Latest Interviews
Showing 391–405 of 832 transcripts.
Clear all filters- Goldman Sachs22 min
2021 Investment Outlook: “US Resilient”
Sharmin Mossavar-Rahmani, Jake Seward
Goldman Sachs CIO David Koston presents a 2021 investment strategy centered on the "U.S. Resilient" framework, advocating for sustained U.S. equity exposure despite elevated valuations while assigning a base case 8% total return with specific tactical allocations to bank loans over high-yield bonds. The outlook highlights China as the primary emerging market growth driver and warns of downside risks including vaccine efficacy against variants and geopolitical tensions, though upside potential remains tied to robust fiscal stimulus and pent-up consumer demand. Ultimately, the analysis urges clients to maintain long-term equity participation rather than attempting to time exogenous shocks like the pandemic, citing historical evidence that institutional resilience and economic fundamentals will eventually drive market recovery.
- Goldman Sachs17 min
Marcus Samuelsson, Chef and Author of "The Rise: Black Cooks and the Soul of American Food"
Marcus Samuelsson, Margaret Anadu
Award-winning chef Marcus Samuelsson joined Goldman Sachs' Margaret Anadu to discuss the strategic evolution of Black cuisine, emphasizing the need to dismantle monolithic stereotypes through cultural granularity and regional differentiation. Drawing on his journey from Harlem's Red Rooster to pandemic-era community relief efforts, Samuelsson highlighted the critical necessity of Black authorship in media and leadership to ensure equitable access and representation within the American food industry. The dialogue underscored that true progress requires parallel shifts in storytelling, business infrastructure, and historical acknowledgment to transform Black culinary traditions into ubiquitous, accessible elements of the national culinary landscape.
- Goldman Sachs8 min
What’s on the Minds of Institutional Investors
Institutional investors attribute recent market volatility primarily to equity long/short hedge fund deleveraging and short squeezes rather than retail activity, resulting in a contained S&P 500 sell-off that avoided broader macro spillovers. While sentiment remains bullish on the growth trade due to accelerating vaccination timelines expected to drive a year-end GDP upswing, caution is rising regarding a reflation trade shift where rapid real rate increases could destabilize financial conditions. This evolving perspective has dampened conviction in the short-dollar and long-Euro strategies as concerns over global vaccination disparities and potential interest rate impacts reshape currency positioning.
- Goldman Sachs20 min
Stanley Druckenmiller, Chairman and CEO of Duquesne Family Office
Stanley Druckenmiller, Tony Pasquarello, Stan Druckenmiller
Stanley Druckenmiller contrasts the U.S.'s aggressive fiscal and monetary stimulus during the 2020 recession with Asia's disciplined pandemic response, forecasting a significant divergence that will favor Asian equities and currencies over the next five years. His portfolio strategy capitalizes on this outlook through short positions in long-end Treasuries and the U.S. dollar, while maintaining heavy allocations in commodities and mega-cap technology stocks. Druckenmiller argues that this macroeconomic shift, combined with persistent inflation risks and systemic inequality within American capitalism, necessitates a concentrated investment approach that rejects traditional risk models in favor of active, intuition-driven trading.
- Goldman Sachs9 min
What’s Ahead for Growth Equity and Technology Investing
Goldman Sachs' private investing business identifies pandemic-driven acceleration as the catalyst for transforming enterprise adoption of collaboration tools and redefining four core verticals: enterprise digitization, fintech, healthcare, and consumer trends. Within these sectors, the firm highlights explosive growth in food delivery platforms and cybersecurity, while noting that European venture capital funding has recently outpaced US and Chinese growth rates by a factor of three. To navigate these rapid market shifts, investors prioritize management teams demonstrating resiliency, communication, and chemistry, aiming to guide companies through unpredictable horizons with a long-term, collaborative approach.
- Goldman Sachs10 min
Julian Salisbury, Global Co-Head of Asset Management at Goldman Sachs
Goldman Sachs deployed its $14 billion Strategic Solutions Fund between early 2020 and mid-2020 to provide junior debt and equity liquidity for corporate balance sheet repair, prioritizing immediate survival over business model optimization during the initial pandemic shock. The firm's approach balanced aggressive capital deployment with strict valuation discipline in emerging markets, relying on a global team capable of overriding local preferences to avoid overpriced assets. Executive Julian Salisbury emphasized that rigorous due diligence and learning from operational errors are critical to success, urging new investors to challenge expert narratives through direct questioning and independent verification.
- Goldman Sachs10 min
What’s the Outlook for Retirement Savers in 2021?
Despite 2020's asset recovery, corporate defined benefit plan funded ratios remain stagnant due to persistent low interest rates, though early 2021 rate hikes offer a potential pathway to improve liabilities. Institutional investors are shifting toward private markets and active management to target returns in a low-yield environment while utilizing liability hedging to optimize capital allocation. Simultaneously, defined contribution balances surged driven by professional management, prompting legislative efforts to expand coverage and strategic initiatives to convert accumulated assets into sustainable retirement income streams.
- Goldman Sachs10 min
The Evolution of the Online Food Delivery Industry
Goldman Sachs Research identifies online food delivery as a sector where pandemic-accelerated adoption has created sticky demand, driving a shift from pure food logistics to broader last-mile services through partnerships with retailers like Walmart and Macy's. While the industry faces labor supply shifts and regulatory costs regarding driver classification, market leaders are transitioning toward operational rationalization to escape hyper-competitive pricing models. This strategic evolution signals a maturation phase where companies aim to stabilize usage frequency and improve long-term profitability by scaling networks rather than relying on loss-leading customer acquisition.
- Goldman Sachs9 min
The Cruise Line Industry: Staying Afloat During Crisis
Following a 2020 pandemic crisis that reduced industry revenue by up to 75%, cruise operators stabilized liquidity through $6 billion emergency financing, asset layups, and debt covenant restructurings. While regulators and the CDC develop rigorous safety protocols and modified dining standards to enable resumption, pent-up consumer demand remains high enough to fill vessels immediately upon approval. Analysts project a V-shaped economic recovery with full operational capacity returning by the second half of 2021, driven by investor confidence in a secular shift toward experiential consumption.
- Goldman Sachs16 min
Thomas Ricks, author of "First Principles" and Pulitzer Prize-winning journalist
Author Thomas Ricks argues that the current U.S. government suffers from a structural weakness resembling the Articles of Confederation, creating a "democratic oligarchy" vulnerable to the dangerous alliance between the wealthy and the mob that he links to the January 6 insurrection. Drawing on the founders' Roman-inspired fears of corruption and factionalism, Ricks contends that modern social media and primary systems incentivize extremism while the Electoral College fails to adequately protect domestic tranquility or prevent foreign adversaries from exploiting racial divisions. Ultimately, the author warns that without acknowledging the Constitutional codification of slavery and the persistent backlash it triggers, the nation remains at significant risk from internal political terrorism and external geopolitical threats.
- Goldman Sachs8 min
China’s New Digital Currency Initiative
China's People's Bank of China is piloting the e-CNY, a centralized digital currency distributed through commercial banks to maintain monetary sovereignty against private payment rivals and international threats like Libra. While current trials in cities such as Shenzhen and plans for the 2022 Winter Olympics focus on domestic financial inclusion and transaction transparency, officials are implementing holding caps and interest restrictions to prevent banking disintermediation. Analysts predict that despite the infrastructure's potential to enhance policy transmission and reduce remittance costs, the e-CNY will not significantly disrupt the US dollar's global reserve status in the near future.
- Goldman Sachs14 min
Sasan Goodarzi, CEO of Intuit
Intuit CEO Sasan Ghadarzi announced a strategic pivot from a tax-centric provider to an AI-driven expert platform, highlighted by the Credit Karma acquisition and the integration of machine learning to automate financial workflows. This repositioning includes refreshing corporate values around customer obsession and courage while establishing an open ecosystem that hosts competitor applications like HubSpot to support small businesses. Concurrently, leadership emphasizes a constructive dissatisfaction with current performance through direct customer engagement and advocates for fiscal stimulus to stabilize the global economy dependent on the 50% of businesses that constitute small enterprises.
- Goldman Sachs10 min
Weijian Shan, Group Chairman and CEO of PAG
PAG Group, a $40 billion Asian-focused asset manager led by CEO Wei-Zhan Chan, distinguishes its portfolio by targeting domestic consumption sectors across China, India, and Southeast Asia while utilizing private equity buyouts. The firm successfully navigated the 2020 pandemic through immediate capital preservation and debt-light strategies, notably transforming a $100 million stake in Tencent Music Entertainment into a $2.5 billion asset by capitalizing on shifting copyright enforcement landscapes. Internally, PAG cultivates an ownership culture prioritizing judgment and grit, while advising aspiring investors to secure high-quality mentorship to refine their decision-making capabilities.
- Goldman Sachs17 min
Robert Draper, Writer at Large for "The New York Times Magazine"
Robert Draper's *To Start a War* identifies Deputy Secretary of Defense Paul Wolfowitz as the primary architect who shifted the Bush administration from containment to invasion, leveraging the 9/11 attacks to overcome President George W. Bush's initial hesitation regarding Iraq. The text details how flawed intelligence was amplified to secure domestic support, creating a credibility chasm that influenced subsequent presidencies while noting that Colin Powell's refusal to resign likely preserved the necessary UK coalition for the 2003 invasion. Draper concludes by analyzing the war's enduring legacy on modern foreign policy, highlighting Joe Biden's regrets over his 2002 vote and the current administration's cautious approach to intelligence and military intervention.
- Goldman Sachs16 min
Marc Benioff, Chair and CEO of Salesforce
During a 2020 interview, CEO Mark Benioff detailed Salesforce's rapid pivot to remote operations, which included distributing 60 million PPE units, investing over $100 million in education, and launching a global vaccine management system. The company simultaneously advanced its strategic acquisition of Slack to unify collaboration tools with its existing commerce and analytics platforms, while transforming its flagship Dreamforce conference from a 150,000-person live event into a virtual gathering reaching 150 million viewers. Benioff further outlined a commitment to stakeholder capitalism and net-zero emissions, urging leaders to prioritize ethical technology application and scenario planning to navigate an uncertain digital future.