Latest Interviews
Showing 211–225 of 573 interview transcripts.
Clear all filters- Goldman Sachs24 min
Generative AI: hype, or truly transformative?
Sarah Guo, Gary Marcus, Kash Rangan, Eric Sheridan, Alyssa Nathan
Goldman Sachs analysts and external experts debate whether generative AI represents a transformative shift from "Software 2.0" to "Software 3.0" or remains an overhyped phase of sophisticated autocomplete. While investor Sarah Guo and analyst Eric Sheridan highlight that current valuations differ from past bubbles due to adoption by established leaders, NYU Professor Gary Marcus warns that the technology lacks true reasoning capabilities and faces significant hurdles in high-stakes fields. The discussion concludes by assessing strategic risks including potential regulatory backlash, consumer behavior shifts, and the challenge for companies to prove tangible ROI beyond marketing narratives as the industry navigates a decade-long transition.
- Goldman Sachs25 min
Why global equities are poised for “fat and flat” returns
Peter Oppenheimer, Alison Nathan
Goldman Sachs projects U.S. equity markets will enter a "fat and flat" phase characterized by modest growth and high valuations, as investors pivot from the TINA strategy to the TERRA framework where risk-free yields offer a viable alternative. While recent volatility has eased and profit growth remains minimal, the firm anticipates a shift from narrow tech-led gains to broader global opportunities in Europe and Asia as rate hikes near their peak. Consequently, the strategy recommends a diversified portfolio approach to navigate margin compression and capture alpha across regions rather than relying on concentrated U.S. outperformance.
- Goldman Sachs24 min
Ken Griffin, Founder and CEO of Citadel
Kenneth Griffin emphasizes that lifelong learning and adaptive risk management are critical for surviving financial crises that evolve beyond the 2008 subprime model, citing specific structural vulnerabilities like the UK gilt crisis. He outlines Citadel's strategy of integrating quantitative and fundamental approaches while advocating for regulatory tweaks, such as reduced tick sizes, to democratize access without inflating retail costs. Looking toward the future, Griffin warns that generative AI will disrupt white-collar employment, necessitating a culture of continuous education and physical collaboration to maintain a competitive edge in a globalized market.
- Goldman Sachs22 min
What’s ahead for the U.S. economy?
Goldman Sachs projects a 25% probability of a U.S. recession this year, significantly below the consensus view of over 60%, driven by a labor market rebalancing that reduced the jobs-to-workers gap without triggering mass unemployment. The firm forecasts core PCE inflation to fall from the high 3s to the Fed's 2% target by 2025, supported by moderating shelter costs, stabilized supply chains, and improved inflation psychology. Despite expecting two additional Federal Reserve rate hikes and moderate credit tightening from recent banking stress, the outlook remains optimistic that these factors will support a soft landing and real income growth through 2024 and 2025.
- Goldman Sachs24 min
Talks at GS with Keller Rinaudo Cliffton, CEO and Co-founder of Zipline
Keller Rinaudo Cliffton, Ryan Nolan, Keller Cliffton
Zipline has expanded from a 2016 Rwandan pilot into the world's largest commercial autonomous logistics network, now serving 4,500 facilities across seven countries with a fleet that has surpassed 40 million miles. The company delivers critical medical supplies like blood and vaccines to reduce maternal mortality by 88% in Africa while simultaneously launching a rapid consumer delivery service in the U.S. in partnership with Walmart. Under CEO Keller Ralston Clifton's guidance, the organization overcame early engineering failures to normalize hardware innovation, aiming to displace gas-combustion transportation and redefine next-decade infrastructure companies.
- Goldman Sachs39 min
How countries and companies are reshaping their supply chains
Andrew Tilton, Luke Barrs, Richard Hill, Alison Nathan
Driven by pandemic disruptions and U.S.-China geopolitical tensions, a structural shift toward supply chain resilience is replacing pure cost efficiency with a "China plus one" diversification strategy among multinational corporations. Government policies, including the U.S. CHIPS Act and India's production-linked incentives, are actively accelerating capital investment in domestic manufacturing and critical minerals to secure economic sovereignty. While experts like Andrew Tilton and Luke Bars view this as an enduring trend of "slowing globalization" that benefits nations such as Vietnam and Mexico, critics warn that the inevitable loss of efficiency and lack of a specialized workforce may lead to higher consumer costs rather than full self-sufficiency.
- Goldman Sachs35 min
Talks at GS with Ginni Rometty, Former Chairman, President and CEO of IBM
Former IBM CEO Ginni Rometty outlines her leadership philosophy centered on the principle that growth requires leaving comfort zones, a framework that guided her transformation of IBM into a leader in hybrid cloud and quantum computing. She details the company's strategic pivot to skills-first hiring, which resulted in 15% of new recruits lacking four-year degrees and launched the 110 coalition to upskill one million Black Americans by 2030. Additionally, Rometty emphasizes the urgent need for ethical AI guardrails and educational reforms to prioritize critical thinking as technology reshapes the global workforce.
- Goldman Sachs30 min
Why the ‘great de-stocking’ in oil and commodities could pave the way for future gains
Goldman Sachs forecasts a market transition from a historic destocking phase to a substantial deficit by summer, projecting oil prices to reach $97 per barrel and gold to hit $2,050 by year-end. The firm attributes current low prices to the liquidation of 500 million barrels in physical and paper inventories while maintaining that resilient green infrastructure demand and OPEC+ supply constraints will drive a sharp price rebound if recession fears prove overpriced. Strategic analysis highlights copper as a long-term decarbonization play and suggests that commodity levels currently serve as an effective hedge against persistent inflation and elevated interest rates.
- Goldman Sachs20 min
Talks at GS with Charles Stewart, CEO of Sotheby’s
Sotheby's CEO Charlie Stewart has steered the historic auction house through a structural transformation, increasing online bidding from 40% to 92% by integrating a digital ecosystem and leveraging data analytics to optimize client matching. The company has expanded beyond traditional secondary market auctions into direct luxury sales and high-profile categories such as sneaker collectibles and sports memorabilia, which have generated record-breaking valuations. Looking forward, Stewart emphasizes the strategic adoption of blockchain for provenance verification and predicts that long-term investment value will remain concentrated in original works that initiate new artistic movements.
- Goldman Sachs28 min
Investing during times of market stress
Christian Mueller-Glissmann, Alison Nathan
The panel outlines a structural market shift from the stable "buy and hold" era to a volatile late-cycle environment where traditional 60-40 portfolios face reduced efficacy due to positive equity-bond correlations and persistent inflation risks. Experts advocate for dynamic tactical allocation strategies that incorporate gold, international equities, and private markets to diversify away from stressed public assets, while cautioning that low realized equity volatility masks a significant rotation toward mega-cap tech that obscures underlying recessionary tail risks. With the Federal Reserve's rate-cutting expectations largely priced in, portfolio managers are urged to prioritize quality equities and defensive positioning as the US labor market and debt ceiling remain critical catalysts for potential market repricing.
- Goldman Sachs25 min
Breaking Free: The rise of corporate separations
David Dubner, Sharath Sharma, Allison Nathan
Driven by an elevated cost of capital and a strategic pivot toward simplification, over 30 global corporate separations were announced in 2022 as companies in sectors like pharmaceuticals and industrials seek to unlock portfolio discounts through operational focus. These transactions, typically closing within 9 to 13 months with internal leaders assuming over 80% of NewCo CEO roles, historically generate mid-single-digit outperformance against the S&P 500 within two years. By optimizing capital allocation and enabling targeted M&A, these divestitures serve as a critical mechanism for "shrinking to grow," allowing both RemainCos and NewCos to accelerate executive cycles and achieve value creation previously unattainable within diversified conglomerates.
- Goldman Sachs26 min
U.S.-China: more decoupling ahead?
Graham Allison, Dan Rosen, Alison Nathan
Graham Allison characterizes current U.S.-China relations as the worst in over fifty years, driven by a historical Thucydides Trap and diverging national identities, while Dan Rosen identifies systemic economic model divergence as a primary engine of decoupling. Despite intensifying geopolitical tensions and collapsing foreign direct investment flows outside of a handful of major corporations, Allison advocates for a "rivalry partnership" framework to manage competition on existential threats like climate change and nuclear stability. The outlook suggests that while Biden's upcoming investment curbs will serve primarily as notification regimes, a sustained reduction in engagement remains probable unless Beijing implements decisive market reforms to address its stagnating productivity.
- Goldman Sachs27 min
What happens if the U.S. government can’t pay its bills?
U.S. Treasury Secretary Janet Yellen warns that the federal government faces a potential cash shortage by June 1, 2023, if the House and Senate fail to raise the $31.381 trillion statutory borrowing limit. Political negotiations are intensifying between President Biden and House Republicans regarding a deficit reduction plan, yet the narrow legislative majority and tight calendar significantly increase the risk of a last-minute default. Such a failure would force the Treasury to prioritize debt service over Social Security and federal salaries, likely triggering immediate market volatility and economic contraction.
- Goldman Sachs31 min
Navigating the trillion dollar path to a more sustainable economy
Michele Della Vigna, Kara Mangone, Allison Nathan
Despite a challenging macroeconomic environment, global energy capital expenditure is rising by 15% annually, driven by a dual-investment strategy that balances legacy fossil fuel stability with accelerated clean technology deployment. Key policy frameworks like the US Inflation Reduction Act are catalyzing a trillion-dollar investment revolution, forcing European entities to adapt their regulatory models and prompting major corporations such as Chevron to pivot toward decarbonization. This shift redefines sustainability as a profitability driver while targeting inclusive growth initiatives in sectors ranging from Asian electrification to digital health, ultimately aiming to close the gap between current spending and the $6 trillion required annually to meet UN goals.
- Goldman Sachs29 min
Tom Ilube, Chair of the Rugby Football Union and Founder of the African Gifted Foundation
Tom Ilube, Kene Ejikeme, Kenneth Edukema
Tom Elube, a Nigerian-British entrepreneur and award-winning philanthropist, leverages a career defined by overcoming severe discrimination and racial barriers to co-found the African Science Academy, Ghana's first all-girls STEM school. His institution delivers intensive 10-month A-level programs to gifted female students from across the continent, achieving a 100% university placement rate while challenging cultural norms that limit women in science. Beyond education, Elube serves as the first Black Chair of the Rugby Football Union and chairs the BBC board, actively driving diversity initiatives in both the technology sector and major UK institutions.