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...
Mar 03, 2020•10 min
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. Learn more about your ad choices. Visit megaphone.fm/adchoices
Feb 28, 2020•14 min
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...
Feb 25, 2020•32 min
Michael Cassell of our Global Markets Division shares the top numbers he's watching in markets right now. Learn more about your ad choices. Visit megaphone.fm/adchoices
Feb 21, 2020•6 min
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. Learn more about your ad choices. Visit megaphone.fm/adchoices
Feb 18, 2020•49 min
Jordan Meer of Goldman Sachs' Renewable Power Group gives his quick take on the five numbers he's watching in renewable energy markets. Learn more about your ad choices. Visit megaphone.fm/adchoices
Feb 14, 2020•5 min
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. Learn more about your ad choices. Visit megaphone.fm/adchoices
Feb 11, 2020•16 min
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. Learn more about your ad choices. Visit megaphone.fm/adchoices
Feb 07, 2020•11 min
Sarah Kiernan of Goldman Sachs' Global Markets Division gives her quick take on the five numbers she's watching in markets. Learn more about your ad choices. Visit megaphone.fm/adchoices
Feb 07, 2020•6 min
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 M...
Jan 31, 2020•33 min•Ep. 147
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. Learn more about your ad choices. Visit...
Jan 17, 2020•17 min•Ep. 146
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. Learn more about your ad choices. Visit megaphone.fm/adchoices
Jan 10, 2020•17 min•Ep. 145
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. Learn more about your ad choices. Visit megaphone.fm/adchoices
Jan 06, 2020•23 min•Ep. 144
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...
Dec 15, 2019•38 min•Ep. 143
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. Learn more about your ...
Dec 09, 2019•25 min•Ep. 142
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 exp...
Nov 18, 2019•25 min•Ep. 141
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 ...
Oct 30, 2019•25 min•Ep. 140
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 oth...
Oct 11, 2019•26 min•Ep. 139
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 centra...
Oct 01, 2019•33 min•Ep. 138
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 resil...
Sep 25, 2019•18 min•Ep. 137
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. Learn more about your ad choic...
Sep 19, 2019•29 min•Ep. 136
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 ...
Sep 13, 2019•28 min•Ep. 135
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...
Sep 03, 2019•50 min•Ep. 134
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 dive...
Aug 22, 2019•22 min•Ep. 133
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 ad...
Jul 25, 2019•24 min•Ep. 132
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. Learn more ab...
Jul 03, 2019•23 min•Ep. 130
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 discuss...
Jun 26, 2019•18 min•Ep. 129
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 in...
Jun 10, 2019•37 min
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," Mats...
May 30, 2019•29 min
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 c...
May 22, 2019•22 min
