Latest Interviews
Showing 406–420 of 1,304 transcripts.
Clear all filters- Goldman Sachs30 min
Why the ‘great de-stocking’ in oil and commodities could pave the way for future gains
Goldman Sachs forecasts a market transition from a historic destocking phase to a substantial deficit by summer, projecting oil prices to reach $97 per barrel and gold to hit $2,050 by year-end. The firm attributes current low prices to the liquidation of 500 million barrels in physical and paper inventories while maintaining that resilient green infrastructure demand and OPEC+ supply constraints will drive a sharp price rebound if recession fears prove overpriced. Strategic analysis highlights copper as a long-term decarbonization play and suggests that commodity levels currently serve as an effective hedge against persistent inflation and elevated interest rates.
- Goldman Sachs20 min
Talks at GS with Charles Stewart, CEO of Sotheby’s
Sotheby's CEO Charlie Stewart has steered the historic auction house through a structural transformation, increasing online bidding from 40% to 92% by integrating a digital ecosystem and leveraging data analytics to optimize client matching. The company has expanded beyond traditional secondary market auctions into direct luxury sales and high-profile categories such as sneaker collectibles and sports memorabilia, which have generated record-breaking valuations. Looking forward, Stewart emphasizes the strategic adoption of blockchain for provenance verification and predicts that long-term investment value will remain concentrated in original works that initiate new artistic movements.
- Goldman Sachs28 min
Investing during times of market stress
Christian Mueller-Glissmann, Alison Nathan
The panel outlines a structural market shift from the stable "buy and hold" era to a volatile late-cycle environment where traditional 60-40 portfolios face reduced efficacy due to positive equity-bond correlations and persistent inflation risks. Experts advocate for dynamic tactical allocation strategies that incorporate gold, international equities, and private markets to diversify away from stressed public assets, while cautioning that low realized equity volatility masks a significant rotation toward mega-cap tech that obscures underlying recessionary tail risks. With the Federal Reserve's rate-cutting expectations largely priced in, portfolio managers are urged to prioritize quality equities and defensive positioning as the US labor market and debt ceiling remain critical catalysts for potential market repricing.
- Goldman Sachs25 min
Breaking Free: The rise of corporate separations
David Dubner, Sharath Sharma, Allison Nathan
Driven by an elevated cost of capital and a strategic pivot toward simplification, over 30 global corporate separations were announced in 2022 as companies in sectors like pharmaceuticals and industrials seek to unlock portfolio discounts through operational focus. These transactions, typically closing within 9 to 13 months with internal leaders assuming over 80% of NewCo CEO roles, historically generate mid-single-digit outperformance against the S&P 500 within two years. By optimizing capital allocation and enabling targeted M&A, these divestitures serve as a critical mechanism for "shrinking to grow," allowing both RemainCos and NewCos to accelerate executive cycles and achieve value creation previously unattainable within diversified conglomerates.
- Goldman Sachs26 min
U.S.-China: more decoupling ahead?
Graham Allison, Dan Rosen, Alison Nathan
Graham Allison characterizes current U.S.-China relations as the worst in over fifty years, driven by a historical Thucydides Trap and diverging national identities, while Dan Rosen identifies systemic economic model divergence as a primary engine of decoupling. Despite intensifying geopolitical tensions and collapsing foreign direct investment flows outside of a handful of major corporations, Allison advocates for a "rivalry partnership" framework to manage competition on existential threats like climate change and nuclear stability. The outlook suggests that while Biden's upcoming investment curbs will serve primarily as notification regimes, a sustained reduction in engagement remains probable unless Beijing implements decisive market reforms to address its stagnating productivity.
- Goldman Sachs27 min
What happens if the U.S. government can’t pay its bills?
U.S. Treasury Secretary Janet Yellen warns that the federal government faces a potential cash shortage by June 1, 2023, if the House and Senate fail to raise the $31.381 trillion statutory borrowing limit. Political negotiations are intensifying between President Biden and House Republicans regarding a deficit reduction plan, yet the narrow legislative majority and tight calendar significantly increase the risk of a last-minute default. Such a failure would force the Treasury to prioritize debt service over Social Security and federal salaries, likely triggering immediate market volatility and economic contraction.
- Goldman Sachs31 min
Navigating the trillion dollar path to a more sustainable economy
Michele Della Vigna, Kara Mangone, Allison Nathan
Despite a challenging macroeconomic environment, global energy capital expenditure is rising by 15% annually, driven by a dual-investment strategy that balances legacy fossil fuel stability with accelerated clean technology deployment. Key policy frameworks like the US Inflation Reduction Act are catalyzing a trillion-dollar investment revolution, forcing European entities to adapt their regulatory models and prompting major corporations such as Chevron to pivot toward decarbonization. This shift redefines sustainability as a profitability driver while targeting inclusive growth initiatives in sectors ranging from Asian electrification to digital health, ultimately aiming to close the gap between current spending and the $6 trillion required annually to meet UN goals.
- Goldman Sachs20 min
How Porsche CEO Oliver Blume is driving innovation
Oliver Blume, Christoph Stanger, Alison Nathan
Porsche's recent European IPO, the largest by market capitalization in the region, successfully secured billions in cornerstone commitments from Goldman Sachs to stabilize the offering amidst macro volatility. CEO Oliver Blum now directs the company toward a "Road to 20" strategy aiming for over 20% return on sales by leveraging Volkswagen Group scale while maintaining luxury pricing power. The automaker targets 80% global electric deliveries by 2030, aligning its product roadmap with regional recovery trends in China and North America to capitalize on its 75th anniversary as a sports car manufacturer.
- Goldman Sachs29 min
Tom Ilube, Chair of the Rugby Football Union and Founder of the African Gifted Foundation
Tom Ilube, Kene Ejikeme, Kenneth Edukema
Tom Elube, a Nigerian-British entrepreneur and award-winning philanthropist, leverages a career defined by overcoming severe discrimination and racial barriers to co-found the African Science Academy, Ghana's first all-girls STEM school. His institution delivers intensive 10-month A-level programs to gifted female students from across the continent, achieving a 100% university placement rate while challenging cultural norms that limit women in science. Beyond education, Elube serves as the first Black Chair of the Rugby Football Union and chairs the BBC board, actively driving diversity initiatives in both the technology sector and major UK institutions.
- Goldman Sachs28 min
Navigating the ‘perfect storm’ in commercial real estate
Lotfi Karoui, Jeffrey Fine, Allison Nathan, Jeff Fine
Commercial real estate confronts a convergence of record-high interest rates, $1 trillion in impending debt maturities, and a bifurcated asset landscape that is driving a projected "right-sizing" of the sector. Goldman Sachs analysts and industry experts forecast a slow-burn crisis lasting four to five years, characterized by significant equity destruction in office properties and a heavy reliance on distressed small banks, while private credit markets struggle to fill the gap left by a 75% drop in CMBS issuance. Although a systemic 2008-style collapse is deemed unlikely due to tighter underwriting standards, the lack of an organized public-private partnership raises concerns about a messy unwind of distressed assets that could further erode valuations over the next 24 months.
- Goldman Sachs21 min
What’s on the minds of the world’s largest investors?
Mike Siegel, Matt Armas, Allison Nathan
At the Goldman Sachs 12th Annual Insurer Survey, speakers Mike Siegel and Matt Armas analyzed the financial strategies of 343 global insurers managing over $13 trillion in assets. Respondents are navigating economic volatility by shifting allocations toward higher-quality long-dated fixed income while leveraging the sector's structural stability to fill lending gaps left by retreating banks. This strategic pivot aims to capitalize on rising interest rates for improved solvency and higher consumer returns despite lingering concerns over inflation and potential recessions.
- Goldman Sachs31 min
All about bank(panic)s and the implications for policy
Daniel Tarullo, Thomas Hoenig, Gary Gorton, Allison Nathan, Dan Tarullo, Tom Honig
Former Federal Reserve officials and economists Dan Tarullo, Tom Honig, and Gary Gorton analyze the Silicon Valley Bank collapse as a result of management failures, rapid interest rate hikes, and regulatory gaps created by the 2018 S-2155 rollback. These experts diverge on primary causes but converge on solutions requiring mandatory multi-scenario stress tests, higher leverage ratios, and expanded deposit insurance to address the systemic fragility of uninsured short-term debt. Their assessment warns that without these structural reforms, the mid-sized banking sector remains vulnerable to future crises driven by digital runs and the inability to absorb unexpected economic shocks.
- Goldman Sachs29 min
Samarth Kulkarni, CEO, CRISPR Therapeutics
Samarth Kulkarni, Dr. Sam Kulkarni
Dr. Sam Kulkarni of CRISPR Therapeutics outlines a pivotal industry shift where the convergence of delivery systems and genome-editing technology enables a transition from chronic symptom management to one-time curative procedures for rare and common diseases. By leveraging a highly specific RNA passcode to mitigate off-target risks, the company is advancing both ex vivo and in vivo therapies, successfully treating blood disorders while expanding into metabolic conditions and sustainable agriculture. This strategic execution has allowed CRISPR Therapeutics to raise $3.5 billion and maintain an aggressive R&D focus despite a broader biotech market correction, positioning the firm to deliver the first wave of permanent genetic cures within the next decade.
- Goldman Sachs17 min
What’s driving the surge in shareholder activism activity?
Avinash Mehrotra, Pamela Codo-Lotti, Alison Nathan, Avi Mehrotra, Pam Kodoloti
By March 2023, activist investor campaigns reached pre-pandemic intensity with a record $13.13 billion raised by Elliot Management, driving a surge in pressure on one in four S&P 500 companies and expanding into large-cap targets in Japan and Europe. Activists are shifting strategies from inorganic growth to operational efficiency and capital returns, utilizing new universal proxy rules and increased capital availability to target defensive corporations in tech, healthcare, and industrials. As multiple investors increasingly "swarm" single firms, companies are responding by adopting proactive, data-driven governance reviews to preemptively address vulnerabilities in board composition and capital allocation.
- Goldman Sachs35 min
Bain Capital’s Stephen Pagliuca on private equity and the Boston Celtics
Steve Pelyuka, former Co-Chair of Bain Capital, traces the evolution of private equity from a localized boutique to a global vertical industry while detailing his strategic pivots in the Boston Celtics and Atalanta BC ownership. He outlines how modern investment resilience relies on high equity stakes, low-covenant lending, and a decade-long horizon to navigate elevated interest rates and geopolitical decoupling. Complementing these financial insights, Pelyuka emphasizes the critical role of A-plus management teams and data-driven analytics, citing his work on the Celtics' "Basketball Intelligence Agency" and the firm's enduring focus on healthcare and AI sectors.