decision, U.S. treasury issuance, the Fed’s next move and U.S. stock market performance this year, Beth Hammack, co-head of the Global Financing Group in Goldman Sachs’ Global Banking & Markets, joins our latest episode of The Markets, a new weekly podcast from Goldman Sachs Exchanges.
6/2/202310 minutes, 9 seconds
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Daunting debt limit dynamics

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. 
5/30/202321 minutes, 4 seconds
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The Markets: Are markets pricing in the potential of a default?

Debt ceiling discussions are the primary focus of markets this week but equity and bond markets are reacting in very different ways, explains Candice Tse, a managing director in Goldman Sachs Asset Management, on The Markets podcast.  
5/26/20237 minutes, 42 seconds
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Why the ‘great de-stocking’ in oil and commodities could pave the way for future gains

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.  
5/25/202330 minutes, 10 seconds
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The Markets: Why European stocks are beating US equities

Breaking down this week’s economic data and events from the Euro area, Japan, China and the U.S., Luke Barrs, global head of client portfolio management in Fundamental Equity within Goldman Sachs Asset & Wealth Management, joins our latest episode of The Markets, a new weekly podcast from Goldman Sachs Exchanges.
5/19/20239 minutes, 48 seconds
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Investing during times of market stress

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. 
5/16/202327 minutes, 53 seconds
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The Markets: Pricing in the probability of a recession

Analyzing this week’s CPI print, continuing concerns in the banking sector, and the ongoing debt limit debate, Joseph Briggs, a global economist in Goldman Sachs Research, joins our latest episode of The Markets, a new weekly podcast from Goldman Sachs Exchanges.
5/12/20238 minutes, 28 seconds
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Breaking Free: The rise of corporate separations

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. 
5/11/202325 minutes, 9 seconds
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U.S.-China: more decoupling ahead?

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. 
5/9/202325 minutes, 45 seconds
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The Markets: Fed rate hikes, banking stress & debt limit concerns

Explaining the takeaways from this week’s Fed decision, recent banking sector stress and debt limit concerns, Ashish Shah, chief investment officer of Public Investing in Asset & Wealth Management, joins our latest episode of The Markets, a new weekly podcast from Goldman Sachs Exchanges.
5/5/20238 minutes, 8 seconds
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Is big tech back?

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. 
5/4/202321 minutes, 4 seconds
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What happens if the U.S. government can’t pay its bills?

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. 
5/2/202326 minutes, 30 seconds
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The Markets: Volatility, Earnings, and European Equities

Discussing US equity volatility hitting a low, the takeaways from US and European earnings, and what to expect in next week’s Fed and ECB meetings, Sharon Bell, Goldman Sachs Research’s senior strategist on the European Portfolio Strategy team, joins our latest episode of The Markets, a new weekly podcast from Goldman Sachs Exchanges.
4/28/202310 minutes, 1 second
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Navigating the trillion dollar path to a more sustainable economy

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. 
4/27/202331 minutes, 24 seconds
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How Porsche CEO Oliver Blume is driving innovation

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 the latest 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. 
4/25/202319 minutes, 41 seconds
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The Markets: A ‘bulletproof’ stock market?

Breaking down recent bank earnings, China’s GDP, European markets and the tech sector, Tony Pasquariello, global head of hedge fund coverage for Global Banking & Markets, joins the inaugural episode of The Markets, a new weekly podcast from Goldman Sachs Exchanges. 
4/21/20239 minutes, 8 seconds
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Navigating the ‘perfect storm’ in commercial real estate

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. 
4/18/202328 minutes, 22 seconds
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What’s on the minds of the world’s largest investors?

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 the latest 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. 
4/14/202321 minutes, 27 seconds
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All about bank(panic)s and the implications for policy

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. 
4/11/202330 minutes, 40 seconds
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How Europe’s tech startups are continuing to innovate in the current market

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 the latest 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, spoke with 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.
4/6/202318 minutes, 41 seconds
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What’s driving the surge in shareholder activism activity?

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 the latest 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.
4/4/202317 minutes, 14 seconds
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Bain Capital’s Stephen Pagliuca on private equity and the Boston Celtics

In this episode of Exchanges at Goldman Sachs: Great Investors, Stephen Pagliuca, senior advisor at Bain Capital, speaks with Alison Mass, chairman of Goldman Sachs Investment Banking, about his career in private equity at Bain Capital, his views on the economy and investment landscape, and his experience managing the Boston Celtics and Atalanta soccer club.  
3/31/202334 minutes, 47 seconds
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Navigating the new geopolitical and technology landscape

In an era of geopolitical instability and economic uncertainty, what are the implications for companies and investors? In the latest 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. 
3/28/202328 minutes
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What the banking turmoil means for investors’ portfolios

Since the failure of Silicon Valley Bank, investors are closely watching how stress in the financial sector is spreading through markets and the economy. With First Republic Bank and Credit Suisse making headlines, policymakers are examining what they can do to steady markets and restore confidence. So, has the fallout been contained? And what does this all mean for investors’ portfolios? In the latest 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.
3/22/202324 minutes, 24 seconds
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The impact of bank failures on markets and the economy

The collapse of Silicon Valley Bank and Signature Bank has sparked broader concerns about the health of the banking industry. So what is the significance of these events? In the latest episode of Exchanges at Goldman Sachs, Goldman Sachs Research’s Richard Ramsden, who leads the coverage of the banking sector, and Lotfi Karoui, chief credit strategist, discuss how we got here, the significance of recent regulatory measures, the implications for credit creation, and more. 
3/15/202324 minutes, 49 seconds
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How much higher can bond yields go?

Stronger economic data has recently raised concerns that inflation is likely to remain stickier than expected. In the latest episode of Exchanges at Goldman Sachs, Rick Rieder, chief investment officer of Global Fixed Income at BlackRock, and Praveen Korapaty, chief interest rates strategist at Goldman Sachs Research, say interest rates have somewhat further to climb and are likely to stay at higher levels for longer. Rieder and Korapaty also share their views on the global outlook for bonds across Europe and Japan, as well as the implications for investors. This episode is based on Goldman Sachs’ most recent Top of Mind report, (Japanese) Bonds, Bonds, Bonds.
3/7/202328 minutes, 44 seconds
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How 3 retail CEOs are navigating today’s economic landscape

How are retailers navigating an environment of slowing consumer demand, high interest rates and rising prices? In the latest 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.
3/3/202331 minutes, 24 seconds
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Is it time to invest in emerging markets?

As the global economic backdrop continues to improve, is it time to invest in emerging markets? In the latest episode of Exchanges at Goldman Sachs, Kay Haigh, co-CIO of Fixed Income, and Hiren Dasani, co-head of emerging markets equity, within Goldman Sachs Asset & Wealth Management, discuss the recent rally in emerging markets and the outlook for 2023. 
2/28/202324 minutes, 38 seconds
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Goldman Sachs CEO David Solomon on the economy, markets and the firm’s performance

In a special episode of the Exchanges at Goldman Sachs podcast, Goldman Sachs Chairman and CEO David Solomon shares his views on the macroeconomic environment — including his concern that inflation is likely to be “stickier” and harder to manage — as well as what’s on the minds of clients and the CEOs he meets with.
2/24/202324 minutes, 6 seconds
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Are we on the cusp of a generative AI revolution?

As new artificial intelligence technologies, such as ChatGPT, capture the public’s imagination, are we at a tipping point in technological advancement — or is this the next bubble? In the latest 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.
2/21/202331 minutes, 10 seconds
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Should investors stay invested in 2023?

2022 was a difficult year for investors' portfolios, and while our Investment Strategy Group expects this year to be less turbulent for markets, there is still a fog of uncertainty facing investors. So, should investors stay invested in the markets? In the latest 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.
2/14/202325 minutes, 32 seconds
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Why investors are leaning into alternatives: Apollo’s Marc Rowan

In this episode of Exchanges at Goldman Sachs: Great Investors, Marc Rowan, CEO and co-founder of Apollo Global Management, speaks with Alison Mass, chairman of Goldman Sachs Investment Banking, about leading one of the world’s largest alternative asset managers, the fundamental changes that are reshaping markets and economies, building a strong workplace culture, and why everyone should “be curious, not defensive.”
2/10/202335 minutes, 59 seconds
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The Bigger Worry: Growth or Inflation?

Recession was the big fear heading into 2023, but the global growth outlook seems to be — if anything — improving. But could this better growth outlook in itself reignite inflation concerns? In the latest 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?”
2/7/202323 minutes, 10 seconds
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How Employee Ownership Models Can Boost Returns: KKR’s Pete Stavros

In this episode of Exchanges at Goldman Sachs: Great Investors, Pete Stavros, co-head of Americas Private Equity at KKR, speaks with Alison Mass, chairman of Goldman Sachs Investment Banking, about his role in implementing broad-based employee ownership models, his views on the economy and investment landscape, and his efforts to enhance the financial resilience of the workforce. 
1/31/202325 minutes, 9 seconds
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As China reopens, what’s ahead for commodities in 2023?

Commodities were the best-performing asset class in 2022 but have recently taken a hit as recession fears loom. So what's in store for them in 2023? In the latest episode of Exchanges at Goldman Sachs, Jeff Currie, global head of commodities research, explains why commodities are poised to outperform. 
1/24/202326 minutes, 56 seconds
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The global economy in 2075: Growth slows as Asia rises

What are the long-term trends shaping the global economy? What countries are likely to power global growth in the decades to come? In the latest episode of Exchanges at Goldman Sachs, Kevin Daly, co-head of the economics team covering Central & Eastern Europe, the Middle East and Africa, discusses the team’s long-term projections and the continued convergence between emerging and developed market economies. 
1/17/202318 minutes, 8 seconds
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What’s ahead for economies and markets in 2023?

What’s in store for economies and markets in 2023? In the latest 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. 
1/11/202331 minutes, 27 seconds
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M&A in 2023: A complex but optimistic outlook for deal-making

After soaring to record levels in 2021, the global M&A market slowed in 2022 against a challenging economic environment. So what can we expect in 2023? In the latest episode of Exchanges at Goldman Sachs, Stephan Feldgoise and Mark Sorrell, the co-heads of the Global Mergers and Acquisitions business in Goldman Sachs Investment Banking, discuss the drivers behind 2022’s activity and what to expect in the year ahead.
1/3/202321 minutes, 48 seconds
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What’s next for crypto regulations?

The recent rapid collapse of cryptocurrency exchange FTX on the heels of the crash of Terra’s Luna stablecoin and the failure of the Celsius crypto lending platform has sent shockwaves through the crypto ecosystem. In the latest episode of Exchanges at Goldman Sachs, Former Chairman of the Securities and Exchange Commission Jay Clayton, Former Chairman of the Commodity Futures Trading Commission Timothy Massad, Head of Research at One River Asset Management Marcel Kasumovich, and Professor at Yale School of Management Gary Gorton, discuss what the regulatory landscape for digital assets looks like today, what it may be lacking, and how that may be fixed. This episode is based off of Goldman Sachs’ most recent Top of Mind report, “The Winter of Crypto’s Discontents”. 
12/20/202226 minutes, 15 seconds
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The Outlook for Financial Services

Banks are often seen as a bellwether for the economy—so what are they signaling about the outlook for the US? GS Research’s Richard Ramsden and Alex Blostein discuss 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.
12/13/202222 minutes, 40 seconds
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Asset Allocation Outlook for 2023: Greater Diversification and Divergence

Market volatility, inflation and positive correlations across assets have put a question mark on the diversification benefits of multi-asset portfolios. In the latest episode of Exchanges at Goldman Sachs, Goldman Sachs Research’s Christian Mueller-Glissmann, who heads asset allocation research, breaks down what investors should keep in mind when building portfolios in 2023. 
12/6/202224 minutes, 1 second
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The Path to Net Zero: Managing the Transition

Rising concerns over climate change are spurring investments into clean energy to help bring the world closer to net zero. But where are we in that transition? And how is that path to decarbonization affecting investments in traditional oil and gas projects? In the latest 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.
11/29/202218 minutes, 54 seconds
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Central bank tightening: what could break?

Central banks’ aggressive policy tightening has raised concerns about what could break in a global financial system accustomed to low rates. In the latest 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.  
11/22/202224 minutes, 41 seconds
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Europe’s Energy Crisis: End in sight or far from over?

Plentiful natural gas supplies and mild weather across Europe are creating optimism that the continent may be able to avoid shortages and blackouts this winter. But is that optimism premature? In the latest 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.
11/15/202224 minutes, 11 seconds
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Breaking Down the U.S. Midterm Elections: What’s Next for Policy, Markets and Economic Growth

As the voting continues from the U.S. midterm elections, the results so far indicate a status quo in country’s political divisions. But what does a divided Congress mean for policy, markets and economic growth? In the latest 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.
11/10/202227 minutes, 18 seconds
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Amid Rising Inflation and Slowing Growth, How is the U.S. Consumer Faring?

As the holiday shopping season kicks off — against a backdrop of high inflation and slowing economic growth — will consumers continue to remain a bright spot in the U.S. economy? In the latest 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. 
11/8/202222 minutes, 45 seconds
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Caught in a ‘Financial Vortex’: Why Retirement Expectations Often Fall Short of Reality

Amid rising interest rates, high inflation, and market volatility, a challenging macroeconomic environment is throwing individuals’ retirement readiness off track. In the latest 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. 
11/1/202220 minutes, 2 seconds
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Navigating Macro Headwinds: A Conversation With the Founders of Brex and Chief

What’s top of mind for exceptional entrepreneurs? In the latest 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. 
10/25/202222 minutes, 47 seconds
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China’s Congress: an inflection point?

The 20th Party Congress of the Chinese Communist Party, which kicked off on Sunday, promises to be one of the most significant events for China in modern history, not only because President Xi Jinping is widely expected to secure an unprecedented third term, but also because it comes amid the country’s slowest pace of growth in decades. So, whether the Congress marks an inflection point for economic policy is Top of Mind. In the latest episode of Exchanges at Goldman Sachs, Susan Shirk, chair of the 21st Century China Center at UC San Diego, David Li, professor at Tsinghua University, and Hui Shan, Goldman Sachs Research’ chief China economist, discuss what to watch for that could presage a policy inflection, what that inflection may look like, and what it could mean for growth. This episode is based on GIR’s Allison Nathan’s latest Top of Mind report.
10/18/202225 minutes, 27 seconds
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Taking Stock: What’s Ahead for US Markets

It’s been a bleak year for the stock market which, despite some short-term rallies, is still firmly entrenched in bear market territory. So where do we go from here? In the latest episode of Exchanges at Goldman Sachs, David Kostin, chief U.S. equity strategist in Goldman Sachs Research, discusses the outlook for U.S. equities and the sectors and styles still working in today's environment.
10/11/202216 minutes, 57 seconds
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Breaking Down the Dollar's Rise

What’s behind the volatility in the currency markets—and how much higher can the dollar go? In the latest episode of Exchanges at Goldman Sachs, Kamakshya Trivedi, Head of Global Foreign Exchange, Interest Rates and Emerging Markets Strategy, discusses what a surging US dollar and falling currencies across markets from the UK and Japan to China and Europe mean for global growth.
10/4/202219 minutes, 33 seconds
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Why Sustainability is a Fashion Staple

One of the fastest-growing sectors in the fashion and apparel industry has been the resale market, fueled by price and environmental concerns. So what are the opportunities and challenges for retailers and investors? And how will the macro challenges facing today’s consumers affect the sector? In the latest episode of Exchanges at Goldman Sachs, James Reinhart, CEO & Co-founder of thredUP, and Karen Levin, a managing director in Goldman Sachs’ Consumer Retail Group, discuss the rise of secondhand fashion and how brands are pivoting their retailing practices towards a more sustainable future.
9/27/202222 minutes, 46 seconds
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Will Slaying Inflation Require Recession?

In the fight to combat high inflation, the Federal Reserve and the European Central Bank have embarked on aggressive tightening paths. But how much damage to economic growth will they ultimately have to inflict to win this fight? In the latest episode of Exchanges at Goldman Sachs, Jan Hatzius, Goldman Sachs’ chief economist and head of Goldman Sachs Research, and Olivier Blanchard, C. Fred Bergsten Senior Fellow at the Peterson Institute, debate whether the Fed can rebalance an overheated labor market — a key requirement to tame inflation — without a sharp rise in unemployment. This episode is based off of Goldman Sachs’ latest Top of Mind report. 
9/20/202219 minutes, 11 seconds
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Bear Market Bounce or Stock Market Bottom?

Has the stock market hit bottom yet? Or are we seeing another false bottom? In the latest episode of Exchanges at Goldman Sachs, Peter Oppenheimer, Chief Global Equity Strategist and head of Macro Research in Europe, explains why the bear market in stocks isn’t over. Oppenheimer’s latest research, which analyzes the characteristics of bear markets over time, suggests that investors are likely to see further bumpy markets before a decisive trough is established.
9/13/202225 minutes, 52 seconds
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How Inflation, Rates and Recession Are Reshaping the Real Estate Market

While the real estate market has been a near sure-fire investment in recent years, rising rates, inflation and recession risks are reshaping the investment landscape. In the latest episode of Exchanges at Goldman Sachs, Jeff Fine, global head of Real Estate Client Solutions and Product Strategy, and Nora Creedon, an investor in our private Real Estate business in Goldman Sachs Asset Management, look at how the new macro realities are creating new risks and opportunities for investors.
9/6/202227 minutes, 57 seconds
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Why We’re In a ‘Golden Age’ of Life Sciences Innovation

The business of life sciences came into sharp focus after the pandemic highlighted the effectiveness of mRNA vaccines in protecting people against COVID. But what exactly is life sciences and is the recent market weakness a threat to future innovation — or an opportunity? In the latest episode of Exchanges at Goldman Sachs, Amit Sinha, head of Life Sciences Investing in Goldman Sachs Asset Management, discusses the evolution of life sciences and how investors are approaching the risks and opportunities within the biotechnology sector.
8/16/202221 minutes, 41 seconds
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Food, Fuel, and the Cost-of-Living Crisis

The recent decline in commodity prices has provided a rare respite for central banks trying to rein in high inflation. But are the energy and food crises afflicting the world actually easing? In the latest 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. This episode is based off of Goldman Sachs Research’s latest Top of Mind report. 
8/9/202231 minutes, 13 seconds
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Investing with Permira’s Tara Alhadeff

In this episode of Exchanges at Goldman Sachs: Great Investors, Tara Alhadeff, partner at Permira, talks with Alison Mass, chairman of Goldman Sachs’ Investment Banking Division, about investing in iconic brands like Doc Martens, Valentino and Golden Goose and the outlook for discretionary spending in times of volatility.
8/5/202243 minutes, 50 seconds
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Asianomics in America: Contributions and Challenges

The Asian American community has seen marked success in education, income and innovation but remains underrepresented in managerial and executive positions, according to new research from Goldman Sachs Research. In the latest episode of Exchanges at Goldman Sachs, Goldman Sachs Research’s Hui Shan, Chief China Economist, and Daan Struyven, Senior Global Economist, discuss the contributions and challenges of the Asian communities in the U.S. and countries across the globe — and the role that policymaking can play in creating a more equitable future. 
8/2/202221 minutes, 18 seconds
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Investing with Forerunner’s Eurie Kim

In this episode of Exchanges at Goldman Sachs: Great Investors, Eurie Kim, Managing Partner at Forerunner Ventures, speaks with Goldman Sachs’ Katie Koch, Chief Investment Officer of Public Equity in Goldman Sachs Asset Management, about the evolution of direct-to-consumer businesses, her investment philosophy and the dislocation between private and public market valuations.
7/29/202250 minutes, 22 seconds
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Small Business Owners Pivot from Challenges to Opportunities

Small businesses are the life blood of the U.S. economy and the backbone of local communities , but the current economic environment is proving especially challenging. At last week’s 10,000 Small Businesses Summit, more than 2,500 small businesses owners convened in Washington, D.C., to share their experiences and advocate for meaningful policy change. In the latest 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. 
7/26/202227 minutes, 55 seconds
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Investing with Oaktree Capital Management’s Howard Marks

In this episode of Exchanges at Goldman Sachs: Great Investors, Howard Marks, Co-Chairman of Oaktree Capital Management, speaks with Goldman Sachs’ Katie Koch, Chief Investment Officer of Public Equity in Goldman Sachs Asset Management, about his investment philosophy, his views on market cycles and why investing is the “discipline of relative selection.” 
7/22/202221 minutes, 23 seconds
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How Companies are Navigating the Energy Transition

From geopolitical tensions, surging gas prices and energy shortages, how are major companies dealing with the energy transition? In the latest 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. 
7/19/202232 minutes, 40 seconds
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Investing with The Carlyle Group’s Sandra Horbach

In this episode of Exchanges at Goldman Sachs: Great Investors, Sandra Horbach, co-head of US Buyout and Growth at The Carlyle Group, talks with Goldman Sachs’ 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. 
7/15/202220 minutes, 58 seconds
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The Boom in Private Credit

One of the fastest-growing areas within the private financial markets is private credit— where money managers, instead of banks, lend directly to companies. In the latest 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.
7/12/202226 minutes, 11 seconds
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Investing with KKR’s Tara Davies

How is one of the most senior dealmakers in Europe navigating inflationary pressures? In the latest 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.
7/8/202218 minutes, 41 seconds
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Goldman Sachs Chairman and CEO David Solomon on the Economy, Investing and Sustainability

In the latest 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.” 
7/5/202221 minutes, 46 seconds
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Investing with Norges Bank Investment Management’s Nicolai Tangen

How is the leader of the world’s largest sovereign wealth fund navigating slowing economic growth, rising inflation and geopolitical conflicts? In 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 the latest episode, 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, why he expects the investing environment to be more difficult and living life as a “perpetual student.”  
7/1/202223 minutes, 6 seconds
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Cybersecurity Deals Surge Amid Rising Attacks

The scale and sophistication of cyberattacks are rising exponentially. But so are the levels of investment, innovation and corporate activity in the space. In the latest 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.
6/28/202220 minutes, 36 seconds
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Investing with KKR’s Joe Bae

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, Joe Bae, Co-CEO of KKR, talks with Goldman Sachs’ Alison Mass, Chairman of the Investment Banking Division, about shifts in the macroeconomic environment, building the firm’s business in Asia and his work to combat anti-Asian discrimination and violence.
6/24/202232 minutes, 49 seconds
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Equity Bear Market: A Paradigm Shift?

Against a challenging backdrop of sky-high inflation, rising rates and growing recession concerns, the S&P 500 has had an undeniably grim start to the year, with the tech-heavy Nasdaq and unprofitable growth companies performing even more dismally. In the latest 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, GS 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 report.
6/21/202226 minutes, 27 seconds
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Investing with Altimeter Capital’s Brad Gerstner

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 Equities in the Asset Management Division, about the tech downturn and the launch of Altimeter at the peak of the financial crisis.
6/17/202246 minutes, 34 seconds
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How Retail Investors Are Shaping Markets

The pandemic spurred a new generation of retail investors, many of whom are now stepping away from the markets. In the latest episode Exchanges at Goldman Sachs, John Marshall, head of derivatives research in Goldman Sachs Research, Greg Tuorto, a portfolio manager of small to midcap stocks in our Asset Management Division, and David Jeria, who manages the Americas equity execution team in our Global Markets Division, explain how the role of the retail investor in the markets has evolved and how their trading patterns have shaped market liquidity.  
6/14/202229 minutes, 22 seconds
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Investing with Advent International’s Tricia Glynn

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 inaugural episode, 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. 
6/10/202226 minutes, 34 seconds
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A ‘Seismic’ Shift in Private Markets

The private financial markets have grown sharply in recent years as easy monetary policies drove investors towards illiquid markets offering higher yields. In the latest 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. 
6/7/202230 minutes, 55 seconds
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Facing Rising Rates, Insurers Turn to Private Assets, Real Estate — Even Crypto

The world’s largest investors — insurers — are relatively optimistic about the investment landscape, despite rising concerns about inflation. In the latest 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.
5/31/202218 minutes, 4 seconds
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What’s Behind the Tech Sell-Off?

How low can tech go? The sharp sell-off in technology shares is one of the sector’s worst stretches in years. In our latest Exchanges at Goldman Sachs, Brook Dane, portfolio manager in Goldman Sachs Asset Management, and Peter Callahan, a U.S. TMT sector specialist in our Global Markets Division, discuss the drivers and implications of the tech sector’s market rout.
5/24/202225 minutes, 14 seconds
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Crypto Volatility: What’s the Outlook for Digital Assets?

As investors pull back from risk assets amid fears of slowing economic growth, what does the future of digital assets and cryptocurrencies hold? In our latest Exchanges at Goldman Sachs, Mathew McDermott, global head of digital assets at Goldman Sachs, looks at how the recent volatility in crypto assets is affecting investor demand for digital assets, which is gaining broader acceptance among institutional investors. 
5/18/202219 minutes, 40 seconds
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Is (De)globalization Ahead?

Amid the Russia-Ukraine conflict, COVID-19 lockdowns and associated supply chain disruptions, globalization is arguably facing its biggest test of the post-Cold War era. In this episode of Exchanges at Goldman Sachs, Adam Posen, president of the Peterson Institute for International Economics, Dani Rodrik, professor at the Harvard Kennedy School of Government, and Jim O’Neill, former chairman of Goldman Sachs Asset Management, discuss where globalization is headed from here and what that could mean for society, the economy, and markets. This episode is based on Goldman Sachs Research’s latest Top of Mind report “(De)Globalization Ahead?”
5/10/202227 minutes, 53 seconds
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The Road to 2050: Balancing Climate Goals with Energy Security

The road to reducing greenhouse gas emissions to zero by 2050 has never been more urgent, but geopolitical tensions, supply chain disruptions and rising inflation have led to renewed focus on energy security. In this episode of Exchanges at Goldman Sachs, Kara Mangone, global head of climate strategy, and John Goldstein, head of Goldman Sachs's Sustainable Finance Group at Goldman Sachs, which recently released its 2021 Sustainability Report, discuss how governments, companies and investors are navigating this transition. 
5/3/202227 minutes, 52 seconds
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How China’s ‘Perfect Storm’ and Economic Headwinds Are Affecting Markets and Investors

As COVID-19 lockdowns in China threaten to further upend supply chains and the global economy, investors are reevaluating their exposure to China. In the latest episode of Exchanges at Goldman Sachs, Goldman Sachs Research’s Kinger Lau, chief equity strategist in Macro Research, and Hui Shan, Goldman Sachs’ chief China economist, discuss the outlook for China’s economy and the markets.
4/26/202228 minutes, 16 seconds
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Changes at the Top: Spinoffs, Separations and Restructurings

Against a challenging macroeconomic backdrop, a growing number of companies are turning to spinoffs, separations and carve-outs in an effort to create value for shareholders. In the latest episode of Exchanges at Goldman Sachs, Ben Snider, senior strategist on the U.S. Portfolio Strategy macro team in Goldman Sachs Research, and David Dubner, global head of M&A Structuring in the Investment Banking Division, explain why an increased focus on corporate margins is leading to a change in restructuring strategies. 
4/19/202220 minutes, 2 seconds
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Rising Stagflation Risks Are Changing the Investment Playbook

For decades, investors have relied on a 60/40 portfolio — a mix of 60% stocks and 40% bonds — for steady growth and income. But rising stagflation risks are raising the possibility of a “lost decade” of returns for investors in these balanced portfolios while changing the playbook for portfolio construction, according to Christian Mueller-Glissmann, head of asset allocation research in Goldman Sachs Research, and Maria Vassalou, co-chief investment officer of Multi-Asset Solutions in the Asset Management Division, in the latest episode of Exchanges at Goldman Sachs. 
4/12/202228 minutes, 47 seconds
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Europe’s Digital Economy: What’s Driving Europe’s Tech Acceleration

Innovations in the U.S. and China have largely overshadowed Europe's tech scene. But now, thanks to supportive government policies and a surge of private capital, the sector is set to take off. In our latest 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.
4/5/202224 minutes, 45 seconds
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How the Russia-Ukraine Crisis is Reshaping the Global Energy Landscape

How is Europe weaning itself from Russian oil and gas? In our latest 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.
3/29/202225 minutes, 27 seconds
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How Policymakers are Navigating Stagflation Risk

In the latest 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.
3/25/202216 minutes, 27 seconds
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Gene Editing: The Future of Genomic Medicine & Biotech Investing

In the latest 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. 
3/23/202217 minutes, 53 seconds
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The Next Tech Battleground: Online Gaming & the Metaverse

In the latest 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.
3/15/202221 minutes, 53 seconds
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Raising Capital: How Corporate Financing Strategies Are Evolving

In the latest 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.
3/8/202218 minutes, 54 seconds
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What the Russia-Ukraine Conflict Means for the Global Economy and Markets

In the latest 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. 
3/1/202227 minutes, 34 seconds
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What the Fed’s Hawkish Pivot Means for Economic Growth and Markets

In the latest episode of Exchanges at Goldman Sachs, David Mericle, Goldman Sachs Research’s chief U.S. economist, and Brian Friedman, Global Markets Division’s global head of Market Strats, discuss how the hawkish shift in Fed policy is affecting economic growth, markets and investors.
2/22/202225 minutes, 27 seconds
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The Case for Commodities: ‘Super-Backwardation,’ Structural Demand and Inventory Shortages

In the latest episode of Exchanges at Goldman Sachs, Jeffrey Currie, Global Head of Commodities Research in the Goldman Sachs Research, discusses why he believes commodities are entering a supercycle and how the current geopolitical landscape is shaping commodity markets.  
2/15/202223 minutes, 9 seconds
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What’s Ahead for the Housing Market

In the latest episode of Exchanges at Goldman Sachs, Toll Brothers CEO and Chairman Doug Yearley and Terry Hagerty, Goldman Sachs’ co-head of Homebuilding and Building Products, discuss the outlook for the housing and home building market in 2022.
2/8/202223 minutes, 49 seconds
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Piloting Through: Why Investors Should Stay the Course

In the latest 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 and explains why investors should continue to stay invested.
2/1/202222 minutes, 16 seconds
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Is 2022 the Endemic Year?

In the latest episode of Exchanges at Goldman Sachs, Jeffrey Shaman, Director of the Climate and Health Program at Columbia University’s Mailman School of Public Health, and Dr. Eric Topol, Founder and Director of the Scripps Translational Science Institute, discuss the rapid spread of the Omicron variant of SARS-CoV-2 and the potential shift to an endemic phase of the pandemic in 2022. 
1/27/202224 minutes, 48 seconds
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As Rates Reprice and Stocks Sell Off, What’s Next?

In the latest episode of Exchanges at Goldman Sachs, Goldman Sachs Research’s David Kostin and 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.
1/24/202225 minutes, 13 seconds
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Goldman Sachs’ David Solomon on the Firm’s Performance, the Global Economy and What to Expect in 2022

In the latest episode of Exchanges at Goldman Sachs, Goldman Sachs Chairman and CEO David Solomon shares his thoughts on the year ahead and what he expects for the global economy, markets and corporate activity.
1/18/202220 minutes, 36 seconds
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Understanding the Metaverse and Web 3.0

The “metaverse” has captured the imagination of technology investors, but what is it, and what does it signal for the next era of computing? In the latest episode of Exchanges at Goldman Sachs, Goldman Sachs Research's Eric Sheridan examines how the blending of elements of the physical and digital worlds via virtual reality, augmented reality, gaming and immersive online communities is contributing to the rise of a more decentralized Web 3.0. 
1/11/202216 minutes, 39 seconds
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What’s Next for M&A

The record wave of M&A activity that we witnessed in 2021 is showing no signs of slowing as we turn the page on a new year. Goldman Sachs’ Stephan Feldgoise and Mark Sorrell, co-heads of the global mergers and acquisition business in the Investment Banking Division, explain the drivers behind the deal-making activity and the outlook for 2022. 
1/4/202223 minutes, 45 seconds
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Accelerating Transition: Market Tools for ESG

In part 5 of our special miniseries, host Kara Mangone talks to Sarah Lawlor, Chief Operating Officer of the Sustainable Solutions Council in the Global Markets Division about the tools available to ESG investors and how they can find and access opportunities in a Net Zero future.
12/28/202127 minutes, 46 seconds
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Investing in Climate Change 2.0

Despite mixed progress on global climate action at COP26, a key takeaway emerged: the private sector is stepping up to tackle climate change. In this episode, experts from former Bank of England Governor Mark Carney to Engine No. 1’s founder Chris James debate the role—and effectiveness—of the private sector in driving change. 
12/21/202130 minutes, 19 seconds
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Redefining the Retirement Landscape

Retirement expectations in the wake of COVID-19 are evolving and may be at odds with reality, according to the inaugural Retirement Survey & Insights Report from Goldman Sachs Asset Management. 
12/14/202117 minutes, 28 seconds
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Accelerating Transition: Public-Private Partnerships

In part 4 of our special miniseries, host Kara Mangone talks to John Greenwood of our Investment Banking Division and Ahmed Saeed of the Asian Development Bank on the role public-private partnerships will play in the drive to Net Zero.
12/10/202143 minutes, 13 seconds
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What India’s Digital Transformation Means for Markets, Investors and Economic Growth

India’s digital transformation is driving a surge in tech IPOs that is reshaping its markets and economy. Goldman Sachs Research’s Tim Moe, Sunil Koul and Santanu Sengupta explain the drivers that are powering economic growth and markets, fueling IPOs and creating emerging investment opportunities. 
12/7/202122 minutes, 15 seconds
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Accelerating Transition: Nature Based Solutions

In part 3 of our special miniseries, host Kara Mangone explores nature based solutions in sustainable finance with Peter Kelly and Lisa Williams of GS' Asset Management Division.
12/2/202118 minutes, 40 seconds
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What’s Ahead for Global Economies and Markets in 2022?

Global economies and markets are facing a more complicated landscape amid rising rates, slowing growth and shifting monetary and fiscal policies. Goldman Sachs’ Jan Hatzius and Dominic Wilson examine what’s in store for 2022. Dates Recorded: November 23rd and 29th, 2021.
11/30/202133 minutes, 21 seconds
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Accelerating Transition: Carbonomics

Part 2 of our special miniseries: Host Kara Mangone and Michele Della Vigna, head of Natural Resources Research in EMEA discuss the role capital markets, public policy, and technology will play in moving toward a sustainable future.
11/24/202121 minutes, 1 second
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Inflation: Here Today, Gone Tomorrow?

As U.S. inflation hits 30+ year highs, experts debate whether the “temporary” pandemic-related inflationary pressures could prove persistent. In the latest Exchanges at Goldman Sachs episode, Goldman Sachs’ Allison Nathan speaks with Mohamed El-Erian, President of Queens’ College, Cambridge University, and Chief Economic Advisor at Allianz, and Jan Hatzius, Goldman Sachs’ Chief Economist and head of Goldman Sachs Research, for their views on where inflation goes from here—and what that means for the economy, monetary policy, interest rates and assets. 
11/23/202125 minutes, 6 seconds
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Accelerating Transition

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. 
11/16/202121 minutes, 30 seconds
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An Evolution in the Cybersecurity Landscape

How has the surge in cyberattacks—and companies’ efforts to counter these efforts—evolved? Matthew Chung, Goldman Sachs' Chief Information Security Officer, Wesley Williams, head of the firm's Security Incident Response team, and Andy Boura, the Chief Information Security Officer for the Consumer Banking Business explain how cybersecurity is adapting to new threats.
11/10/202123 minutes, 41 seconds
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Why Investors Are Shopping for Consumer Retail

Amid a record-setting IPO market, one group of companies going public stands out—the makers of things we use in our everyday lives. On this episode, host Allison Nathan speaks with Jennifer Davis and Vishaal Rana from the Investment Banking Division’s Consumer Retail Group about why investors are enthusiastic about consumer goods and services.
11/2/202115 minutes, 38 seconds
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Europe at a Crossroads

Will the Euro area's unprecedented program of fiscal risk sharing in response to the pandemic, and a new, likely less fiscally conservative, ruling coalition in Germany increase integration, raise growth and improve investor returns in the region? In the latest episode, experts debate whether the current moment will go down as a seized—or (another) missed—opportunity for Euro area integration. Host Allison Nathan, creator and author of the Top of Mind report on which the episode is based, speaks with Goldman Sachs Research’s Jari Stehn, former ECB Chief Economist Otmar Issing, former PM of Italy and President of the EC Romano Prodi and Oxford’s Timothy Garton Ash.
10/26/202124 minutes, 33 seconds
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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.
10/12/202136 minutes, 8 seconds
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The Impact of Rising Natural Gas Prices

As natural gas prices hit record highs in Europe and Asia, what does that mean for the broader commodity complex? Goldman Sachs Research’s Damien Courvalin explains the impact of rising prices on energy costs, inflation and economic growth. 
10/5/202120 minutes, 48 seconds
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Why Hedge Funds Are Turning to the Private Markets

Hedge funds are turning to the private markets, bringing increasing competition to the space. Goldman Sachs’ Kristin Kramer and Freddie Parker explain the shift in public and private market dynamics and the implications for investors. 
9/28/202119 minutes, 13 seconds
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Is China Investable?

As the Chinese government continues to carry out unprecedented regulatory tightening, what does the new environment mean for China’s growth and investment outlook? Goldman Sachs Research senior strategist and creator of the firm’s Top of Mind report, Allison Nathan, speaks with China watchers to better understand the motivations behind the government’s actions and whether they mark a meaningful shift in the relationship between the government and the private sector in China. 
9/21/202135 minutes, 32 seconds
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What’s Behind the Record-Breaking IPO Market?

Global equity issuance is up substantially and on track to set new records in 2021. Goldman Sachs’ Elizabeth Reed explains why—and how—more companies are choosing to go public today. 
9/14/202117 minutes, 2 seconds
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Outlook for Global Growth: Less Synchronized, More Complicated

Goldman Sachs’ Chief Economist Jan Hatzius describes his outlook for global growth, Fed tapering, inflation and jobs.
9/7/202121 minutes, 6 seconds
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How Are Investors Navigating China’s Regulatory Uncertainty?

Goldman Sachs’ Stephanie Hui, Basak Yavuz and Prakriti Sofat of the Asset Management Division describe the impact of China's heightened regulatory scrutiny on the capital markets and the implications for investors.  
8/17/202126 minutes, 47 seconds
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The Delta Variant: Implications for Vaccines, Booster Shots and Economic Growth

How is the fast-spreading Delta variant affecting the outlook for reopening and economic growth? Goldman Sachs Research’s Terence Flynn and Daan Struyven break down the implications for vaccines, booster shots and the economy on Exchanges at Goldman Sachs.
8/10/202126 minutes, 19 seconds
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M&A Outlook: How Companies Are Positioning For Growth

Can the record pace of M&A continue? Goldman Sachs’ Mark Sorrell and Stephan Feldgoise, co-heads of global M&A for the Investment Banking Division, discuss the outlook, drivers and structures of M&A activity on Exchanges at Goldman Sachs. 
8/3/202123 minutes, 1 second
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Where Are Family Offices Seeking Higher Returns?

With their unique structures, family offices are increasing their allocation to alternative investments and acting more like institutional investors, according to a new report from Goldman Sachs, Widening the Aperture: Family Office Investment Insights, which draws on a cross-divisional survey of more than 150 Goldman Sachs clients around the world.
7/27/202126 minutes, 47 seconds
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The Future of ‘Femtech’

Three leading voices in the “femtech” space—Ann Roberts of Flo Health, Lea von Bidder of Ava and Dr. Peter Kecskemethy of Kherion Medical—join Goldman Sachs’ Antonia Riera and Allison Nathan to discuss the convergence of technology and healthcare to advance women’s health. 
7/20/202126 minutes, 34 seconds
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Race to Zero: How Companies Are Deploying Decarbonization Strategies

As companies look to reduce their carbon footprints, decarbonization strategies are taking center stage. Goldman Sachs’ John Greenwood and Cindy Quan discuss the efforts by corporations to reach their net-zero goals.
7/13/202129 minutes, 42 seconds
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‘Bidenomics’: Evolution or Revolution?

Does President Biden’s economic agenda represent a new progressive era in the U.S.? Goldman Sachs Research’s Allison Nathan discusses how big of a shift in U.S. economic policy Bidenomics truly represents and the implications for the economy with David Brady, professor at the Stanford Graduate School of Business; Jason Furman, professor at the Harvard Kennedy School; and Dean Baker, co-founder of the Center for Economic Policy Research. 
7/6/202130 minutes, 25 seconds
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The Global Chip Shortage: Impact, Outlook and Recovery

Goldman Sachs Research’s Toshiya Hari, Kota Yuzawa and Rod Hall discuss the impact of the global semiconductor chip shortage across industries and supply chains.  
6/29/202119 minutes, 42 seconds
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The European Recovery: Here to Stay?

The economic outlook for Europe appears to be brightening, but how sustainable is the recovery? Goldman Sachs’ Allison Nathan speaks with Jari Stehn, chief European economist for Goldman Sachs Research, and Richard Privorotsky, manager of European Cash Equities trading in the Global Markets Group, on the prospects for the region’s long-term recovery and how the markets—and investors—are positioned.
6/22/202124 minutes, 27 seconds
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From Crisis to Confidence: How Women Entrepreneurs Fared During the Pandemic

How did women entrepreneurs fare during the pandemic? Goldman Sachs’ Asahi Pompey, Global Head of Corporate Engagement, and Candice Tse, U.S. Head of Market Strategy in Goldman Sachs Asset Management’s Strategic Advisory Solutions team, discuss the findings from a new report on this topic in Exchanges at Goldman Sachs. 
6/15/202129 minutes, 20 seconds
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Industrials Influx: What’s Fueling Record Activity Levels?

The industrials sector—historically comprised of mature businesses without as much need for near-term growth capital—has seen robust IPO activity so far in 2021, with no signs of slowing down. Matt McClure, co-head of the Investment Banking Division’s global industrials group, explains what’s driving the activity and how clients are thinking about accessing the public markets.
6/8/202116 minutes, 36 seconds
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Crypto: A New Asset Class?

Should cryptocurrencies be considered an institutional asset class? That’s the question Goldman Sachs’ Allison Nathan explores on this episode of Exchanges at Goldman Sachs in conversations with Galaxy Digital’s Michael Novogratz, NYU’s Nouriel Roubini and Goldman Sachs’ Mathew McDermott. 
6/1/202126 minutes, 52 seconds
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What’s Ahead for Inflation?

Amid rising concerns over inflation, David Mericle of Goldman Sachs Research explains the big-picture risks to the economy, while Josh Schiffrin from the Global Markets Division looks at market implications on this episode of Exchanges at Goldman Sachs. 
5/25/202121 minutes, 58 seconds
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Copper is the New Oil

A surge in green capex—combined with the lack of copper mining projects—will lead to a multi-year bull market in copper, explains Goldman Sachs Research’s Nick Snowdon. 
5/18/202118 minutes, 3 seconds
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Fostering Innovation Within Companies: An Inside Look at GS Accelerate

How do companies identify new business opportunities? Goldman Sachs’ Tanya Baker and Hasan Malik, co-heads of the firm’s GS Accelerate program, and Daniel Kovenat, whose business idea was developed through the program, share their views on how to foster innovation. 
5/11/202121 minutes, 46 seconds
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The Exit Interview: Jake Siewert on the Media, Communications and the Role of Podcasts

Jake Siewert, outgoing global head of corporate communications, reflects on how communications, media relations and the role of podcasts as a communications vehicle have changed since he joined the firm in 2012.  
5/4/202120 minutes, 43 seconds
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Why Global Insurers Are Leaning Into Risk

Goldman Sachs Asset Management’s annual insurance survey finds that insurers plan to increase the overall risk in their investment portfolios.
4/27/202110 minutes, 28 seconds
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Markets Update: Emerging Markets’ Next Phase

Jennifer Roth of Global Markets discusses how emerging markets are faring during a continuing pandemic and a nascent economic recovery. 
4/23/20216 minutes, 9 seconds
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The Evolution of LGBTQ+ Rights in Japan: A Conversation With GS Advocates

In the wake of a court ruling backing same-sex marriages in Japan, Goldman Sachs’ Hiroki Inaba, Masakazu Yanagisawa and Akoko Koda discuss the evolution of gay rights in Japan and companies’ efforts to create more inclusive environments.
4/20/202125 minutes, 9 seconds
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What’s Ahead for the U.S. Dollar?

Zach Pandl, co-head of foreign exchange strategy for Goldman Sachs Research, explains why he’s still long-term bearish on the greenback. 
4/16/20217 minutes, 5 seconds
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Whenever, Wherever: Seamless Commerce is the Future of Retail

Jennifer Davis and Vishaal Rana of the Investment Banking Division discuss the fate of brick-and-mortar retail locations and why the seamless omnichannel experience is the future of consumer retail.
4/13/202119 minutes, 48 seconds
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What’s Behind the Record Level of Equity Issuance?

Goldman Sachs’ Benny Adler, co-head of the Americas Franchise Trading team, explains the supply-and-demand dynamics behind the “unprecedented’ amount of equity issuance. 
4/9/202112 minutes, 5 seconds
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Top of Mind: Reflation Risk

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 overheating and inflation. 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.
4/8/202125 minutes, 55 seconds
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Outlook for Equity Markets

With valuations and rising interest rates, Goldman Sachs' Brett Nelson, head of tactical asset allocation for the Investment Strategy Group, discusses the outlook for U.S. equity markets.
4/6/202118 minutes, 49 seconds
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A Guide to Bubbles and Why We Are Not in One

A new report from Goldman Sachs Global Investment Research examines the history of financial bubbles and the qualifications for what defines one. Peter Oppenheimer, chief global equity strategist, discusses how today’s strong equities performance may have elements that resemble a bubble, but looks at other factors that argue against that assessment.
3/30/202116 minutes, 31 seconds
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How Supply-Chain Disruptions Are Impacting Inflation

As supply-chain disruptions cause delays and higher prices, Global Investment Research’s Joseph Briggs explains the impact on inflation and the rates market. 
3/26/20219 minutes, 14 seconds
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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.   Recorded March 17, 18, and 22, 2021.  
3/23/202136 minutes, 56 seconds
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The State of U.S. Corporate Pensions

Rising interest rates in 2021 have bolstered the funding status of corporate defined pension plans to their highest levels in years. Goldman Sachs Asset Management’s Mike Moran explains how pensions plans have fared in 2020 in his latest report as well as his outlook for this year. 
3/19/20218 minutes, 48 seconds
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The Case for Investing in Black Women

In this episode, Gizelle George-Joseph of Goldman Sachs Research discusses the staggering gaps Black women face across a range of economic measures—including wealth, earnings, and access to healthcare—as outlined in her team’s recent Black Womenomics research report. Next, David Solomon, Chairman and CEO of Goldman Sachs, and Margaret Anadu of the Asset Management Division discuss the firm’s new One Million Black Women initiative. Then, Melissa Bradley of 1863 Ventures discusses how her work providing economic and networking opportunities for Black and brown entrepreneurs is aligned with the One Million Black Women initiative.
3/16/202133 minutes, 26 seconds
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Higher Rates Unlikely to Derail the US Housing Market Strength

Marty Young of Goldman Sachs Research discusses his team’s new report on the US housing market, one of the most rate-sensitive sectors of the US economy, and why he expects house price appreciation to continue to remain positive even in the event of an interest rate shock. 
3/12/202111 minutes, 37 seconds
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How Hedge Funds are Navigating a Volatile Market

Diana Dieckman and Freddie Parker of Prime Service within Goldman Sachs’ Global Markets Division talk about the state of the hedge fund industry and the current sentiment among fund managers and allocators. 
3/9/202116 minutes, 53 seconds
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Markets Update: Cryptocurrency Trading

Mathew McDermott, head of Digital Assets for Goldman Sachs’ Global Markets Division, discusses the cryptocurrency trading environment for institutional investors. 
3/5/20219 minutes, 53 seconds
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The Short and Long of Recent Volatility

The volatile start to 2021—with some heavily-shorted stocks unexpectedly skyrocketing in late January—seemed to have subsided. But with some of these stocks again on the rise, we ask what factors caused this volatility, how likely it is to repeat, what could prevent this, and what it signals about, or for, markets. Allison Nathan, creator and editor of the firm’s Top of Mind report, turns to former SEC Chair Arthur Levitt, Wellington’s Owen Lamont, and Goldman Sachs’ co-head of Global Prime Services, Kevin Kelly, for answers. 
3/3/202126 minutes, 40 seconds
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How Healthcare CIOs Are Investing Capital Through a Public Health Crisis

Paget MacColl, co-head of the Americas Institutional Client Business within Goldman Sachs Asset Management, shares takeaways from GSAM’s annual healthcare diagnostic, which surveys CIOs of nonprofit healthcare organizations and hospital systems. MacColl is joined by Stefan Strein, chief investment officer for the Cleveland Clinic, who talks about managing a portfolio through a public health crisis and why he’s particularly excited about the investment opportunities in tech and ESG. 
3/2/202126 minutes, 20 seconds
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How Small Businesses Are Faring Entering Year Two of the Pandemic

To start the episode, Joe Wall of Goldman Sachs’ Office of Government Affairs gives an overview of survey results from nearly 1,300 Goldman Sachs Small Businesses participants who answered questions about PPP funding, access to capital, affordable healthcare, the personal toll of COVID-19, and more. Then, two graduates of the Goldman Sachs 10,000 Small Businesses program, Brent Reaves of Smokey John’s Bar-B-Que in Texas and JoEllen Hockenbrough of Providence Power Yoga in Rhode Island, share their personal stories about leading a business through a pandemic and how they’re staying resilient and optimistic looking toward the future. 
2/26/202127 minutes, 24 seconds
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Digital Transformation and the Future of Software

Kash Rangan, lead software analyst for Goldman Sachs Research, talks about how the pandemic has accelerated investment in the software sector and the key opportunities that lie ahead. 
2/23/202116 minutes, 20 seconds
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Markets Update: Inflation and Equities

Peter Oppenheimer, Goldman Sachs’ chief global equity strategist and head of Macro Research in Europe, talks about why the changing mix of policy support in this cycle suggests a possible inflection point towards a more reflationary environment.
2/19/202114 minutes, 54 seconds
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Big, Bold, Strategic Moves: The 2021 M&A Outlook

Stephan Feldgoise and Mark Sorrell, co-heads of global mergers & acquisitions in Goldman Sachs’ Investment Banking Division, discuss the key drivers behind historic levels of M&A activity, their positive outlook for dealmaking in 2021, and the resurgence of cross-border transactions. 
2/16/202113 minutes, 19 seconds
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The Outlook for Airlines in 2021

Catie O’Brien of Goldman Sachs Research talks about her outlook for the airline industry in 2021 and why her team is forecasting an uptick in demand in the second half of the year. 
2/12/202112 minutes, 50 seconds
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2021 Investment Outlook: “US Resilient”

Sharmin Mossavar-Rahmani, Chief Investment Officer for Goldman Sachs Private Wealth Management, discusses her team’s investment outlook for 2021 and why she is telling clients to stay invested. “Our recommendation of US preeminence and staying invested has served our clients well,” Mossavar-Rahmani says. “People might think that those two themes have outlived their value, and our message is, no, continue with that theme.” 
2/9/202121 minutes, 47 seconds
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Markets Update: The Rise of Retail Investing

Joe Duran, head of Personal Financial Management, a Goldman Sachs company, discusses the rise in retail investing and what it means for individual investors’ portfolio strategies. 
2/5/202112 minutes, 55 seconds
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Special Episode: The Rise of Retail Investing and Its Impact Across Market Participants

In this special episode, four leaders across Goldman Sachs—Raj Mahajan of the Global Markets Division, John Marshall of Goldman Sachs Research, Lizzie Reed of the Investment Banking Division, and Greg Tuorto of Goldman Sachs Asset Management— discuss the historic rise of retail investing and its profound implications for market participants.
2/4/202123 minutes, 37 seconds
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The IPO SPAC-Tacle

With the strength of the IPO market and the surge in IPOs via SPACs continuing into 2021, host Allison Nathan, creator and editor of the firm’s Top of Mind report, asks experts whether or not these trends are sustainable. She speaks with Goldman Sachs’ head of Global Equity Capital Markets, David Ludwig, Professor of Finance at the University of Florida, Jay Ritter, and Professor of Business and Law at Stanford Law School, Michael Klausner.
2/2/202128 minutes, 32 seconds
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Markets Update: January’s Record Inflows and Retail Trading Boom

Scott Rubner of Goldman Sachs' Global Markets Division recaps historic inflows into global equities in January and talks about the ongoing retail trading phenomenon and what it means for markets.
1/29/202114 minutes, 43 seconds
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France’s Economic Environment for 2021

Pierre Hudry, head of Goldman Sachs' Paris office, talks about the landscape in France for both small businesses and large corporations as the economy recovers from the pandemic. 
1/26/202111 minutes, 50 seconds
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Goldman Sachs CFO Stephen Scherr on 2020 and How the Firm is Tracking Against Its Goals

One year after Goldman Sachs’ first-ever Investor Day, Stephen Scherr, the firm’s Chief Financial Officer, provides an update on how the firm is tracking against its goals and why 2021 will be a “year of execution.”
1/22/202134 minutes, 17 seconds
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Policy Outlook for the Year Ahead

Alec Phillips, chief political economist for Goldman Sachs Research, talks about the policy outlook for the year ahead.
1/20/202116 minutes
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Markets Update: Emerging Markets in 2021

Jennifer Roth of Goldman Sachs' Global Markets Division gives a quick update on why investors have been turning to emerging markets amid the global backdrop of low interest rates.
1/15/20215 minutes, 45 seconds
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Companies Continue to Turn to SPACs for Greater Flexibility

Olympia McNerney of Goldman Sachs’ Investment Banking Division talks about the continued momentum behind SPACs as an alternative path for companies to raise money in the public markets. 
1/12/202118 minutes, 58 seconds
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Markets Update: 2021 Global Growth Outlook

As part of a client call hosted on January 8th, Jan Hatzius, Goldman Sachs’ chief economist, talks about why his team continues to forecast above-consensus growth for 2021, despite the weak US jobs report for December. 
1/8/202124 minutes, 10 seconds
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What’s Included in the $900 Billion US Stimulus Package?

Joe Wall of Goldman Sachs’ Office of Government Affairs explains what’s included -- and what’s not – in the US’ second stimulus package of 2020. Wall also talks about other policy priorities that investors are watching for in the new year. This podcast was recorded on the morning of December 21, 2020. 
12/21/202012 minutes, 48 seconds
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Markets Update: Financial Services Outlook

Richard Ramsden, business unit leader of the Financials Group for Goldman Sachs Research, provides an update on the financial services industry and the market backdrop going into 2021.
12/18/202011 minutes, 13 seconds
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The Outlook for a Commodities Bull Market in 2021

Jeff Currie, head of Commodities Research for Goldman Sachs Research, talks about why his team is bullish on commodities for 2021.
12/15/202016 minutes, 22 seconds
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Markets Update: Looking Back on 2020’s Roller Coaster Ride

Drew Pavlovich of Goldman Sachs’ Consumer and Wealth Division recaps a historic year in financial markets and talks about how clients are positioning their portfolios going into 2021. 
12/11/202015 minutes, 5 seconds
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Gregg Lemkau on How Investment Banking has Changed in his 28 Years at Goldman Sachs

Gregg Lemkau, co-head of the Investment Banking Division, reflects on how the industry and the firm have changed – and stayed the same – since he joined Goldman Sachs in 1992.  
12/8/202017 minutes, 1 second
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Markets Update: What Investors Are Watching Going into Year-End

Moran Forman of Goldman Sachs’ Global Markets Division gives her take on how institutional investors are viewing market pricing and volatility going into the last few weeks of the year.
12/4/202010 minutes, 17 seconds
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November Wrap: Record Inflows into Global Equities

Scott Rubner of Goldman Sachs' Global Markets Division breaks down the record-setting November in equity markets and talks about investor sentiment going into year-end.
12/1/202017 minutes, 16 seconds
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Asia-Pacific Economic Outlook for 2021

Andrew Tilton, chief Asia-Pacific economist for Goldman Sachs Research, talks about his team’s economic outlook for Asia-Pacific in 2021, and why they’re forecasting above-consensus growth. “We’re optimistic about growth in Asia-Pacific next year,” Tilton says. “We think the region could grow more than 7% in 2021. We’re optimistic about the world also – we think the world can grow about 6% – but especially optimistic about Asia-Pacific.”
11/24/202010 minutes, 6 seconds
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Markets Update: The Bull Run in 2021

Goldman Sachs Research remains confident about the global recovery in 2021, says Peter Oppenheimer, the firm’s chief global equity strategist. “We are optimistic for equity markets, risk assets and indeed the economy,” Oppenheimer says in this episode, and goes on to explain why he thinks the current bull market is transitioning from a “hope” phase to a “growth” phase. “As we move forwards in time, we do expect to see more even returns globally – less so than extreme outperformance of the US,” says Oppenheimer. “We would expect people to be diversifying more by country, region and by industry.”
11/20/202012 minutes
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Germany’s Economic Recovery

Wolfgang Fink, CEO of Germany and Austria for Goldman Sachs, talks about why Germany’s economy has weathered the pandemic better than that of many of its European neighbors and what’s ahead on the road to recovery. 
11/17/202018 minutes, 3 seconds
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Markets Update: A Biden Presidency, a Possible Vaccine and the Future of the S&P

David Kostin, Goldman Sachs Research’s Chief U.S. Equity Strategist, looks back at an events-heavy week and what it means for markets in the days ahead.
11/13/202011 minutes, 49 seconds
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Vaccine Progress and What’s Next

Salveen Richter, lead analyst for the US Biotechnology sector in Goldman Sachs Research, talks about Pfizer’s clinical-trial results for its COVID-19 vaccine and the obstacles that still lie ahead for FDA approval and widespread distribution.
11/12/20209 minutes, 56 seconds
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Client Call: Macro Outlook 2021

Jan Hatzius, Chief Economist for Goldman Sachs, and Alec Phillips, Chief Political Economist, discuss the outlook for economic recovery and the impact of the US election on global growth in 2021. This podcast leverages a Goldman Sachs Research client call, hosted the morning of November 9th, 2020. 
11/9/202056 minutes, 21 seconds
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Markets Update: Investors Feel “Relief” As Clarity Begins to Form Around US Election

Ashok Varadhan, global co-head of Goldman Sachs’ Global Markets Division, on how markets have moved in response to the US election and what investors expect in terms of economic recovery and policy agendas looking ahead. 
11/6/202010 minutes, 13 seconds
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Markets Update: Investors Anticipate Next Week’s US Election

Amelia Garnett of Goldman Sachs' Global Markets Division talks about the key conversations she's having with investors ahead of the November 3rd election.
10/30/202010 minutes, 49 seconds
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How Entrepreneurs are Leading Their Companies Through an Unexpected Year

From the 2020 virtual Builders + Innovators Summit, Goldman Sachs' Kim Posnett speaks with two founders -- Irving Fain of Bowery Farming and Sheila Gujrathi of Gossamer Bio -- about their experiences leading through an unexpected year and the backdrop for entrepreneurship more broadly.
10/27/202036 minutes, 14 seconds
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Markets Update: Election Outlook

Alec Phillips, chief US political economist for Goldman Sachs Research, provides an update on investors’ expectations for the upcoming election on November 3rd. 
10/22/202011 minutes, 33 seconds
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An Update on the LIBOR Transition and Why It Matters for Wall Street and Main Street

Jason Granet, head of the firm’s LIBOR transition effort, gives an update on the timing and impact of the industry-wide transition away from the London Inter-bank Offered Rate (LIBOR).
10/20/202018 minutes, 43 seconds
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Markets Update: Taking Stock of Year-to-Date Performance

Tony Pasquariello of Goldman Sachs' Global Markets Division gives an update on US equity performance and why 2020 has driven so much trading activity.
10/16/20209 minutes, 25 seconds
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The State of Small Businesses in the U.K.

Charlotte Keenan, head of the Office of Corporate Engagement’s international responsibilities, talks about how small businesses in the U.K. are pivoting and persevering through the pandemic.
10/15/202019 minutes, 39 seconds
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Markets Update: Investor Sentiment Tilts Marginally Bullish and Pro-Cyclical

Jason Mathews of Goldman Sachs’ Global Markets Division explains what the futures market indicates about investors’ outlook for the election and another round of U.S. fiscal stimulus. 
10/9/20208 minutes, 50 seconds
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Retirement Plans’ Rocky 2020…and Where Investors Go from Here

Mike Moran, senior pension strategist for Goldman Sachs Asset Management, discusses how COVID-19 and the resulting market volatility have impacted defined benefit pension plans and participants in defined contribution plans, and what to consider going forward.
10/6/202018 minutes, 23 seconds
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Markets Update: Investors Assess How and When to Position Portfolios for a Post-Vaccine Economy

Back in February, Erin Riley of Goldman Sachs’ Markets Coverage Group was our first podcast guest to discuss the coronavirus and its implications for markets. In this episode, she’s back on the show to discuss the current state of things and where investors go from here after the equity market’s stunning recovery. Riley says her clients are looking ahead to two key milestones: the U.S. election and the potential for a COVID-19 vaccine, both of which have the potential to kickstart thematic portfolio rotations. 
10/2/202019 minutes, 49 seconds
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Innovation in the Industrials Sector

Matt McClure, co-head of the Global Industrials Group in Goldman Sachs' Investment Banking Division, discusses the high volume and velocity of deal activity in the sector since March. 
9/29/202012 minutes, 49 seconds
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The Battle for Our Screens, Part 4: The Moving Pieces of Tech Policy

As the pandemic has increased our reliance on digital platforms and services, debate around tech regulation has come into the spotlight, from antitrust enforcement to consumer privacy protection to national security concerns. In this episode, Faryar Shirzad, global head of Goldman Sachs’ Office of Government Affairs, gives an overview of the moving parts of tech policy today – including the latest analysis of the U.S.’s stance toward TikTok – and explains why these issues don’t fall clearly down political party lines. This is the final episode of a four-part miniseries: Exchanges Deep Dive: The Battle for Our Screens, which brings together experts from across Goldman Sachs to analyze how the pandemic has shifted our lives digitally and forever changed how we rely on technology. 
9/28/202018 minutes, 42 seconds
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Markets Update: How Emerging-Market Economies are Navigating a Recovery

Jennifer Roth of Goldman Sachs’ Global Markets Division talks about how emerging-market economies are trying to steer their way toward a recovery, and how investors are responding to those efforts.
9/25/20205 minutes, 43 seconds
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The Battle for Our Screens, Part 3: Social Media in the Social Distancing Age

As lockdown measures turned our real lives digital, we’ve looked to social media to connect with the outside world. This has only accelerated trends within the industry, like the increasing appetite for user-generated short-form video. To explore these shifting habits, 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 and how the pandemic has impacted their corporate strategies. This is the third episode of a four-part miniseries: Exchanges Deep Dive: The Battle for Our Screens, which brings together experts from across Goldman Sachs to analyze how the pandemic has shifted our lives digitally and forever changed how we rely on technology.  
9/22/202027 minutes, 50 seconds
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The Battle for Our Screens, Part 2: The Future of Work

The pandemic began a massive, unexpected work-from-home experiment. That has led companies to rely on technology in new ways to keep their employees connected, productive, and happy.   Heather Bellini of Goldman Sachs Research and Ryan Nolan of the Investment Banking Division talk about the opportunity for software to unlock productivity gains in the world’s 1.25 billion knowledge workers. Then, Tammy Kiely of the Investment Banking Division is joined by Renee James, CEO of Ampere Computing, to talk about what she’s learned about leading a tech startup through the pandemic and keeping her team mentally and physically well. This is the second episode of a four-part miniseries: Exchanges Deep Dive: The Battle for Our Screens, which brings together experts from across Goldman Sachs to analyze how the pandemic has shifted our lives digitally and forever changed how we rely on technology.  
9/22/202047 minutes, 3 seconds
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The Battle for Our Screens, Part 1: The Race to Entertain Us

Staying at home has resulted in sharp increases in streaming-video consumption, as well as entertainment companies moving some of their big releases from movie theaters to on-demand video. This has upended the entertainment landscape, creating challenges and opportunities for content creators, distributors and exhibitors. In this episode, Brett Feldman of Goldman Sachs Research, Adam Agress of Goldman Sachs Asset Management, and Alekhya Uppalapati of the Investment Banking Division explore these topics and how the entertainment industry is rapidly evolving. This is the first episode of a four-part miniseries: Exchanges Deep Dive: The Battle for Our Screens, which brings together experts from across Goldman Sachs to analyze how the pandemic has shifted our lives digitally and how industries are responding.  
9/22/202036 minutes, 49 seconds
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Markets Update: September Turbulence

Tony Pasquariello of Goldman Sachs' Global Markets Division explains how and why major stock market indices have backtracked somewhat from record highs in August, and what it all means for the forward-looking equity outlook. "I don't think we should get too worked up about the turbulence we've encountered in September, just given the astonishing run the preceded it.," he says."
9/18/20207 minutes, 45 seconds
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Pandemic Perspectives: Insights from Our First Virtual Intern Class

Three interns from Goldman Sachs' first virtual intern class share their perspectives with Bentley de Beyer, global head of Human Capital Management. 
9/15/202033 minutes, 18 seconds
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Markets Update: European Leveraged Capital Markets

Dominic Ashcroft and Luke Gillam, co-heads of EMEA Leveraged Capital Markets in Goldman Sachs’ Investment Banking Division, talk about the “cautiously optimistic” sentiment among corporate clients. 
9/11/202012 minutes, 46 seconds
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Exploring the Founder Journey with Launch With GS CEOs

Goldman Sachs’ Chief Strategy Officer Stephanie Cohen talks with three "Launch with GS" CEOs about their founder journeys and lessons learned while leading through times of crisis. The founders, who are all part of the "Launch With GS" Black and Latinx Entrepreneur Cohort, are Helen Adeosun of CareAcademy, Sean Mitchell of REZI, and Max Tuchman of Caribu.
9/9/202037 minutes, 23 seconds
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Markets Update: Subdued Mood as S&P 500 Hits Record Highs

Michael Cassell of Goldman Sachs' Global Markets Division talks about the cautious optimism with which investors are viewing the current equity market rally.
8/21/202010 minutes, 25 seconds
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The Latest Outlook for U.S. Equities

David Kostin, Goldman Sachs' chief U.S. equity strategist, shares Goldman Sachs Research's latest forecasts for the S&P 500.
8/19/202018 minutes, 25 seconds
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Markets Update: U.S. Election in Focus

Tony Pasquariello of Goldman Sachs' Global Markets Division and Joe Wall of the Office of Government Affairs discuss how investors are viewing the upcoming U.S. election in November. 
8/14/20209 minutes, 27 seconds
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Why Diversity Drives Better Investment Performance

Katie Koch, co-head of the Fundamental Equity business within Goldman Sachs Asset Management, talks about why diversity gives investing teams a competitive edge. 
8/11/202022 minutes, 4 seconds
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Markets Update: SPACs

Olympia McNerney of Goldman Sachs talks about what’s been driving the surge in SPACs as an alternative avenue for companies to raise money in the public markets. 
8/7/202010 minutes, 49 seconds
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How Companies Are Meeting Their Financing Needs

Susie Scher, co-head of the Global Financing Group in Goldman Sachs' Investment Banking Division, talks about how companies are meeting their financing needs in this environment and the broader sentiment for banking activity in the second half of 2020. Additionally, Scher shares her thoughts on how to recruit and develop diverse talent, as well as advice for how junior employees can continue to grow and develop their networks while working remotely.
8/4/202022 minutes, 27 seconds
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Markets Update: Balanced Bear Repair

Christian Mueller-Glissmann of Goldman Sachs Research discusses his new research about asset allocation with the risk of ‘fat and flat’ markets.
7/31/202015 minutes, 10 seconds
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How Automated Robots are Supporting the Surge in E-commerce

In this episode of our Venture Capital Horizon series with Heath Terry of Goldman Sachs Research, we dive into the future of e-commerce and the adoption of robotics in everything from manufacturing to packaging and delivery.
7/28/202021 minutes, 8 seconds
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Markets Update: Europe’s Fiscal Stimulus

Jose Manuel Barroso, chairman of Goldman Sachs International, provides an update on Europe’s latest fiscal stimulus package. 
7/24/202016 minutes, 52 seconds
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Where CIOs are Allocating Capital, According to GSAM’s 2020 Insurance Report

Mike Siegel of Goldman Sachs Asset Management summarizes key investment trends from GSAM’s 2020 Insurance Report. 
7/21/202013 minutes, 45 seconds
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Markets Update: A “Gritty” Second Quarter

Jim Esposito, global co-head of Goldman Sachs’ Global Markets Division, recaps a “gritty” second quarter, the importance of technological resilience, and the ongoing commitment to client centricity. 
7/17/202017 minutes, 4 seconds
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Sustainable ESG Investing: Turning Promises into Performance

Steve Strongin, a senior advisor at Goldman Sachs, discusses the future of ESG investing, based on a new Goldman Sachs Research report, Sustainable ESG Investing: Turning Promises into Performance. 
7/14/202011 minutes, 20 seconds
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Markets Update: "Investor Sobriety" Carries into Q3

Tony Pasquariello of Goldman Sachs' Global Markets Division recaps the historic market rally of the second quarter and talks about how institutional investors are viewing Q3 and the remainder of 2020.
7/10/20208 minutes, 30 seconds
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U.S. Dollar Weakness

Zach Pandl of Goldman Sachs Research explains the factors driving U.S. dollar weakness.
7/7/202013 minutes, 29 seconds
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Markets Update: Banks’ Stress Tests

Richard Ramsden of Goldman Sachs Research explains what the results from U.S. banks’ latest stress tests say about the health of the industry.
7/2/202012 minutes, 28 seconds
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What’s Driving Growth in Alternative Asset Classes?

Kristin Olson, global head of the Alternative Capital Markets Group in Goldman Sachs' Consumer and Investment Management Division, explains where investors are finding value in alternative asset classes.
6/30/202020 minutes, 57 seconds
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Markets Update: Will the Recovery Be Derailed?

Amelia Garnett of Goldman Sachs' Global Markets Division provides an update on how institutional investors are weighing market risks, from an uptick in COVID-19 cases to the U.S. election.
6/26/202011 minutes, 41 seconds
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How COVID-19 is Impacting Companies’ M&A Strategies

Tim Ingrassia, co-chairman of Global Mergers & Acquisitions for Goldman Sachs Investment Banking, provides an update on the recent M&A slowdown. “I fully expect M&A to normalize and recover because all those deals that aren’t happening right now, some significant percentage of them are deals that will happen,” Ingrassia says. “And so then it’s a question of when will they happen?”
6/23/202022 minutes, 11 seconds
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Markets Update: The Rise of the Retail Investor

In this episode, Philip Berlinski, COO of Global Equities, provides an update on equity markets, from the growth in day trading to the role of active management in the COVID-19 crisis to the impact of the U.S. presidential election in November. 
6/18/202017 minutes, 32 seconds
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Upending an Industry: How Digital Banking Will Simplify Corporates’ Financial Needs

In this episode, Hari Moorthy, head of Transaction Banking for Goldman Sachs, talks about innovations in banking technology for corporations and what it’s been like to build the first-ever digital-only transaction bank over the past two years.  
6/16/202021 minutes, 34 seconds
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Markets Update: Constructive Conditions for Equity Issuers and Investors

Lizzie Reed of Goldman Sachs’ Investment Banking Division gives an update on what’s been driving investor interest in equity markets. 
6/12/202013 minutes, 18 seconds
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To Everyone Who’s Asked, ‘How’s It Going?’

Fred Baba, a managing director in Goldman Sachs' Global Markets Division, reflects on a raw and honest email he wrote this week about his experience with racism and discrimination as a black man in America, as well as how his co-workers can best support the black community moving forward. Baba's email has been shared around the firm and was published as a Bloomberg Op-Ed. 
6/5/202030 minutes, 10 seconds
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The Great Reset: A Framework for Investing After COVID-19

Steve Strongin, a senior advisor for Goldman Sachs, discusses a new framework for investing after COVID-19.
6/2/202023 minutes, 42 seconds
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Markets Update: Investors Assess U.S.-China Risks

Michael Cassell of Global Markets gives a quick update on how investors are approaching market risks, from U.S.-China tensions to ongoing COVID-19 uncertainty. 
5/29/20206 minutes, 46 seconds
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The Future of Sustainable Nuclear Energy

Heath Terry of Goldman Sachs Research explores clean energy and the advances in nuclear power technology as part of his team’s Venture Capital Horizon series.
5/27/202015 minutes, 26 seconds
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Markets Update: Investor Sentiment Improves as Lockdowns Lift

Tony Pasquariello, global head of hedge fund coverage for Goldman Sachs’ Global Markets Division, provides an update on how investors are reacting to the gradual re-opening of the U.S. economy, historic government stimulus efforts, potential vaccine developments, and ongoing US-China tensions. 
5/22/20208 minutes, 38 seconds
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The State of Goldman Sachs’ Small-Business Lending

Goldman Sachs has committed $500 million in lending capital to provide Paycheck Protection Program, or PPP, loans to small businesses suffering in this crisis. In this episode, Margaret Anadu, head of the firm’s Urban Investment Group, provides an update on the more than 8,000 small businesses across the country that the firm has reached through partnerships with community development financial institutions (CDFIs) and other mission-driven lenders. 
5/19/202017 minutes, 56 seconds
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Markets Update: How ESG is Changing

In this episode, leveraging a client call from Goldman Sachs Investment Banking, leaders from across the financial services industry discuss the pandemic’s impact on the ESG landscape, including how corporations and investors are responding. The conversation features Mark Wiedman, a senior managing director at BlackRock, Katherine Collins, head of Putnam Investment’s sustainable investing, Martin Whittaker, CEO of JUST Capital, and John Goldstein, head of Goldman Sachs’ Sustainable Finance Group. 
5/15/20201 hour, 1 minute, 59 seconds
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How Are Small Businesses Surviving?

Asahi Pompey, global head of Corporate Engagement and president of the Goldman Sachs Foundation, interviews three graduates of the Goldman Sachs 10,000 Small Businesses program to talk about their experiences with PPP loans, what’s keeping them up at night, and how they’re pivoting to adapt to changing industries and a changing society. The entrepreneurs are Khari Parker, co-founder of Connie’s Chicken and Waffles based in Baltimore, Dana White, founder and CEO of Paralee Boyd, a blow-dry salon in Detroit, and Jennie Ripps, founder and CEO of Owl’s Brew, a New York-based beverage company that specializes in teas and botanical-based drinks.
5/13/202027 minutes, 39 seconds
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Markets Update: Latin America

Jen Roth of Goldman Sachs' Global Markets Division provides an update on how COVID-19 is impacting investor sentiment in emerging markets. 
5/8/20205 minutes, 3 seconds
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Client Call: How Retailers Will Re-Open

In a recent client call held by Goldman Sachs Research, Brian Dodge, President of the Retail Industry Leaders Association, discusses how retailers will re-open. Dodge is joined by Goldman Sachs Research’s Kate McShane, Alex Walvis, and Jenna Giannelli, who all cover the retail sector. 
5/6/202028 minutes, 41 seconds
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Markets Update: Central Bank Responses

Alex Blanchard of Goldman Sachs’ Global Markets Division shares an update on how global central banks are responding to liquidity concerns. 
5/2/202018 minutes, 25 seconds
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Client Call: CFO Perspectives

Goldman Sachs CFO Stephen Scherr and other senior leaders across the firm discuss topics that are top of mind for CFOs in the current environment, from financing markets and liquidity concerns, to earnings guidance and economic outlooks. 
4/29/20201 hour, 1 minute, 54 seconds
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Markets Update: Oil Prices Drop to Record Lows

Sarah Kiernan of Goldman Sachs’ Global Markets Division gives her quick take on the latest market volatility, including investors’ reactions to record-low oil prices.  
4/24/20207 minutes, 30 seconds
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Client Call: Oil Update as Negative Prices Emerge

To share Goldman Sachs’ latest analysis on record price declines in oil markets, this episode leverages a client call, featuring Jeff Currie, Damien Courvalin and Brian Singer of Goldman Sachs Research, and Anthony Dewell of EMEA Commodity Trading in Global Markets. The call was held the morning of April 21st, 2020. 
4/22/202037 minutes, 34 seconds
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How the Housing Sector Has Been Impacted by the Economic Slowdown

In this episode, Terry Hagerty, co-head of homebuilding & building products investment banking for Goldman Sachs, discusses how COVID-19 has impacted the outlook for housing and the broader building products sector. Despite the severity of the current slowdown, Hagerty points to favorable demographic tailwinds as reasons to expect a return to industry growth into 2021. Additionally, Hagerty explains why the sector may be poised to rebound more quickly from this crisis than that of 2008, driven by more favorable supply/demand dynamics, consumers’ relatively strong financial position, and healthy corporate balance sheets. “When I look at the balance sheets and liquidity positions of my clients, both in home building and building products, it’s quite strong,” Hagerty says. “Most of them have access to the capital markets, given some of the Fed action that we’ve seen, and generally they’re all positioned to weather what could potentially be a very extended downturn. So the outlook today is much different than 2008.”
4/21/202015 minutes, 35 seconds
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Markets Update: What Investors Are Watching

As volatility continues in the public markets, Meena Flynn of Goldman Sachs’ Consumer and Investment Management Division gives her analysis on the latest swings and explains how investors with permanent capital are positioning themselves. 
4/17/202016 minutes, 38 seconds
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How Markets Have “Changed Forever”

Ashok Varadhan, global co-head of Goldman Sachs’ Global Markets Division, talks about how financial trading has adapted to a primarily remote workforce and also shares takeaways from the division’s strong first quarter performance. 
4/16/202020 minutes, 50 seconds
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Markets Update: CEO David Solomon Shares His Perspectives on the Current Environment

Goldman Sachs Chairman and CEO David Solomon shares his views on the pandemic and the economic impact, alongside other of the firm’s senior leaders. 
4/9/202058 minutes, 24 seconds
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COVID-19’s Impact on US Small Businesses

In this episode, Margaret Anadu, head of Goldman Sachs’ Urban Investment Group, talks about COVID-19’s impact on US small businesses and explains the firm’s recent announcement to commit $500 million in capital for emergency loans to small businesses. Then, three entrepreneurs and graduates of Goldman Sachs’ 10,000 Small Businesses program share their personal stories -- Erin Andrews of Indi Chocolate, a Seattle-based chocolate factory, Ellen McNulty-Brown of Lotuff Leather, a Rhode-Island based leather maker, and Matt Jozwiak of Rethink Food, a New York City-based nonprofit.
4/8/202041 minutes, 15 seconds
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Markets Update: Do Investors Think the S&P 500 Has Bottomed Out?

Anne Marie Darling of Goldman Sachs’ Global Markets Division analyzes the S&P 500 index’s historically fast fall into bear market territory and shares results of the April Marquee QuickPoll, a survey of institutional clients which found that about half of respondents don’t believe lows have been set yet.  
4/3/20208 minutes, 54 seconds
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Client Call: Market Volatility and Potential Economic Impacts

In an effort to provide timely and valuable updates regarding ongoing market volatility and potential economic impacts, we’re sharing a “Market Update” call hosted by our Investment Banking Division. In the conversation, Goldman Sachs President and COO John Waldron provides an update on the current environment, alongside other senior leaders across the firm.
4/1/202054 minutes, 23 seconds
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Markets Update: Europe and COVID-19

Andrew Wilson of Goldman Sachs Asset Management explains how volatility in U.S. financial markets from the COVID-19 outbreak is playing out across Europe as well. “European markets have been very much in the eye of the storm,” Wilson says. “So the focus is on what policy responses are coming out of Europe, just as much as it is out of the U.S.” 
3/27/202010 minutes, 24 seconds
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Update on US Growth and Earnings Forecasts, and Expected Stimulus Programs

Goldman Sachs’ top economists and strategists discuss revised forecasts for the US economy and corporate earnings and the prospect of federal stimulus programs in the face of the COVID-19 outbreak. 
3/23/202038 minutes, 50 seconds
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Markets Update: How COVID-19 Is and Isn't Like the '08 Financial Crisis

Joe Montesano, head of Americas Equity Trading for Goldman Sachs, analyzes how the coronavirus pandemic continues to add volatility to markets. Montesano also talks about parallels and differences in today's market environment compared to that of the 2008 global financial crisis.
3/20/202014 minutes, 10 seconds
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Re-thinking How We Work During a Pandemic

Amid the uncertainty surrounding the coronavirus pandemic, Goldman Sachs’ global medical director Dr. Michael Rendel joins by phone to talk about what employees can do to stay healthy and productive while working remotely – from setting up comfortable work stations to taking time for meditation and exercise. Dr. Rendel also talks about the importance of managers supporting their teams’ physical and psychological well-being, as well as the firm’s strategy more broadly in terms of coordinating global offices. 
3/17/202026 minutes, 4 seconds
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Markets Update: The Fed's Recent Efforts to Increase Liquidity

Alex Blanchard of Goldman Sachs' Global Markets Division analyzes the Fed's recent decisions to increase liquidity amidst market volatility.
3/13/202016 minutes, 27 seconds
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After a Sharp Drop in Prices, What's Next for Oil?

Jeff Currie, global head of Commodities Research for Goldman Sachs, explains the latest on the price war in the oil market. 
3/10/202014 minutes, 17 seconds
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Markets Update: March 6, 2020

Amelia Garnett of Goldman Sachs' Global Markets Division provides a quick update on how investors are responding to ongoing volatility around coronavirus concerns.
3/6/20207 minutes, 20 seconds
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How Computational Biology is Transforming Drug R&D

The latest episode of Exchanges at Goldman Sachs premieres a new monthly feature: An examination of a topic at the center of conversations in the venture-capital community. This week, Goldman Sachs Research’s Heath Terry explores the growing world of computational biology—using the power of big data to revolutionize drug discovery, disease prevention and cancer detection. Terry talked to VCs like Lux Capital’s Zavain Dar, who invests in emerging science and technology firms. “It feels like we’re at the precipice of what I think will be a multi-decade revolution in how biology and chemistry are fundamentally practiced,” explains Dar. Terry also spoke with James Field, CEO of computational-biology startup LabGenius, which is using machine learning to more easily identify useful proteins for the human body. “If we can deploy technology in building out some discovery platforms in a way that the learnings compound over time,” says Field, “then it will dramatically change the economics of discovering and developing drug molecules.” 
3/3/202010 minutes, 1 second
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Markets Update: Coronavirus

After a volatile week in markets, Erin Riley of Goldman Sachs’ Consumer and Investment Management Division talks about how coronavirus is weighing on investor sentiment. 
2/28/202013 minutes, 36 seconds
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From “Fish Out of Water” to Wall Street Changemaker

Sean Legister, a vice president in the Global Markets Division, talks about overcoming imposter syndrome on the Goldman Sachs trading floor and what led him to start Breakfast Bites, a monthly fireside chat connecting black colleagues with senior leaders. Legister tells podcast host Jake Siewert, “When I looked at the black population, particularly within the Global Markets Group, I thought, ‘I don’t think we lack the intellect. I don’t think we lack the hunger. I don’t think we lack ambition. I think sometimes where we may falter a little bit is culture, empowerment, access to resources.’ And so what could I do in my seat to be innovative or creative. Not just do what’s asked of me, but to give back?”
2/25/202031 minutes, 31 seconds
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Markets Update: February 21, 2020

Michael Cassell of our Global Markets Division shares the top numbers he's watching in markets right now.
2/21/20206 minutes, 27 seconds
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Global Market Shocks from the '87 Crash to Brexit: Lessons for Today

From the 2020 Global Macro Conference in Hong Kong, Steve Strongin and Jan Hatzius of Goldman Sachs Research sat down for a discussion all about connections: why economic cycles and market cycles are increasingly independent, why economic volatility has declined while market volatility has largely remained the same, and how shocks like political surprises and climate change stand to radiate through each space.  
2/18/202049 minutes, 12 seconds
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Markets Update: February 14, 2020

Jordan Meer of Goldman Sachs' Renewable Power Group gives his quick take on the five numbers he's watching in renewable energy markets.
2/14/20204 minutes, 37 seconds
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Why Investing in the Longest Bull Market in History is Still a Smart Move

Sharmin Mossavar-Rahmani, chief investment officer of Goldman Sachs’ Private Wealth Management Division, summarizes her team's 2020 investment outlook and explains why she's telling clients to stay invested in the stock market.
2/11/202015 minutes, 50 seconds
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After Brexit, What’s Next for Business in Europe?

Denis Coleman, co-head of Goldman Sachs' Global Financing Group in the Investment Banking Division, joins host Jake Siewert to talk about the business and financing environment in Europe.
2/7/202011 minutes, 20 seconds
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Markets Update: February 7, 2020

Sarah Kiernan of Goldman Sachs' Global Markets Division gives her quick take on the five numbers she's watching in markets.
2/7/20205 minutes, 40 seconds
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Goldman Sachs CFO Stephen Scherr Recaps the Firm’s First-Ever Investor Day

This week, Goldman Sachs opened its doors for its first-ever Investor Day in its 150-year history. In this episode, Goldman Sachs CFO Stephen Scherr recaps the day and explains how leadership is trying to increase transparency with clients by releasing three-year financial targets, restructuring its business segments, and more. Scherr, who has been at Goldman Sachs for nearly 27 years and CFO since 2018, also talks about his transition into the role. To kick off the episode, Jen Roth of Global Markets gives her quick take on the five numbers she’s watching in markets. 
1/31/202032 minutes, 46 seconds
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What’s Next for the Airline Industry?

Scott Rubner of Goldman Sachs Global Markets talks through the five numbers he’s watching in markets, from $671 billion of money market inflows to the 32% “January effect.” Then, Catie O’Brien, also of Global Markets, provides a deep dive into the airline industry, including how the Boeing 737 Max is impacting supply and profitability, and how airlines have been reinvesting back into the product, resulting in more options than just coach or business class.  
1/17/202017 minutes, 18 seconds
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How are “Carbonomics” Reshaping the Energy Industry?

To start the episode, Goldman Sachs' Oscar Ostlund talks through the five numbers he’s watching in markets, from China’s debt-to-GDP ratio to the Euro-USD exchange rate. Then, Michele Della Vigna of Goldman Sachs Research explains his latest “carbonomics” research and how climate change is reshaping the energy industry through technological innovation and capital markets pressure.  
1/10/202016 minutes, 56 seconds
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What’s the Outlook for the US Stock Market in 2020?

David Kostin, chief US equity strategist for Goldman Sachs Research, discusses his team's forecasts for US stocks in the year ahead. But before that, Tony Pasquariello, global head of hedge fund coverage for Goldman Sachs Securities Division, walks through the five numbers he's watching in markets.
1/6/202022 minutes, 54 seconds
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Is Sustainable Finance the Next Big Commercial Opportunity?

In this episode, John Goldstein, head of Goldman Sachs’ Sustainable Finance Group, talks about the firm’s recent sustainability announcement to invest or finance $750 billion of capital over the next 10 years across two themes–climate transition and inclusive growth. Goldstein highlights the commercial motivation behind the firm’s sustainability strategy. “This is grounded in a core view of where the world is going, a thesis, a research-driven view...almost a market call that fundamentally these questions of climate transition and inclusive growth are going to be central, secular themes for the economy for our clients and for ourselves,” he says. 
12/15/201937 minutes, 57 seconds
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What’s Ahead for Europe’s Economy in 2020?

In this episode, Jake Siewert sits down with Jari Stehn of Goldman Sachs Research to discuss his team’s outlook for Europe’s economy in 2020. “We think 2020 is going to be a better year for Europe than 2019,” Stehn says. “We expect growth to be 1.1% next year, which is a bit above consensus, and is certainly notably above where the current numbers are running.” Stehn goes on to explain the drivers behind this growth pick-up as well as key risks that could derail estimates.  
12/9/201925 minutes, 11 seconds
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How Are Healthcare CEOs Steering Through Uncertainty?

Healthcare CEOs in the US are “trying to set course in an otherwise unpredictable, highly uncertain world,” according to this episode’s guest, Marshall Smith, global head of Goldman Sachs’ healthcare investment banking. The uncertainty, stemming from global growth concerns, trade policy risk and drug pricing debates, is a consistent theme across the healthcare industry, but that doesn’t mean corporations are sitting back and waiting. Growth strategies are top priorities for executives, Smith explains, with pharmaceutical companies turning to M&A–both to acquire smaller biotech companies for their drug portfolios and to merge with other large pharma companies. Smith also discusses how being the son of a doctor spurred an early interest in healthcare. “My dad would come home from the hospital [and] we’d have dinner together, all seven of us sitting around the table,” Smith recalled. “And so, invariably, we ended up talking about medical cases at dinner pretty much every night.”
11/18/201925 minutes, 7 seconds
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Why Startups Shouldn’t All Be Pitched As ‘Tech Companies’

The latest episode of Exchanges at Goldman Sachs was recorded at the firm’s recent 2019 Builders + Innovators Summit, which convened nearly one hundred entrepreneurs from various industries to share their stories and learn from one another. Host Jake Siewert was joined by Investment Banking Division co-head Gregg Lemkau, as well as Brynn Putnam, founder of fitness startup Mirror, and Ryan Petersen of the logistics company Flexport. The group discussed today’s environment for entrepreneurship as well as the highs and lows of startup life. “The future of entrepreneurship is exciting,” Lemkau said. “And just being around people like [Putnam and Petersen], who started their own businesses, and the passion you feel for what they’re trying to build. I think the ability to start a business and scale it, given where technology is now, is phenomenal and only growing.” 
10/30/201924 minutes, 44 seconds
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What’s Next for Direct Listings and IPOs?

What’s all the buzz around direct listings? How are companies weighing IPOs vs. alternatives to raising capital in the public markets? Those questions were the focus of a recent panel at the Goldman Sachs Private Innovative Company Conference. Goldman Sachs’ Will Connolly, Spotify CFO Barry McCarthy, and Latham & Watkins partner Greg Rodgers sat down with Exchanges at Goldman Sachs host Jake Siewert to talk about Spotify’s own history with direct listings and what the future may hold for other companies planning to go public. “Companies’ needs and objectives are changing,” Connolly said, pointing to how technology has resulted in companies scaling much faster than in the past. “And when those needs and objectives change, it makes sense that people would seek out new ways to enter the public markets.” Adding context to the discussion, which was taped live in Las Vegas, Goldman Sachs’ David Ludwig joins Jake in the studio to talk more about the evolving needs of clients and how the firm is partnering to meet their objectives.
10/11/201925 minutes, 53 seconds
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What’s on David Solomon’s Mind as He Enters Year Two as CEO?

In this episode, David Solomon reflects on his first year as Goldman Sachs CEO: “I've been very focused on making sure that our client focus is at the center of everything we do, and that we really work with our clients as one firm,” he says. “We're a divisional firm, we've always been a divisional firm, but I think there's a great opportunity to make sure for our clients that we're delivering the whole firm.” Looking toward year two, Solomon says his priorities are about execution – from centralizing the firm's investing platforms to scaling new business initiatives, such as the Apple-Goldman Sachs credit card. “The big thing that we as a leadership team -- and I'm very personally focused on -- is the rollout of our broader strategy,” Solomon says.
10/1/201933 minutes, 18 seconds
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How Can Cities Adapt to Climate Change?

Adapting to a warmer world could drive one of the largest infrastructure build-outs in history, according to a new report from Goldman Sachs’ Global Markets Institute, titled Taking the heat: making cities resilient to climate change. The report acknowledges the importance of reducing carbon emissions but focuses on the need to adapt to ongoing changes in the climate. Cities, which are home to the majority of the world’s population and generate most of its GDP, will need to develop climate resilience across all types of infrastructure, including coastal protection, transportation, energy and communications. They will need to take an “all-of-the-above” approach to financing, according to Sandra Lawson, executive director of the Global Markets Institute, because “even the most prosperous cities are not going to be able to fund this alone.” Amanda Hindlian, chief operating officer of Global Investment Research and president of the Global Markets Institute, recommends that cities “start now” and allow for maximum flexibility, so that they can “benefit from input costs and economies of scale that that come from new technologies and that make these problems easier to address in economically feasible ways over time.”       
9/25/201917 minutes, 57 seconds
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What’s It Really Like to Be a Goldman Sachs Intern?

What’s it like to be a Goldman Sachs intern? In this episode, two interns from this past summer talk about their experiences at GS, as well as what they value in an employer—from diversity to work-life balance. Also in the studio was head of Human Capital Management Dane Holmes to discuss how the interns’ perspectives—and the results of a larger, firm-wide intern survey—translate into how employers are thinking about connecting with a younger generation of workers.
9/19/201928 minutes, 37 seconds
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Why Does Goldman Sachs President and COO John Waldron View Himself as COO First and President Second?

John Waldron is a busy man. He’s almost a year into his role as Goldman Sachs COO and President, and he’s also a father of six. In this episode, Waldron demystifies his day-to-day and explains why he’s even more focused on executing on the title “COO” than “president.” “My role right now really is to first learn the firm and understand the inner workings of the firm, and so that’s a really operationally intensive job, thus the chief operating officer component,” says Waldron. “The president job comes into play more on an external basis where you’re out with clients, with governments, with regulators and other external constituencies where that title has real resonance.” Waldron also discusses how younger employees can identify and invest in mentors, as well as the importance of recharging out of the office. For Waldron, that means getting home for dinner with his family if he has to head out to a client event later in the evening. “I’ll have a little bit of peanut butter and jelly and then I’ll have a steak tartare later on,” he tells podcast host Jake Siewert. 
9/13/201928 minutes, 6 seconds
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What Can Wall Street and Silicon Valley Learn From Each Other?

Technology is changing the structure of the financial industry, says Marty Chavez, global co-head of the Goldman Sachs Securities Division. In this episode, he discusses how the industry is reshaping. “If you look inside a financial services firm, you’ll find there has traditionally been a relatively small number of roles that we talk about—so there’d be bankers, salespeople and traders,” Chavez says. “Now, all of those simple, easy categories are going away and they’re going away fast, and it’s becoming much more complicated and much more multidimensional.” This breaking down of clear categories also changes how financial firms compete with each other. “The traditional notions of ‘You’re my competitor’ are giving away to something that looks much more like coopetition—maybe not my favorite word, but you compete in some areas and you cooperate in some other areas; and some other areas you might be a client, or they might be a client,” Chavez says.        
9/3/201950 minutes, 26 seconds
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Top of Mind: Dissecting the Market Disconnect

For this special episode of Exchanges, we’re running our newest podcast, Top of Mind at Goldman Sachs. Hosted by Allison Nathan, a senior strategist in Goldman Sachs Research, Top of Mind examines the macroeconomic issues that are shaping the global economy. In each episode, Allison interviews Goldman Sachs experts—as well as influential policymakers, academics, and investors—on market-moving topics. The series’ latest installment, Dissecting the Market Disconnect, takes a close look at the divergence between falling bond yields and rising equity prices. Bridgewater Associates’ Ray Dalio and Goldman Sachs’ Jan Hatzius join Allison to dive into this dynamic and understand how concerned investors should really be about economic growth.       
8/22/201922 minutes, 16 seconds
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Ride Hailing, Electric Scooters, Even Flying Cars – What’s Next for the Mobility Market?

The next 10 years of mobility will bring more change in the way that people and products move than any decade since the invention of the automobile, Goldman Sachs Research’s Heath Terry explains in this episode. Emerging technologies and business models like ride-hailing and sharing, autonomous driving and delivery, micro-mobility and even eVTOL (flying cars, finally) stand to disrupt profit pools that we estimate exceed $700 billion, and venture-backed startups and incumbents will attempt to address over $7 trillion in spending. Given the size of the opportunity, it should come as no surprise that access to capital has created a hyper-competitive environment marked by massive operating losses driven by marketing, subsidies, incentives, and capital investment. As this environment matures and rationalizes, Goldman Sachs Research expects consolidation that will lead to profitability, the establishment of category leaders, and significant opportunities for investors.
7/25/201923 minutes, 38 seconds
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Where Are Retailers Looking For Growth?

In this episode, Jennifer Davis, head of retail investment banking for Goldman Sachs, explains how retailers are expanding their growth strategies against a backdrop of continued e-commerce growth and shifting demographics. While Davis acknowledges that growth strategies are “very specific to a retailer or brand,” she outlines three key areas of focus for her clients: customer demographic growth, channel growth (including the rise of digitally native brands), and geographic growth.  
7/3/201923 minutes, 28 seconds
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Does Human Behavior Move the Markets?

Although financial markets tend to be explained largely in quantitative terms, human behavior still plays a major role in driving price action, says Sheba Jafari, head of technical analysis for Goldman Sachs’ Securities Division. Jafari, who looks at historical patterns to predict movements in markets, explains: “In my opinion, the mere fact that we have the existence of [asset] bubbles indicates that markets are still run by emotions -- fear, greed and hope.” Also in the episode, Jafari discusses the impact of AI and machine learning on trading decisions and her own unlikely path from film studies to finance.
6/26/201917 minutes, 41 seconds
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What is Alternative Risk Premia and Why are Investors Excited About It?

While systematic investing has origins in academia dating back to the 1950s, only in the past several years has it evolved into practical applications for portfolio construction. In this episode, Heather Shemilt and Tom Leake of the Goldman Sachs Securities Division explain how ARP strategies work and the diversification and customization benefits they offer investors. "Alternative risk premia, or ARP, are long/short strategies that are designed to generate positive returns in exchange for an investor taking risk," Shemilt explains. "These strategies are seeking to provide persistent exposure to these factors or risk premia, such as carry value or momentum...What's interesting is that ARP can be systematically harvested across all of the asset classes." Also in the episode, they discuss how the ARP industry will continue to evolve, including the impact of big data, AI and machine learning on these strategies, with Leake acknowledging adoption of these technologies is still in "early days." This podcast was recorded on May 15, 2019. All price references and market forecasts correspond to the date of this recording. This podcast should not be copied, distributed, published or reproduced, in whole or in part. The information contained in this podcast does not constitute research or a recommendation from any Goldman Sachs entity to the listener. Neither Goldman Sachs nor any of its affiliates makes any representation or warranty, as to the accuracy or completeness of the statements or any information contained in this podcast and any liability therefor (including in respect of direct, indirect or consequential loss or damage) is expressly disclaimed. The views expressed in this podcast are not necessarily those of Goldman Sachs, and Goldman Sachs is not providing any financial, economic, legal, accounting or tax advice or recommendations in this podcast. In addition, the receipt of this podcast by any listener is not to be taken as constituting the giving of investment advice by Goldman Sachs to that listener, nor to constitute such person a client of any Goldman Sachs entity. Copyright 2019 Goldman Sachs & Co. LLC. All rights reserved.
6/10/201937 minutes, 3 seconds
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Is Womenomics Working?

When Kathy Matsui first published research on "Womenomics," exploring the economic outcomes of women in the workforce, Japan had one of the lowest female participation rates in the developed world. Now, 20 years later, Japan's female participation rate is 71%, which tops the US and Europe. In this episode, Kathy Matsui joins us in the studio to discuss the progress that has been made over the next two decades and where challenges remain. "I believe Womenomics is working in Japan's context," Matsui says, though she notes that it remains "a work in progress" with significant room to improve the nation's gender leadership and pay gap. This podcast was recorded on April 23, 2019. All price references and market forecasts correspond to the date of this recording. This podcast should not be copied, distributed, published or reproduced, in whole or in part. The information contained in this podcast does not constitute research or a recommendation from any Goldman Sachs entity to the listener. Neither Goldman Sachs nor any of its affiliates makes any representation or warranty, as to the accuracy or completeness of the statements or any information contained in this podcast and any liability therefor (including in respect of direct, indirect or consequential loss or damage) is expressly disclaimed. The views expressed in this podcast are not necessarily those of Goldman Sachs, and Goldman Sachs is not providing any financial, economic, legal, accounting or tax advice or recommendations in this podcast. In addition, the receipt of this podcast by any listener is not to be taken as constituting the giving of investment advice by Goldman Sachs to that listener, nor to constitute such person a client of any Goldman Sachs entity. Copyright 2019 Goldman Sachs & Co. LLC. All rights reserved.
5/30/201929 minutes, 25 seconds
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What's the Business Case for Investing in America's Low-Income Communities?

The 2017 tax overhaul created incentives for investing in certain low-income communities across America, or "opportunity zones" as they're called. In this episode, Margaret Anadu, head of Goldman Sachs Urban Investment Group, explains the opportunity zone investing landscape and the role of private capital in revitalizing struggling communities. "There's no way we're going to change the situation in low-income communities and bring back all of that opportunity without the investment of private capital," Anadu says. This podcast was recorded on May 7, 2019. This podcast should not be copied, distributed, published or reproduced, in whole or in part. The information contained in this podcast is not financial research nor a product of Goldman Sachs Global Investment Research. Neither Goldman Sachs nor any of its affiliates makes any representation or warranty, as to the accuracy or completeness of the statements or any information contained in this podcast and any liability therefore (including in respect of direct, indirect or consequential loss or damage) is expressly disclaimed. The views expressed in this podcast are not necessarily those of Goldman Sachs, and Goldman Sachs is not providing any financial, economic, legal, accounting or tax advice or recommendations in this podcast. In addition, the receipt of this podcast by any listener is not to be taken as constituting the giving of investment advice by Goldman Sachs to that listener, nor to constitute such person a client of any Goldman Sachs entity. Copyright 2019 Goldman Sachs & Co. LLC. All rights reserved.
5/22/201922 minutes, 19 seconds
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Why Do Smaller Companies Receive Higher Valuations for New Initiatives?

In this episode, Steve Strongin of Goldman Sachs Research discusses a new report from Goldman Sachs' Global Markets Institute, titled "What the Market Pays For." One of the main findings is that equity investors tend to pay for persistence or what is sometimes called "visibility." Strongin also discusses why large corporations often feel that they aren't rewarded for innovation the way small firms are. The reason for this, Strongin explains, is how the market perceives the "deep pocket risk" involved. Investors worry that large firms may overspend on failing projects because they have the resources to do so. Smaller companies, however, don't have as much money to be able to do the same. Strongin also discusses how corporate reporting can be managed to improve firms' valuations. This podcast was recorded on May 1, 2019.. All price references and market forecasts correspond to the date of this recording. This podcast should not be copied, distributed, published or reproduced, in whole or in part. The information contained in this podcast does not constitute research or a recommendation from any Goldman Sachs entity to the listener. Neither Goldman Sachs nor any of its affiliates makes any representation or warranty, as to the accuracy or completeness of the statements or any information contained in this podcast and any liability therefor (including in respect of direct, indirect or consequential loss or damage) is expressly disclaimed. The views expressed in this podcast are not necessarily those of Goldman Sachs, and Goldman Sachs is not providing any financial, economic, legal, accounting or tax advice or recommendations in this podcast. In addition, the receipt of this podcast by any listener is not to be taken as constituting the giving of investment advice by Goldman Sachs to that listener, nor to constitute such person a client of any Goldman Sachs entity. Copyright 2019 Goldman Sachs & Co. LLC. All rights reserved.
5/9/201920 minutes, 2 seconds
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What's Keeping Insurers Up at Night?

The findings of Goldman Sachs Asset Management's (GSAM) annual insurance survey are in, and insurance companies generally believe that US markets are in late stages of the economic cycle. Of the companies surveyed, 84% indicated that the US will see a recession within the next two years, but only 2% think that the recession will come this year, explains GSAM's Mike Siegel. Given these views, along with the current environment of high equity valuations and low bond yields, the key consideration on insurers' minds, Siegel says, is "where to safely deploy their capital in order to get a recent return." This podcast was recorded on April 26, 2019. The views and opinions expressed herein should not be construed as an offer to buy or sell any securities and such views and opinions may differ from those of Goldman Sachs Global Investment Research or other departments or divisions of Goldman Sachs and its affiliates. This information may not be current and Goldman Sachs has no obligation to provide any updates or changes. Neither Goldman Sachs nor any of its affiliates makes any representation or warranty, as to the accuracy or completeness of the statements or any information contained in this podcast and any liability therefore (including in respect of direct, indirect or consequential loss or damage) is expressly disclaimed. Goldman Sachs is not providing any financial, economic, legal, accounting or tax advice in this podcast. In addition, the receipt of this podcast by any listener is not to be taken as constituting the giving of investment advice by any Goldman Sachs entity. The portfolio risk management process includes an effort to monitor and manage risk but does not imply low risk. Copyright 2019 Goldman Sachs & Co. LLC. All rights reserved.
5/6/201914 minutes, 39 seconds
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Why Are Savings Rates Back in Focus in the UK?

In the wake of the financial crisis, the low interest rate environment gave consumers little incentive to put their money into savings accounts. That's changing in the UK, says Goldman Sachs' Des McDaid, with savings rates "back on the agenda." In this episode, McDaid, who oversaw the launch of Marcus by Goldman Sachs in the UK, explains the factors driving the renewed demand for savings accounts and compares savings habits in the region to those around the world. This podcast was recorded on March 5, 2019. The views and opinions expressed herein should not be construed as an offer to buy or sell any securities and such views and opinions may differ from those of Goldman Sachs Global Investment Research or other departments or divisions of Goldman Sachs and its affiliates. This information may not be current and Goldman Sachs has no obligation to provide any updates or changes. Neither Goldman Sachs nor any of its affiliates makes any representation or warranty, as to the accuracy or completeness of the statements or any information contained in this podcast and any liability therefore (including in respect of direct, indirect or consequential loss or damage) is expressly disclaimed. Goldman Sachs is not providing any financial, economic, legal, accounting or tax advice in this podcast. In addition, the receipt of this podcast by any listener is not to be taken as constituting the giving of investment advice by any Goldman Sachs entity. The portfolio risk management process includes an effort to monitor and manage risk but does not imply low risk. Copyright 2019 Goldman Sachs & Co. LLC. All rights reserved.
4/30/201921 minutes, 36 seconds
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What's the Role of Private Capital Markets in Europe?

When banks reigned in their lending activities after the global financial crisis, there was a gap in the market as small-to-medium sized businesses had nowhere to go to raise capital that they needed to grow. In this episode, Greg Olafson and Nishi Somaiya of Goldman Sachs' Securities Division discuss how alternative asset managers have filled that gap in Europe through direct lending to middle-market companies. "This form of lending in Europe has evolved and has become an asset class in its own right, to the point where companies now have an option where they go [to raise capital]," Somaiya says. This podcast was recorded on March 6, 2019. This podcast should not be copied, distributed, published or reproduced, in whole or in part. The information contained in this podcast is not financial research nor a product of Goldman Sachs Global Investment Research. Neither Goldman Sachs nor any of its affiliates makes any representation or warranty, as to the accuracy or completeness of the statements or any information contained in this podcast and any liability therefore (including in respect of direct, indirect or consequential loss or damage) is expressly disclaimed. The views expressed in this podcast are not necessarily those of Goldman Sachs, and Goldman Sachs is not providing any financial, economic, legal, accounting or tax advice or recommendations in this podcast. This recording should not be relied upon to evaluate any potential transaction. In addition, the receipt of this podcast by any listener is not to be taken as constituting the giving of investment advice by Goldman Sachs to that listener, nor to constitute such person a client of any Goldman Sachs entity. Copyright 2019 Goldman Sachs & Co. LLC. All rights reserved.
4/23/201926 minutes, 9 seconds
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What's Next For Emerging Markets?

Emerging market economies are showing early signs of stabilization, according to Kevin Daly of Goldman Sachs Research, and a number of the factors that contributed to the weakness of EM economies last year have now been reversed. "There has already been the beginnings of a recovery from the lows pasted in September-October last year," he says. Also in the episode, Daly discusses the outlook for his core focus area, CEEMEA – Central and Eastern Europe, Middle East and Africa – and explains the impact of Turkey's economic turmoil. "We expect the recovery in Turkey to be very slow…but nevertheless, we do seem to be past the worst point of Turkish growth" he says. He argues that the long-term growth outlook for the region is positive. This podcast was recorded on March 6, 2019. All price references and market forecasts correspond to the date of this recording. This podcast should not be copied, distributed, published or reproduced, in whole or in part. The information contained in this podcast does not constitute research or a recommendation from any Goldman Sachs entity to the listener. Neither Goldman Sachs nor any of its affiliates makes any representation or warranty, as to the accuracy or completeness of the statements or any information contained in this podcast and any liability therefor (including in respect of direct, indirect or consequential loss or damage) is expressly disclaimed. The views expressed in this podcast are not necessarily those of Goldman Sachs, and Goldman Sachs is not providing any financial, economic, legal, accounting or tax advice or recommendations in this podcast. In addition, the receipt of this podcast by any listener is not to be taken as constituting the giving of investment advice by Goldman Sachs to that listener, nor to constitute such person a client of any Goldman Sachs entity. Copyright 2019 Goldman Sachs & Co. LLC. All rights reserved.
4/11/201918 minutes, 34 seconds
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How is Tech Reshaping the City Skyline?

Technology is changing the physical layout of cities, says Jim Garman, who runs real estate investing for Goldman Sachs' Merchant Banking Division in Europe. For instance, while e-commerce is driving down demand for brick-and-mortar storefronts, it's accelerating demand for warehouses and other logistical assets. "Logistics has become a very in-favor asset class for investors," Garman says. "Whereas retail has become a very out-of-favor asset class at the moment." Also in the episode, Garman discusses the change in office buildings, student housing, and more. This podcast was recorded on March 6, 2019. This podcast should not be copied, distributed, published or reproduced, in whole or in part. The information contained in this podcast does not constitute research or a recommendation from any Goldman Sachs entity to the listener. The views and opinions expressed herein should not be construed as an offer to buy or sell any securities and such views/opinions may differ from those of Goldman Sachs Global Investment Research or other departments or divisions of Goldman Sachs and its affiliates. Neither Goldman Sachs nor any of its affiliates makes any representation or warranty, as to the accuracy or completeness of the statements or any information contained in this podcast and any liability therefor (including in respect of direct, indirect or consequential loss or damage) is expressly disclaimed. The views expressed in this podcast are not necessarily those of Goldman Sachs, and Goldman Sachs is not providing any financial, economic, legal, accounting or tax advice or recommendations in this podcast. In addition, the receipt of this podcast by any listener is not to be taken as constituting the giving of investment advice by Goldman Sachs to that listener, nor to constitute such person a client of any Goldman Sachs entity. Copyright 2019 Goldman Sachs & Co. LLC. All rights reserved.
4/1/201925 minutes, 44 seconds
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Why ESG is Becoming a 'Business Imperative' for Asset Managers

Integrating ESG - environmental and social governance - into asset managers' portfolios is becoming a "business imperative," says Richard Manley, head of Environmental Social Governance Research in Goldman Sachs Research. In this episode, Manley explains the business case for ESG, why Europe is leading other regions and what households can do to lower their carbon footprint. This podcast was recorded on February 1, 2019. All price references and market forecasts correspond to the date of this recording. This podcast should not be copied, distributed, published or reproduced, in whole or in part. The information contained in this podcast does not constitute research or a recommendation from any Goldman Sachs entity to the listener. Neither Goldman Sachs nor any of its affiliates makes any representation or warranty, as to the accuracy or completeness of the statements or any information contained in this podcast and any liability therefor (including in respect of direct, indirect or consequential loss or damage) is expressly disclaimed. The views expressed in this podcast are not necessarily those of Goldman Sachs, and Goldman Sachs is not providing any financial, economic, legal, accounting or tax advice or recommendations in this podcast. In addition, the receipt of this podcast by any listener is not to be taken as constituting the giving of investment advice by Goldman Sachs to that listener, nor to constitute such person a client of any Goldman Sachs entity. Copyright 2019 Goldman Sachs & Co. LLC. All rights reserved.
3/25/201942 minutes, 18 seconds
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With Brexit Uncertainty and Sluggish Growth, Where Are European Investors Seeking Value?

From our office in London, this episode is all about Europe's investing environment, including how investors are preparing for possible Brexit scenarios, drivers of the region's economic slowdown and where clients are finding alpha. "The number one issue that clients in Europe are facing is how do we get returns," says Andrew Wilson, CEO of Goldman Sachs Asset Management for Europe, the Middle East and Africa, who explains how both macro and political uncertainties are weighing on investors' minds. This podcast was recorded on March 5, 2019. The views and opinions expressed herein should not be construed as an offer to buy or sell any securities and such views and opinions may differ from those of Goldman Sachs Global Investment Research or other departments or divisions of Goldman Sachs and its affiliates. This information may not be current and Goldman Sachs has no obligation to provide any updates or changes. Neither Goldman Sachs nor any of its affiliates makes any representation or warranty, as to the accuracy or completeness of the statements or any information contained in this podcast and any liability therefore (including in respect of direct, indirect or consequential loss or damage) is expressly disclaimed. Goldman Sachs is not providing any financial, economic, legal, accounting or tax advice in this podcast. In addition, the receipt of this podcast by any listener is not to be taken as constituting the giving of investment advice by any Goldman Sachs entity. The portfolio risk management process includes an effort to monitor and manage risk but does not imply low risk. Copyright 2019 Goldman Sachs & Co. LLC. All rights reserved.
3/18/201920 minutes, 12 seconds
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What Can Credit Markets Tell Us About the Chances of a US Recession?

A Goldman Sachs Research study of the last 100 years suggests US recessions can be boiled down to five major causes - and several (like industrial and oil supply shocks) look structurally less threatening today. But among those that still bear close watching are the financial balances of households and corporations, which GS Research's Chief Credit Strategist Lotfi Karoui says aren't showing signs of a private sector living beyond its means. Outstanding mortgage debt has declined drastically and consumer credit growth has slowed to a four-cycle low, while on the corporate side, strong profitability and debt-servicing capacity are providing a buffer for rising net leverage. That said, there are several pockets of risk - including the growth in leveraged loans, direct lending, and delinquencies in the subprime auto loan market - but Karoui thinks it's unlikely we'll see them drag the broader economy into a downturn. This podcast was recorded on February 26, 2019. All price references and market forecasts correspond to the date of this recording. This podcast should not be copied, distributed, published or reproduced, in whole or in part. The information contained in this podcast does not constitute research or a recommendation from any Goldman Sachs entity to the listener. Neither Goldman Sachs nor any of its affiliates makes any representation or warranty, as to the accuracy or completeness of the statements or any information contained in this podcast and any liability therefor (including in respect of direct, indirect or consequential loss or damage) is expressly disclaimed. The views expressed in this podcast are not necessarily those of Goldman Sachs, and Goldman Sachs is not providing any financial, economic, legal, accounting or tax advice or recommendations in this podcast. In addition, the receipt of this podcast by any listener is not to be taken as constituting the giving of investment advice by Goldman Sachs to that listener, nor to constitute such person a client of any Goldman Sachs entity. Copyright 2019 Goldman Sachs & Co. LLC. All rights reserved.
3/11/201926 minutes, 51 seconds
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France in Focus: CEOs Playing Offense and Defense

In France, Goldman Sachs Investment Banking clients are focused on key three risk factors, according to Goldman Sachs' Pierre Hudry: geopolitical outlook, market stability and rising shareholder activism. Amid the uncertainty, however, French management teams remain focused on scaling businesses to compete on the global stage. "Achieving scale and being able to compete notably with the US players, which are massively consolidating and the Chinese players, who are benefitting from the whole market is really top of mind for these corporates," Hudry says. This podcast was recorded on February 1, 2019. The information contained in this recording was obtained from publicly available sources and has not been independently verified by Goldman Sachs. Neither Goldman Sachs nor any of its affiliates makes any representation or warranty, as to the accuracy or completeness of the information contained in this recording and any liability as a result of this recording is expressly disclaimed. The recording should not be relied upon to evaluate any potential transaction. Goldman Sachs is not giving investment advice by means of this recording, and this recording does not establish a client relationship with Goldman Sachs. Copyright 2019 Goldman Sachs & Co. LLC. All rights reserved.
2/25/201921 minutes, 47 seconds
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Tech in Europe: Innovating Amidst Constraints

This episode is all about Europe's technology sector, from the pace of tech disruption and the growth of AI, to how companies are innovating in the face of political and regulatory constraints and more. Jo Hannaford of Goldman Sachs' Technology Division, points to Europe's geography as a key driver for development and innovation in technology in the region. "You feel like [in] Europe that [the countries'] physical distance doesn't really stop people being able to really...come together and communicate." This podcast was recorded on February 1, 2019. This podcast should not be copied, distributed, published or reproduced, in whole or in part. The information contained in this podcast is not financial research nor a product of Goldman Sachs Global Investment Research. Neither Goldman Sachs nor any of its affiliates makes any representation or warranty, as to the accuracy or completeness of the statements or any information contained in this podcast and any liability therefore (including in respect of direct, indirect or consequential loss or damage) is expressly disclaimed. The views expressed in this podcast are not necessarily those of Goldman Sachs, and Goldman Sachs is not providing any financial, economic, legal, accounting or tax advice or recommendations in this podcast. In addition, the receipt of this podcast by any listener is not to be taken as constituting the giving of investment advice by Goldman Sachs to that listener, nor to constitute such person a client of any Goldman Sachs entity. Copyright 2019 Goldman Sachs & Co. LLC. All rights reserved.
2/19/201931 minutes, 5 seconds
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China's 'Bumpy Deceleration'

The bumpy deceleration underway in China will be met with additional economic policy easing, albeit with some notable differences to previous stimulus, says Goldman Sachs Research's Andrew Tilton. He expects a slightly smaller and later stimulus relative to other slowdowns, leveraging not only Chinese policymakers' typical favored tools like infrastructure spending but also a tax cut. This podcast was recorded on February 1, 2019. All price references and market forecasts correspond to the date of this recording. This podcast should not be copied, distributed, published or reproduced, in whole or in part. The information contained in this podcast does not constitute research or a recommendation from any Goldman Sachs entity to the listener. Neither Goldman Sachs nor any of its affiliates makes any representation or warranty, as to the accuracy or completeness of the statements or any information contained in this podcast and any liability therefor (including in respect of direct, indirect or consequential loss or damage) is expressly disclaimed. The views expressed in this podcast are not necessarily those of Goldman Sachs, and Goldman Sachs is not providing any financial, economic, legal, accounting or tax advice or recommendations in this podcast. In addition, the receipt of this podcast by any listener is not to be taken as constituting the giving of investment advice by Goldman Sachs to that listener, nor to constitute such person a client of any Goldman Sachs entity. Copyright 2019 Goldman Sachs & Co. LLC. All rights reserved.
2/11/201920 minutes, 26 seconds
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The Scene from China: VC and Tech Reach New Scale

Last year, venture capital investment in China surpassed North American totals for the first time in history, bringing Chinese business models to a stage and scale that "the entire world needs to pay attention to" in the eyes of Goldman Sachs Research's Piyush Mubayi. Corporate venture capital plays a major role: the country's big tech companies are active investors domestically, and now they're also setting sights on new markets. In this episode, Mubayi joins Jake Siewert to discuss developments in China's corporate venture capital space, as well as trends he's seeing in the broader tech sector. This podcast was recorded on October 24, 2018. This podcast should not be copied, distributed, published or reproduced, in whole or in part. The information contained in this podcast does not constitute research or a recommendation from any Goldman Sachs entity to the listener. Neither Goldman Sachs nor any of its affiliates makes any representation or warranty, as to the accuracy or completeness of the statements or any information contained in this podcast and any liability therefor (including in respect of direct, indirect or consequential loss or damage) is expressly disclaimed. The views expressed in this podcast are not necessarily those of Goldman Sachs, and Goldman Sachs is not providing any financial, economic, legal, accounting or tax advice or recommendations in this podcast. In addition, the receipt of this podcast by any listener is not to be taken as constituting the giving of investment advice by Goldman Sachs to that listener, nor to constitute such person a client of any Goldman Sachs entity. Copyright 2019 Goldman Sachs & Co. LLC. All rights reserved.
2/4/201920 minutes, 20 seconds
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Commodities Outlook: Return of the New Oil Order

Making a comeback alongside higher spot prices this year will be the rapid growth in US shale, says Jeff Currie, with new pipeline capacity unlocking supply from the Permian Basin and re-anchoring the market around a fast-cycle, lower-cost New Oil Order. This podcast was recorded on January 10, 2019. All price references and market forecasts correspond to the date of this recording. This podcast should not be copied, distributed, published or reproduced, in whole or in part. The information contained in this podcast does not constitute research or a recommendation from any Goldman Sachs entity to the listener. Neither Goldman Sachs nor any of its affiliates makes any representation or warranty, as to the accuracy or completeness of the statements or any information contained in this podcast and any liability therefor (including in respect of direct, indirect or consequential loss or damage) is expressly disclaimed. The views expressed in this podcast are not necessarily those of Goldman Sachs, and Goldman Sachs is not providing any financial, economic, legal, accounting or tax advice or recommendations in this podcast. In addition, the receipt of this podcast by any listener is not to be taken as constituting the giving of investment advice by Goldman Sachs to that listener, nor to constitute such person a client of any Goldman Sachs entity. Copyright 2019 Goldman Sachs & Co. LLC. All rights reserved.
1/22/201929 minutes, 15 seconds
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Tech Talk 2019

"Startups right now are all using technology in different ways to drive growth, to drive expansion internationally...to continue to innovate their products..." says Kim Posnett of Goldman Sachs Investment Banking, who expects a strong IPO and M&A market for tech companies in 2019 given the pervasiveness of technological applications and access to capital. In this episode, Posnett discusses what to expect from the tech sector in the year ahead, from the biggest trends shaping internet and software businesses around the globe to how tech companies are thinking about IPOs to whether the pace of innovation among startups can continue and much more. This podcast was recorded on December 6, 2018. The information contained in this recording was obtained from publicly available sources and has not been independently verified by Goldman Sachs. Neither Goldman Sachs nor any of its affiliates makes any representation or warranty, as to the accuracy or completeness of the information contained in this recording and any liability as a result of this recording is expressly disclaimed. The recording should not be relied upon to evaluate any potential transaction. Goldman Sachs is not giving investment advice by means of this recording, and this recording does not establish a client relationship with Goldman Sachs. Copyright 2019 Goldman Sachs & Co. LLC. All rights reserved.
1/11/201918 minutes, 33 seconds
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Founders' Spotlight: What It's Really Like to Start and Scale a Business

"[As a founder] there is no stopping. The commitment is bottomless in a way that I've never had before...and so it requires a level of emotional resilience and balance that is not the easiest thing to do," says Josh Hoffman, co-founder and CEO of biotech startup Zymergen in the latest episode of the firm's podcast, Exchanges at Goldman Sachs. Hoffman joined Jen Rubio, co-founder and chief brand officer of luggage startup Away, and Dan Dees, co-head of Goldman Sachs' Investment Banking Division to discuss what it's really like to start and scale a company. This podcast was recorded on October 18, 2018. The information contained in this recording was obtained from publicly available sources and has not been independently verified by Goldman Sachs. Neither Goldman Sachs nor any of its affiliates makes any representation or warranty, as to the accuracy or completeness of the information contained in this recording and any liability as a result of this recording is expressly disclaimed. The recording should not be relied upon to evaluate any potential transaction. Goldman Sachs is not giving investment advice by means of this recording, and this recording does not establish a client relationship with Goldman Sachs. Copyright 2018 Goldman Sachs & Co. LLC. All rights reserved.
12/20/201832 minutes, 55 seconds
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From Pharmaceuticals to Medical Devices: What to Watch in China's Healthcare Sector

In our first ever podcast taped in Hong Kong, we're exploring one of the highest growth sectors in China: healthcare. Stephanie Hui, head of Goldman Sachs' Merchant Banking Division in Asia-Pacific, ex-Japan, joins us in the studio to discuss the drivers behind healthcare's explosive growth in China and how investors are viewing the industry's risk and reward. This podcast was recorded on October 22, 2018. This podcast should not be copied, distributed, published or reproduced, in whole or in part. The information contained in this podcast does not constitute research or a recommendation from any Goldman Sachs entity to the listener. The views and opinions expressed herein should not be construed as an offer to buy or sell any securities and such views/opinions may differ from those of Goldman Sachs Global Investment Research or other departments or divisions of Goldman Sachs and its affiliates. Neither Goldman Sachs nor any of its affiliates makes any representation or warranty, as to the accuracy or completeness of the statements or any information contained in this podcast and any liability therefor (including in respect of direct, indirect or consequential loss or damage) is expressly disclaimed. The views expressed in this podcast are not necessarily those of Goldman Sachs, and Goldman Sachs is not providing any financial, economic, legal, accounting or tax advice or recommendations in this podcast. In addition, the receipt of this podcast by any listener is not to be taken as constituting the giving of investment advice by Goldman Sachs to that listener, nor to constitute such person a client of any Goldman Sachs entity. Copyright 2018 Goldman Sachs & Co. LLC. All rights reserved.
11/27/201825 minutes, 40 seconds
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Closing the Gender Gaps: Advancing Women in Corporate America

In this episode, we sit down with Amanda Hindlian and Sandra Lawson, two of the authors of a Goldman Sachs Global Markets Institute report called "Closing the gender gaps: Advancing women in corporate America." The report aims to contribute to the ongoing dialogue surrounding gender equality by analyzing some of the drivers of the gender gaps in seniority and pay and by helping clients to address these obstacles and biases. This podcast was recorded on November 2, 2018. All price references and market forecasts correspond to the date of this recording. This podcast should not be copied, distributed, published or reproduced, in whole or in part. The information contained in this podcast does not constitute research or a recommendation from any Goldman Sachs entity to the listener. Neither Goldman Sachs nor any of its affiliates makes any representation or warranty, as to the accuracy or completeness of the statements or any information contained in this podcast and any liability therefor (including in respect of direct, indirect or consequential loss or damage) is expressly disclaimed. The views expressed in this podcast are not necessarily those of Goldman Sachs, and Goldman Sachs is not providing any financial, economic, legal, accounting or tax advice or recommendations in this podcast. In addition, the receipt of this podcast by any listener is not to be taken as constituting the giving of investment advice by Goldman Sachs to that listener, nor to constitute such person a client of any Goldman Sachs entity. Copyright 2018 Goldman Sachs & Co. LLC. All rights reserved.
11/12/201830 minutes, 2 seconds
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LIBOR's Long Goodbye

This episode is all about the London Interbank Offered Rate, or LIBOR as it's commonly called. Beth Hammack, Goldman Sachs' global treasurer, and Jason Granet, head of the firm's LIBOR transition efforts, discuss what LIBOR is, what went wrong with the interest rate and now why and how the financial industry is moving to an alternative rate. As far as what the shift away from LIBOR means for markets, Hammack says, "First and foremost I think the impact is going to be hopefully an improvement in safety and soundness." This podcast was recorded on September 27, 2018. The information contained in this recording was obtained from publicly available sources and has not been independently verified by Goldman Sachs. Neither Goldman Sachs nor any of its affiliates makes any representation or warranty, as to the accuracy or completeness of the information contained in this recording and any liability as a result of this recording is expressly disclaimed. The recording should not be relied upon to evaluate any potential transaction. Goldman Sachs is not giving investment advice by means of this recording, and this recording does not establish a client relationship with Goldman Sachs. Copyright 2018 Goldman Sachs & Co. LLC. All rights reserved.
10/29/201825 minutes, 9 seconds
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Talent and Technology: What's Driving Poland's Growth

Poland is sometimes overshadowed by its European neighbors, but it's an important player within the region, according to Goldman Sachs' Artur Tomala and Brent Watson. In this episode, Tomala and Watson describe Poland's economic, business and political environment and why robust job opportunities are leading many Poland emigrates to return home. "We're starting to see people come back," Watson says. "And it's all based upon the fundamental principle of having quality work." br> This podcast was recorded on August 2, 2018. The information contained in this recording was obtained from publicly available sources and has not been independently verified by Goldman Sachs. Neither Goldman Sachs nor any of its affiliates makes any representation or warranty, as to the accuracy or completeness of the information contained in this recording and any liability as a result of this recording is expressly disclaimed. The recording should not be relied upon to evaluate any potential transaction. Goldman Sachs is not giving investment advice by means of this recording, and this recording does not establish a client relationship with Goldman Sachs. Copyright 2018 Goldman Sachs & Co. LLLC. All rights reserved.
10/15/201822 minutes, 24 seconds
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Europe's Energy Evolution

Europe's energy sector is undergoing a transformation toward sustainable energy sources, says Goldman Sachs Research's Alberto Gandolfi. In this episode, Gandolfi discusses why clean energy has started to undercut the cost of conventional generation. "In several regions of Europe right now, renewables are way, way cheaper than any other technology. So we think they're going to displace conventional generation over the next decade," Gandolfi says. This podcast was recorded on August 2, 2018. All price references and market forecasts correspond to the date of this recording. This podcast should not be copied, distributed, published or reproduced, in whole or in part. The information contained in this podcast does not constitute research or a recommendation from any Goldman Sachs entity to the listener. Neither Goldman Sachs nor any of its affiliates makes any representation or warranty, as to the accuracy or completeness of the statements or any information contained in this podcast and any liability therefor (including in respect of direct, indirect or consequential loss or damage) is expressly disclaimed. The views expressed in this podcast are not necessarily those of Goldman Sachs, and Goldman Sachs is not providing any financial, economic, legal, accounting or tax advice or recommendations in this podcast. In addition, the receipt of this podcast by any listener is not to be taken as constituting the giving of investment advice by Goldman Sachs to that listener, nor to constitute such person a client of any Goldman Sachs entity. Copyright 2018 Goldman Sachs & Co. LLC. All rights reserved.
10/1/201824 minutes, 5 seconds
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Finding Value in Today's Investing Climate, from Emerging Markets to ESG

International Goldman Sachs Asset Management CEO Sheila Patel joins us in the studio to discuss key trends facing investors, from where opportunities remain in emerging markets assets to the growth of ESG investing to sovereign wealth funds' shift towards transparency. "Across the board [with both legacy and new sovereign wealth funds] what you've seen go on is an increase in transparency, a realization that the level of concern about their actions or what they might be doing could lead to a potential distrust or a disruption of their activities." This podcast was recorded on August 2, 2018. The views and opinions expressed herein should not be construed as an offer to buy or sell any securities and such views and opinions may differ from those of Goldman Sachs Global Investment Research or other departments or divisions of Goldman Sachs and its affiliates. This information may not be current and Goldman Sachs has no obligation to provide any updates or changes. Neither Goldman Sachs nor any of its affiliates makes any representation or warranty, as to the accuracy or completeness of the statements or any information contained in this podcast and any liability therefore (including in respect of direct, indirect or consequential loss or damage) is expressly disclaimed. Goldman Sachs is not providing any financial, economic, legal, accounting or tax advice in this podcast. In addition, the receipt of this podcast by any listener is not to be taken as constituting the giving of investment advice by any Goldman Sachs entity. The portfolio risk management process includes an effort to monitor and manage risk but does not imply low risk. Copyright 2018 Goldman Sachs & Co. LLC. All rights reserved.
9/17/201824 minutes, 5 seconds
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From Corporate Simplification to Recovering Growth: Europe's Business Environment

Europe's business environment is in focus as companies simplify their corporate structure, global trade tensions continue and the tech industry faces increased scrutiny. Marc Nachmann, co-head of the Goldman Sachs Investment Banking Division, joins us to talk through how these factors and more are shaping business decisions and M&A in Europe. "CEO confidence remains quite strong in light of strong U.S. GDP growth, European growth recovering, and a pretty good consumer environment almost everywhere," Nachmann says. "So business environment is pretty good, confidence is high, and as a result, everybody's pretty open-minded to consider strategic transactions." This podcast was recorded on August 2, 2018. The information contained in this recording was obtained from publicly available sources and has not been independently verified by Goldman Sachs. Neither Goldman Sachs nor any of its affiliates makes any representation or warranty, as to the accuracy or completeness of the information contained in this recording and any liability as a result of this recording is expressly disclaimed. The recording should not be relied upon to evaluate any potential transaction. Goldman Sachs is not giving investment advice by means of this recording, and this recording does not establish a client relationship with Goldman Sachs. Copyright 2018 Goldman Sachs & Co. LLC. All rights reserved.
9/10/201820 minutes, 42 seconds
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"Scale, Sophistication and Global Relevance" -- Asia's Private Equity Market

"The scale of deals we're seeing [in Asia] is something we've never seen before," says Alison Mass of the Goldman Sachs Investment Banking Division. While Mass has been traveling to Asia for more than twenty years to meet with private equity clients, her most recent business trip with colleague Brian DeCenzo felt different in terms of the industry's maturation and international sophistication. In this episode, Mass and DeCenzo explain why global private equity firms are raising multi-billion dollar funds in Asia, the impact of increased Chinese buyers in global auctions, how Asian companies are embracing innovation and more. This podcast was recorded on July 31, 2018. The information contained in this recording was obtained from publicly available sources and has not been independently verified by Goldman Sachs. Neither Goldman Sachs nor any of its affiliates makes any representation or warranty, as to the accuracy or completeness of the information contained in this recording and any liability as a result of this recording is expressly disclaimed. The recording should not be relied upon to evaluate any potential transaction. Goldman Sachs is not giving investment advice by means of this recording, and this recording does not establish a client relationship with Goldman Sachs. Copyright 2018 Goldman Sachs & Co. LLC. All rights reserved.
8/23/201825 minutes, 13 seconds
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Growth, Politics and Shareholder Activism: European Equities in Focus

Looking at investor returns, European equities are trailing U.S. peers while beating emerging-market stocks in 2018. As part of our closer look at emerging economic and market themes in Europe, Sharon Bell of Goldman Sachs Research discusses the factors that explain this performance, zeroing in on U.K., German and French stocks. Bell breaks down investors' preference for growth companies over value stocks that trade at cheaper prices, particularly against a backdrop of ongoing political uncertainty and a slower pace of economic growth in the region. As for her outlook for the rest of the year, Bell says European companies look poised to deliver decent earnings growth of around 10 percent in 2018 and equities' performance could improve if political concerns subside. This podcast was recorded on August 1, 2018. All price references and market forecasts correspond to the date of this recording. This podcast should not be copied, distributed, published or reproduced, in whole or in part. The information contained in this podcast does not constitute research or a recommendation from any Goldman Sachs entity to the listener. Neither Goldman Sachs nor any of its affiliates makes any representation or warranty, as to the accuracy or completeness of the statements or any information contained in this podcast and any liability therefor (including in respect of direct, indirect or consequential loss or damage) is expressly disclaimed. The views expressed in this podcast are not necessarily those of Goldman Sachs, and Goldman Sachs is not providing any financial, economic, legal, accounting or tax advice or recommendations in this podcast. In addition, the receipt of this podcast by any listener is not to be taken as constituting the giving of investment advice by Goldman Sachs to that listener, nor to constitute such person a client of any Goldman Sachs entity. Copyright 2018 Goldman Sachs & Co. LLC. All rights reserved.
8/17/201821 minutes, 27 seconds
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Why Technology is Not a Bubble

Is there a bubble in technology? Goldman Sachs Research's Peter Oppenheimer doesn't think so. Despite the recent stumbles in some of tech's biggest names, the sector continues to dominate global stock indexes. "The thing that's really set apart [today's] technology revolution as we're seeing it expressed in the stock market since the financial crisis is that these companies have been very successful," says Oppenheimer. "They've been very dominant in terms of returns, but they've also been extraordinarily successful in terms of their earnings power, and their valuations have not become that extreme." Oppenheimer draws attention to just how large the tech sector has become by comparing tech companies' valuations to country GDPs and discusses the challenges facing today's most dominant players. This podcast was recorded on July 19, 2018. All price references and market forecasts correspond to the date of this recording. This podcast should not be copied, distributed, published or reproduced, in whole or in part. The information contained in this podcast does not constitute research or a recommendation from any Goldman Sachs entity to the listener. Neither Goldman Sachs nor any of its affiliates makes any representation or warranty, as to the accuracy or completeness of the statements or any information contained in this podcast and any liability therefor (including in respect of direct, indirect or consequential loss or damage) is expressly disclaimed. The views expressed in this podcast are not necessarily those of Goldman Sachs, and Goldman Sachs is not providing any financial, economic, legal, accounting or tax advice or recommendations in this podcast. In addition, the receipt of this podcast by any listener is not to be taken as constituting the giving of investment advice by Goldman Sachs to that listener, nor to constitute such person a client of any Goldman Sachs entity. Copyright 2018 Goldman Sachs & Co. LLC. All rights reserved.
8/7/201828 minutes, 26 seconds
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Hallo Tech: Germany Adapts to the Digital Age

Germany is in focus in Europe and around the globe as its historically strong economy undergoes a transformation adapting to the digital age. As part of our closer look at emerging economic and market themes in Europe, we sat down with Wolfgang Fink, chief executive officer of Goldman Sachs Germany and Austria, to talk about Germany's economy and business trends, including how technology is impacting German corporations. "Technology change is affecting all large [German] corporates," Fink says. "Most importantly, with respect to access to their customers… the disruption of their business models, the change in their value chain." Also in the episode, Fink discusses the future of the European Union and political challenges facing Chancellor Merkel. This podcast was recorded on July 19, 2018. The information contained in this recording was obtained from publicly available sources and has not been independently verified by Goldman Sachs. Neither Goldman Sachs nor any of its affiliates makes any representation or warranty as to the accuracy or completeness of the information contained in this recording and any liability as a result of this recording is expressly disclaimed. This recording should not be relied upon to evaluate any potential transaction. Goldman Sachs is not giving investment advice by means of this recording, and this recording does not establish a client relationship with Goldman Sachs. Copyright 2018 Goldman Sachs & Co. LLC. All rights reserved.
8/3/201820 minutes, 20 seconds
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Getting Clarity on Personal Finance's Mobile Shift

From the financial problems facing Americans to how psychology explains people's saving and spending habits, this episode is all about money. Entrepreneur Adam Dell, founder of Clarity Money, a personal finance app that was acquired by Marcus by Goldman Sachs in April 2018, joins us to talk about all this and more, including how he created a mobile app to simplify individuals' money management. "Startups that have risen to prominence are focused on transparency, advocacy and simplicity - what I consider to be the tectonic shifts in consumer finance," he says. This podcast was recorded on June 14, 2018. This podcast should not be copied, distributed, published or reproduced, in whole or in part. The views expressed in this podcast are not necessarily those of Goldman Sachs, and Goldman Sachs is not providing any financial, economic, legal, accounting or tax advice or recommendations in this podcast. The information contained in this podcast was prepared for general information purposes only, does not constitute research, advice or a recommendation from any Goldman Sachs entity to the listener and are not a substitute for personalized financial advice. Neither Goldman Sachs nor any of its affiliates makes any representation or warranty as to the accuracy or completeness of the statements or any information contained in this podcast. Goldman Sachs and its affiliates expressly disclaim any liability (including any direct, indirect, or consequential loss or damage) for this podcast and its content. Copyright 2018 Goldman Sachs & Co. LLC. All rights reserved.
7/20/201819 minutes, 28 seconds
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Beneath Trade Clouds, China's Transition Opens Opportunities

Rising trade tensions with the United States should not obscure the importance of China's progress in transforming its economy and opening its markets, according to Goldman Sachs Research's Tim Moe. On the latest episode of our podcast, Exchanges at Goldman Sachs, he says the size of the Chinese economy and its diminished reliance on trade to fuel growth makes it resilient to the direct impact of trade tariffs. At the same time, the inclusion of China A shares in global benchmark stock indexes means the Chinese market is poised to become an even bigger player on the global equity stage. "We have a very strong view that the opening up of the A-share market is something that investors globally really need to take very seriously and prepare for," he says. With a market capitalization of $9.3 trillion-second in size to only the US stock market--"people are just going to have to care about this," Moe says. The approved A shares will be phased into the MSCI indexes slowly, but as their inclusion ramps, benchmarked funds will be required to hold a greater proportion of Chinese assets. And with that comes greater exposure to a deep market with "lots of opportunity for so-called alpha generation or stock-picking capability," Moe says. This podcast was recorded on June 28, 2018. All price references and market forecasts correspond to the date of this recording. All price references and market forecasts correspond to the date of this recording. This podcast should not be copied, distributed, published or reproduced, in whole or in part. The information contained in this podcast does not constitute research or a recommendation from any Goldman Sachs entity to the listener. Neither Goldman Sachs nor any of its affiliates makes any representation or warranty, as to the accuracy or completeness of the statements or any information contained in this podcast and any liability therefor (including in respect of direct, indirect or consequential loss or damage) is expressly disclaimed. The views expressed in this podcast are not necessarily those of Goldman Sachs, and Goldman Sachs is not providing any financial, economic, legal, accounting or tax advice or recommendations in this podcast. In addition, the receipt of this podcast by any listener is not to be taken as constituting the giving of investment advice by Goldman Sachs to that listener, nor to constitute such person a client of any Goldman Sachs entity. Copyright 2018 Goldman Sachs & Co. LLC. All rights reserved.
7/9/201831 minutes, 48 seconds
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Why Healthcare is (Finally) Chasing Consumers

From consumers' growing influence and vertical consolidation to the shift to value-based care and questions around drug pricing policy, there's a lot going on in the healthcare industry. Jo Natauri, global head of healthcare investing in Goldman Sachs' Merchant Banking Division, joins us in the studio to discuss what corporations and investors are focused on. "Operating-wise, these businesses are performing really well," Natauri says. "Healthcare is a defensive industry. But if you look at the environment right now, it's really tied to the risk around policy." This podcast was recorded on May 14, 2018. This podcast should not be copied, distributed, published or reproduced, in whole or in part. The information contained in this podcast does not constitute research or a recommendation from any Goldman Sachs entity to the listener. The views and opinions expressed herein should not be construed as an offer to buy or sell any securities and such views/opinions may differ from those of Goldman Sachs Global Investment Research or other departments or divisions of Goldman Sachs and its affiliates. Neither Goldman Sachs nor any of its affiliates makes any representation or warranty, as to the accuracy or completeness of the statements or any information contained in this podcast and any liability therefor (including in respect of direct, indirect or consequential loss or damage) is expressly disclaimed. The views expressed in this podcast are not necessarily those of Goldman Sachs, and Goldman Sachs is not providing any financial, economic, legal, accounting or tax advice or recommendations in this podcast. In addition, the receipt of this podcast by any listener is not to be taken as constituting the giving of investment advice by Goldman Sachs to that listener, nor to constitute such person a client of any Goldman Sachs entity. Copyright 2018 Goldman Sachs & Co. LLC. All rights reserved.
6/21/201832 minutes, 39 seconds
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What Happened to the American Pension?

Fifty years ago, if you asked Americans how they mainly saved for retirement, chances are they'd answer: "my pension." That's no longer the case. After surging in the post-World War II years, corporate pensions have been on the decline in the US over the past couple decades, largely driven by a stricter regulatory environment and long period of low interest rates, says Goldman Sachs' Michael Moran. With fewer corporations offering comprehensive pension plans, Moran says it will be up to individuals to carry the burden of retirement savings. "It's going to be falling on a lot of individuals in terms of saving for retirement, investing money themselves and then realizing how long they're going to have to use that money in retirement." This podcast was recorded on April 13th, 2018. The views and opinions expressed herein should not be construed as an offer to buy or sell any securities and such views and opinions may differ from those of Goldman Sachs Global Investment Research or other departments or divisions of Goldman Sachs and its affiliates. This information may not be current and Goldman Sachs has no obligation to provide any updates or changes. Neither Goldman Sachs nor any of its affiliates makes any representation or warranty, as to the accuracy or completeness of the statements or any information contained in this podcast and any liability therefore (including in respect of direct, indirect or consequential loss or damage) is expressly disclaimed. Goldman Sachs is not providing any financial, economic, legal, accounting or tax advice in this podcast. In addition, the receipt of this podcast by any listener is not to be taken as constituting the giving of investment advice by any Goldman Sachs entity. The portfolio risk management process includes an effort to monitor and manage risk but does not imply low risk. Copyright 2018 Goldman Sachs & Co. LLC. All rights reserved.
6/11/201825 minutes, 34 seconds
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At the Movies: Battling Box-Office Blues in an Age of Streaming

From subscription services with generous discounts on concessions to comfier theaters, the film industry is moving aggressively to get more people off their sofas and to the box office, says Drew Borst of Goldman Sachs Research, so far with mixed results. Some efforts (think: reclining seats) are likely to prove more successful than others (think: forays into alternative content like eSports), he says. But one constant is likely to be a heavier reliance on big-budget blockbusters to draw audiences even as TV ups its game. "In television, the hits keep getting smaller and smaller and smaller as the supply has ballooned. It's become a crowded marketplace, and it's difficult for even a very well-produced, high-quality series to stand out," Borst says. "In movies, it's just the opposite. The hits are getting bigger and bigger...in the United States, but also globally." This podcast was recorded on May 16, 2018. All price references and market forecasts correspond to the date of this recording. This podcast should not be copied, distributed, published or reproduced, in whole or in part. The information contained in this podcast does not constitute research or a recommendation from any Goldman Sachs entity to the listener. Neither Goldman Sachs nor any of its affiliates makes any representation or warranty, as to the accuracy or completeness of the statements or any information contained in this podcast and any liability therefore (including in respect of direct, indirect or consequential loss or damage) is expressly disclaimed. The views expressed in this podcast are not necessarily those of Goldman Sachs, and Goldman Sachs is not providing any financial, economic, legal, accounting or tax advice or recommendations in this podcast. In addition, the receipt of this podcast by any listener is not to be taken as constituting the giving of investment advice by Goldman Sachs to that listener, nor to constitute such person a client of any Goldman Sachs entity. Copyright 2018 Goldman Sachs & Co. LLC. All rights reserved.
5/24/201832 minutes, 49 seconds
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Beyond VR and AR: Extended Reality to Transform Our Lives as Consumers

It's not a matter of if Extended Reality (XR) will touch all aspects of our lives-it's a matter of when, says Heather Bellini of Goldman Sachs Research. By 2025, XR is projected to generate over $100 billion in sales, with the consumer and e-commerce sectors being its biggest beneficiaries. The technology carries broad implications for healthcare, education and real estate as well. "Ultimately, this AR/VR/mixed reality movement will change the way we interact with technology forever," Bellini says. This podcast was recorded on April 5, 2018. All price references and market forecasts correspond to the date of this recording. This podcast should not be copied, distributed, published or reproduced, in whole or in part. The information contained in this podcast does not constitute research or a recommendation from any Goldman Sachs entity to the listener. Neither Goldman Sachs nor any of its affiliates makes any representation or warranty, as to the accuracy or completeness of the statements or any information contained in this podcast and any liability therefor (including in respect of direct, indirect or consequential loss or damage) is expressly disclaimed. The views expressed in this podcast are not necessarily those of Goldman Sachs, and Goldman Sachs is not providing any financial, economic, legal, accounting or tax advice or recommendations in this podcast. In addition, the receipt of this podcast by any listener is not to be taken as constituting the giving of investment advice by Goldman Sachs to that listener, nor to constitute such person a client of any Goldman Sachs entity. Copyright 2018 Goldman Sachs & Co. LLC. All rights reserved.
5/21/201823 minutes, 10 seconds
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eSports: The New Global Pastime

eSports - professional video gaming - has over 350 million viewers worldwide. In this episode, Ryan Nolan, global head of digital gaming in Goldman Sachs' Investment Banking Division, and his colleague Moritz Baier, a former eSports world champion, discuss how eSports is going mainstream after facing early skepticism. "I think the entire ecosystem is going to enjoy richer valuations, greater monetization opportunities and broader reach with time," Nolan said. This podcast was recorded on March 14, 2018. The information contained in this recording was obtained from publicly available sources and has not been independently verified by Goldman Sachs. Neither Goldman Sachs nor any of its affiliates makes any representation or warranty, as to the accuracy or completeness of the information contained in this recording and any liability as a result of this recording is expressly disclaimed. The recording should not be relied upon to evaluate any potential transaction. Goldman Sachs is not giving investment advice by means of this recording, and this recording does not establish a client relationship with Goldman Sachs. Copyright 2018 Goldman Sachs & Co. LLC. All rights reserved.
5/8/201826 minutes, 19 seconds
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Oil Investing Enters "The Age of Restraint"

The oil and natural gas investment cycle is entering an "age of restraint," according to a newly-published report from Goldman Sachs Research. In this episode, we sit down with Michele Della Vigna, Commodity Equity business unit leader in EMEA, to understand what this means for the sector. "The period of restraint is a period where fear around long-term demand distraction from decarbonization and electric vehicles is forcing the industry to really rationalize its capital investment," Della Vigna says. This podcast was recorded on April 16, 2018. All price references and market forecasts correspond to the date of this recording. This podcast should not be copied, distributed, published or reproduced, in whole or in part. The information contained in this podcast does not constitute research or a recommendation from any Goldman Sachs entity to the listener. Neither Goldman Sachs nor any of its affiliates makes any representation or warranty, as to the accuracy or completeness of the statements or any information contained in this podcast and any liability therefor (including in respect of direct, indirect or consequential loss or damage) is expressly disclaimed. The views expressed in this podcast are not necessarily those of Goldman Sachs, and Goldman Sachs is not providing any financial, economic, legal, accounting or tax advice or recommendations in this podcast. In addition, the receipt of this podcast by any listener is not to be taken as constituting the giving of investment advice by Goldman Sachs to that listener, nor to constitute such person a client of any Goldman Sachs entity. Copyright 2018 Goldman Sachs & Co. LLC. All rights reserved.
4/27/201821 minutes, 59 seconds
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Is Bitcoin a (Bursting) Bubble?

As cryptocurrency volatility continues, Steve Strongin, Charlie Himmelberg and Jeff Currie of Goldman Sachs Research reaffirm their cautious stance on the long-term viability of bitcoin and other first-generation cryptocurrencies. "This should be a battle of the best technology, and instead it seems to be a common wave of enthusiasm," says Strongin, head of GS Research, of the buzz surrounding the first generation. "Certainly these technologies offer some promise, but on the other hand, when you think about how much they will need to change to meet that need, you realize…how different those future generations are going to be." This podcast was recorded on April 10, 2018. All price references and market forecasts correspond to the date of this recording. This podcast should not be copied, distributed, published or reproduced, in whole or in part. The information contained in this podcast does not constitute research or a recommendation from any Goldman Sachs entity to the listener. Neither Goldman Sachs nor any of its affiliates makes any representation or warranty, as to the accuracy or completeness of the statements or any information contained in this podcast and any liability therefor (including in respect of direct, indirect or consequential loss or damage) is expressly disclaimed. The views expressed in this podcast are not necessarily those of Goldman Sachs, and Goldman Sachs is not providing any financial, economic, legal, accounting or tax advice or recommendations in this podcast. In addition, the receipt of this podcast by any listener is not to be taken as constituting the giving of investment advice by Goldman Sachs to that listener, nor to constitute such person a client of any Goldman Sachs entity. Copyright 2018 Goldman Sachs & Co. LLC. All rights reserved.
4/19/201826 minutes, 15 seconds
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From Mobile Wallets to Blockchain: How Fintech is Growing Up

The fintech sector has been evolving rapidly as new startups emerge and large financial institutions figure out how to adapt...or else get left behind. To understand where we are in the "three waves of fintech," we spoke with Jeff Gido, global head of the financial technology sector in Goldman Sachs' Investment Banking Division. "We're seeing much more two-way dialogue [between financial services incumbents and startups]. We're seeing much more cooperation, much more partnerships. And we're actually seeing a lot of investment by traditional financial services into these fintech startups." This podcast was recorded on March 8, 2018. The information contained in this recording was obtained from publicly available sources and has not been independently verified by Goldman Sachs. Neither Goldman Sachs nor any of its affiliates makes any representation or warranty, as to the accuracy or completeness of the information contained in this recording and any liability as a result of this recording is expressly disclaimed. The recording should not be relied upon to evaluate any potential transaction. Goldman Sachs is not giving investment advice by means of this recording, and this recording does not establish a client relationship with Goldman Sachs. Copyright 2018 Goldman Sachs & Co. LLC. All rights reserved.