Liz
Showing 31–45 of 162 transcripts.
- Goldman Sachs8 min
The Resiliency of the Muni Market
Despite early pandemic uncertainty, the municipal bond market demonstrated exceptional resilience in 2020 driven by stable revenue streams, historically low default rates, and strong balance sheets. Issuers capitalized on the rally to refund old debt while tax revenues exceeded forecasts, further bolstered by fiscal stimulus funds designated for infrastructure and pandemic relief rather than tax cuts. GSAM maintained a fundamental, bottom-up selection strategy that helped both investment grade and high yield segments perform well, resulting in significantly tightened credit spreads and record issue volumes by year-end.
- Goldman Sachs8 min
One Year Since Market Trough: A Cycle on Fast-Forward
Goldman Sachs analysis identifies that the March 2020 market bottom was triggered when specific downside risks were quantified and policy mitigations stabilized funding, leading to a historical "fast forward" recovery where the S&P 500 reclaimed pre-pandemic levels within months. Driven by rapid vaccine deployment and unprecedented global fiscal support, the bank forecasts nearly 7% global growth for 2021, a pace significantly outstripping consensus expectations and previous post-crisis rebounds. This accelerated cycle is expected to force earlier central bank tightening compared to traditional recoveries, prompting investors to position portfolios in cyclical assets while hedging against rapidly rising interest rates.
- Goldman Sachs12 min
The New Tech Investing Landscape
Investors are increasingly targeting underexposed US mid-cap and international technology sectors, leveraging recent market pullbacks to build positions in transformational companies at attractive valuations. Key growth themes include the structural shift to digital payments, the rapid expansion of e-commerce models in emerging markets, and the democratization of innovation through cloud infrastructure and mobile device proliferation. Despite risks from geopolitical tensions and regulatory scrutiny, the firm maintains a bullish long-term outlook, urging portfolio diversification into dynamic players within artificial intelligence, machine learning, and advanced semiconductors to capture the disruptive acceleration expected over the next decade.
- Goldman Sachs11 min
The Beginning of a Structural Bull Market for Commodities
Goldman Sachs Research has revised its 12-month commodity index return forecast to 15.5% based on a structural bull market driven by post-vaccination demand recovery, expansive green infrastructure spending, and constrained producer supply. The firm attributes this shift to simultaneous global fiscal stimulus and capital discipline that limit oil and mine output while redirecting investment toward transition metals like copper. Consequently, analysts have upgraded price targets for copper, oil, and grains, positioning commodities as a hedge against sustained inflationary pressures and a diversification tool against equity valuation risks.
- Goldman Sachs7 min
The Semiconductor Shortage of 2021
Originating from pandemic-driven demand shocks rather than geopolitical tensions, the current semiconductor supply crunch has pushed industry lead times beyond the 14-week danger zone, severely constraining production of microcontrollers and power devices on older 28nm and 40nm nodes. Manufacturers face structural hurdles in expanding capacity due to limited incentives to invest in fully depreciated equipment and a two-year timeline required to construct new facilities, a situation exemplified by Toyota's resilience through pre-established resource planning. As the shortage persists through year-end with rising prices and order overshoot fueled by inventory stockpiling, the market risks a volatile transition where a V-shaped demand recovery could eventually be complicated by future oversupply conditions.
- Goldman Sachs10 min
Investing in High Yield Bonds and Bank Loans
Goldman Sachs Asset Management analyzes the high-yield and bank loan markets by contrasting 2020's central bank-supported resilience with 2021's profit-taking outflows and anticipated rate hike sensitivity. The firm forecasts annual returns of 4% to 5% for U.S. high yield and 4.5% to 5.5% for bank loans, driven by coupon carry, sector migration from fallen angels to rising stars, and the structural stability of collateralized loan obligations. Strategic allocation shifts toward investment-grade issuers downgraded in the energy sector and active security selection aim to navigate elevated leverage ratios while capitalizing on expected second-half 2021 economic recovery.
- Goldman Sachs8 min
The End is Near: Understanding the Transition from LIBOR
U.S. regulators finalized a timeline confirming that non-U.S. dollar LIBOR rates will cease at year-end while dollar rates remain published until June 30, 2023, to facilitate a controlled wind-down of legacy contracts. This transition replaces the benchmark with SOFR, a secured overnight rate backed by a Federal Reserve partnership, while industry groups work to align averaging methodologies between loan and derivatives markets to mitigate basis risks. Global coordination and ongoing legislative efforts aim to standardize the adoption of risk-free rate alternatives across jurisdictions and eliminate residual legal uncertainties.
- Goldman Sachs10 min
The Future of Auto Tech
Goldman Sachs has launched a joint venture merging its software and industrial divisions to capitalize on what it terms the "greatest industrial revolution of our time," a multi-decade shift toward electrified, software-integrated, and autonomous mobility. The firm anticipates this transition will face supply-side constraints driven by global battery manufacturing capacity while leveraging Special Purpose Acquisition Companies to fund capital-intensive ventures across a landscape of mature technologies and emerging startups. Investment strategies will prioritize long-term horizons of up to fifteen years to navigate the sector's unique challenges, aiming to deliver significant reductions in carbon emissions and substantial improvements in global health.
- Goldman Sachs12 min
Rising Yields, Inflation and Risk Assets
Fixed income global portfolio managers oversee more than $700 billion in assets while analyzing rising treasury yields as a temporary repricing of long-term supply driven by new fiscal stimulus rather than a sustained inflationary crisis. The speaker contrasts current market dynamics with the 2013 "taper tantrum," emphasizing that the Federal Reserve intends to maintain an accommodative stance through 2022 to achieve full employment without raising rates until 2023. Consequently, investors are advised to view yields of 2% to 2.25% on the 10-year bond as a buying opportunity and to increase allocations to credit and municipal bonds as bonds resume their historical role as portfolio ballast against equity volatility.
- Goldman Sachs12 min
The Active Private Equity Landscape in Europe
European private equity deal volumes surged 25% year-on-year in early 2021, driven by concentrated investment in Technology, Media, Telecom, and Healthcare sectors that are capitalizing on secular growth trends. Secondary buyouts and carve-outs accelerated significantly as private equity firms justified premiums through value creation theses, attracting diverse participants from multi-line managers to family offices despite elevated valuations. While the market continues to deploy capital aggressively, the industry is simultaneously pivoting toward rigorous ESG integration, prioritizing climate-focused funds and governance reforms to translate commitments into tangible operational results.
- Goldman Sachs9 min
How the Pandemic is Reshaping Education
Katherine Tait, Catherine, Liz
As remote learning enrollment stabilizes at roughly 12–15%, the higher education sector is accelerating a permanent shift toward blended learning models driven by a 700% increase in faculty digital adoption and a student demand for unbundled, skill-based credentials. This structural transformation is fueled by a record $16 billion in venture capital and a corporate pivot to continuous upskilling, creating emerging market leaders focused on platform-agnostic courseware and institutional revenue diversification. Ultimately, the pandemic has cemented remote technology as the standard infrastructure for both K-12 and corporate training, signaling a long-term evolution from traditional degree tracks to flexible, lifelong learning ecosystems.
- Goldman Sachs10 min
What to Expect At China’s ‘Two Sessions’
The 2021 Two Sessions mark the commencement of China's 14th Five-Year Plan and the Communist Party's centennial, serving as the primary venue for outlining a shift toward domestic consumption, technological self-reliance, and environmental sustainability. While Goldman Sachs anticipates that the government may forgo a specific numeric GDP target to avoid overstimulation, the event will instead prioritize key metrics on inflation, employment, and the implementation of normalizing fiscal and monetary policies. These deliberations set the strategic framework for balancing economic resilience with long-term goals such as carbon neutrality and reduced reliance on external markets.
- Goldman Sachs8 min
The Future of ESG Finance
Goldman Sachs successfully raised $800 million through its first five-year non-callable sustainability bond, which was four times oversubscribed and allocated primarily to ESG-focused investors. These funds will finance new assets addressing climate transition and inclusive growth, operationalizing the firm's $750 billion sustainable finance commitment while bypassing greenwashing concerns via a rigorous, independently audited framework. By securing commitments for a recurring 12-to-18 month issuance cycle and attracting new investor segments, the bank solidified its strategic position in advancing sustainable economic growth.
- Goldman Sachs7 min
The Return of Stock Buybacks
Following a 45% contraction in 2020 buyback authorizations triggered by Federal Reserve restrictions on the financial sector, corporate share repurchases are projected to rebound by 60% in 2021 as banks resume activity and strong earnings growth fuels a shift away from cash hoarding. Despite this surge in authorization volume, the market pace is viewed as unsustainable for the full year, though analysts estimate total spending will still increase 15% to support balance sheet strength and offset equity dilution. This resurgence, driven by historic cash reserves and low interest rates, is expected to reignite political scrutiny regarding the use of capital for shareholder returns during the upcoming economic recovery.
- Goldman Sachs8 min
China Net Zero: The Clean Tech Revolution
Sharmini Chetwode, Liz, Harmony
Driven by global political pressure and domestic sustainability goals, China targets peak emissions by 2030 and net zero by 2060 despite accounting for 64% of global emission growth since 2000. The nation's decarbonization roadmap relies on scaling renewables to address half of emissions while utilizing clean hydrogen and carbon capture for hard-to-abate industrial and transport sectors, necessitating a threefold surge in clean energy demand and base metal consumption. To enforce these transitions, the People's Bank of China is prioritizing green finance and the PBOC has launched an emissions trading scheme expanding to seven sectors, aiming to mitigate rising trade friction from the EU's proposed carbon border adjustments.