Latest Interviews
Showing 1–15 of 635 transcripts.
Clear all filters- Goldman Sachs24 min
How Family Businesses Should Plan for Generational Success
FX de Mallmann, Tucker York, Alison Nathan
While family-owned enterprises drive 70% of global economic output and dominate sectors from luxury goods to defense, only 10% successfully transition to a third generation due to poor succession planning. Key operational challenges include the tension between emotional family identity and the need for disciplined capital allocation, often necessitating the integration of professional non-family management as firms scale. To mitigate concentrated risk and resolve governance conflicts, successful transitions increasingly rely on formal exit mechanisms, external capital infusions, and a strategic shift from business management to long-term wealth stewardship.
- Goldman Sachs24 min
How Family Businesses Should Plan for Generational Success
FX de Mallmann, Tucker York, Alison Nathan
Despite accounting for 70% of global economic output and 80% of US enterprises, family-owned businesses face steep succession hurdles, with only 30% surviving into a second generation and 10% reaching the third. These entities often outperform non-family peers by prioritizing legacy continuity and disciplined capital allocation, yet they frequently lack formal succession plans to navigate the complex alignment of founder objectives with next-generation aspirations. Strategic governance mechanisms and the professionalization of management are critical for overcoming these transition challenges and sustaining value through generational shifts.
- Goldman Sachs27 min
US Soccer's JT Batson in the World Cup and Scaling the Game
US Soccer is executing a five-year strategy to position the Men's National Team for global dominance while leveraging the 2026 World Cup, 2028 Olympics, and 2031 Women's World Cup to drive systemic growth across youth, collegiate, and professional sectors. Under the leadership of executive JT Batson, the organization is replacing its traditional "challenger" mentality with a high-performance culture centered at a new Atlanta headquarters, prioritizing structural changes to make soccer America's number one sport through curriculum integration and cost reduction. This comprehensive approach aims to align high-profile coaching hires, expanded league partnerships, and social impact initiatives to secure a lasting legacy where the U.S. consistently competes for and wins world titles.
- Goldman Sachs42 min
Rich Friedman on the Rise of Private Markets and AI Investing
Goldman Sachs Merchant Bank partner Rich Friedman discusses the firm's evolution from its 1992 inception into a $3–5 trillion global leader while navigating current exit challenges that have slowed deal activity. Friedman emphasizes a disciplined operational philosophy characterized by a five-to-seven deal annual cap, strict integration with broader bank strategy, and a high percentage of employee capital co-invested alongside client funds. Looking forward, the firm targets value in infrastructure support, wealth management, and sports services while exercising caution against overhyped technology sectors.
- Goldman Sachs27 min
Why Global Bond Yields Are Surging
Global government bond yields have surged to multi-decade highs due to synchronized pressures from historic fiscal deficits, AI-driven private borrowing, and energy price shocks. In response, major treasuries are shifting issuance strategies toward shorter maturities and executing long-duration buybacks to manage liquidity without reversing the fundamental yield trajectory. Investors are advised to reduce duration exposure amidst inflation risks while monitoring AI CapEx trends and fiscal consolidation signals for potential medium-term market normalization.
- Goldman Sachs40 min
Dipan Patel on Permira’s ‘Artisanal’ Approach to Private Equity
Dipan Patel co-manages Premier, a $100 billion private partnership that integrates AI intelligence layers into mid-market businesses to drive bottom-line growth across consumer, healthcare, services, and technology sectors. The firm differentiates itself through an artisanal leadership model that prioritizes collective investment decisions, an anti-fragile risk culture, and a distribution target of 20–25% while aligning its philanthropic foundation directly with fund performance. By focusing on deep specialization over broad scaling, Premier seeks to capitalize on structural trends in energy transition and medical advancement while avoiding the pitfalls of market disruption that plague commodity-focused competitors.
- Goldman Sachs21 min
Why AI Spending is Driving Rates Higher
Mark Wilson, Jan Scheffel, George Cole
Global fixed income yields have surged to multi-decade highs driven by persistent fiscal deficits, stubborn inflation, and massive corporate capital expenditure for AI infrastructure. Federal Reserve Chair Jerome Powell signaled a continued hawkish stance, asserting that current monetary policy remains insufficient to curb inflation without further tightening. Analysts warn that while geopolitical instability and upcoming elections in France and the US pose political risks, the structural demand for capital from the AI sector and government borrowing will likely keep long-term yields elevated until productivity gains eventually materialize.
- Goldman Sachs33 min
The Outlook for Data Center Power Demand as AI Token Use Grows
Brian Singer, Carly Davenport, Allison Nathan, George Lee
Goldman Sachs forecasts a surge in U.S. power demand reaching a 3.5% CAGR through 2030, driven by a 170% rise in global data center consumption that will equal Japan's total electricity usage. This growth is propelled by hyperscaler spending hitting $2.1 trillion by 2029, though projects face critical bottlenecks from skilled labor shortages, interconnect queues, and over 300 local moratoria. Consequently, the sector is increasingly relying on 30 gigawatts of behind-the-meter natural gas generation as a bridge while navigating regulatory uncertainty and community opposition regarding grid stability and environmental impacts.
- Goldman Sachs29 min
Building AI Systems for Capital Markets
Chris Churchman, Allison Nathan, George Lee
Marquee, Goldman Sachs' institutional digital platform, integrates Gen AI directly into investment workflows to transform complex data into auditable, natural language insights while preserving human reasoning capabilities. By transitioning through stages of engineering focused on environment and mandate definition, the platform addresses critical challenges like hallucinations and cognitive atrophy to ensure reliability under uncertainty. This approach enables a shift from automating legacy processes to reconceptualizing decision-making, ultimately safeguarding the firm's intellectual capital and trust with clients.
- Goldman Sachs29 min
What the US-Japan Currency Intervention Means for the Yen, Rates, and the Dollar
Karen Fishman, Praneet Shah, Alison Nathan
On July 30th, Japan executed its largest coordinated foreign exchange intervention in 15 years, injecting an estimated $85 billion to halt the yen's slide to 40-year lows against the U.S. dollar. This historic joint action with the United States triggered a 3% immediate appreciation, forcing the rapid unwinding of leveraged carry trades and marking the first such collaboration since October 2011. While the immediate impact stabilized the market, analysts project the intervention serves only as a temporary fix until the Bank of Japan implements anticipated rate hikes in September.
- Goldman Sachs32 min
Steven Tananbaum: The Evolution of Credit Investing and AI Opportunities
Steven Tananbaum, John Waldron, Steve Tenenbaum
GoldenTree Asset Management founder Steve Tenenbaum outlines current credit market risks driven by AI adoption, noting widened spreads for entities like SpaceX alongside his firm's evolution from post-2008 distress turnaround strategies to targeted 3.0 platform acquisitions. He details the firm's disciplined investment process, which prioritizes specific catalysts and strict asset coverage ratios to navigate complex environments like the 2020 oil services and European bank sectors where the firm generated billions in returns. Looking forward, Tenenbaum identifies dispersion caused by AI disruption as a key driver for new opportunities in private credit, software, and 30-year TIPS while emphasizing the necessity of rigorous process discipline over complex narratives.
- Goldman Sachs23 min
Demond Martin on Purpose, Community, and Giving What You Have
Damon Martin, co-founder of the inclusive capitalism venture Well With All, launched the company to address health disparities after a personal crisis revealed how lack of resources could have led to tragedy for his younger self. Drawing on his 21-year investment career and deep mentorship under Erskine Bowles, Martin now argues that "friends of the good" form the essential foundation for overcoming the epidemic of loneliness described in his new book. He advocates for rejecting the "self-made" myth in favor of building vulnerable, value-driven communities to drive both personal success and societal healing.
- Goldman Sachs26 min
How AI Debt Is Reshaping Credit Markets
Amanda Lynam, Zach Ablon, Allison Nathan
Global credit markets have shifted as AI-driven debt issuance from hyperscalers and the broader ecosystem now dominates supply, reaching nearly $500 billion year-to-date in 2026 alone. This unprecedented concentration is reshaping the Investment Grade landscape by skewing duration weight toward tech giants like Amazon and Google, while simultaneously testing market absorption limits and driving spread widening among insurance investors. As traditional US IG capacity approaches a $510 billion ceiling, the financing void is forcing a structural pivot toward private capital, non-USD jurisdictions, and alternative vehicles like project finance to sustain the multi-trillion-dollar AI investment cycle.
- Goldman Sachs24 min
Arun Gupta on Bringing Silicon Valley’s Spirit to Public Service
Noble Reach establishes a "community of dual citizens" by placing private-sector innovators into 2-3 year federal rotations to address critical generational talent gaps within US government technology sectors. Supported by strategic partners like Goldman Sachs, the organization deploys scholars to solve complex problems in state, local, and federal agencies while leveraging bipartisan mentorship and technical training to decouple public service from political ideology. This "residency match" model aims to foster long-term career resilience and global competitiveness against adversaries practicing civil-military fusion, ultimately validating public service as both altruistic and professionally advantageous.
- Goldman Sachs20 min
What the Surge in IPOs Means for Investors
Jay Ritter, Owen Lamont, Allison Nathan
Goldman Sachs Research reports that the U.S. IPO market reached record issuance levels in 2026 while maintaining average valuations that distinguish current activity from historical speculative bubbles. Analyst Jay Ritter and Owen Lamont offer diverging perspectives on this surge, with Ritter arguing deep capital markets can absorb new supply without overvaluation, whereas Lamont warns that a massive wave of issuance signals the early stages of a potential bubble. Both experts agree that structural shifts, including expanded private markets and industry consolidation, have permanently reduced the average annual IPO count to roughly 100, fundamentally altering the relationship between new listings and future market returns.