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" inv...
May 09, 2019•20 min
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 o...
May 06, 2019•15 min
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 Ma...
Apr 30, 2019•22 min
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...
Apr 23, 2019•26 min
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 im...
Apr 11, 2019•19 min
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 dis...
Apr 01, 2019•26 min
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 re...
Mar 25, 2019•42 min
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' min...
Mar 18, 2019•20 min
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...
Mar 11, 2019•27 min
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 marke...
Feb 25, 2019•22 min
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 commu...
Feb 19, 2019•31 min
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 ...
Feb 11, 2019•20 min
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 development...
Feb 04, 2019•20 min
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 cont...
Jan 22, 2019•29 min
"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 sof...
Jan 11, 2019•19 min
"[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 t...
Dec 20, 2018•33 min
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 pa...
Nov 27, 2018•26 min
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 ...
Nov 12, 2018•30 min
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 ...
Oct 29, 2018•25 min
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 w...
Oct 15, 2018•22 min
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 ...
Oct 01, 2018•24 min
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 pot...
Sep 17, 2018•24 min
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 ever...
Sep 10, 2018•21 min
"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 dol...
Aug 23, 2018•25 min
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 uncertai...
Aug 17, 2018•21 min
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 extrao...
Aug 07, 2018•28 min
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. ...
Aug 03, 2018•20 min
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 ...
Jul 20, 2018•19 min
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 m...
Jul 09, 2018•32 min
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 e...
Jun 21, 2018•33 min
