Latest Interviews
Showing 16–30 of 42 transcripts.
Clear all filters- Goldman Sachs20 min
Should investors worry about market concentration?
David Kostin, Owen Lamont, Alison Nathan
Strategists David Kostin and Owen Lamont converge on the projection that U.S. equity markets face a decade of sub-10% returns driven by extreme concentration and elevated valuations, though they diverge on whether the top ten stocks' dominance itself constitutes the primary risk. Kostin warns that the current 36% market cap concentration creates a negative equity risk premium and recommends shifting to equal-weighted indices, while Lamont argues that future volatility will stem from AI-driven creative destruction and mean reversion rather than portfolio structure. Both analysts acknowledge that the sustainability of the "magnificent seven's" growth and potential AI bubbles remain critical variables that could accelerate a decline in market performance over the next ten years.
- 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 Sachs29 min
Lord Simon Woolley, Co-Founder, Operation Black Vote
Lord Simon Woolley, Ian Drayton
Hosted by Goldman Sachs' Ian Drayton, Lord Simon Woolley discusses his journey from a Windrush-generation upbringing to founding Operation Black Vote, where he pioneered a non-partisan strategy to mobilize 20,000 minority voters and force political parties to address racial justice. The conversation details how this approach secured legislative influence in the 1997 election and created a leadership pipeline that includes Mayors and ministers, while critically examining institutional exclusion in elite education. Woolley concludes by challenging the next generation to embrace their heritage and demand success, framing representation as a necessary foundation for drawing others into positions of power.
- Goldman Sachs23 min
M&A Outlook: How Companies Are Positioning For Growth
Mark Sorrell, Stephan Feldgoise, Alison Nathan
M&A activity has surged to early 2021 levels driven by a strategic shift toward "big, bold" transactions as companies prioritize offensive growth and defensive supply chain diversification amid record private equity capital. The market is characterized by a high volume of deals between $500 million and $10 billion, with increasing participation from sovereign funds and a notable resurgence in activist investing focused on ESG and corporate restructuring. Despite muted cross-border activity due to travel constraints, the consensus among practitioners, including Goldman Sachs, points to sustained momentum in the second half of 2021 fueled by abundant deployable capital and adaptive deal execution.
- Goldman Sachs12 min
Behind the Numbers: Goldman Sachs’ CFO on Second Quarter Earnings Results
Goldman Sachs reported a robust second quarter driven by record investment banking backlog levels, $1 billion in equity underwriting revenues, and a 18% return on equity in global markets. The firm is accelerating a strategic transition toward a fund-format model while prioritizing capital returns through doubled dividends and variable share repurchases to support stock value. Despite facing macroeconomic, geopolitical, and cybersecurity risks, management remains confident in the outlook, noting a significant return to physical office collaboration and strong sponsor-led M&A activity.
- Goldman Sachs24 min
The European Recovery: Here to Stay?
Allison Nathan, Jari Stehn, Richard Privorotsky, Yari Shteyn, Rich Pivorotsky
Driven by rapid vaccination rates and a significant fiscal stimulus package, the Euro Area and UK are projected to see GDP growth rates of 5.4% and 8.1% respectively in 2021, outpacing global consensus. While the ECB maintains an accommodative monetary stance with no rate hikes anticipated until 2025, European equity markets have rallied with cyclical sectors leading a shift in investor flows away from defensive positions. Despite persistent political risks in Italy, France, and Germany, the outlook remains positive as temporary inflationary pressures are expected to subside by late 2021, allowing structural reforms to drive medium-term expansion.
- Goldman Sachs15 min
Oscar Munoz, Executive Chairman of United Airlines
United Airlines Executive Chairman Oscar Munoz leveraged his background in crisis management and direct government lobbying to secure CARES Act funding and implement rapid liquidity measures that enabled the carrier to navigate the pandemic's immediate threats. Under Munoz's leadership, the airline shifted from reactive survival to proactive customer-centric innovation by eliminating change fees and advocating for global rapid testing protocols to facilitate safe international travel. With a strategic focus on passenger safety and profitability, United projects a phased return to full operations by 2022, contingent on vaccine deployment and the successful integration of hybrid digital and physical customer service models.
- Goldman Sachs1h 23m
Watch Live: 2020 Goldman Sachs Gives Analyst Impact Fund Finals
Eric Lane, Julian Salisbury, David Solomon, Stephen Scher, John Rogers, Asahi Pompei, Anne Black, Mabel, Abe, Olu, Anna Skoglund, Chris Johnson, Kim Posnett, Priyanka Pasi, Gauri, Mina Flynn, Jennifer Yume, Matthew, Av, Anshul Sugabi, Ruchand, Prashant, Khalil Razi, Carlos, Earl Hunt, Sarah Condon, Laura, Kia Williams, Arthur, Carrie Halio, Bridget Martinez, Alistair
The 2020 Analyst Impact Fund Finals engaged 733 Goldman Sachs analysts to evaluate non-profit proposals addressing critical global challenges like healthcare, climate change, and equity through a hybrid virtual and in-person format. Six finalist teams pitched their organizations, with Serum winning the $250,000 first-prize grant and an additional $25,000 "fan favorite" award, while Black Girl Ventures and CHaN secured second and third place respectively. This fifth annual competition has facilitated over $2.1 million in total grants to 69 nonprofits since its inception, serving as a key mechanism for junior talent to drive philanthropic impact and cross-office collaboration.
- Goldman Sachs7 min
Goldman Sachs’ Third-Quarter Earnings
Goldman Sachs CFO Steven Schwartz attributed strong third-quarter earnings to the firm's intermediary model and strategic initiatives that successfully expanded market share across Global Markets and Investment Banking. Leadership recently realigned division heads with defined business segments to ensure cohesive operations while deploying calibrated capital to navigate anticipated fourth-quarter volatility driven by geopolitical and economic uncertainties. Looking toward 2021, the firm aims to execute a dual strategy of reinforcing incumbent businesses and scaling new value-add initiatives like transaction banking without the operational distractions that previously defined the sector.
- Goldman Sachs23 min
Explore GS: Interns Catch Up with Our Chairman and CEO David Solomon
David Solomon, Fausto, Ila, Luke, Nicholas, Chico, Regina, Derek, Hannah, Felix, Max, Nandi, Zoe
Goldman Sachs CEO David Solomon guided approximately 1,200 summer interns through a virtual program that maintained operational momentum while prorating salaries to support staff during the pandemic. Solomon emphasized the firm's resilience by highlighting record-breaking launches like the Marcus-Apple credit card and outlined strategic priorities centered on employee health, client resources, and community support. Interns across global regions reported strong mentorship and active engagement in live business projects, reinforcing the firm's culture of connection despite remote barriers.
- Goldman Sachs23 min
The Power of Advocacy: US Mayors
Eric Johnson, Nan Whaley, LaToya Cantrell
Mayors Eric Johnson of Dallas, Andrew Whitaker of Dayton, and LaToya Cantrell of New Orleans collectively addressed the compounding crises of the COVID-19 pandemic and civil unrest while outlining strategies to support small businesses and protect vulnerable populations. These leaders detailed significant public-private financial partnerships, such as Dallas's $10 million recovery fund and New Orleans' $50 million commitment with Goldman Sachs, to mitigate job losses and address systemic inequities. Furthermore, the mayors emphasized an urgent need for federal assistance and collaborative governance to accelerate economic recovery and build more resilient, equitable urban environments.
- Goldman Sachs57 min
The State of the Real Estate Market
Sharmin Mossavar-Rahmani, Alan Kava, Roy March, Ralph Rosenberg, Sharmeen Mosavaramani
On April 24, 2020, Goldman Sachs, KKR, and Eastdale executives analyzed a global real estate market defined by record cap rate spreads, an 80% drop in private transaction volumes, and divergent sector performance driven by the COVID-19 pandemic. While hospitality and retail faced existential threats from plummeting occupancy and accelerating structural decline, industrial and life science sectors demonstrated resilience through e-commerce growth and near-perfect rent collections. Industry leaders anticipate a prolonged recovery period where well-capitalized banks may stabilize the market, yet a sharp bifurcation remains between distressed "have-to" sellers and liquidity-rich investors poised to acquire depressed assets.
- Goldman Sachs44 min
Adm. Timothy J. Keating, USN (Ret.) and Brig. Gen. Robert S. Spalding III, USAF (Ret.)
Timothy J. Keating, Robert S. Spalding III, Admiral Timothy Keating, Brigadier General Robert S. Spalding III, Norman Nye, Tim Keating, Rob Spalding
Hosted by Goldman Sachs's Norman Nye on April 15, 2020, Admiral Timothy Keating and Brigadier General Rob Spalding assessed how the COVID-19 pandemic accelerated U.S.-China geopolitical rivalry, particularly regarding Taiwan, supply chain decoupling, and 5G surveillance infrastructure. The experts concluded that the crisis would permanently shift global alignment toward a "democratic bloc" prioritizing national security over economic integration, forcing a reshoring of critical industries and tighter restrictions on Chinese technology. They further warned that economic strains could provoke China to employ gray zone tactics while the United States pivots toward strengthening alliances in the Indo-Pacific, India, and Latin America.
- Goldman Sachs1h 2m
An Update on Therapies and Vaccines
Sharmin Mossavar-Rahmani, Dr. Richard Hatchett, Esther Krofah, Dr. Paul Stoffels
On April 14, 2020, Goldman Sachs CIO Wealth Management hosted Sharmin Mosavar-Rahmani for the eighth iteration of a COVID-19 series discussing the epidemiological landscape of nearly 2 million infections and 110,000 fatalities. Experts outlined a pipeline where effective therapies are expected within four to six months while vaccines leveraging platforms from CEPI and Johnson & Johnson may require 12 to 18 months, with potential emergency use by the first quarter of 2021. The call further detailed critical challenges regarding antibody test accuracy, the certainty of a second wave, and the necessity for aggressive surveillance and testing infrastructure to facilitate any safe economic reopening.
- Goldman Sachs53 min
The CARES Act and its Impact on the US Economic Outlook
Sharmin Mossavar-Rahmani, Alec Phillips, Jan Hatzius, William G. Gale, Sharmeen Mosavar-Rahmani, Bill Gale
On March 31, 2020, Goldman Sachs hosted a client call featuring Chief Economist Jan Hatzius and external fiscal experts to analyze the CARES Act and downgrade the 2020 U.S. economic outlook to a record contraction. The discussion detailed the legislation's targeted relief components, including expanded unemployment benefits, direct stimulus checks, and $46 billion in aid for the airline industry, alongside projections that Q2 GDP will fall approximately 10% with net debt-to-GDP rising above 100%. Despite these severe short-term headwinds, experts concluded that low interest rates and the Federal Reserve's potential $4.5 trillion lending capacity would likely prevent a sovereign debt crisis.