Latest Interviews
Showing 391–405 of 597 interview transcripts.
Clear all filters- Goldman Sachs7 min
The Outlook for Tech Investing
Driven by superior fundamentals and a defensive balance sheet, the technology sector has outperformed the broader market during the current crisis, with earnings declining only 7% compared to a 20% drop in the S&P 500. Investment strategies now focus on sustainable SaaS beneficiaries and cyclically depressed areas poised for rebound, while emerging markets develop local digital giants enabled by mobile connectivity. Despite these opportunities, the sector faces headwinds from increasing U.S. and European regulatory pressures, supply chain shifts impacting margins, and valuations that remain elevated but discounted relative to historical norms.
- Goldman Sachs7 min
Tracking US Infrastructure Investing
Goldman Sachs analysts and D.C. teams project that while U.S. public construction represents a stable $300 billion market, recent spending has decelerated due to completed major projects and pandemic-related traffic declines creating a $30 billion revenue gap. Despite this short-term contraction driven by regional disparities and stalled public-private partnerships, the sector faces a broader $100 billion annual infrastructure deficit against historical tax revenue averages. Anticipated stimulus spending is expected to bridge the immediate fiscal hole, yet closing the long-term investment gap will require sustained revenue increases from state and local governments.
- Goldman Sachs17 min
From “The Way Forward" Conference: Dr. Leonard S. Schleifer, Co-Founder, Regeneron Pharmaceuticals
Dr. Leonard S. Schleifer, Marshall
Regeneron, led by CEO Dr. Leonard Schleifer and co-founder George Yancopoulos, accelerated antibody therapy development to five months for Ebola and a new viral threat by utilizing a proprietary mouse platform and a dual-antibody cocktail designed to prevent viral escape mutants. The company targets three distinct patient populations with the goal of reducing viral duration and preventing severe progression, prioritizing high-impact intervention over mass vaccination. This strategy leverages converged wet sciences and rapid sequencing technologies to validate the cocktail's efficacy against variants within hours, with critical clinical data anticipated in late summer.
- Goldman Sachs14 min
From “The Way Forward" Conference: David Rubenstein, Co-Founder, The Carlyle Group
David Rubenstein outlines five core leadership principles for navigating national crises, emphasizing that effective governance requires prioritizing national interests over politics and maintaining absolute transparency to preserve public credibility. Distinguishing current pandemics and racial justice movements from historical events by their immediate impact on personal mortality, he warns that leaders must rely on persuasion rather than command to implement difficult decisions amidst a predicted deep recession and soaring national debt. Rubenstein projects accelerated societal shifts toward remote work and healthcare investment while recommending key historical texts to contextualize these challenges and guide future generations.
- Goldman Sachs20 min
From “The Way Forward" Conference: Mike Roman, Chairman and CEO, 3M
Following the killing of George Floyd, 3M Chairman and CEO Mike Roman prioritized corporate social responsibility through direct engagement with African-American employees and coordinated public-private partnerships to bridge the societal trust gap. Simultaneously, the company rapidly pivoted its operations to address the pandemic by doubling N95 production, forming external alliances with partners like Ford and Cummins, and securing emergency authorizations from the FDA to meet healthcare demand. Roman's leadership strategy now integrates these crisis-driven innovations with a permanent shift toward hybrid work models and an expanded definition of corporate responsibility that treats community engagement as essential to long-term business continuity.
- Goldman Sachs14 min
From “The Way Forward" Conference: Esther Krofah, Executive Director, FasterCures
Faster Cures currently monitors over 200 SARS-CoV-2 therapeutic candidates and 163 vaccine prospects, with the majority of treatments in Phase 2 or 3 testing and key programs like Moderna's mRNA vaccine and the Oxford/AstraZeneca project advancing rapidly. While early data supports Remdesivir and convalescent plasma as partial solutions, experts anticipate effective cures will likely emerge from combination therapies and require Emergency Use Authorizations between fall 2020 and early 2021. Vaccine availability for frontline workers is targeted for late 2020, though the accelerated 12-to-18-month timeline relies on aggressive manufacturing scaling and successful clinical data readouts expected by autumn.
- Goldman Sachs17 min
From “The Way Forward" Conference: Kevin Johnson, President and CEO, Starbucks Coffee Company
Starbucks Executive Kevin Johnson described a global crisis response strategy that adapted a China-derived playbook to guide operations across 32,000 stores in 80 countries while prioritizing employee safety and government health guidelines. The company leveraged AI-driven digital dashboards to manage market-specific closures and implemented rigorous health protocols, transitioning from containment to a "monitor and adapt" phase that emphasized mobile ordering and curbside pickup. Concurrently, leadership fostered ongoing racial justice dialogues through virtual family meetings and "pour-over sessions," aiming to balance these social initiatives with a long-term vision that merges the traditional in-store "third place" with convenient digital services.
- Goldman Sachs13 min
From “The Way Forward" Conference: Dr. Stephen J. Corwin, President and CEO, New York-Presbyterian
Dr. Stephen J. Corwin, Sharmini, Dr. Steve Corwin
During the unprecedented first wave of the pandemic, New York Presbyterian Hospital, under President and CEO Dr. Steve Corwin, treated over 2,700 COVID-19 patients while grappling with severe supply chain shortages and a psychological toll that resulted in the suicide of a physician leader. Facing a projected financial loss exceeding $1 billion and an estimated 20% in-hospital mortality rate, the institution is now expanding ICU capacity to 900 beds and securing a 60-day PPE stockpile to prepare for a potential second wave. Despite Dr. Corwin's pessimism regarding vaccine availability before early 2021, the hospital is refining novel staffing models and supporting peer networks to ensure resilience against future surges in New York and emerging epicenters.
- Goldman Sachs18 min
From “The Way Forward" Conference: Ed Bastian, CEO, Delta Air Lines
Delta CEO Ed Bastian characterizes the pandemic as a biological crisis more complex than 9/11, prompting the airline to implement strict safety protocols like 60% load caps, mandatory masking, and comprehensive HEPA filtration that have reduced employee infection rates to one-fifth of the national average. While leisure demand has driven a rebound to 15% of pre-pandemic volumes with record customer satisfaction scores, the company simultaneously shifts its strategic focus toward workforce resilience, launching a massive employee testing program and reorganizing its fleet to prepare for a future where domestic travel leads economic recovery.
- Goldman Sachs8 min
The Next Phase of Corporate Strategy
Global corporations are fundamentally reorienting their strategies from strict financial optimization to operational resilience and social purpose, driven by a global health crisis that distinguishes this period from previous economic downturns. This pivot has fueled record capital raising and accelerated supply chain decoupling from China, while investment banks have successfully maintained deal flow through fully virtual execution methods. Looking ahead, pent-up capital and sector-specific consolidation needs in technology and healthcare are expected to drive a meaningful resurgence in merger and acquisition activity later this year.
- Goldman Sachs7 min
What’s Next for Emerging Markets Equities
Emerging market equities have rallied due to pandemic recovery, fiscal stimulus, and resilient corporate earnings, with a specific structural shift occurring as manufacturing capacity relocates from China to nations like Mexico. The sector's diversity drives distinct opportunities across fintech, where China and India lead adoption, and e-commerce in Latin America, which is projected to double its penetration rate within five years. Although near-term earnings may decline, Goldman Sachs maintains a positive outlook based on projected regional growth of 7% to 8% and the current discount of EM valuations relative to historical levels and developed markets.
- Goldman Sachs7 min
Face Masks and GDP
Goldman Sachs Research proposes a national face mask mandate as an economic alternative to lockdowns, projecting that increasing U.S. compliance from 70% to 85% could lower daily infection growth rates from 1.6% to 0.6%. The report argues this strategy would avoid the estimated 5% GDP reduction associated with equivalent restrictions on economic activity, citing data from East Asia and Southern Europe where mandates successfully slowed viral spread. While the analysis acknowledges potential measurement errors, it concludes that federal or decentralized mandates offer a statistically viable path to mitigate the Sunbelt's accelerating crisis.
- Goldman Sachs9 min
Small Cap Stock Performance
Following a post-March market bottom where small-cap stocks outperformed large-caps by 30%, investors are capitalizing on a recovery trade focused on domestically generated revenues. Portfolio managers have strategically avoided pandemic-impacted sectors like energy and retail, instead positioning capital in healthcare, technology, and consumer digitization companies capable of sustaining market share. This active, bottom-up approach leverages deep fundamental analysis to identify inflection points in firms pivoting toward therapeutics, educational technology, and cybersecurity, reinforcing the strategy's efficiency advantage over passive small-cap investing.
- Goldman Sachs11 min
Stress Testing the Big US Banks
The Federal Reserve implemented a new Stress Capital Buffer Framework for the 10th annual stress test, allowing 32 banks to bypass prior approval requirements for capital returns while withstanding simulated scenarios of 10% unemployment and a 50% market decline. All participating institutions passed with $140 billion in excess aggregate capital, positioning the banking system with double the 2008 reserves and liquidity sufficient to support over $1 trillion in incremental lending. To address projected unemployment peaks exceeding 15%, banks will resubmit capital plans in late 2020 while leveraging robust capital market activity to offset rising loan loss reserves and maintain operational profitability.
- Goldman Sachs15 min
The Power of Advocacy: US Senators
Ben Cardin, Steve Daines, Maggie Hassan, Senator Cardin, Senator Daines, Senator Hassan
Following a near-unanimous congressional vote, the Paycheck Protection Program evolved through bipartisan legislative adjustments that extended loan forgiveness timelines and recalculated expense ratios based on direct feedback from small business owners. Senators Cardin, Hassan, and Daines facilitated these critical "bug fixes" by prioritizing storytelling and real-world data to ensure the safety net remained effective as economic conditions shifted rapidly. This collaborative process highlighted how transparent communication between legislators and the ground-level intelligence of local entrepreneurs created a flexible framework essential for preserving jobs during the national emergency.