Latest Interviews
Showing 121–135 of 476 interview transcripts.
Clear all filters- Goldman Sachs24 min
Will the Fed cut rates in December?
Analysts project a tight December Federal Reserve decision amid data gaps from the government shutdown, while market volatility reflects a recalibration of the AI growth narrative and a corporate shift toward leveraging debt. Corporate sentiment signals an inflection point in capital allocation as hyperscalers increase borrowing and reduce headcounts to chase AI efficiency, echoing historical leverage cycles. Simultaneously, geopolitical shifts and unexpected policy output from the 2025 administration are reshaping global trade flows and currency trends despite persistent inflationary stickiness.
- Goldman Sachs23 min
AI and the Enterprise Revolution: Databricks CEO Ali Ghodsi
Founded by Ali Ghodsi in 2013 to bridge the gap between AI potential and enterprise reality, Databricks recently secured over $100 billion in Series K funding to expand its multi-cloud strategy and deploy "Agent Bricks" and "Lakehouse" technologies across 500 beta customers. To navigate what Ghodsi identifies as an inflated "AI bubble," the company prioritized strategic acquisitions like Mosaic AI, Tabular, and Neon while rejecting vaporware in favor of revenue-generating use cases such as chatbots and coding assistants. This approach aims to solve critical talent and infrastructure deficiencies, positioning the platform to drive genuine productivity gains over the next decade rather than chasing abstract benchmarks.
- Goldman Sachs21 min
The Fed's Tightrope: Inflation, Labor, and the Path Ahead
Rob Kaplan, Allison Nathan, Robert Kaplan
Dallas Fed President Robert Kaplan warns that the Federal Reserve faces a difficult December decision on interest rates as conflicting signals from tariffs, immigration uncertainty, and recent government shutdowns complicate the labor market outlook. With inflation running above target and structural mismatches limiting the efficacy of monetary policy, Kaplan argues that immediate cuts carry risks and suggests waiting for clearer data on 2026 growth drivers like AI infrastructure and tax incentives. While political pressure for lower rates exists, Kaplan maintains that the Fed's independent culture remains robust, though he anticipates potential shifts toward long-term bond purchases to manage the balance sheet.
- Goldman Sachs11 min
How to Trade a Credit Expansion
The Federal Reserve is positioned to execute a single rate cut in December before pausing to evaluate a bifurcated economy characterized by robust top-line growth alongside a weakening labor market driven by the AI-driven rotation of resources. As the financial landscape transitions from fiscal expansion to private credit-driven growth over the next nine months, investment strategies are shifting toward precision allocation in semiconductors, metals, and emerging markets rather than broad asset ownership. While a systemic credit crisis remains unlikely given current household buffers, investors must navigate significant uncertainty surrounding the December FOMC decision by maintaining liquidity to capitalize on potential market pullbacks.
- Goldman Sachs9 min
Rise of the Retail Investor
Goldman Sachs analyzes divergent retail trading profiles across ETFs, single stocks, and options, revealing a massive shift toward AI equities and sustained "buy and hold" strategies alongside elevated short-term option activity. This heightened retail participation, combined with aggressive hedge fund alpha-seeking, has driven the largest single-stock earnings moves since 2009 and established a distinct volatility divergence between individual names and broader indices. Consequently, the firm warns against shorting based solely on high sentiment, instead noting that option sellers are currently monetizing retail demand while defensive income funds attract significant capital as investors navigate an environment of extreme stock-level volatility.
- Goldman Sachs18 min
China's Economy: Reasons for Optimism
The October 30 Trump-Xi summit established a reciprocal trade truce marked by U.S. removal of fentanyl tariffs and pauses on semiconductor rules in exchange for China halting rare earth restrictions, effectively shifting from previous U.S. dominance to a negotiation based on equal leverage. This de-escalation, combined with resilient high-tech exports and a revised 15th Five-Year Plan prioritizing technological self-reliance, prompted Hui Shan to revise China's real GDP growth forecasts upward to 4.8% for 2026 and 4.7% for 2027. While the agreement leverages mutual dependence to stabilize the economic relationship, its durability remains contingent on reconciling conflicting official reports and resolving the structural uncertainty between advanced manufacturing gains and immediate household consumption growth.
- Goldman Sachs10 min
A "Blow-Off Top" Ahead?
Following the September rate cut, Federal Reserve Chair Powell removed the certainty of a December reduction, prompting a market repricing that shifts probability from 95% to 60% and dampens expectations for aggressive easing. While 55% of S&P 500 companies recently beat earnings estimates, these gains resulted in a 32 basis point underperformance rather than the historical norm, signaling crowded positioning in high-performing stocks. Institutional investors are maintaining a net long exposure of only 70% amidst gross risk levels at five-year highs, concentrating aggressive buys in the AI complex while shorting energy and consumer sectors ahead of a potential year-end rally driven by the cyclical rotation.
- Goldman Sachs43 min
Macro Challenges and Credit Opportunities: Davidson Kempner's Tony Yoseloff
Tony Yoseloff, Tony Pasquarello
Davidson Kempner Capital Management Managing Partner Tony Yoseloff discusses the firm's $37 billion asset base and its integrated public-private strategy while addressing 2025 market dynamics characterized by refinancing risks, concentrated equity valuations, and accelerating M&A activity. Yoseloff highlights structural opportunities in European and Indian credit markets alongside caution regarding potential AI productivity delays, emphasizing an investment philosophy that prioritizes micro-level safety margins over macro speculation. The conversation further details the firm's successful multi-year succession planning, the shift toward retail-driven private credit, and Yoseloff's advice for junior analysts to focus on fundamental investment theses rather than spreadsheet mechanics.
- Goldman Sachs19 min
Regeneron CEO Dr. Leonard Schleifer on Science-Driven Success
Dr. Leonard Schleifer, John Waldron
Founded in 1988 by MD-PhDs Leonard Schleifer and George Yancopoulos, Regeneron rejects top-down target selection to pursue science-driven therapeutics, enduring two decades of losses before achieving profitability in 2011. The company currently employs 15,000 people and markets Dupixent as its flagship treatment for diverse allergic conditions while leveraging genomic data from 3 million individuals to advance research in areas like obesity and cancer. Under Schleifer's unique leadership style that eschews quarterly earnings guidance, Regeneron is expanding its genetic sequencing efforts to 50 million people and integrating AI to refine diagnostic precision without compromising its "do well by doing good" ethical mandate.
- Goldman Sachs14 min
Gold, Oil, and Rare Earths: Commodities on the Move
Daan Struyven, Alison Nathan, Don Stroyven
Goldman Sachs analysts outline a market landscape defined by U.K. sanctions on major Russian oil producers, which could raise prices by $20 per barrel if OPEC+ fails to offset the disruption, while simultaneously projecting Brent crude to decline to the mid-$50s by 2026. The report highlights critical supply chain fragilities in the rare earth sector, where China's 92% refining dominance and decade-long Western build-out timelines create geopolitical leverage that investors must hedge. To mitigate these risks, the strategy recommends a structural reallocation toward gold, with a target of $4,900 per ounce, as a primary defense against fiscal debasement and resource weaponization alongside silver's volatile, liquid-dependent profile.
- Goldman Sachs25 min
Navigating Year-End Risks: Tariffs, Credit, AI and More
Dominic Wilson, Josh Schifrin, Tom
Panelists Josh Schifrin and Dominic Wilson assessed that U.S. economic stability remains intact despite a peaked credit cycle, projecting Federal Reserve rate cuts to 3% or lower by the end of the year driven by soft labor indicators and benign inflation. While equity valuations for AI leaders and corporate debt levels warrant monitoring, the consensus holds that strong balance sheets prevent a bubble scenario and that market volatility remains largely idiosyncratic rather than systemic. The discussion further noted that fiscal sustainability concerns are currently offset by tariff revenue expectations, allowing the bond market to continue its drift toward lower yields.
- Goldman Sachs34 min
‘Culture is Everything’: Sixth Street’s Alan Waxman on Flexibility and Alpha
In the September 2025 Goldman Sachs Exchange "Great Investors" episode, 6th Street Co-CEO Alan Waxman details how the firm's $115 billion assets under management operate through a unified "one team" culture that avoids silos and prioritizes liquidity management over credit exposure. Waxman outlines strategic advantages including the $30 billion TAL cross-platform vehicle and major investments in affordable housing recapitalization, AI business model dispersion, and the global sports ecosystem. The discussion further emphasizes a rigorous hiring standard that removes high-performing individualists to maintain collective responsibility, ensuring the firm can "face the tiger" during crises while systematically identifying relative risk-reward across asset classes.
- Goldman Sachs8 min
Can the China Rally Continue?
Stratford Dennis, Chris Hussey
Stratford Dennis outlines a bullish strategy for Chinese equities and Brazil, anticipating a 30% upside in Chinese tech driven by attractive valuations and a 15% yield advantage in Brazil due to an upcoming interest rate cycle. While policymakers target 5% GDP growth despite US-China trade tensions, Dennis warns that a potential data vacuum from the US government shutdown could eventually widen risk profiles for emerging markets. To capitalize on these conditions, the firm is hedging against trade deal failures and executing specific trades in Brazilian equity upside calls while maintaining a light global position in Brazil.
- Goldman Sachs20 min
Making Sense of Weak Job Growth Alongside Solid GDP Growth
Despite tariffs reaching eight times 2019 levels and a three-week government shutdown subtracting from growth, U.S. GDP resilience is maintained by a depreciating dollar, stable stock markets, and a productivity rebound to historical averages. Core inflation is projected to normalize toward the 2% target as supply chains recover, supporting the Federal Reserve's current expectation of three consecutive 25-basis-point rate cuts through the end of the year. While immigration drops have constrained labor supply and AI adoption remains limited to specific sectors, policymakers anticipate maintaining a moderate expansion path unless post-shutdown data reveals significant deviations from current forecasts.
- Goldman Sachs30 min
Sixth Street CEO Alan Waxman on Sports Investing and Identifying Opportunities
Founded by former Goldman Sachs leaders to eliminate internal silos, Sixth Street operates as a $115 billion multi-strategy private capital firm utilizing its unique "TAO" vehicle to deploy bespoke solutions across 16 sector teams. The firm distinguishes itself by securing early-entry stakes in high-growth sectors like sports through rapid execution, while rigorously filtering personnel based on a culture of total collaboration rather than individual ego. This organizational model, which prioritizes long-term relationship building and agile risk assessment, allows the firm to navigate complex markets ranging from affordable housing to artificial intelligence without relying on traditional deployment factories.