Latest Interviews
Showing 271–285 of 525 transcripts.
Clear all filters- Goldman Sachs23 min
What Trump’s win means for markets and portfolios
Trump, Christian Mueller-Glissmann, Brian Garrett, Alison Nathan
Following Donald Trump's presidential victory, U.S. stocks, bond yields, and the dollar surged sharply as clients rapidly shifted from underweight to long positions in banks, technology, and energy sectors. Goldman Sachs analysts project a potential S&P 500 rally to 6,100 by mirroring 2016 post-election patterns, while noting that European equities and renewable energy stocks face immediate pressure from tariff fears and policy changes. Although the VIX dropped to historic lows due to suppressed hedging, the firm maintains an equity-overweight strategy with a neutral duration outlook, warning that sustained yield spikes or reflation frustration could eventually trigger market indigestion.
- Goldman Sachs42 min
How Clearlake Capital’s José E. Feliciano is finding value across private markets
José E. Feliciano, Michael Brandmeier
ClearLake Capital co-founders Jose Feliciano and Big Dog Ibali leverage an $80 billion asset base to execute distressed investments, restructuring, and sector-specific buyouts with a primary focus on technology and industrials. Their strategy targets a "15-year supply" of undervalued tech companies for transformation through their proprietary OPS operational framework, which integrates AI integration and business model pivots to drive recurring revenue and efficiency. Beyond financial returns, the firm actively deploys over $200 million to support underrepresented minority leaders and applies rigorous operational standards to unique assets like Chelsea FC to diversify revenue streams.
- Goldman Sachs17 min
What will the US presidential election mean for the economy?
Kevin Hassett, Jared Bernstein, Allison Nathan
Former and current Council of Economic Advisers chairs Jared Bernstein and Kevin Hassett debated the U.S. economic outlook, contrasting Bernstein's assessment of a solid expansion with Hassett's characterization of conflicting recessionary and growth signals. Their discussion highlighted sharp divergences on policy, with Bernstein defending targeted tariffs and tax hikes on high-net-worth individuals while Hassett advocated for reciprocal trade measures and warned that raising the corporate tax rate to 28% would stifle growth. Despite these disagreements, both economists acknowledged the potential of expanding tax credits for families and expressed concern over long-term fiscal sustainability regarding deficit levels and the upcoming debt limit crisis.
- Goldman Sachs35 min
Blackstone’s Jon Gray on real estate, rates, and building a winning company culture
Jon Gray, Jonathan Gray, John Waldron
John Gray, President and COO of Blackstone, leverages the firm's $1 trillion asset base to guide a strategic pivot toward thematic sectors like data centers and life sciences while navigating a post-2008 landscape defined by shifting capital flows. Through disciplined contrarian investing exemplified by the Hilton turnaround and a "concussion bombing" deployment strategy, Blackstone is capitalizing on falling interest rates to restart IPO and transaction markets despite current macroeconomic headwinds. Gray's leadership couples this aggressive capital allocation with a strong entrepreneurial culture and philanthropic rigor, positioning the firm to exploit growth opportunities in India and resilient real estate sub-sectors like logistics.
- Goldman Sachs33 min
Battery Ventures’ Chelsea Stoner on the power of being ‘stage agnostic’ in tech investing
Chelsea Stoner, Michael Brandmeyer
Since 1983, Battery Ventures has navigated multiple generational shifts through a four-partner executive committee and a stage-agnostic model that targets software infrastructure and applications globally. General Partner Chelsea Stoner leads the firm's strategy to deploy capital into diverse deal types, from early-stage product-market fit acquisitions to later-stage European buyouts, while maintaining a rigorous focus on cash flow and proprietary data moats in artificial intelligence. As public markets remain constrained, the firm leverages its non-consensus decision-making culture to guide portfolio companies through a five-to-six-year runway toward eventual M&A consolidation or IPO readiness.
- Goldman Sachs20 min
More gains ahead for US stocks?
David Kostin, Ryan Hammond, Alison Nathan
Goldman Sachs Research has raised its 2024 S&P 500 year-end target to approximately 6,000, citing an 11% earnings growth forecast for 2025 driven by solid macroeconomic data and semiconductor strength. While mega-cap technology stocks currently dominate the rally and trade at historic valuation highs, the firm identifies mid-cap equities as a key opportunity due to their 15x forward earnings multiple and superior performance track record during Federal Reserve rate cuts. Future market returns are expected to rely on fundamental earnings growth rather than further valuation expansion, though the outlook remains contingent on navigating immediate geopolitical risks and inflationary pressures that could limit further rate reductions.
- Goldman Sachs49 min
How to find alpha: Bridgewater Associates’ Co-CIO Karen Karniol-Tambour
Karen Karniol-Tambour, Roelof Botha, Joe Baratta, Jon Winkelried, Tony Pasquarello
Bridgewater Associates' Co-CIO team outlines a US economic landscape defined by sustainable 3% growth and a neutral rate near 3%, driven by an AI-fueled capital expenditure cycle and supply-side labor dynamics. The strategy pivots toward a diversified portfolio positioning that favors Japanese equity normalization, Chinese asset valuation discounts, and Euro currency strength while maintaining a structural US dollar tilt amidst rising global deficits. These macroeconomic views are integrated with a philosophy of radical transparency and algorithmic rigor to navigate complex themes ranging from AI-driven inflation to divergent post-election fiscal trajectories.
- Goldman Sachs18 min
Why oil and gold prices could keep rising
Geopolitical tensions in the Middle East have elevated regional war risks, potentially disrupting oil supply despite six million barrels per day of spare capacity held by UAE, Saudi Arabia, and Kuwait. While Goldman Sachs forecasts Brent crude between $70 and $85 for 2025 driven by U.S. demand growth, a Strait of Hormuz closure could spike prices to triple digits, whereas China's modest economic stimulus limits demand expansion. Simultaneously, gold prices are projected to rise to $2,900 by early next year as central bank diversification and a global monetary easing cycle provide structural support, making gold a superior hedge against non-supply driven macroeconomic risks.
- Goldman Sachs27 min
The missing link to retirement security
Michael Moran, Alison Nathan, Mike Moran
Economic pressures from inflation and rising debt now force many workers to delay retirement, while a divergence in market gains and fixed-income yields exacerbates savings inequality across income quintiles. In response, regulatory reforms like SECURE Act 2.0 and the expansion of Pooled Employer Plans are driving the adoption of automatic enrollment and age-triggered investment strategies to boost participation. Looking forward, the industry aims to democratize access through personalized digital planning, integrate alternative assets into defined contribution menus, and develop hybrid decumulation models that provide steady retirement income.
- Goldman Sachs33 min
Wyc Grousbeck's Winning Investment in the NBA's Boston Celtics
Wyc Grousbeck, Tucker York, Michael Jordan
In 2002, Wit Brozbeck acquired the Boston Celtics for $360 million by leveraging a loan-backed equity structure and personal assets, establishing a ten-year partnership defined by shared values rather than immediate financial returns. Over the subsequent two decades, this ownership group has grown the franchise's valuation to an estimated $5 billion while integrating advanced data analytics, including digital play tracking and AI-assisted scouting, to maintain competitive parity alongside a record-tying 18 championships. Brozbeck's strategy has extended beyond basketball into global expansion and diversified business ventures, such as the Sincora Tequila brand and WNBA investments, all underpinned by a focus on disciplined growth and community impact.
- Goldman Sachs27 min
Falling rates: A salve for real estate?
Lotfi Karoui, Jeff Fine, Alison Nathan
A Federal Reserve rate cut of 50 basis points has lowered funding costs and reduced Treasury yields, yet the commercial real estate sector faces a structural bifurcation where the office market struggles with obsolescence while logistics and retail demonstrate resilience. Regional banks have bolstered loss allowances to absorb expected credit costs, and the housing market remains supported by a supply-constrained "lock-in effect" despite modest improvements in affordability from lower mortgage rates. Investors anticipate a multi-year period of market dislocation and capital reallocation to address the valuation gap in obsolete inventory, driven by the durability of a soft landing and potential public-private urban redevelopment partnerships.
- Goldman Sachs1h 0m
How Sequoia Capital’s Roelof Botha is forging the future
Roloff Bota of Sequoia Capital outlines the firm's enduring investment philosophy, which relies on a small, high-integrity team to back founder-problem fit through rigorous processes like anonymous voting and pre-mortems. The discussion highlights how Sequoia navigates a contracting VC market and evolving AI landscape by prioritizing infrastructure software over capital-intensive foundation models while introducing a permanent fund structure to align long-term incentives. Ultimately, the event details how the firm balances historical underdog mentalities with modern behavioral economics to sustain 100x to 500x returns despite a 50% failure rate in its portfolio.
- Goldman Sachs19 min
Why China’s economy is struggling
Goldman Sachs has lowered its 2024 China GDP growth forecast to 4.7% below the official 5% target, citing persistent oversupply in the property sector and weak consumer demand. While the government retains fiscal capacity to expand central debt to 110–120% of GDP, current strategy focuses on stabilizing homeowners rather than rescuing developers due to fears of asset bubbles. The report warns that a potential 60% U.S. tariff could further suppress growth by 2 percentage points, likely forcing a shift to aggressive stimulus if domestic resilience fails.
- Goldman Sachs40 min
Private equity investing with Blackstone’s Joe Baratta
Joe Baratta, Alison Mast, Leslie Kendrick
Joe Baratta, the global head of private equity at Blackstone since 2012, has guided the $1 trillion asset manager through strategic pivots from value investing to high-growth sectors like software and critical infrastructure. Under his leadership, the firm pioneered the integration of its own debt capital markets and expanded into Europe prior to the Euro's introduction, while simultaneously addressing industry opportunity gaps through expanded recruitment initiatives. Baratta emphasizes strict valuation discipline and long-term relationship building to navigate macroeconomic shifts, citing artificial intelligence and energy demand as key structural drivers for future capital deployment.
- Goldman Sachs26 min
Will Fed policy trigger a US recession?
Allison Nathan, Claudia Sahm, Bill Dudley, Rob Kaplan, Alyssa Nathan
Following the technical activation of the Sahm Rule in July 2024, leading economists are divided on the likelihood of an imminent U.S. recession, with estimates ranging from Goldman Sachs' 20% probability to Bill Dudley's 60% forecast based on conflicting interpretations of labor supply shifts and demand destruction. While Fed Chair Powell signals impending rate cuts, experts like Claudia Sahm and Dudley warn that monetary policy risks lagging behind structural economic shifts, potentially turning a soft landing into an unforced recession if the central bank fails to act decisively. The prevailing base case anticipates a mild downturn or no contraction if the Federal Reserve successfully lowers borrowing costs, though divergent views persist regarding whether current unemployment data reflects a genuine demand shock or a temporary labor force anomaly.