Latest Interviews
Showing 256–270 of 1,302 transcripts.
Clear all filters- Goldman Sachs29 min
Carl Nassib: NFL star to philanthropy entrepreneur
Former NFL player and first openly gay active player Carl Nassib leverages his platform to drive a strategic modernization of philanthropy through the Raise app, aiming to bridge the technological gap between traditional nonprofit infrastructure and a mobile-native donor base. Drawing on his experience as a Penn State Board member, Nassib advocates for comprehensive financial literacy education to prepare both college athletes in the NIL era and retiring athletes for wealth management, while predicting a massive transfer of generational wealth that will redefine future charitable giving.
- 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 Sachs13 min
10KSB Voices Rural Advocacy Conference in DC: David Solomon with Program Graduate & Punchbowl News
David Solomon, Anna Palmer, Jenny Steffensmeyer
Goldman Sachs CEO David Solomon and small business owner Jenny Steffensmeyer discussed critical challenges facing the "10,000 Small Business Voices" program, including capital access, workforce shortages, and a significant rural artificial intelligence adoption gap. Solomon expressed optimism that a Republican-controlled administration will reduce regulatory burdens to stimulate growth, while Steffensmeyer highlighted that technological upskilling remains impossible without affordable financing. To address these disparities, the group urged Congress to deregulate small businesses, simplify SBA lending, and provide incentives to level the competitive playing field.
- Goldman Sachs24 min
What's behind the US equity underperformance?
Tony Pasquarello, Josh Schifrin, Dominic Wilson
Josh Schifrin and Dominic Wilson have revised their U.S. year-on-year growth forecast down to 1.7% due to policy uncertainty and weak first-quarter data, anticipating a delay in Federal Reserve rate cuts until June. While the team expects the yield curve to steepen and favors front-end fixed income positions to hedge against economic pain, they caution that "U.S. exceptionalism" is fading as European markets like Germany gain traction through significant fiscal expansion. Ultimately, the strategists predict a volatile near-term environment where short-term labor data may deteriorate further before a recovery emerges, challenging the prevailing thesis that the administration will maintain a growth floor.
- Goldman Sachs20 min
How tariffs will impact the US economy
Goldman Sachs Chief U.S. Economist David Miracle, joined by host Alison Nathan in a March 10 *Exchanges* episode, revised the full-year effective tariff forecast upward to approximately 10 percentage points, driven by implementations on Canada, Mexico, and proposed auto duties. Consequently, the firm lowered its 2025 GDP growth outlook to 1.7% and raised the recession probability to 20%, while maintaining a Federal Reserve rate-cutting trajectory that diverges from market expectations due to elevated inflation near 3%. Although Miracle dismisses the current environment as true stagflation, he warns that expanded trade policy uncertainty poses a more severe risk to business investment and hiring than in 2019.
- Goldman Sachs8 min
Chief US Equity Strategist David Kostin on the market impact of recent policy updates
David Kostin, Carl, John Yang, Sarah
Goldman Sachs strategist David Koston revised 2024 U.S. equity EPS growth forecasts downward to 9% due to a weakening economic outlook, while maintaining a 6,500 target for the S&P 500. Portfolio rotations are shifting toward defensive healthcare and consumer staples as investors grow indifferent to trade policy uncertainty, with a specific focus on low-volatility earnings and companies leveraging AI for revenue generation. Although tariff scenarios could compress margins, the firm continues to view GDP growth and the Magnificent Seven's high reinvestment rates as the primary drivers for sustained market performance pending durable economic data.
- 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 Sachs38 min
Bigger markets, more alpha: Capstone’s Paul Britton on running a derivatives hedge fund
Paul Britton, Tony Pasquarello
Founded in 2004 by Paul Brittain, Capstone Investment Advisors transitioned from options market making to a $11 billion multi-asset firm that leverages post-2008 risk framework reforms to generate alpha through derivative strategies. The firm currently manages a 330-person organization utilizing AI to automate workflows and maintains a distinct focus on providing liquidity overlays for institutions heavily allocated to private assets. Looking forward, leadership anticipates a shift away from central bank interventions toward higher market elasticity, a structural change that Brittain believes will favor active management strategies employing rigorous process discipline.
- Goldman Sachs26 min
Macro questions and market strength
Jan Hatzius, Dominic Wilson, Alison Nathan
Goldman Sachs economists Jan Hatzias and Dominic Wilson project that 2025 U.S. real GDP will grow by approximately 2.5% despite an effective tariff increase of 4–7 percentage points, a scenario where tailwinds continue to outweigh policy headwinds. While the Federal Reserve is anticipated to cut rates later in the year due to sticky but manageable inflation, markets remain resilient near record highs driven by strong consumer income growth and a pricing dynamic that favors offshore equities. The analysts warn that aggressive tariff implementation poses a significant tail risk for growth and bond yields, yet they maintain that the current low recession probability supports a gradual upward drift in risk assets.
- Goldman Sachs22 min
FedEx founder & chairman Fred Smith on transforming global logistics
FedEx founder Fred Smith established a revolutionary hub-and-spoke logistics network grounded in military matrix management and the "People, Service, Profit" philosophy to scale operations globally while retaining key talent. Under his leadership, the integration of real-time tracking with a massive air and ground fleet enabled the company to handle approximately six percent of U.S. GDP and provide unique economic data insights into consumer trends. Today, Smith emphasizes that maintaining defensible competencies in artificial intelligence and digital transformation is critical for navigating the rapid market shifts that threaten legacy business models.
- 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 Sachs22 min
AI Exchanges: Will falling costs drive new opportunities?
Allison Nathan, George Lee, Kim Posnett
Host George Lee and guests analyze how DeepSeek's low-cost AI model challenges the economic viability of massive U.S. tech capital expenditures while triggering a shift in consensus from data scarcity to power availability as the primary industry constraint. Despite short-term market volatility, the panel highlights record CapEx commitments from hyperscalers and emerging enterprise adoption trends, including Goldman Sachs' internal AI tools and synthetic data markets, which collectively suggest a rapid transition toward autonomous AI agents and multi-gigawatt infrastructure needs. The discussion concludes with a bullish long-term outlook, predicting that declining computing costs will fuel new use cases and accelerate workforce productivity even as the sector navigates immediate supply chain bottlenecks.
- Goldman Sachs35 min
How the Florida Panthers won the Stanley Cup with CEO Matt Caldwell
CEO Matt Caldwell spearheaded the Florida Panthers' transformation from a financially struggling franchise into a Stanley Cup champion by implementing Wall Street-level financial rigor and a data-driven "grit" culture. The organization achieved this turnaround by pivoting revenue streams from traditional cable models to direct-to-consumer and Over-the-Air broadcasting while aggressively cultivating community engagement through veteran-focused initiatives and grassroots youth programs. This strategic shift not only secured the team's first championship in thirty years but also established a sustainable business model capable of thriving despite the NHL's unique salary cap constraints and the rapid evolution of sports media distribution.
- Goldman Sachs23 min
AI Shake-Up and US Exceptionalism
Tony Pasquarello, Josh Schifrin, Dominic Wilson
Dominic Wilson and Josh Schifrin analyze the "DeepSeek" AI disruption as a pivotal shift challenging U.S. dominance while reaffirming persistent corporate spending driven by competitive incentives. The speakers outline a Federal Reserve likely to hold rates steady pending economic clarity, forecasting potential cuts only if labor weakens or inflation trends clearly toward 2%. Despite market volatility, the panel maintains a bullish conviction in global equities and a steeper yield curve, cautioning investors to account for underpriced tariff risks and the evolving complexity of the AI investment landscape.
- Goldman Sachs20 min
Goldman Sachs Chairman and CEO David Solomon on the business environment, AI, and private credit
On January 27, 2025, Goldman Sachs CEO David Solomon and host Allison Nathan discussed a macroeconomic outlook defined by regulatory optimism alongside persistent uncertainties in immigration, trade, and energy policy. Solomon projected a robust 2025 recovery for capital markets and M&A activity while highlighting artificial intelligence as a critical productivity driver, even as he flagged geopolitical instability and complex inflation dynamics as key risks. The firm further emphasized its strategy to deploy excess capital buffers through private credit expansion and asset management growth, contingent on the appointment of key financial regulators and the resolution of stress testing ambiguities.