Goldman Sachs Exchanges
466 episodes - English - Latest episode: 2 days ago - ★★★★ - 769 ratingsIn each episode of "Goldman Sachs Exchanges," people from the firm share their insights on developments shaping industries, markets and the global economy.
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Episodes
Are inflation fears overblown? The outlook for inflation, US growth, and long-term rates
April 16, 2024 04:00 - 22 minutesGoldman 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.
Global insurers turn to private credit — and AI
April 09, 2024 04:00 - 19 minutesWhere 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.
Capital Group’s Rob Lovelace on long-term investing, succession planning, and leadership lessons
April 02, 2024 04:00 - 42 minutesCapital 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, indus...
Are the largest US stocks too dominant?
March 26, 2024 04:00 - 19 minutesThe 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 reflec...
Global transit & trade: in rough waters
March 19, 2024 04:00 - 32 minutesTransit 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.
High mortgage rates, limited inventory continue to challenge the US housing market
March 12, 2024 04:00 - 21 minutesHigh 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.
What’s ahead for retail: how retail CEOs are navigating a more complex environment
March 05, 2024 05:00 - 37 minutesRetailers 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 ...
Beyond roads, bridges, and tunnels: the megatrends shaping infrastructure investments
February 28, 2024 05:00 - 23 minutesClimate 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.
Dimensional’s Founder and Chairman David Booth on being an index pioneer, working with Nobel laureates, and investing through uncertainty
February 23, 2024 05:00 - 35 minutesDavid 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.
Shifting supply and demand dynamics buffer oil market
February 21, 2024 14:48 - 21 minutesOil 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.
2024: the year of elections
February 13, 2024 05:00 - 25 minutesWith 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.
Investing in a post-modern ‘super cycle’
February 06, 2024 05:00 - 23 minutesLonger-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:...
The Future of Four Wheels: Episode 4, How a New Kind of Car Will Change Our World
February 01, 2024 05:00 - 28 minutesIn 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.
The Future of Four Wheels: Episode 3, The New New-Car Business
January 31, 2024 05:00 - 34 minutesIn 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.
The Future of Four Wheels: Episode 2, Building the Car of the Future
January 30, 2024 05:00 - 29 minutesIn 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.
The Future of Four Wheels: Episode 1, The Twin Revolution
January 29, 2024 05:00 - 26 minutesIn 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.
Goldman Sachs Chairman and CEO David Solomon on the global economy, the deal-making environment, and the firm’s strategic priorities
January 23, 2024 05:00 - 19 minutesGoldman Sachs Chairman and CEO 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.
America Powers On: Why US equities are still poised to outperform in 2024
January 18, 2024 20:36 - 22 minutesGoldman 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.
US presidential elections outlook: Implications for policy and markets
January 09, 2024 21:13 - 27 minutesAs 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.
KKR’s Henry Kravis on private equity, culture, and global markets
January 05, 2024 05:00 - 54 minutesIn 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.
Uncharted territory: Navigating a ‘geopolitical recession’
January 03, 2024 20:30 - 34 minutesAgainst 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.
Asset allocation outlook: The case for greater portfolio diversification in 2024
December 20, 2023 05:00 - 32 minutesAs 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.
Focus on financials: Why banks and asset managers are constructive about the economy in 2024
December 18, 2023 05:16 - 28 minutesHow 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.
Middle East risks
December 15, 2023 05:00 - 26 minutesIn 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 la...
M&A in 2024: Navigating opportunities and challenges
December 12, 2023 05:00 - 20 minutesAfter 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.
Blackstone’s Kathleen McCarthy on the forces shaping the real estate industry
December 05, 2023 05:00 - 51 minutesAs 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.
What China’s struggling property sector means for the global economy and markets
November 28, 2023 05:00 - 27 minutesChina’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.
What’s the outlook for deal-making, corporate and investor sentiment, and markets?
November 21, 2023 18:27 - 35 minutesIn 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.
Why the global economy and markets can continue to outperform in 2024
November 14, 2023 21:22 - 28 minutesGoldman 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.
BlackRock’s Tony Kim on the ‘dawn of a new intelligence era’
November 10, 2023 18:08 - 39 minutesIn 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.
The $100 billion opportunity: How anti-obesity drugs are reshaping healthcare and consumer behavior
November 07, 2023 05:00 - 26 minutesGoldman 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.
Impactive Capital’s private equity approach to ESG-oriented activism
November 03, 2023 04:00 - 34 minutesLauren 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.
Is US outperformance at a turning point?
November 01, 2023 16:41 - 25 minutesThe 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 ...
Unlocking the AI M&A Supercycle
October 24, 2023 20:44 - 23 minutesThe 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.”
Commercial real estate risks
October 17, 2023 04:00 - 24 minutesUS 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.
Implications of a higher-for-longer rate regime
October 11, 2023 22:01 - 25 minutesGlobal 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.
General Catalyst CEO Hemant Taneja on mission-driven investing, health assurance, and AI’s transformation advantage
October 06, 2023 04:00 - 42 minutesGeneral 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.
Why most Americans aren’t saving enough for retirement
October 03, 2023 18:51 - 23 minutesAn 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.
The IPO market’s soft opening
September 26, 2023 15:27 - 15 minutesSigns 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.
Tech companies are investing in growth
September 19, 2023 04:00 - 22 minutesAfter 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.
Emerging market equities poised to overtake developed market equities
September 15, 2023 04:00 - 15 minutesDeveloped 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.
How companies, private equity firms, and institutional investors are navigating the global economy
September 12, 2023 21:01 - 25 minutesGoldman 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.
A conversation with Renaissance Technologies CEO Peter Brown
September 11, 2023 04:00 - 40 minutesIn 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.
The Fed is likely finished hiking rates as the US avoids recession
September 07, 2023 14:25 - 23 minutesWorries 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.
The economic potential of closing gender and racial gaps
August 22, 2023 04:00 - 27 minutesGoldman Sachs Research’s Sharon Bell and Gizelle George-Joseph discuss the progress, challenges, and opportunities facing women and Black Americans, respectively, and why reducing racial, gender, and economic inequities could ultimately raise global growth over the long term.
The music industry’s turning point
August 18, 2023 04:00 - 26 minutesThe 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.
BlackRock’s Rick Rieder on his career, the markets, and investing in the current environment
August 17, 2023 04:00 - 29 minutesAs 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.
Corporate credit concerns
August 15, 2023 17:16 - 22 minutesHigher interest rates are making it more expensive for companies to borrow money. So what could that mean for the health of corporate America? Saba Capital Management’s Boaz Weinstein, founder and CIO, and Goldman Sachs’ Lotfi Karoui, chief credit strategist, discuss the outlook for U.S. credit markets. This episode of Goldman Sachs Exchanges is based on Goldman Sachs Research’s latest Top of Mind report.
Germany: a country at the crossroads
August 08, 2023 04:00 - 23 minutesGermany 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.
Why the U.K.’s high inflation has global implications
August 01, 2023 14:14 - 25 minutesMore 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.