Goldman Sachs Exchanges

As one of the largest investors in the world, insurers can have an outsized impact on markets and investment flows. In the latest episode of Goldman Sachs Exchanges, Goldman Sachs’ Mike Siegel and Matt Armas, who share findings from their 14th annual Global Insurance Survey, discuss how insurers are adapting to economic challenges and opportunities. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcribed - Published: 25 April 2025

The Trump administration’s tariff moves are turning US trade policy on its head — and fueling concerns about the US economic outlook. So will tariffs send the US into a recession? And, if so, what might that recession look like? Economist and Nobel Laureate Paul Krugman, Goldman Sachs Research’s Jan Hatzius, and American Compass’ Oren Cass speak with Goldman Sachs Research’s Allison Nathan about the implications of the radical shifts in tariff policies for the US economy. This episode explores the latest Top of Mind report.   Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcribed - Published: 23 April 2025

On the latest episode of Goldman Sachs Exchanges: Great Investors, Jeffrey Perlman, CEO of Warburg Pincus, shares insights on navigating a challenging private equity landscape, the firm's strategic focus on diversification, and where he sees the next big investment opportunities. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcribed - Published: 21 April 2025

How will rising uncertainty about the global economy and markets affect the outlook for private credit? Goldman Sachs’ James Reynolds, global co-head of private credit in Goldman Sachs Asset Management, and Lotfi Karoui, chief credit strategist and head of credit, mortgages and structured products research in Goldman Sachs Research, discuss the risks and opportunities. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcribed - Published: 15 April 2025

Jan Hatzius, head of Goldman Sachs Research and the firm's chief economist, and Dominic Wilson, senior advisor in the Global Markets Research Group, discuss the impact of rapidly shifting tariff policies on the global economy and markets. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcribed - Published: 11 April 2025

Recession fears are rising, so how can investors hedge their portfolios? Goldman Sachs Research’s Daan Struyven, Co-Head of Global Commodities Research and Head of Oil Research, joins Senior Strategist Allison Nathan to explore the strategic use of gold and oil as recession hedges. This episode was recorded on April 8, 2025. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcribed - Published: 9 April 2025

In this episode of Goldman Sachs Exchanges: Great Investors, Alison Mass, chairman of investment banking in Goldman Sachs Global Banking & Markets, sits down with David Gross, co-managing partner of Bain Capital, to explore the evolving global landscape of private equity and alternative investments. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcribed - Published: 1 April 2025

How will corporations use AI – and what will the technology’s adoption ultimately mean for corporate strategy? Marco Argenti, Goldman Sachs’ chief information officer, discusses with George Lee and Allison Nathan in the second episode of this special podcast series. This episode was recorded on March 6, 2025. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcribed - Published: 25 March 2025

In the latest episode of Goldman Sachs Exchanges: Great Investors, Don Mullen, founder and CEO of Pretium, a real estate-focused investment firm with about $57 billion in assets under management, shares his views on the housing market, leading a firm, and his predictions about the future of real estate as an asset class.   This episode was recorded on February 19, 2025. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcribed - Published: 21 March 2025

In recent weeks, the extra yield that investors demand for investing in corporate bonds has risen substantially. Is this a sign that credit investors are becoming concerned about the economic outlook? Where are the opportunities in global credit markets now? Lotfi Karoui, Chief Credit Strategist and Head of Credit, Mortgages and Structured Products Research, discusses with Allison Nathan. This episode was recorded on March 14, 2025. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcribed - Published: 18 March 2025

Goldman Sachs Research’s David Mericle, chief US economist, discusses the implications of tariff policies on inflation, growth, and monetary policy. This episode was recorded on March 10, 2025. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcribed - Published: 11 March 2025

Trump has announced several tariffs since his inauguration, and there are signs that bigger and broader tariffs could still be ahead. Is this mostly talk, or does Trump really intend to usher in a new era for international trade? Jeff Gerrish, who served as Deputy US Trade Representative for Asia, Europe, the Middle East, and Industrial Competitiveness during Trump’s first term, discusses with Allison Nathan. This episode explores the latest Top of Mind report. This episode was recorded on February 20 and March 3, 2025. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcribed - Published: 4 March 2025

Capstone’s founder and CEO Paul Britton discusses evolution of the derivatives market, how he thinks about managing people and risk, and why the VIX is relatively low against a tumultuous economic backdrop. For more insights from great investors, listen to previous episodes from our Great Investors series.  This episode was recorded on February 20, 2025. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcribed - Published: 28 February 2025

How are the latest government policies affecting the global economy and markets? 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, discuss how tariffs, inflation, and higher yields are shaping the outlook for 2025.   This episode was recorded on February 13, 2025. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcribed - Published: 18 February 2025

Does the recent tariff rhetoric suggest that we're entering a global trade war? Goldman Sachs Research’s Alec Phillips, Joseph Briggs, and Kamakshya Trivedi explain the implications of the recent tariff policies—both announced and expected—for global economies and markets.  Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcribed - Published: 13 February 2025

The introduction of low-cost AI models is raising questions about AI infrastructure and the high spending on AI by the world’s largest technology companies. In this inaugural episode of a special podcast series, AI Exchanges, Co-Hosts Allison Nathan and George Lee discuss the issues surrounding the costs of AI development and implementation, and the impact on deal-making, with Kim Posnett, global co-head of Investment Banking in Goldman Sachs’ Global Banking & Markets business. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcribed - Published: 4 February 2025

Goldman Sachs Chairman and CEO David Solomon shares his views on why he sees a “more constructive” business environment and a pickup in capital markets activity in 2025. In the latest episode of Goldman Sachs Exchanges, Solomon explains how businesses are harnessing AI for their own businesses, and how Goldman Sachs is thinking about its strategic priorities, including the growth of private credit. Date of recording: January 27, 2025

Transcribed - Published: 29 January 2025

Global bond yields have been exceptionally volatile in recent weeks. Goldman Sachs’ Jonathan Fine and George Cole explain the drivers behind that volatility and the implications for the economy and investors on Goldman Sachs Exchanges. Date of recording: January 17, 2025

Transcribed - Published: 21 January 2025

Goldman Sachs’ Sharmin Mossavar-Rahmani, head of the Investment Strategy Group (ISG) and chief investment officer of Goldman Sachs Wealth Management, shares ISG’s 2025 outlook, Keep on Truckin’, and why the team’s long-held investment recommendations—US preeminence and staying invested—remain intact.

Transcribed - Published: 14 January 2025

2024 was a great year for many US investors, but will the same strategies that worked so well keep working in 2025? 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, share their asset allocation outlooks for the year ahead.

Transcribed - Published: 8 January 2025

Financial services firms are facing one of the most constructive backdrops in years, helped by a steepening yield curve, an expected recovery in the capital markets, and a potential easing of regulations under a second Trump administration, say Goldman Sachs Research’s Richard Ramsden, business unit leader of the financials group, and Alex Blostein, who covers the asset management industry, on Goldman Sachs Exchanges. Date of recording: December 16, 2024

Transcribed - Published: 20 December 2024

The pace of mergers and acquisitions around the world gained momentum this year, and there are signs that deal-making will accelerate in 2025, say Stephan Feldgoise and Mark Sorrell, the co-heads of the global mergers and acquisitions business in Goldman Sachs Global Banking & Markets, on Goldman Sachs Exchanges.   Date of recording: December 11, 2024

Transcribed - Published: 18 December 2024

Goldman Sachs Research’s Hui Shan, chief China economist, and Peking University Guanghua School of Management’s Michael Pettis discuss just how effective China’s domestic policy stimulus will be in addressing the country’s internal and external economic challenges. This episode explores the latest Top of Mind report, “Will China’s policy stimulus be enough?”

Transcribed - Published: 16 December 2024

With record-breaking attendance at games and viewership of televised games, the groundswell of enthusiasm for women’s sports has created a cultural movement. How should investors think about the opportunity in women’s sports, and how might the growth trajectory of the professional women’s leagues compare to the equivalent men’s leagues? In the final episode of a four-part series on the changing dynamics in the business of sports, host Nicole Pullen Ross discusses the business forces driving growth in women’s sports with Stacy Sonnenberg, Head of Global Sports Finance. Nicole is also joined by Willow Bay, Dean of the USC Annenberg School of Journalism and the new controlling owner of the National Women’s Soccer League’s Angel City FC. Bay shares her perspective on leading the most highly valued franchise in the league during this watershed moment for women’s sports. Nicole Pullen Ross is Head of Sports and Entertainment for Goldman Sachs Private Wealth Management. She is also Head of the Private Wealth Management business for the New York region at Goldman Sachs.

Transcribed - Published: 13 December 2024

Goldman Sachs Research’s Chief US Economist David Mericle shares what investors are expecting under the second Trump administration and how those policy assumptions are reflected in market pricing.

Transcribed - Published: 9 December 2024

In the third episode of a four-part series on the changing dynamics in the business of sports, host Nicole Pullen Ross discusses the physical fan experience with Greg Carey, Global Co-Head of Sports Investment Banking, and Stacy Sonnenberg, Head of Global Sports Finance. They discuss what’s driving interest in the new sports-entertainment complexes, the creative ways of financing these infrastructure projects, and what it all means for teams and their fans. Nicole is also joined by Gillian Zucker, CEO of Halo Sports and Entertainment and President of Business Operations for the LA Clippers, to discuss how the team intends to make its new home — the Intuit Dome — a “basketball mecca.” Nicole Pullen Ross is Head of Sports and Entertainment for Goldman Sachs Private Wealth Management. She is also Head of the Private Wealth Management business for the New York region at Goldman Sachs.

Transcribed - Published: 6 December 2024

The top 10 stocks in the S&P 500 account for an outsized share of the index’s market cap and of its stellar 2024 performance. Goldman Sachs Research’s David Kostin, chief US equity strategist, and Owen Lamont, senior vice president and portfolio manager at Acadian Asset Management LLC, discuss whether investor concerns over today’s high US equity market concentration are warranted. This episode explores the latest Top of Mind report, Market Concentration: How Big a Worry?

Transcribed - Published: 3 December 2024

The rise of AI could have profound implications for geopolitics given the decisions about where AI infrastructure is going to get built. Jared Cohen, president of global affairs and co-head of the Goldman Sachs Global Institute, discusses the data center diplomacy that is shaping geopolitics.

Transcribed - Published: 26 November 2024

Sports is one of the few forms of premium live content available today, but how fans consume these games or matches is being significantly disrupted. In the second episode of a four-part series on the changing dynamics in the business of sports, host Nicole Pullen Ross discusses the new sports media landscape with Dave Dase, Global Co-Head of Sports Investment Banking, and Gene Sykes, Co-Chair of Mergers and Acquisitions and Co-Chair of Global Technology, Media and Telecom. They discuss what makes sports content so valuable, the tension between the legacy broadcasters and tech platforms, the shift to direct-to-consumer product offerings, and how this disruption will influence the game itself. Nicole Pullen Ross is Head of Sports and Entertainment for Goldman Sachs Private Wealth Management. She is also Head of the Private Wealth Management business for the New York region at Goldman Sachs.

Transcribed - Published: 22 November 2024

As the global economy comes off of another year of relatively strong growth in 2024, new and important variables are now in the mix with the election of Donald Trump and the Republican sweep of Congress. So can this solid performance continue amid the policy shifts ahead, and what might be the implications for markets? In this episode, Jan Hatzius, Goldman Sachs’ chief economist and head of Goldman Sachs Research, and Dominic Wilson, senior advisor in global markets research, discuss the economic and market outlook for the year ahead.

Transcribed - Published: 20 November 2024

The sports ecosystem has exploded as an area of investment, with professional leagues loosening rules on private equity ownership, the value of media rights deals skyrocketing, and the many sports-adjacent businesses taking on new dimensions. In the first episode of a four-part series on the changing dynamics in the business of sports, host Nicole Pullen Ross speaks to Apollo Co-Founder Josh Harris about what it means to own and run professional sports teams in the NBA, NHL, NFL, and English Premier League. She’ll also discuss the scale of the investment opportunity in sports with Dave Dase, Global Co-Head of Sports Investment Banking, and Elis Jones, Head of Sports Investment Banking for EMEA. Nicole Pullen Ross is Head of Sports and Entertainment for Goldman Sachs Private Wealth Management. She is also Head of the Private Wealth Management business for the New York region at Goldman Sachs.

Transcribed - Published: 15 November 2024

Former Dallas Fed President Rob Kaplan, current vice chairman at Goldman Sachs, discusses the Federal Reserve’s rate-cutting cycle, the interplay between monetary and fiscal policy, and his views on what the Trump administration could mean for Fed policy.

Transcribed - Published: 12 November 2024

The markets reacted forcefully to Donald Trump's victory in the US presidential election, with US stocks, bond yields, and the dollar rising sharply in response. Goldman Sachs Research’s Christian Mueller-Glissmann, head of asset allocation research, and Brian Garrett, head of Equity Execution on the Cross Asset Sales desk in Global Banking & Markets at Goldman Sachs, discuss the sustainability of these moves and the medium- and longer-term market implications of the election outcome.

Transcribed - Published: 7 November 2024

Clearlake Capital’s Co-Founder and Managing Partner José E. Feliciano discusses the firm’s flexible approach to investing in the private markets, artificial intelligence, and sports teams. For more insights from great investors, listen to previous episodes from our Great Investors series.

Transcribed - Published: 4 November 2024

How could the proposed policy agendas between the two US presidential candidates shape markets and economies? Top economists from the Democratic and Republican parties discuss a range of economic policies, painting starkly different policy approaches in some key areas but similarities in others. In the latest episode of Goldman Sachs Exchanges, Kevin Hassett, former Chairman of the Council of Economic Advisers under President Trump, and Jared Bernstein, the current Chairman of the Council of Economic Advisers, speak with host Allison Nathan. This episode explores the latest Top of Mind report, Post-election economic policies.

Transcribed - Published: 29 October 2024

Chelsea Stoner, general partner of Battery Ventures, has long been focused on the ways in which software is transforming a variety of industries. In a discussion with Goldman Sachs’ Michael Brandmeyer, Stoner discusses her path to Silicon Valley, Battery's longevity as a tech-focused investment firm, and her unique outlook on the venture capital and private equity landscape.

Transcribed - Published: 22 October 2024

The S&P 500 has staged a remarkable rally since the start of the year. How much more upside should investors expect — and what could drive those gains? Goldman Sachs Research’s David Kostin and Ryan Hammond from the US portfolio strategy team explain the drivers and risks to their year-end and 12-month targets for US equities.

Transcribed - Published: 15 October 2024

Bridgewater Associates’ Co-CIO Karen Karniol-Tambour describes where she’s seeing opportunities for higher returns and the macro factors shaping today’s investment landscape. To hear from more Great Investors, check out: Sequoia Capital’s Roelof Botha on building enduring businesses, Blackstone’s Joe Baratta on the outlook for private equity, and TPG’s Jon Winkelried on the evolution of alternative markets.  The opinions and views expressed in this program may not necessarily reflect the institutional views of Goldman Sachs or its affiliates. This program should not be copied, distributed, published, or reproduced in whole or in part or disclosed by any recipient to any other person without the express written consent of Goldman Sachs. Each name of a third-party organization mentioned in this program is the property of the company to which it relates, is used here strictly for informational and identification purposes only, and is not used to imply any ownership or license rights between any such company and Goldman Sachs. The content of this program does not constitute a recommendation from any Goldman Sachs entity to the recipient, and is provided for informational purposes only. Goldman Sachs is not providing any financial, economic, legal, investment, accounting, or tax advice through this program or to its recipient. Certain information contained in this program constitutes “forward-looking statements”, and there is no guarantee that these results will be achieved. Goldman Sachs has no obligation to provide updates or changes to the information in this program. Past performance does not guarantee future results, which may vary. Neither Goldman Sachs nor any of its affiliates makes any representation or warranty, express or implied, as to the accuracy or completeness of the statements or any information contained in this program and any liability therefore; including in respect of direct, indirect, or consequential loss or damage is expressly disclaimed. Important Disclosures

Transcribed - Published: 10 October 2024

Escalating conflicts in the Middle East, coupled with China’s latest round of stimulus, are changing the supply-and-demand dynamics for oil prices. Goldman Sachs Research’s Daan Struyven, co-head of commodities research, explains the implications for oil and gold prices.

Transcribed - Published: 8 October 2024

Michael Moran, a pension strategist in Goldman Sachs Asset Management, explains how the current macro environment is changing the retirement picture for both savers and retirees. Mike and his team are out with a new report that describes what they see as a missing link to retirement security.

Transcribed - Published: 1 October 2024

The Fed has begun a long-awaited cutting cycle, potentially providing some relief to rate-sensitive sectors. Goldman Sachs’ Lotfi Karoui and Jeff Fine explain the impact of falling rates on US commercial real estate as well as the implications for housing.

Transcribed - Published: 24 September 2024

Sequoia Capital’s Roelof Botha, one of Silicon Valley’s most highly respected investors, discusses his career, Sequoia’s unique culture and investment processes, and how he finds and builds enduring businesses.

Transcribed - Published: 20 September 2024

After a stronger-than-expected start to the year, China’s economy is showing signs of weakening as the world’s second-largest economy struggles with a real estate downturn, slowing consumer spending, and geopolitical tensions. Goldman Sachs Research’s Hui Shan, chief China economist, shares her outlook for China’s growth.

Transcribed - Published: 17 September 2024

Blackstone’s Global Head of Private Equity Joe Baratta shares his outlook for the private equity industry, the macro environment today, and his evolution as a leader.

Transcribed - Published: 10 September 2024

Many view the recent rise in the unemployment rate as a concerning sign about the economic outlook, fueling recession fears. Could the US economy fall into recession, and will overly tight Federal Reserve policy be to blame? In the latest episode of Goldman Sachs Exchanges, Allison Nathan discusses these questions with three top economic minds: Claudia Sahm, the creator of the “Sahm rule” and Chief Economist at New Century Advisors, former Federal Reserve Bank of New York President Bill Dudley, and Goldman Sachs Vice Chairman and former Federal Reserve Bank of Dallas President Rob Kaplan. This episode explores the latest Top of Mind report, “Is the Fed behind the curve?”

Transcribed - Published: 5 September 2024

Twenty-five years ago, Goldman Sachs research analyst Kathy Matsui wrote a report about the Japanese economy called Womenomics, stating that future potential economic growth will depend on increased female labor participation. So how much progress has been made in Japan and around the world? Sharon Bell, Senior Strategist on the European Portfolio Strategy Team within Goldman Sachs Research, and Asahi Pompey, Goldman Sachs Global Head of Corporate Engagement and President of the Goldman Sachs Foundation, discuss the gains — and gaps — in female workforce participation and the impact to economic growth.

Transcribed - Published: 20 August 2024

The rapid unwinding of the Japanese yen carry trade is rippling through global markets. Goldman Sachs Research’s Kamakshya Trivedi, head of Global Foreign Exchange, Interest Rates, and Emerging Markets Strategy, and Praneet Shah, co-head of Global G10 FX Options Trading in Global Banking & Markets, explain the carry trade, why it matters, and the implications for investment portfolios.

Transcribed - Published: 13 August 2024

Global markets sold off sharply amid rising US recession fears. Goldman Sachs Research’s Chief US Economist David Mericle explains why those concerns are likely overblown.

Transcribed - Published: 6 August 2024

“Tectonic shifts” are reshaping the private markets and spurring consolidation among alternative asset managers, explains TPG CEO Jon Winkelried on Goldman Sachs Exchanges: Great Investors. Winkelried, who also served as the former president and co-chief operating officer at Goldman Sachs, shares his perspectives on investment opportunities, leading teams, and managing companies through crises. For more insights from great investors, listen to previous episodes from our Great Investors series: KKR’s Henry Kravis on private equity, culture, and global markets.

Transcribed - Published: 2 August 2024

The US consumer has powered the global economy in recent years, but are signs of strain starting to form? Goldman Sachs Research’s Chief US Economist David Mericle, and Kate McShane and Bonnie Herzog, co-business unit leaders of US consumer, discuss the outlook for consumer spending and the US retail sector. For more information, listen to our Goldman Sachs Exchanges episode, Are inflation fears overblown? The outlook for inflation, US growth, and long-term rates or read Is US consumer spending losing momentum?

Transcribed - Published: 30 July 2024