Latest Interviews
Showing 31–45 of 52 transcripts.
Clear all filters- Goldman Sachs33 min
Asset allocation outlook: The case for greater portfolio diversification in 2024
Christian Mueller-Glissmann, Alexandra Wilson-Elizondo, Alison Nathan
Goldman Sachs Research and Asset Management teams project a 2024 landscape defined by a strategic rotation out of underweight cash holdings toward a rebalanced 60-40 equity-bond mix to capitalize on normalizing inflation and renewed diversification benefits. While the U.S. economy is identified as late-cycle with a 30% recession probability, the firms recommend extending fixed income duration, utilizing equity put options for downside protection, and increasing exposure to private markets and real assets to navigate persistent structural inflation and AI-driven productivity divergence. This comprehensive strategy aims to achieve a soft landing by hedging against rising credit delinquencies and supply pressures while actively capturing alpha in a higher-rate environment where zero-interest rates are not expected to return.
- Goldman Sachs28 min
Focus on financials: Why banks and asset managers are constructive about the economy in 2024
Richard Ramsden, Alex Blostein, Alison Nathan
Financial institutions now anticipate a soft landing with reduced recession risks, driven by stable deposit flows and a shift toward a higher-for-longer interest rate environment. While commercial lending stagnates due to tightened underwriting and regulatory capital requirements, the private credit sector is expanding rapidly as non-bank lenders absorb displaced loan demand. Concurrently, banks are fortifying reserves against commercial office real estate exposure and navigating a contentious regulatory framework that could further compress traditional intermediation while accelerating industry consolidation.
- Goldman Sachs25 min
How companies, private equity firms, and institutional investors are navigating the global economy
Goldman Sachs executive Jim Esposito outlines a global economic landscape marked by regional divergence, shifting private equity dynamics, and a pivot from "hard landing" fears to a "soft landing" consensus. While corporate balance sheets are historically strong and commodity prices signal recovery, the event highlights persistent risks stemming from geopolitical fragmentation, an anemic IPO market, and liquidity concerns within the unregulated non-bank sector. Esposito anticipates that despite these challenges and an approaching U.S. election, the financial system remains resilient due to post-2008 regulatory safeguards and continued private sector innovation.
- 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 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 Sachs25 min
Is it time to invest in emerging markets?
Kay Haigh, Hiren Dasani, Alison Nathan
Despite projected tepid headline earnings growth, emerging market equities are poised for a recovery driven by structural gains in non-commodity sectors and a faster-than-anticipated Chinese economic reopening. This optimism is bolstered by resilient fundamentals in markets like India and Mexico, which offer double-digit earnings growth forecasts alongside attractive valuations trading at a significant discount to U.S. counterparts. While sovereign debt risks persist in fiscally weak nations like Ghana and Zambia, investment strategies are shifting toward high-quality corporate debt and equity leaders in consumer, financial, and technology sectors benefiting from stabilizing liquidity conditions.
- Goldman Sachs24 min
Asset Allocation Outlook for 2023: Greater Diversification and Divergence
Christian Mueller-Glissmann, Alison Nathan
Goldman Sachs analyzes 2022's market turbulence, where real yield spikes and inflation-driven volatility caused equities and crypto to decline while commodities and the US dollar surged, fundamentally breaking traditional asset correlations. Looking ahead to 2023, the firm forecasts a high probability of recession and persistent market volatility as investors shift from the "TINA" narrative to seeking reasonable fixed income alternatives and real assets. Strategically, the outlook suggests avoiding overvalued cyclical equities while capitalizing on valuation discounts in international markets and a potential rotation away from the US dollar as it peaks.
- Goldman Sachs17 min
Taking Stock: What’s Ahead for US Markets
Goldman Sachs projects the S&P 500 to remain in bear market territory through early 2023, with a baseline forecast of closing at 3,600 before potentially dropping to 3,150 if aggressive Federal Reserve rate hikes trigger a recession. Investors are currently adopting a risk-off stance by reducing leverage and holding higher cash levels, reflecting a market shift where positive real yields favor safe assets over equities as inflation remains stubborn. While the energy sector is expected to drive Q3 earnings growth, the broader market faces margin compression and earnings declines outside of energy, delaying a market recovery until inflation clarity emerges in mid-2023.
- Goldman Sachs50 min
Investing with Forerunner’s Eurie Kim
Eurie Kim, Katie Koch, Alison Nathan
Yuri Kim of Forerunner Ventures outlines a strategic pivot from traditional product-centric DTC models to experience-driven services while addressing the current venture capital slowdown caused by valuation misalignment and macroeconomic headwinds. The firm emphasizes a rigorous founder selection process prioritizing vision, discipline, and magnetism, particularly for teams navigating the shifting demographic landscape of Gen Z and settling millennials. Additionally, Kim highlights the critical role of diverse leadership in driving innovation and operational stability, noting that female investors bring distinct mediation skills essential for managing complex market environments.
- Goldman Sachs21 min
Investing with Oaktree Capital Management’s Howard Marks
Howard Marks, Katie Koch, Alison Nathan
Howard Marks characterizes the mid-2022 market environment as a corrected balance where significant public equity markdowns have created attractively valued opportunities absent from private markets. Rejecting macroeconomic forecasts, Marks outlines Oaktree's crisis strategy of deploying capital when others retreat, a methodology built on historical conditioning and the principle that price matters more than asset quality. His 35-year partnership with Bruce Karsh further reinforces this discipline through complementary governance, ensuring joint conviction remains high during market dislocations.
- Goldman Sachs21 min
Investing with The Carlyle Group’s Sandra Horbach
Sandra Horbach, Alison Mass, Alison Nathan
In a May 23, 2022 conversation, Sandra Horbach of the Carlyle Group discusses the private equity industry's evolution from a niche sector to a mainstream asset class while detailing Carlyle's specialized investment strategies focused on market leaders and ESG integration. Horbach outlines the firm's aggressive diversity, equity, and inclusion initiatives, including a compensation-linked mentorship program and a $2 million award pool, aimed at empowering women to secure high-impact leadership roles. Addressing current macroeconomic headwinds, she advises prioritizing companies with resilient business models capable of thriving through volatility while reflecting on her 35-year career trajectory from her early days at Forsman Little to her current advocacy for long-term, quality-driven value creation.
- Goldman Sachs19 min
Investing with KKR’s Tara Davies
Tara Davies, Alison Mass, Alison Nathan
On March 17, 2022, KKR Partner Tara Davies outlined a strategic pivot toward inflation-resistant real assets, emphasizing infrastructure's ability to hedge rising costs through revenue pass-through mechanisms while navigating a competitive market landscape. Davies detailed KKR's sector-agnostic approach to classifying assets by complexity rather than industry, prioritizing pricing power to protect margins amid supply chain disruptions and operational risks. The discussion further highlighted the firm's commitment to decarbonizing existing "brown" assets through granular operational improvements rather than divestment, alongside a leadership philosophy that values constructive debate and people skills over pure analytical modeling.
- Goldman Sachs22 min
Goldman Sachs Chairman and CEO David Solomon on the Economy, Investing and Sustainability
David Solomon, Valentijn van Nieuwenhuijzen, Alison Nathan, Valentine Van Nieuwenhuizen
Goldman Sachs has completed its acquisition of NN Investment Partners to significantly expand its European asset management platform and accelerate its sustainable investing capabilities under CEO David Solomon's four-year strategy. While the transaction strengthens the firm's fee-based revenue streams and operational scale, Solomon warns that clients should brace for increased market volatility and a heightened recession risk in Europe driven by energy supply disruptions and geopolitical tensions. The integration aims to combine NNIP's sustainability expertise with Goldman's global capital resources to deliver active returns that outperform passive benchmarks amidst the current uncertain economic climate.
- Goldman Sachs23 min
Investing with Norges Bank Investment Management’s Nicolai Tangen
Nicolai Tangen, Katie Koch, Alison Nathan
Nikolai Tangen, chief executive of Norges Bank Investment Management, directs the world's largest sovereign wealth fund as it navigates a projected decade of stagflation and geopolitical instability through tactical portfolio adjustments and a rigorous negative selection strategy. Leveraging an interrogative background and a philosophy of active ownership, Tangen emphasizes capitalizing on undervalued opportunities in markets like China while excluding companies with weak balance sheets to preserve the fund's $1.3 trillion in long-term assets. His approach integrates diverse intellectual perspectives and a commitment to transparency, as evidenced by his "Good Company" podcast and a pledge to donate most of his personal wealth to educational initiatives.
- Goldman Sachs21 min
Cybersecurity Deals Surge Amid Rising Attacks
David Campbell, Marco Poletti, Alison Nathan
Driven by projected cyber losses soaring to $10 trillion by 2025, the sector attracted over $30 billion in investment last year while facing an attack surface that has diversified from centralized data centers to cloud and IoT endpoints. Organized crime currently dominates the threat landscape, prompting a strategic market shift toward M&A consolidation, simplified security stacks, and defensive spending that is forecasted to exceed $100 billion. Investors, including Goldman Sachs Asset Management, are prioritizing early-stage platforms with proven teams and robust AI capabilities to navigate regulatory tightening and a global shortage of security professionals.