Latest Interviews
Showing 76–90 of 525 transcripts.
Clear all filters- Goldman Sachs31 min
Lloyd Blankfein on His Memoir, Risk Management and Leadership
Lloyd Blankfein, David Solomon
Former Goldman Sachs Chairman and CEO Lloyd Blankfein details his tenure from 2006 to 2018, contrasting the firm's unique partnership culture with post-IPO public market pressures while outlining specific strategies that enabled survival during the 2007–2008 financial crisis. He attributes this resilience to rigorous mark-to-market accounting and a proactive risk-management focus on tail events, rather than predictive foresight, alongside a leadership philosophy centered on "managing down" to foster collective ownership. Blankfein's memoir, "Streetwise," further examines his journey from Brooklyn public housing to Wall Street, the firm's expansion into philanthropy through 10,000 Women, and the deliberate preservation of Goldman Sachs' distinctive internal culture amidst structural evolution.
- Goldman Sachs14 min
Oil Market Impacts from Iran
Daan Struyven, Alison Nathan, Don Stroivind
A U.S. and Israeli military campaign against Iran resulted in the death of Supreme Leader Ayatollah Ali Khamenei, triggering a significant disruption to oil flows through the Strait of Hormuz and causing Brent crude prices to surge 25% year-to-date. While Goldman Sachs forecasts a base case of no sustained supply interruptions with prices stabilizing by late 2026, the market currently prices in a risk premium for a potential one-month closure that could drive costs to triple digits. As global spare capacity remains trapped by the blockade and U.S. Strategic Petroleum Reserve levels remain low, the situation presents immediate inflationary risks and elevated geopolitical tail risks for Gulf Cooperation Council infrastructure.
- Goldman Sachs23 min
Sentiment Shifts on AI Capex Spend
Tony Pasquariello, Joshua Schiffrin, Dominic Wilson, Josh
Global equity markets are diverging as overseas regions, particularly Japan and South Korea, surge to new highs while U.S. indices trade sideways amid intense skepticism regarding AI profitability and debt-fueled capital expenditure. This rally is driven by a structural expectation that artificial intelligence will ultimately induce disinflation, prompting investors to reallocate capital into non-U.S. assets even as the Federal Reserve holds rates steady through mid-year. Currency and bond markets are simultaneously adjusting to anticipated policy normalization, with a weakening U.S. dollar and steepening yield curves reflecting a consensus that growth in Asia will dominate the coming macro regime.
- Goldman Sachs10 min
A New Way to Trade Emerging Markets
Stratford Dennis, Chris Hussey
Global emerging market equities have surged 15% year-to-date on $45 billion in inflows, driven by strong earnings fundamentals and a weaker US dollar that specifically benefits non-China regions like Korea and Brazil. While broad markets rally, China lags due to a lack of earnings growth and tariff headwinds, prompting investors to shift capital toward Latin American assets and structural plays like call spreads to manage valuation risks. Goldman Sachs maintains a bullish stance on this "EM ex-China" exposure, citing anticipated Brazilian interest rate cuts and election cycles as key catalysts for continued, albeit slower, appreciation.
- Goldman Sachs32 min
Board Governance in 2026: AI Oversight, Activism, and Delaware’s Edge
Larry Cunningham, John F.W. Rogers
The University of Delaware's John L. Weinberg Center for Corporate Governance marked its 25th anniversary by unveiling the book *Boardroom Legacy*, which contextualizes John L. Weinberg's 1948 thesis on board stewardship through contributions from fifteen scholars and support from Goldman Sachs. Symposium speakers highlighted Weinberg's prescient advocacy for independent audit committees and CEO oversight while discussing modern governance challenges, including SEC Chair Paul Atkins' intent to reform shareholder proposal processes and the persistent market dominance of Delaware's legal infrastructure. Additionally, the event explored Warren Buffett's enduring influence on corporate succession planning and capital allocation strategies, cementing the center's role as a hub for bridging historical governance principles with contemporary regulatory and strategic realities.
- Goldman Sachs20 min
Why Japanese Stocks Could Keep Rallying
Driven by Prime Minister Senei Takeuchi's snap election victory, Japanese equities have surged 14% year-to-date in 2026, outperforming US benchmarks and triggering a Goldman Sachs price target increase based on anticipated political stability. This supermajority is expected to facilitate long-term policy continuity, attracting foreign capital as investors anticipate concrete corporate governance reforms and accelerated ROE growth to sustain the current market cycle. While risks such as leadership transitions or policy missteps remain, the landslide win signals a transition into a "delivery phase" where structural economic security and defense clarity ahead of the March 19 summit will likely drive further valuation expansion.
- Goldman Sachs8 min
Tech Comeback Ahead?
Peter Callahan, Mike Washington
In 2026, the technology sector is experiencing a 3% to 4% year-to-date decline and lagging the broader market for the first time in 15 years as investor focus shifts from generative AI infrastructure builds to commercial implementation and revenue verification. Despite "best-in-class" earnings growth across the Mag Seven cohort, equity valuations remain suppressed because companies face intense pressure to convert massive capital expenditures into immediate top-line growth within the next 6 to 24 months. Analysts maintain a constructive outlook on clean tech valuations but anticipate high volatility in the coming weeks as the market transitions from sector-wide moves to stock-specific differentiation.
- Goldman Sachs16 min
The New AI Trades
In early 2026, software stocks suffered a 25% valuation collapse as forward earnings multiples compressed, while investors grappled with AI-driven disruption risks across sectors like legal and media. Simultaneously, five U.S. hyperscalers are projected to spend $660 billion on capital expenditures this year, a surge consuming 90% of their operating cash flows that has forced reduced buybacks and increased debt reliance. Amidst these headwinds, Goldman Sachs forecasts an S&P 500 recovery driven primarily by 12% fourth-quarter earnings growth and a market rotation toward cyclical sectors rather than AI-centric leaders.
- Goldman Sachs10 min
Still Bullish on Gold
Competing demand from central banks and private investors is driving a self-reinforcing rally in gold prices, while Goldman Sachs forecasts a 2026 target of $5,400 based on declining Federal Reserve rates and fiscal debasement fears. The silver market is experiencing extreme volatility due to a severe liquidity squeeze in London vaults, which Goldman Sachs expects to persist despite the metal's potential as a speculative vehicle. Although geopolitical tensions are fueling broader commodity stockpiling, the firm distinguishes gold's constrained supply as superior to the scalable nature of non-precious metals like copper, which limits their capacity for a sustained super cycle.
- Goldman Sachs25 min
Fundamentals Still Matter: Lone Pine’s David Craver
David Craver, Tony Pasquarello
David Craver of Lone Pine Capital argues that structural shifts in market volatility and valuation norms have created a favorable environment for duration-based fundamental investors who focus on secular growth themes. Leveraging deep private market insights and a concentrated strategy, the firm maintains a bullish stance on AI infrastructure as a generational platform shift while anticipating a mid-term phase where established incumbents leverage technology to drive efficiency. Craver emphasizes that his investment discipline relies on rigorous fundamental analysis and the flexibility to adapt when facts evolve, positioning the firm to capitalize on the predicted disruption in top market cap names by 2035.
- Goldman Sachs25 min
‘Affordability’: Consumer Concerns and Government Proposals
David Mericle, Alec Phillips, Allison Nathan
Amidst a persistent housing affordability crisis driven by regulatory constraints and construction labor shortages, the administration has relied on reactive executive orders to utilize Fannie Mae and Freddie Mac capacity rather than enacting comprehensive legislative reforms. While these measures aim to modestly lower mortgage rates through increased mortgage-backed security purchases and a ban on institutional single-family home purchases, they fail to address the root causes of supply scarcity or deliver immediate price relief for homeowners. Future policy focus is expected to shift toward zoning incentives and speculative tariff rebates, though significant progress remains hindered by the need for congressional approval and the long-term nature of structural housing deficits.
- Goldman Sachs13 min
Stock Market Shakeout
Shawn Tuteja, Chris Hussey, Sean Tatasia
Following the most significant volatility since the onset of the COVID pandemic on February 4th, U.S. equities underwent a structural risk reduction driven by excessive long positioning rather than a fundamental market shift. Despite record shorting activity and a divergence between legacy tech and cyclical sectors, the bull market thesis remains intact supported by 11% earnings growth and strong macroeconomic indicators. Market strategists now recommend capitalizing on the recent dip by shifting focus toward the "AI productivity" phase, targeting non-technology companies like banks and retailers that leverage artificial intelligence to improve margins.
- Goldman Sachs10 min
Finding Opportunities in Financials
Christian DeGrasse, Chris Hussey
Recent earnings revisions and a widening yield curve have driven upward momentum for large and regional banks, supported by improved loan growth and resilient consumer credit quality. Despite a recent sell-off in technology and private credit sectors, analysts view the financial industry as undervalued with positive catalysts expected from upcoming regulatory clarifications and AI-driven operational efficiencies. Looking ahead to 2026, the sector is projected to modestly outperform, although investors remain cautious about potential macro risks such as rising unemployment and soft pricing in the property and casualty insurance market.
- Goldman Sachs24 min
Inside the Future of Payments: Adyen CEO
Pieter van der Does, Clif Marriott, Cliff Marietta
Founded by the creators of iDeal, Adyen transitioned from a payment intermediary to a direct acquiring system, now processing $900 billion annually through a unified platform that combines online and in-store payments with AI-driven authorization optimization. The company distinguishes itself by rejecting acquisition-heavy growth in favor of a single technology stack and a disciplined culture that prioritizes collective success, allowing it to offer financial services like loans while excluding cryptocurrency due to client demand. Looking forward, Adyen aims to leverage its global infrastructure and banking licenses to bridge physical and digital shopper identities, anticipating a regulatory landscape that must adapt to the speed of artificial intelligence in fraud prevention.
- Goldman Sachs16 min
Poppi Founders: Disrupting the Beverage Industry
Stephen Ellsworth, Vanya Kasanof, Allison
Founders Allison and Steven transformed their apple cider vinegar discovery into Poppy, a modern soda brand that leveraged aggressive marketing tactics like a record-breaking Super Bowl campaign and strategic Amazon launches to bypass traditional industry barriers. Prioritizing long-term brand awareness and cultural agility over immediate sales metrics, the team executed rapid product iterations and viral content strategies that ultimately drove the company toward a two-year acquisition by Pepsi. This sale secured the distribution scale necessary to fulfill the founders' mission of revolutionizing soda consumption, successfully transitioning the brand from a niche startup to a mainstream competitor for the next generation.