Latest Interviews

How covid-19 is boosting innovation

The COVID-19 pandemic accelerated a five-year technological timeline, forcing global enterprises and healthcare systems to rapidly integrate innovations like mRNA vaccines, drone logistics, and telemedicine to ensure survival. While this crisis triggered record merger volumes and a surge in remote work productivity, it simultaneously widened the digital divide for students lacking home internet access and favored large corporations over emerging startups. Ultimately, the era solidified permanent shifts in food delivery, educational infrastructure, and medical development, fundamentally reshaping market dynamics and societal expectations for digital adoption.

E24: Markets trend down, political pandemic manipulation, stimulus breakdown, biological Patriot Act

Chamath, Calacanis, Chesa Boudin, Jason, David Sacks

Chamath Palihapitiya, Jason Calacanis, and David Sacks discuss a $2 billion market drawdown driven by rising Treasury yields and a broader critique of unsustainable U.S. fiscal policies and pandemic management. The panel condemns California's handling of the crisis, including vaccine hoarding and excessive spending, while warning of future privacy encroachments through mandatory vaccination passports. Despite the immediate economic volatility, the speakers predict a rapid recovery as the U.S. economy proves antifragile and political sentiment shifts toward centrism following upcoming recall efforts.

Nuclear power: why is it so unpopular?

Oliver Morton

Although nuclear energy currently supplies 10% of global electricity as a reliable low-carbon alternative, its growth is stifled by high construction costs, severe public fear stemming from accidents like Chernobyl and Fukushima, and complex geopolitical proliferation risks. While statistical data suggests nuclear power is among the safest energy sources per unit of electricity, the industry faces a stagnation in reactor numbers and a lack of a projected "nuclear renaissance" due to competition from falling renewable costs. Consequently, the future of the sector hinges on whether advanced modular technologies can resolve long-standing issues with standardization and economic viability against established alternatives.

The Short and Long of Recent Volatility

Allison Nathan, Arthur Levitt, Owen Lamont, Kevin Kelly

In late January 2021, a convergence of retail coordination and stretched hedge fund short positions triggered a volatile "flash mob" short squeeze that erased 5.9% of long-short fund assets despite negligible leverage pressures. While Goldman Sachs and Wellington Management experts attributed the crisis to a crowdsourced gamma squeeze and sentiment-driven pricing, the event highlighted emerging market fragility where prices increasingly divorced from fundamental value. Regulators and industry leaders subsequently emphasized the need for greater transparency in broker incentives and investor education to mitigate future episodes of extreme volatility and liquidity disconnection.

How Healthcare CIOs Are Investing Capital Through a Public Health Crisis

Paget MacColl, Stefan Strein, Jake Seward

Recorded on February 16, 2021, Goldman Sachs Asset Management's Paget McCall and Cleveland Clinic CIO Stefan Strein discussed how non-profit health systems navigated 2020 pandemic volatility through strategic liquidity management and accelerated AI adoption. The dialogue highlighted the clinic's $100 billion investment portfolio, which supported global expansion and $1.16 billion in community benefit spending while shifting toward lower-return expectations and enhanced ESG integration. Participants emphasized the critical role of cognitive diversity and specialized technology deployment in sustaining mission-driven outcomes amidst near-zero interest rates and operational uncertainty.

Iran v America: what's behind the feud?

Roger McShane

Spanning from the 1953 Anglo-American coup against Prime Minister Mohammad Mossadegh to the 1979 Islamic Revolution, the US-Iran rivalry has been defined by decades of proxy wars, the 1980-1988 Iran-Iraq conflict, and a 444-day hostage crisis. While the 2015 Joint Comprehensive Plan of Action briefly limited Tehran's nuclear program under the Obama administration, the 2018 US withdrawal by President Donald Trump reignited tensions and accelerated Iran's enrichment capabilities despite economic sanctions. Current diplomatic efforts by President Biden to restore the deal face significant obstacles due to Iran's hardline political shift and deep-seated historical grievances that hinder regional rapprochement.

Digital Transformation and the Future of Software

Kash Rangan, Jake Seward

A February 2021 analysis of digital transformation trends reveals that corporate IT buyers are accelerating spending, reallocating approximately 15% of budgets toward cloud adoption and security while shifting strategic vendor relationships to leaders like Microsoft and ServiceNow. Despite the software sector achieving a 90% gain in 2020 that rivals dot-com era valuations, investors are increasingly adopting a barbell strategy that favors high-growth technology stocks and value assets over mid-range equities. The discussion highlights that while immediate remote work tools dominate headlines, fundamental digital infrastructure and undervalued artificial intelligence capabilities represent the most attractive long-term opportunities as the market navigates a projected sevenfold expansion in cloud substitution.

Big, Bold, Strategic Moves: The 2021 M&A Outlook

Stephan Feldgoise, Mark Sorrell, Jake Seward, Stefan Feldgeus

Following a pandemic-induced dip, the M&A market achieved a record $1.8 trillion in second-half 2020 deal value, a rebound driven by vaccine optimism and robust capital availability that propelled activity to double pre-pandemic levels by early 2021. Goldman Sachs facilitated over 100 of these transactions through a predominantly virtual execution model, which clients now favor for efficiency while major cross-border and large-ticket deals exceeding $10 billion resume traditional global patterns. The 2021 outlook predicts aggressive strategic repositioning fueled by abundant private equity dry powder, innovative financing structures, and a heightened appetite for hostile approaches as boards prioritize growth over caution.

The minimum wage: does it hurt workers?

Duncan Wilden

While standard economic theory predicts that minimum wage hikes cause unemployment, a paradigm shift initiated by Card and Kruger's 1992 study revealed that employer monopsony power often allows wages to rise without significant job losses. This empirical evidence has driven global policy adoption and created a complex patchwork of local regulations, as seen in conflicting Seattle studies regarding hours versus earnings. Currently, President Joe Biden's proposed federal $15 wage floor represents an unprecedented national experiment that economists await to resolve whether the scale of this increase poses a risk to employment or serves as a necessary economic lift.

Special Episode: The Rise of Retail Investing and Its Impact Across Market Participants

Raj Mahajan, John Marshall, Lizzie Reed, Greg Tuorto, Jake Seward

In early February 2021, a record-breaking surge in retail trading volume reached 24 billion shares as stimulus checks and zero-commission platforms drove participation to 25% of U.S. equity value. This shift toward speculative single-name stocks and options created significant volatility, forcing hedge funds to confront unprecedented short squeezes while compelling institutional investors to adapt risk models to account for coordinated retail activity. Despite these structural challenges, the heightened demand supported a historic $129 billion in global equity issuance, with Goldman Sachs projecting that retail sentiment will remain a critical determinant for future market performance and corporate capital raising.

Training for David Goggins - 4x4x48 Challenge | Lex Fridman

David Goggins, Lex Fridman

On March 5th at 8:00 PM Pacific Time, the speaker and David Goggins will jointly attempt the grueling "4x4x48" challenge, which requires running 48 miles over a 48-hour period by completing four miles every four hours in an unsupervised desert setting. Both athletes are following a strict six-day-per-week training protocol emphasizing daily ritual and clean nutrition, with Goggins broadcasting the event's progress via Instagram Live at the start of each leg. The public is invited to replicate the effort by performing 40 to 60 minutes of exercise every four hours and sharing their progress on social media, aiming to inspire broader physical engagement and self-discovery.

France’s Economic Environment for 2021

Pierre Hudry, Jake Seward

Recorded in January 2021, this discussion with Goldman Sachs executives forecasts a French GDP contraction of 8.5% to 9.2% for 2021, projecting a return to 2019 levels by 2022 contingent on pandemic management and supported by $130 billion in state-guaranteed loans. The dialogue details sector-specific resilience, noting that small businesses and the tech industry secured significant government aid while corporate M&A activity rose 8% despite lingering challenges in travel and hospitality. Additionally, the event highlights Goldman Sachs's strategic expansion in Paris, including a headcount doubling and a new office relocation in 2022 to serve as a hub for continental European clients and emerging IPO markets.

How can business survive climate change?

Lisa McKellie, Dan Petroski, Rich Sorkin, Gavin Schmidt, Chidiote Obihara, Nicolette Bartlett, Christopher Vanden Riche, Guy Scriven

Corporate leaders face escalating physical risks and mandatory litigation as climate change drives trillion-dollar asset threats while regulators shift from voluntary to enforced emissions reductions. Major enterprises like Microsoft, Amazon, and Ørsted are responding with accelerated decarbonization strategies and supply chain transparency to secure market value and avoid financial obsolescence. Experts warn that failing to adopt green technologies and disclose carbon footprints now will result in stranded assets and catastrophic economic loss as the window for effective adaptation rapidly closes.

Companies Continue to Turn to SPACs for Greater Flexibility

Olympia McNerney, Jake Seward

The 2020 SPAC market surged to over 200 IPOs raising $100 billion, driven by flexible terms and a broadening investor base that included traditional mutual funds. Following a temporary correction caused by supply fatigue in late 2020, the sector stabilized by December with 10 to 15 successful combinations, signaling renewed momentum for 2021. Looking forward, the industry is expanding into global markets and sectors like PropTech and auto tech, with Goldman Sachs noting 80 active SPACs poised to facilitate an additional $500 billion in M&A activity over the next two years.

The New Tech Stack for Virtual-First Care

Julie Yoo

The digital health sector is undergoing a transformative shift from isolated startup solutions to full-stack virtual clinics that leverage AI and modern technology to lower costs and improve care scale. While early growth was marked by redundant development of proprietary technology stacks, the market is now reaching a tipping point where demand supports dedicated infrastructure providers to abstract common clinical, administrative, and operational layers. Industry consolidation is anticipated as successful players evolve into risk-bearing, multi-stakeholder platforms that integrate digital and physical services to create network effects and eventually displace legacy fee-for-service models.