Latest Interviews
Showing 1–13 of 13 interview transcripts.
Clear all filters- Goldman Sachs17 min
How New Models are Changing the AI Investment Landscape
Sharmin Mossavar-Rahmani, Jim Covello
Current AI adoption faces a critical bottleneck where massive infrastructure investments fail to generate net savings for enterprises, concentrating economic value primarily with semiconductor manufacturers rather than end users. Profitable integration depends on solving data readiness and implementing model orchestration layers that route queries efficiently, a shift expected to redirect value toward the enterprise value chain through widespread open-source adoption. As hyperscalers face scrutiny over trillion-dollar capital expenditures, the market is pivoting from reward-based sentiment to demand for immediate return on investment, creating divergent outcomes based on whether enterprises can eventually achieve sustainable AI profitability.
- Goldman Sachs11 min
Live Market Insights: Addressing Client Questions on the Mid-Year 2026 Outlook
Sharmin Mossavar-Rahmani, Matt Weir, Nicola Gifford
Analysts project a robust 2026 outlook for U.S. equities, forecasting S&P 500 earnings growth of approximately 17% driven by broad-based margin expansion and macroeconomic resilience following a transition to energy independence. Portfolio strategies reflect this optimism by maintaining U.S. allocations while adding targeted exposure to AI supply chain leaders in Korea and Taiwan, while explicitly advising against the high costs of systematic put option hedging. Future market dynamics will be shaped by the tension between hyperscalers deploying 100% of operating cash flow into AI capital expenditures and the counterbalancing force of $1.3 trillion in projected corporate share buybacks.
- Goldman Sachs10 min
AI: What Investors Should Know
Jim Covello, Sharmin Mossavar-Rahmani
Goldman Sachs analysts project that global AI capital expenditures will surpass $3 trillion by 2026, though they warn of distinct "earnings bubbles" in public markets and "valuation bubbles" in private sectors driven by unsustainable demand. While consumer adoption remains strong, enterprise integration faces hurdles due to data fragmentation, leading experts to predict a strategic shift toward specialized Small Language Models that prioritize efficiency over mass labor replacement. The investment landscape is further complicated by geopolitical divisions favoring the U.S. in chip infrastructure and China in model production, alongside concerns over circular financing practices that delay profitability for large-cap companies.
- Goldman Sachs21 min
Will US Stocks Outperform in 2026?
Sharmin Mossavar-Rahmani, Alison Nathan
Goldman Sachs projects global equities to outperform U.S. stocks in 2026, with emerging markets excluding China forecast to lead returns despite a negative outlook on Chinese assets due to a disconnect between official GDP figures and independent growth estimates. While identifying potential valuation risks and "bubble trouble" within the private AI sector, the firm advises against hedges like gold or Bitcoin in favor of U.S. Treasuries and broad S&P 500 exposure. The strategic recommendation centers on maintaining a diversified portfolio with a U.S. overweight, utilizing the index's rebalancing mechanism to capture long-term returns driven by margin expansion and AI efficiency.
- 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
America Powers On: Why US equities are still poised to outperform in 2024
Sharmin Mossavar-Rahmani, Alison Nathan
Goldman Sachs Investment Strategy Group projects U.S. equities to deliver approximately 6% returns in 2024, driven primarily by earnings growth amid potential valuation contraction despite a 14-year legacy of U.S. preeminence. The firm maintains a strategic overweight on U.S. stocks while issuing tactical recommendations for energy infrastructure and physical uranium, warning that geopolitical escalation in the Middle East poses the primary downside risk to this outlook.
- Goldman Sachs22 min
Piloting Through: Why Investors Should Stay the Course
Sharmin Mossavar-Rahmani, Allison Nathan
Goldman Sachs' Investment Strategy Group, led by Chief Investment Officer Sharmeen Masavaramani, maintains a "stay invested" stance on U.S. equities for 2022, forecasting a 6% to 12% total return despite valuations in the 10th decile. The firm projects robust U.S. economic growth of 3.5% to 4.0% and 12% earnings expansion, suggesting that the current equity risk premium remains attractive relative to fixed income even as the Federal Reserve implements three to four interest rate hikes. While acknowledging volatility risks such as geopolitical shocks and persistent inflation, the group advises slowly adding to equity positions and maintains a strategic overweight to U.S. stocks over international markets based on superior historical earnings performance.
- Goldman Sachs22 min
2021 Investment Outlook: “US Resilient”
Sharmin Mossavar-Rahmani, Jake Seward
Goldman Sachs CIO David Koston presents a 2021 investment strategy centered on the "U.S. Resilient" framework, advocating for sustained U.S. equity exposure despite elevated valuations while assigning a base case 8% total return with specific tactical allocations to bank loans over high-yield bonds. The outlook highlights China as the primary emerging market growth driver and warns of downside risks including vaccine efficacy against variants and geopolitical tensions, though upside potential remains tied to robust fiscal stimulus and pent-up consumer demand. Ultimately, the analysis urges clients to maintain long-term equity participation rather than attempting to time exogenous shocks like the pandemic, citing historical evidence that institutional resilience and economic fundamentals will eventually drive market recovery.
- Goldman Sachs13 min
"Climbing the Wall of Worry”
Amidst significant market volatility and policy uncertainty, financial advisors are urging investors to maintain a long-term strategic asset allocation prioritizing equities over cash and bonds. The presentation projects mid-single-digit annual returns for the next decade while forecasting a labor market recovery that may not reach historical lows until 2023. Furthermore, despite concerns regarding the upcoming election and rising federal debt, experts advise against market timing, citing a consensus that $1.5 trillion in additional fiscal stimulus is imminent and necessary to prevent an economic cliff.
- Goldman Sachs1h 1m
Phasing in the Reopening of the Economy
Sharmin Mossavar-Rahmani, Dr. Luciana Borio, Dr. Florian Krammer, Sharmeen Mosavaramani
As of April 2020, global infections surpassed 3.2 million with 61,600 U.S. fatalities, prompting a complex transition toward economic reopening despite many states failing to meet sustained case reduction criteria. Therapeutic advancements, notably the NIH's findings on baricitinib, offer potential mortality reductions while experimental monoclonal antibodies and multiple vaccine platforms aim for deployment by mid-year to address the pathogen's persistence. Public health officials warn that premature relaxation of restrictions risks autumnal resurgence, necessitating robust testing expansion and contact tracing to manage recurring waves until herd immunity is achieved.
- Goldman Sachs57 min
The State of the Real Estate Market
Sharmin Mossavar-Rahmani, Alan Kava, Roy March, Ralph Rosenberg, Sharmeen Mosavaramani
On April 24, 2020, Goldman Sachs, KKR, and Eastdale executives analyzed a global real estate market defined by record cap rate spreads, an 80% drop in private transaction volumes, and divergent sector performance driven by the COVID-19 pandemic. While hospitality and retail faced existential threats from plummeting occupancy and accelerating structural decline, industrial and life science sectors demonstrated resilience through e-commerce growth and near-perfect rent collections. Industry leaders anticipate a prolonged recovery period where well-capitalized banks may stabilize the market, yet a sharp bifurcation remains between distressed "have-to" sellers and liquidity-rich investors poised to acquire depressed assets.
- Goldman Sachs16 min
Why Investing in the Longest Bull Market in History is Still a Smart Move
Sharmin Mossavar-Rahmani, Jake Siewert, Jake Seward
Goldman Sachs Private Wealth Management's 2020 "Room to Grow" report argues that the current economic expansion will likely persist through 2020, citing favorable central bank policies, a low 20% recession probability, and balanced market conditions that support an 87% chance of positive returns. The firm recommends a strategic overweight in U.S. equities driven by superior demographics and productivity, while cautioning that high capital gains taxes make it inefficient for investors to sell assets waiting for a market dip. Although the analysis acknowledges short-term volatility from geopolitical tensions and the coronavirus outbreak, it projects that disinflationary trends and robust household balance sheets will allow underlying economic growth to reassert itself within months.
- Goldman Sachs14 min
"Catch-Up With David": with Goldman Sachs' Sharmin Mossavar-Rahmani
Sharmin Mossavar-Rahmani, David Solomon
A senior Goldman Sachs executive outlines a continued strategic overweight in US equities, attributing this "American preeminence" to robust institutions, favorable demographics, and resilient political structures despite rising geopolitical risks. While identifying the evolution of the US-China relationship as the primary external threat, she argues that historical precedents and strong institutional safeguards make the US economy uniquely positioned to withstand internal and external shocks. Drawing on a diverse personal background spanning engineering and diplomacy, she reinforces her investment thesis through decades of client management and significant philanthropic efforts in foreign policy and healthcare sectors.