Don't just listen to podcasts. Learn from them with transcripts, summaries, and chapters for every episode. Skim, search, and bookmark insights. Learn more
Private markets have stalled since interest rates started to rise in 2022, even as public markets have climbed to new highs. But a period of sustained economic growth along with rising liquidity and AI-driven innovation could help private markets rebound, according to Goldman Sachs' Pete Lyon and Michael Brandmeyer. Despite longer private equity holding times and mixed performance from private credit funds, they remain cautiously optimistic, projecting that distributions will gradually return to...
Goldman Sachs Research's Jim Covello questions the long-term economics of AI, noting that despite impressive consumer adoption and technological progress, enterprise buyers have yet to see significant returns. He debates with George Lee on whether the value accrued solely by semiconductor companies will eventually shift, emphasizing the crucial need for AI to generate profit or savings for businesses to fulfill its promise. The discussion also touches on the challenges of enterprise adoption, data readiness, and the societal implications of AI.
Advent Co-Chair James Brocklebank explains why complex markets can create opportunities for private equity investors. This episode was recorded on April 21st, 2026. The opinions and views expressed herein are as of the date of publication, subject to change without notice, and may not necessarily reflect the institutional views of Goldman Sachs or its affiliates. The material provided is intended for informational purposes only, and does not constitute investment advice, a recommendation from an...
Goldman Sachs Research's Tim Moe discusses the split in Asian equity markets, with North Asia surging due to the AI trade and resilience against energy shocks. He details the nuances of China's onshore versus offshore performance and addresses the sustainability of the semiconductor supercycle. The episode also highlights Japan's robust investment case, driven by political stability, corporate governance reforms, and diverse growth themes, while also identifying key investor misconceptions and future risks.
Technology stocks have staged a formidable rally, elevating innovation from a thematic tilt to a core portfolio driver. Yet this tailwind arrives alongside a recurring challenge — an inflationary environment in which traditional fixed-income hedges have fallen short. Together, these forces are pushing asset allocators toward a fundamental rethink of portfolio construction, as Goldman Sachs' Christian Mueller-Glissmann and Alexandra Wilson-Elizondo discuss on Goldman Sachs Exchanges . Date of rec...
After a decade of rapid expansion, the private credit market faces scrutiny due to defaults, valuation concerns, and software industry exposure. Experts discuss whether these concerns are merited, examining the role of non-traded BDCs and their liquidity features. The episode delves into the asset class's underlying fundamentals and long-term outlook, with varying perspectives on its future growth and stability.
Goldman Sachs' Osman Ali discusses how AI is transforming quantitative investment strategies, from advanced sentiment analysis to navigating complex market dynamics. He explains how QIS maintains its competitive edge through proprietary data, technology, and human expertise, arguing that AI's widespread use can surprisingly make markets less efficient by creating new forms of predictability and alpha opportunities. The episode also covers the evolving skills needed for a career in investing in the AI era.
Goldman Sachs' Rob Kaplan, former Dallas Fed president, analyzes Kevin Warsh's potential role as the next Federal Reserve Chair. Kaplan details Warsh's monetary policy framework, emphasizing his views on the balance sheet, forward guidance, and inflation metrics like the Dallas Trim Mean. The discussion also covers the politicization of the confirmation process, market perceptions of Warsh's dovish leanings, and the challenges of balancing the dual mandate amidst rising energy prices and geopolitical uncertainties.
Farallon Capital's CIO, Nicolas Giauque, details the firm's 40-year track record and how their focus on risk-adjusted returns and capital preservation guides their multi-strategy investments. He highlights current attractive sectors like Japan due to corporate governance changes, innovative biotech, and renewed merger arbitrage, while also addressing geopolitical risks and the evolving private credit landscape. Giauque emphasizes the profound impact of the AI revolution on all industries and Farallon's proactive adaptation.
Jim Zelter, President of Apollo Global Management, offers insights into the evolving landscape of private credit and its role in financing the massive global capital expenditures required for AI, data centers, and the energy transition. He clarifies that private credit is largely an investment-grade market, addressing investor concerns about leverage. Zelter also details Apollo's significant growth, strategic inflection points, and global investment focus, emphasizing the importance of culture while pursuing ambitious future targets and expressing optimism about AI's transformative potential.
Goldman Sachs Research’s Dominic Wilson discusses the impact of the Iran conflict—including the US blockade of the Strait of Hormuz—on global markets. In discussion with Exchanges Host Allison Nathan, he explores the market reactions, risks, and the outlook for equities, rates, currencies, and portfolio positioning amid the ongoing geopolitical uncertainty. This episode was recorded on April 13, 2026. The opinions and views expressed herein are as of the date of publication, subject to change wi...
While oil dominates headlines amid the Iran conflict, an equally unsettling story is playing out in natural gas markets that may pose an even greater threat. In this episode of Goldman Sachs Exchanges, Samantha Dart, co-head of Global Commodities Research, explains why the length of the Iran conflict could have a significant impact on natural gas prices. This episode was recorded on April 6th, 2026. The opinions and views expressed herein are as of the date of publication, subject to change with...
This episode delves into the staggering power requirements for AI data centers, with Goldman Sachs Research forecasting a 220% global demand increase by 2030. Brian Singer introduces the "Six P's" framework, emphasizing human capital as the primary constraint, alongside challenges in policy and parts. The discussion covers immediate "behind-the-meter" power solutions, political pressures impacting affordability, and the long-term outlook for diverse energy sources, including nuclear. It also examines the financial capacity of hyperscalers versus utilities in funding these enormous infrastructure investments.
Steve Klinsky, founder and CEO of New Mountain Capital, joins Goldman Sachs’ Alison Mass to discuss the macro landscape, his approach to building businesses, the evolution of the private equity industry. This episode was recorded on February 18, 2026. The opinions and views expressed herein are as of the date of publication, subject to change without notice, and may not necessarily reflect the institutional views of Goldman Sachs or its affiliates. The material provided is intended for informati...
The Iran conflict has triggered the largest energy supply disruption in history with shipping traffic in the Strait of Hormuz nearly at a standstill and regional energy infrastructure under fire. In this episode, Chatham House’s Sanam Vakil, long-time US Middle East advisor Dennis Ross, and Vice Admiral Kevin Donegan, USN (ret), discuss how long this conflict could last, what’s at stake for the key players, and what it will take to restore global energy flows. This episode explores the latest To...
Goldman Sachs experts Alex Blostein and Vivek Bantwal delve into the bearish narrative surrounding private credit, addressing fears about rapid growth, underwriting standards, and AI disruption in software. They differentiate between retail outflows and institutional opportunities, assessing the true extent of credit risk and systemic concerns. The discussion also highlights the importance of understanding illiquidity and potential emerging opportunities for discerning investors.
Goldman Sachs’ culture has long been defined by its core values: partnership, client service, integrity, and excellence. Lloyd Blankfein, Senior Chairman of The Goldman Sachs Group Inc. and former Chairman and CEO of Goldman Sachs, joins David Solomon, current Chairman and CEO of Goldman Sachs for a conversation on his storied career and the launch of his memoir, Streetwise: Getting to and Through Goldman Sachs. Lloyd reflects on his upbringing in Brooklyn, path to Harvard, long-time leadership ...
Goldman Sachs Research’s Kamakshya Trivedi analyzes the market’s reaction to the conflict in Iran and the case for emerging markets. This episode was recorded on March 12, 2026. The opinions and views expressed herein are as of the date of publication, subject to change without notice, and may not necessarily reflect the institutional views of Goldman Sachs or its affiliates. The material provided is intended for informational purposes only, and does not constitute investment advice, a recommend...
Goldman Sachs International Co-CEOs Anthony Gutman and Kunal Shah delve into the current geopolitical landscape, assessing the Middle East conflict's effects on global markets and client sentiment. They highlight Europe's often-overlooked economic opportunities and discuss the transformative impact of AI on various sectors, from deal-making to internal operations. Despite volatility, an overall optimistic outlook prevails, underpinned by strong balance sheets and strategic M&A activity, alongside lessons from past market shocks.
Goldman Sachs Research’s Gabriela Borges explains how AI disruption has been affecting the software sector and what it will take for the sector to stabilize. For more, also read the related Goldman Sachs Research’s Top of Mind report, Will AI eat software? This episode was recorded on March 10, 2026. The opinions and views expressed herein are as of the date of publication, subject to change without notice, and may not necessarily reflect the institutional views of Goldman Sachs or its affiliate...
This episode examines the profound impact of recent military strikes in Iran on global oil markets, commodity prices, and energy supply. Daan Struyven from Goldman Sachs Research details significant disruptions to oil infrastructure, including the Strait of Hormuz, and discusses various market scenarios and their economic consequences, such as potential inflation and reduced disposable income. The discussion also covers the role of the Strategic Petroleum Reserve and safe haven assets like gold, while outlining critical factors to monitor for future conflict developments.
Japan's recent snap election, resulting in Prime Minister Takaichi's resounding victory, has significantly boosted Japanese equities, with Goldman Sachs raising its market target. This outcome promises political stability and policy continuity, drawing increased foreign investor interest. While concerns remain about fiscal policy and the pace of corporate governance reform, there's growing optimism for sustained momentum. The market is in an "upward phase," but sustained ROE improvement and continued top-down pressure on corporates are crucial for long-term re-rating.
Ryan Hammond from Goldman Sachs Research explains that while the S&P 500 appears calm, AI disruption is driving seismic shifts, particularly impacting software and data-related service stocks through rapid valuation deratings. He draws parallels with historical disruptions, emphasizing that earnings stabilization is key to recovery. Despite massive CapEx spending in AI, investor focus is shifting to monetization and funding, leading to increased market dispersion. The episode concludes by noting a broader market rally, with cyclicals gaining momentum due to accelerating economic growth, suggesting continued, albeit slower, upside for the bull market, primarily driven by strong earnings.
David Craver, co-chief investment officer of Lone Pine Capital, discusses the evolution of market structure, the opportunities in AI, and the factors driving the firm’s long-term fundamental-based investing. This episode was recorded on January 28, 2026. The opinions and views expressed herein are as of the date of publication, subject to change without notice, and may not necessarily reflect the institutional views of Goldman Sachs or its affiliates. The material provided is intended for inform...
What's driving concerns about the US cost of living, and can the administration's proposals effectively address them? David Mericle, Chief US Economist, and Alec Phillips, Chief US Political Economist, at Goldman Sachs Research discuss with Allison Nathan. Date of recording: February 5th, 2026. The opinions and views expressed herein are as of the date of publication, subject to change without notice and may not necessarily reflect the institutional views of Goldman Sachs or its affiliates. The ...
What could more assertive US foreign policy in the Western Hemisphere — driven by the so-called “Donroe Doctrine”— mean for the global order? Hal Brands, professor of global affairs at the Johns Hopkins School of Advanced International Studies, and Mauricio Claver-Carone, President Trump’s former Special Envoy for Latin America, and managing partner of the Latin America Real Assets Opportunity Fund, explore what’s driving this more assertive posture and its implications with Allison Nathan on th...
Goldman Sachs’ Sharmin Mossavar-Rahmani, head of the Investment Strategy Group and chief investment officer of Wealth Management, shares her team’s investment views for the year ahead. Find all our outlooks for the year ahead here: https://www.goldmansachs.com/insights/outlooks/2026-outlooks This episode was recorded on January 9, 2026. The opinions and views expressed herein are as of the date of publication, subject to change without notice and may not necessarily reflect the institutional vie...
Goldman Sachs Chairman and CEO David Solomon discusses AI, M&A, and the firm’s path forward. This episode was recorded on January 20th, 2026. The opinions and views expressed herein are as of the date of publication, subject to change without notice, and may not necessarily reflect the institutional views of Goldman Sachs or its affiliates. The material provided is intended for informational purposes only, and does not constitute investment advice, a recommendation from any Goldman Sachs ent...
In the third and final episode of the Goldman Sachs Exchanges Outlook 2026 series, Goldman Sachs Research’s Peter Oppenheimer, Kamakshya Trivedi, Daan Struyven, and Christian Mueller-Glissmann share the trends shaping assets and portfolio allocation in 2026. Learn more about Goldman Sachs’ outlooks for the year ahead: https://www.goldmansachs.com/insights/outlooks/2026-outlooks This episode was recorded on January 7th and 8th, 2026. The opinions and views expressed herein are as of the date of p...
In the second episode of the Goldman Sachs Exchanges Outlook 2026 series, Goldman Sachs Research’s David Mericle, Andrew Tilton, and Jari Stehn discuss the trends shaping economies in the US, Asia, and Europe in 2026. This episode was recorded on January 7 and 8, 2026. Learn more about Goldman Sachs’ outlooks for the year ahead . The opinions and views expressed herein are as of the date of publication, subject to change without notice, and may not necessarily reflect the institutional views of ...
