Latest Interviews
Showing 1–15 of 30 transcripts.
Clear all filters- 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.
- Goldman Sachs29 min
How Will AI Impact the Labor Market?
Daron Acemoglu, Neil Thompson, Joseph Briggs, Allison Nathan
Experts from Goldman Sachs and MIT project that while AI will displace tens of millions of U.S. workers over the next decade through significant labor reallocation, the unemployment rate is expected to rise by less than one percentage point annually as new job creation offsets automation. The consensus indicates a gradual transition driven by integration barriers rather than sudden mass layoffs, though disagreement persists regarding short-term net employment impacts depending on whether firms prioritize replacing or complementing human labor. Recorded in June 2026, these forecasts highlight that the trajectory of inequality and total job levels will ultimately depend on whether AI development focuses on automating routine cognitive tasks or augmenting high-value human expertise.
- Goldman Sachs25 min
Emma Grede on Building Iconic Brands and the Inspiration Behind 'Start with Yourself'
Entrepreneur Emma Greed challenges conventional views on networking and work-life balance, advocating instead for resilience built on professional excellence and the acceptance of life's fluctuating "seasons." In her book *Start With Yourself*, she urges leaders to discard the "self-made" myth, embrace strict trade-offs based on core principles, and prioritize financial fluency to navigate AI-driven disruption. By promoting a mindset that separates personal identity from risk outcomes and values team assembly over individual heroics, Greed offers a pragmatic roadmap for sustainable success and equitable power acquisition.
- Goldman Sachs23 min
Why the Fed’s Hawkish Turn Could Support the AI Boom
Tony Pasquariello, Josh Schiffrin, Dominic Wilson
New Federal Reserve Chair Warsh signaled a data-dependent approach focused on price stability while the committee's uncertain dot plot and absence of forward guidance prompted a hawkish market reaction. Panelists interpret current conditions as a mid-cycle adjustment driven by falling oil prices from geopolitical shifts and resilient AI-driven equity momentum rather than impending recession. This unique environment, characterized by rapid narrative shifts and robust capital absorption, suggests a high-velocity economic landscape distinct from the stagnation of previous years.
- Goldman Sachs19 min
Will AI Make Markets Less Efficient?
Osman Ali, Alison Nathan, George Lee
Goldman Sachs' Global Co-Head of Quantitative Investment Strategies, Osman Ali, discusses how his team leverages AI and machine learning to analyze market sentiment across 15,000 stocks daily, capturing the fact that over half of recent equity returns are now driven by themes rather than fundamentals. Ali explains that while advanced language models enhance market efficiency, their widespread adoption creates new alpha opportunities through crowding effects and predictable herd behavior, which the firm actively models to exploit. This strategy relies on a hybrid approach combining proprietary data, custom technology, and human experience to navigate a zero-sum game where increasing market complexity continuously generates fresh sources of value.
- Goldman Sachs16 min
Natural Gas in Focus: Iran Conflict Could Have ‘Very Painful’ Consequences
Ongoing attacks on Qatari LNG infrastructure have eliminated 20% of global supplies with a three-to-five-year recovery timeline, creating a critical inventory deficit that exceeds current alternative flows from China. Although prices have surged 50% to 70%, these levels remain insufficient to trigger widespread demand destruction in Asia, leaving markets vulnerable to severe winter spikes if the conflict prolongs. Experts warn that this uncertainty allows prices to creep upward without forcing the necessary industrial shutdowns, meaning a worst-case scenario could drive rates 100% higher to rebalance inventories before next winter.
- Goldman Sachs25 min
‘Affordability’: Consumer Concerns and Government Proposals
David Mericle, Alec Phillips, Allison Nathan
Amidst a persistent housing affordability crisis driven by regulatory constraints and construction labor shortages, the administration has relied on reactive executive orders to utilize Fannie Mae and Freddie Mac capacity rather than enacting comprehensive legislative reforms. While these measures aim to modestly lower mortgage rates through increased mortgage-backed security purchases and a ban on institutional single-family home purchases, they fail to address the root causes of supply scarcity or deliver immediate price relief for homeowners. Future policy focus is expected to shift toward zoning incentives and speculative tariff rebates, though significant progress remains hindered by the need for congressional approval and the long-term nature of structural housing deficits.
- Goldman Sachs23 min
After a Summer of Stablecoins, What’s Next?
Brian Brooks, Barry Eichengreen, Allison Nathan
The U.S. "Genius Act" establishes a comprehensive federal framework for stablecoins that mandates full backing by high-quality assets like U.S. Treasury bills while subjecting issuers to national bank-style supervision. Key figures Brian Brooks and Barry Eichengreen debate the legislation's efficacy, with Brooks advocating for private innovation and treasury demand growth while Eichengreen warns of systemic risks to the singleness of money and potential taxpayer liabilities. Despite these conflicting views on financial stability, the regulatory clarity is expected to dismantle existing market monopolies and accelerate mass adoption across savings, remittances, and commercial payment sectors.
- Goldman Sachs36 min
Are Investors Complacent?
Jan Hatzius, Dom Wilson, Alison Nathan, Dominic Wilson
The U.S. has raised effective tariff rates by nine percentage points, introducing new levies on China, Canada, and Mexico while delaying agricultural tariffs until late next year. This shift, combined with a fiscally expansionary "Big Beautiful Act," is projected to push core PCE inflation to the low threes and suppress 2025 GDP growth to between 1% and 1.5%. In response, financial markets anticipate Federal Reserve rate cuts beginning in September to mitigate these temporary price shocks, while the U.S. dollar continues a structural depreciation against a backdrop of resilient global trade.
- Goldman Sachs16 min
Will legal challenges end the trade war?
A three-judge panel of the U.S. Court of International Trade blocked most of President Trump's sweeping tariffs in a May 29, 2025 ruling, determining that the executive branch lacked the intelligible limits required to impose duties on Canada, China, and Mexico under the International Emergency Economic Powers Act. While the administration plans to appeal to the Supreme Court and may shift toward temporary Section 122 tariffs or sector-specific Section 301 investigations to maintain revenue, the decision significantly alters the legal landscape by invalidating the broad, unlimited authority claimed by the previous strategy. This pivotal judgment introduces substantial market uncertainty regarding future tariff levels and fiscal projections, as analysts anticipate a transition from across-the-board rates to more restrictive, country-specific measures.
- Goldman Sachs15 min
Are credit investors nervous about recession risk?
Goldman Sachs Chief Credit Strategist Lotfi Karawi attributes recent corporate bond spread widening to a necessary realignment with macro volatility rather than a recessionary collapse, noting that fundamentals remain robust while investors demand higher risk premiums due to trade and policy uncertainties. The firm forecasts Investment Grade spreads to peak between 120 and 125 basis points as market sentiment normalizes, a move that remains far from the 200-basis-point levels required to signal true recessionary stress. Despite the repricing, total return outlooks stay positive supported by high treasury yields, prompting a strategic shift toward defensive, high-quality instruments like agency mortgages while reducing exposure to lower-rated carry trades.
- Goldman Sachs18 min
Trump’s tariffs: Big talk or big action?
Trump, Jeff Gerrish, Allison Nathan
The current administration is deploying aggressive tariff policies to reshape U.S. manufacturing, secure national security in strategic sectors, and address geopolitical concerns like fentanyl trafficking. While market volatility is intentionally leveraged to force negotiation concessions, a coordinated strategy involving hawkish figures aims to replace bilateral deals with a reciprocal global tariff system by the April 1st deadline. Despite legal challenges, these measures are designed to correct trade imbalances and extend beyond the scope of previous administrations to fundamentally alter international trade dynamics.
- Goldman Sachs26 min
Tariffs: What’s ahead and why it matters
Alec Phillips, Joseph Briggs, Kamakshya Trivedi, Alison Nathan
Starting February 1, 2025, the administration implemented a 10% tariff on Chinese imports and delayed measures against Canada and Mexico while accelerating steel and aluminum duties to 25% with no exemptions. This unprecedented two-week escalation compresses trade war dynamics into a single window, projecting a mid-single-digit rise in effective U.S. tariff rates that could slow American growth by 25 basis points and push core inflation to 2.6% by year-end. As global central banks diverge with the Federal Reserve adopting a slightly hawkish stance, investors are increasingly hedging against dollar strength while anticipating a pivotal April 1 report on structural tariff mechanisms.
- Goldman Sachs24 min
Navigating 2025: Why investors need to diversify and hedge their portfolios
Christian Mueller-Glissmann, Alexandra Wilson-Elizondo
The 2024 financial landscape featured broad outperformance of U.S. large-cap equities and tight credit spreads, driven by resilient global growth despite significant regional divergences and a 100-basis point Federal Reserve rate cut. Looking ahead to 2025, strategists anticipate a reflationary macro regime that will likely compress risk premiums and challenge concentrated valuations, prompting a strategic shift toward diversified equity barbell positions and higher allocation to fixed income. Investors are advised to prepare for elevated term premiums and geopolitical uncertainty by utilizing gold, currency hedges, and defensive options to mitigate risks associated with sticky inflation and supply-driven bond market dynamics.
- Goldman Sachs33 min
Investing in Sports: Women’s Sports and the Future
Nicole Pullen Ross, Stacy Sonnenberg, Willow Bay
Goldman Sachs' Stacey Sonnenberg attributes the surging valuation of women's sports to decades of Title IX investment and rising media rights, projecting that WNBA and NWSL franchises could match men's league peers within two decades through patient capital. High-profile acquisitions like Angel City FC's $250 million sale to Bob Iger and Willow Bay highlight strategic shifts toward direct-to-consumer revenue and global expansion to address current market gaps. As ownership groups prioritize facility upgrades and diverse sponsorship activations, the industry anticipates converging growth rates despite a persistent valuation gap between current women's and men's teams.