Liz
Showing 61–75 of 162 transcripts.
- Goldman Sachs9 min
Oil Equities in 2021
Owensex Research forecasts a 2021 oil market recovery driven by surging demand and constrained non-OPEC supply, expecting prices to rise into 2022 as producers maintain capital discipline following structural underinvestment since 2016. While short-term overhangs regarding vaccine-driven demand and U.S. policy clarity are projected to recede in the first half of the year, the sector's competitive focus has fundamentally shifted toward financial sustainability and decarbonization. Consequently, the firm advises a "beta within reason" investment strategy that favors companies demonstrating strong balance sheets and cost-curve leadership over high-risk counterparts.
- Goldman Sachs7 min
Investing in China: Key Themes to Watch
Chinese equities have demonstrated strong performance with key firms like Tencent and CATL surging over 50%, driven by themes in domestic consumption and renewable energy. Structural reforms, particularly the launch of the STAR Market, are facilitating major technological IPOs while regulators push to institutionalize a market currently dominated by retail trading. Despite this growth, significant potential remains for institutionalization as household wealth in China remains heavily concentrated in property rather than equities, prompting investors to optimize access through QFII or Stock Connect channels.
- Goldman Sachs6 min
What’s Driving the Latest Wave of IPOs?
Goldman Sachs describes a structural shift in its IPO business since 2018, transitioning from a slow era to a super cycle where annual billion-dollar listings average nearly $20 billion in valuation. Tech companies have driven this wave by adapting to pandemic-era consumer demands, while non-traditional pathways like direct listings and creative lockup structures now define market innovation alongside a compressed 2023 issuance window. Investors continue to favor firms with durable competitive advantages, and Goldman Sachs forecasts sustained high volumes of public offerings driven by technological growth and favorable interest rate conditions.
- Goldman Sachs6 min
A Record Year In Corporate Financing
Goldman Sachs co-head Yasmeen reports that 2020 investment grade issuance surged to $1.9 trillion, driven by corporate liquidity accumulation, refinancing risk management, and favorable market conditions. The bank forecasts a normalization to $1.3 to $1.4 trillion in 2021 as M&A financing returns, though sector-specific regulatory hurdles and deleveraging priorities will constrain large-cap deals. While widespread downgrades are deemed unlikely due to forward-looking rating methodologies and vaccine-driven recovery, the event highlights lasting structural shifts toward higher cash buffers and extended maturities.
- Goldman Sachs7 min
ESG Roadmap: The Utilities Sector
Goldman Sachs Research's ESG Roadmap Project analyzes critical environmental, social, and governance challenges facing the utility sector over the next 18 to 24 months. The report highlights specific friction points including grid modernization costs, escalating cybersecurity risks from smart grid proliferation, and the precarious investment climate surrounding nuclear power's role in decarbonization. Additionally, it identifies significant data gaps in lobbying, tax transparency, and cybersecurity postures that investors must address to navigate the tension between green energy demands and ratepayer affordability.
- Goldman Sachs10 min
A Vaccine-Led Recovery
Goldman Sachs Research has revised its central growth case to a 2021 recovery trajectory following a surge in vaccine approval probabilities from 10% to 50% by late October. While near-term growth forecasts for the US and Europe face downward pressure from rising case counts, the firm projects a 2% GDP uplift by year-end 2021, driving market rotations into commodity and emerging market sectors. Investors are advised to navigate interim volatility caused by operational distribution risks and policy gaps, relying on the vaccine's timeline as a medium-term anchor for global economic acceleration starting in the second quarter of 2021.
- Goldman Sachs9 min
The Surge in Global Biotech Innovation
In 2020, the biotech sector raised $55 billion in equity financing and pursued approximately $50 billion in M&A activity despite an initial pandemic pause, driven by supply-side advancements in genomic medicine and the urgent need for external innovation. Leading pharmaceutical giants like Pfizer, BioNTech, and Moderna deployed significant capital to develop vaccine candidates with high efficacy, while large-cap companies utilized substantial dry powder to acquire novel therapeutic technologies ahead of anticipated patent cliffs. Concurrently, cross-border collaboration shifted toward deep R&D partnerships between U.S., European, and Chinese entities, marking the emergence of Chinese biotechs as potential global competitors supported by government initiatives and a wave of returning scientific talent.
- Goldman Sachs12 min
ESG Passes the Stress Test
During the 2020 market downturn, ESG funds demonstrated exceptional resilience and attracted $120 billion in net inflows while non-ESG alternatives saw outflows, proving sustainable finance is a fundamental economic driver rather than a market luxury. Goldman Sachs and other industry leaders now prioritize "Inclusive Growth" alongside environmental goals, urging investors and corporations to move beyond ideological labels toward tangible execution in risk mitigation, talent retention, and supply chain mandates. Looking ahead to 2021, the strategic focus shifts to standardizing data, accelerating decarbonization in hard-to-abate sectors like steel and energy, and integrating these real-economy drivers directly into core business purposes.
- Goldman Sachs7 min
How Technology is Disrupting the Insurance Industry
Valued at approximately $5 trillion, the global insurance market is undergoing significant technological disruption driven by $7 billion in recent venture capital, strategic M&A activity, and the adoption of AI, IoT, and cloud-based core systems. While incumbents leverage minority investments and distribution partnerships to maintain relevance, emerging insurtechs are utilizing full-stack direct models and advanced underwriting automation to optimize customer acquisition and retention across life, auto, and commercial lines. This dynamic fosters a non-winner-takes-all environment where collaboration between established carriers and innovative entrants focuses on re-bundling offerings and utilizing alternative data for precise risk assessment.
- Goldman Sachs7 min
What’s Next for the U.S. Dollar
Goldman Sachs analysts project a 6.1% global growth surge for 2021, anticipating a weakening U.S. dollar that benefits emerging markets and G10 currencies despite the dollar retaining its primary safe-haven status. The firm forecasts significant opportunities in equities and commodities, noting that gold and digital assets like Bitcoin are increasingly viewed as essential portfolio hedges as traditional bond yields decline. While competing jurisdictions such as China and the EU advance their financial integration, the resilience of U.S. institutions ensures the dollar remains dominant even as divergent emerging market policies create uneven recovery patterns.
- Goldman Sachs7 min
Carbonomics: The Green Engine of Economic Recovery
Mark Carney opened a high-level conference for 30 CEOs to frame decarbonization as a financial efficiency opportunity capable of mobilizing $16 trillion in infrastructure and creating 20 million global jobs. Major oil firms including BP, Total, and ENI are transitioning into broader energy entities by leveraging their operational expertise to integrate renewables, clean hydrogen, and carbon capture technologies. This strategic shift, underpinned by data showing top-quintile ESG companies outperformed peers by 320 basis points, reflects a global policy consensus moving from European leadership toward widespread adoption by the U.S., China, and Japan.
- Goldman Sachs7 min
November QuickPoll Survey: Views on the Market Rally, Fiscal Stimulus and Vaccine
A broadening equity rally driven by cyclical sectors and optimistic vaccine timelines is reshaping investor expectations for a return to normal economic activity. Survey data indicates that 61% of participants anticipate vaccine approval this year, while 45% predict a $1 trillion fiscal package, creating a binary path that has reduced political uncertainty despite a potentially split Congress. This confidence is further bolstered by 40% of investors favoring developed market equities as a long position, even as 29% short developed bonds in anticipation of rising yields and central banks moving away from zero rates.
- Goldman Sachs7 min
The Equity Duration Puzzle
Christian Mueller-Glissmann, Liz
Goldman Sachs Research advocates for an overweight equity position over the next year, driven by historically high equity risk premiums and the limited return potential of global bonds following the COVID-19 shock. While US growth stocks currently trade at elevated absolute valuations, the firm identifies a strategic shift toward international equities and value sectors to mitigate duration sensitivity and diversify against rising rate volatility. This outlook assumes a continued global economic recovery with contained inflationary pressures, supporting the thesis that equities will outperform bonds over longer horizons despite recent secular stagnation trends.
- Goldman Sachs11 min
What’s Next for Brazil
Maria Silvia Bastos Marques, Liz
Brazil's economy, having weathered a deeper-than-expected recession through targeted liquidity support, is projected to resume growth despite lingering fiscal concerns and uneven investment confidence. The financial landscape has accelerated digital transformation via the Central Bank's PIX instant payment system and upcoming open banking, while the private sector maintains robust ESG commitments to sustain its agribusiness dominance. Concurrently, corporate strategies are increasingly prioritizing diversity and inclusion as essential performance drivers, aligning national economic recovery with social and environmental responsibility.
- Goldman Sachs9 min
Europe’s Slowing Economic Recovery
Goldman Sachs projects a divergent global recovery where the US is expected to rebound to pre-crisis GDP levels by mid-2021, outpacing softer recoveries in the Euro Area and UK due to fiscal capacity and pandemic trajectory differences. While the outlook identifies Brexit negotiations as likely to result in minimal trade deals by mid-November, the firm classifies record sovereign debt levels as sustainable "good debt" that avoids inflationary spikes given negative output gaps and anchored expectations. Consequently, the investment strategy advises long-term holders to maintain strategic allocations while overweighting US equities over European and emerging market stocks based on superior demographics and innovation.