Latest Interviews
Showing 1–12 of 12 interview transcripts.
Clear all filters- Goldman Sachs19 min
Keep on truckin’: Will the US continue to outperform other markets?
Sharmin Mossavar-Rahmani, Sharmeen Mosavar-Rahmani, Alison
Goldman Sachs Wealth Management forecasts an 8% base return for U.S. equities in 2025, advocating for a strategic shift from non-U.S. public markets toward U.S.-oriented private assets despite elevated valuations. The firm advises against allocating capital to China, gold, or cryptocurrencies, citing structural headwinds and a lack of intrinsic value, while predicting that interest rates will decline as tariffs remain limited. Consequently, the outlook recommends maintaining a high-quality fixed income hedge to navigate volatility rather than employing costly derivatives or selling equities for tax avoidance.
- Goldman Sachs22 min
The outlook for global deal-making
Stephan Feldgoise, Mark Sorrell, Alison, Stefan
Goldman Sachs projects a moderate 10–15% year-over-year increase in 2025 M&A activity, driven by falling interest rates and post-pandemic portfolio repositioning rather than a sudden market surge. While private equity capital deployment is recovering and Europe leads a global acceleration in deal volumes, significant headwinds persist due to limited exit options for large assets and lingering geopolitical risks. Strategic consolidation remains the dominant theme across energy, healthcare, and technology sectors as firms prioritize scale and generative AI infrastructure, with the IPO market's revival viewed as critical for capital recycling.
- Goldman Sachs21 min
What investors expect from Trump
A Goldman Sachs survey of over 500 investors reveals that the market anticipates a universal tariff as the primary 2025 macro risk while expecting the 2017 tax cuts to be extended alongside a stabilization of net immigration near 750,000 annually. Although investors assign a 35% probability to a universal tariff and project modest additional tax cuts, their outlook suggests that the inflationary pressure from policy shifts will remain contained, allowing the Federal Reserve to prioritize growth and pursue rate cuts. Goldman Sachs concludes that while temporary growth drag may occur in 2025 due to the earlier implementation of immigration and tariff measures, the long-term growth trajectory will remain largely unchanged as fiscal constraints limit further significant tax or spending expansions.
- Goldman Sachs15 min
Antoine Flamarion and Mathieu Chabran, Co-Founders of Tikehau Capital
Antoine Flamarion, Mathieu Chabran, Alison
TKO Capital co-founders Antoine Fulmarian and Mathieu Chabron are leveraging private markets, SPACs, and a €1 billion Energy Transition Fund to drive industrial growth and decarbonization efforts. The firm combines a "skin in the game" balance sheet strategy with contrarian thinking to target infrastructure, European private equity, and real SMEs while maintaining offices across the US, Europe, and Asia. By prioritizing creation over competition and advising investors to act with offensive ambition, TKO aims to capitalize on global structural shifts following the post-pandemic economic reset.
- Goldman Sachs10 min
Rich Friedman, Chairman of the Merchant Banking Division at Goldman Sachs
Goldman Sachs' Merchant Banking Division outlines a four-to-five-year macroeconomic outlook defined by low interest rates and deflationary pressures driven by digital transformation, while pivoting toward strategic investments in healthcare, energy transitions, and digital infrastructure. A primary case study involves the firm's acquisition of a 20% stake in Dong Energy to guide its strategic rebranding and transformation into the global offshore wind leader, Ørsted, which now commands a market value exceeding $65 billion. This investment philosophy emphasizes maintaining self-conviction during market volatility and aligning personal expertise with sectors offering significant structural tailwinds rather than reacting to short-term frenzies.
- Goldman Sachs9 min
David Mussafer, Managing Partner of Advent International
Advent Global partner Mussifer distinguishes the current economic crisis from historical downturns, projecting a nine-to-twelve-month recovery that accelerates the divergence between weak and resilient enterprises. Drawing on the strategic missteps of the O-Cedar acquisition, he emphasizes that elite investors must prioritize robust management teams and sound deal structuring over mere company quality. Ultimately, Mussifer argues that high-performing professionals succeed by separating great businesses from great investments, a skill he believes will drive an optimistic outlook for the S&P 500 within the coming year.
- Goldman Sachs11 min
Kewsong Lee, CEO of The Carlyle Group
Carlyle CEO Kyu Song Lee outlined a crisis response prioritizing employee safety and liquidity while aggressively deploying capital in Asian healthcare and technology sectors to offset a temporary lull in traditional buyouts. The firm has shifted its risk philosophy to view inaction as the primary threat, driving activity in opportunistic credit and raising global diversity targets to 30% for board composition. Lee further emphasized that long-term value creation relies on emotional intelligence and adapting to permanent structural shifts despite predicted US-China geopolitical divergence and challenges posed by remote work.
- Goldman Sachs9 min
Jean Salata, CEO and Founding Partner of Baring Private Equity Asia
John Salata of Bering Private Equity Asia outlines a strategic pivot from pandemic defensive measures to offensive "bolt-on" acquisitions in digitalization-focused sectors like healthcare and software. While the firm integrates ESG standards and navigates the trust challenges of virtual due diligence, Salata forecasts resilient US market growth driven by low interest rates despite deteriorating but non-breakable US-China political relations. Ultimately, the discussion emphasizes that long-term compounding and stakeholder capitalism remain critical success factors for investors navigating this evolving landscape.
- Goldman Sachs10 min
Virginie Morgon, CEO of Eurazeo
Eurasio executed a three-phase pandemic response that transitioned from crisis prioritization to operational recovery and aggressive private equity reinvestment, with a strategic pivot toward healthcare technology, supply chain relocalization in Europe, and digital payments. The firm simultaneously launched its "O Plus" decadal strategy, becoming the first private equity firm to commit to net-zero carbon emissions by 2040 while expanding social welfare and diversity initiatives across its portfolio. Founder Morgan emphasized that long-term success in the industry relies on a culture of conviction over consensus and an investment philosophy balancing high analytical IQ with the emotional intelligence required to support portfolio leadership.
- Goldman Sachs10 min
Jim Coulter, Co-CEO and Founding Partner of TPG
TPG leveraged a rapid market contraction and subsequent recovery to pivot toward defensive infrastructure, accelerated digital trends, and the potential decline of the experience economy. The firm simultaneously advanced ESG integration by expanding board diversity and addressing internal gaps while maintaining a disciplined approach to generating returns in a low-interest-rate environment. Looking forward, the strategy anticipates a flat S&P 500 performance and growing geopolitical fragmentation, urging investors to cultivate broad perspectives to navigate these diverging global markets.
- Goldman Sachs11 min
George Roberts, Co-Chairman and Co-CEO of KKR
KKR Co-Chairman Peter Roberts outlines the firm's strategic pivot from pandemic liquidity preservation to an offensive deployment of capital across healthcare, technology, and infrastructure sectors. He recounts the firm's 1976 origins, the transformative lessons learned from the RJR Nabisco leveraged buyout regarding market fallibility, and his enduring philosophy that prioritizes character and proactive talent assessment. Looking forward, Roberts forecasts a rising S&P 500 and continued geopolitical divergence between the US and China while emphasizing the critical importance of mentors who foster opportunity rather than just wealth.
- Goldman Sachs10 min
Jon Gray, President and COO of The Blackstone Group
In early 2020, Blackstone deployed approximately $11 billion into distressed public REITs, energy MLPs, and leveraged loans before the market stabilized, a move the firm later regretted as undercapitalized due to the rapid recovery. Looking ahead, the firm targets long-term themes including e-commerce, digital infrastructure, and life sciences while favoring the U.S. and Chinese markets despite projected tensions. With a culture rooted in high-conviction decision-making and nearly $100 billion in warehoused assets, Blackstone aims to navigate elevated valuations by taking calculated risks on sectors poised for post-pandemic rebound.