Exchanges At Goldman Sachs

A Goldman Sachs Research study of the last 100 years suggests US recessions can be boiled down to five major causes - and several (like industrial and oil supply shocks) look structurally less threatening today. But among those that still bear close watching are the financial balances of households and corporations, which GS Research's Chief Credit Strategist Lotfi Karoui says aren't showing signs of a private sector living beyond its means. Outstanding mortgage debt has declined drastically and consumer credit growth has slowed to a four-cycle low, while on the corporate side, strong profitability and debt-servicing capacity are providing a buffer for rising net leverage. That said, there are several pockets of risk - including the growth in leveraged loans, direct lending, and delinquencies in the subprime auto loan market - but Karoui thinks it's unlikely we'll see them drag the broader economy into a downturn. This podcast was recorded on February 26, 2019. All price references and market forecasts co

In France, Goldman Sachs Investment Banking clients are focused on key three risk factors, according to Goldman Sachs' Pierre Hudry: geopolitical outlook, market stability and rising shareholder activism. Amid the uncertainty, however, French management teams remain focused on scaling businesses to compete on the global stage. "Achieving scale and being able to compete notably with the US players, which are massively consolidating and the Chinese players, who are benefitting from the whole market is really top of mind for these corporates," Hudry says. This podcast was recorded on February 1, 2019. The information contained in this recording was obtained from publicly available sources and has not been independently verified by Goldman Sachs. Neither Goldman Sachs nor any of its affiliates makes any representation or warranty, as to the accuracy or completeness of the information contained in this recording and any liability as a result of this recording is expressly disclaimed. The recording should not b

This episode is all about Europe's technology sector, from the pace of tech disruption and the growth of AI, to how companies are innovating in the face of political and regulatory constraints and more. Jo Hannaford of Goldman Sachs' Technology Division, points to Europe's geography as a key driver for development and innovation in technology in the region. "You feel like [in] Europe that [the countries'] physical distance doesn't really stop people being able to really...come together and communicate." This podcast was recorded on February 1, 2019. This podcast should not be copied, distributed, published or reproduced, in whole or in part. The information contained in this podcast is not financial research nor a product of Goldman Sachs Global Investment Research. Neither Goldman Sachs nor any of its affiliates makes any representation or warranty, as to the accuracy or completeness of the statements or any information contained in this podcast and any liability therefore (including in respect of direc

The bumpy deceleration underway in China will be met with additional economic policy easing, albeit with some notable differences to previous stimulus, says Goldman Sachs Research's Andrew Tilton. He expects a slightly smaller and later stimulus relative to other slowdowns, leveraging not only Chinese policymakers' typical favored tools like infrastructure spending but also a tax cut. This podcast was recorded on February 1, 2019. All price references and market forecasts correspond to the date of this recording. This podcast should not be copied, distributed, published or reproduced, in whole or in part. The information contained in this podcast does not constitute research or a recommendation from any Goldman Sachs entity to the listener. Neither Goldman Sachs nor any of its affiliates makes any representation or warranty, as to the accuracy or completeness of the statements or any information contained in this podcast and any liability therefor (including in respect of direct, in

Last year, venture capital investment in China surpassed North American totals for the first time in history, bringing Chinese business models to a stage and scale that "the entire world needs to pay attention to" in the eyes of Goldman Sachs Research's Piyush Mubayi. Corporate venture capital plays a major role: the country's big tech companies are active investors domestically, and now they're also setting sights on new markets. In this episode, Mubayi joins Jake Siewert to discuss developments in China's corporate venture capital space, as well as trends he's seeing in the broader tech sector. This podcast was recorded on October 24, 2018. This podcast should not be copied, distributed, published or reproduced, in whole or in part. The information contained in this podcast does not constitute research or a recommendation from any Goldman Sachs entity to the listener. Neither Goldman Sachs nor any of its affiliates makes any representation or warranty, as to the accuracy or completeness of the statemen

Making a comeback alongside higher spot prices this year will be the rapid growth in US shale, says Jeff Currie, with new pipeline capacity unlocking supply from the Permian Basin and re-anchoring the market around a fast-cycle, lower-cost New Oil Order. This podcast was recorded on January 10, 2019. All price references and market forecasts correspond to the date of this recording. This podcast should not be copied, distributed, published or reproduced, in whole or in part. The information contained in this podcast does not constitute research or a recommendation from any Goldman Sachs entity to the listener. Neither Goldman Sachs nor any of its affiliates makes any representation or warranty, as to the accuracy or completeness of the statements or any information contained in this podcast and any liability therefor (including in respect of direct, indirect or consequential loss or damage) is expressly disclaimed. The views expressed in this podcast are not necessarily those of Goldman Sachs, and Gold

"Startups right now are all using technology in different ways to drive growth, to drive expansion internationally...to continue to innovate their products..." says Kim Posnett of Goldman Sachs Investment Banking, who expects a strong IPO and M&A market for tech companies in 2019 given the pervasiveness of technological applications and access to capital. In this episode, Posnett discusses what to expect from the tech sector in the year ahead, from the biggest trends shaping internet and software businesses around the globe to how tech companies are thinking about IPOs to whether the pace of innovation among startups can continue and much more. This podcast was recorded on December 6, 2018. The information contained in this recording was obtained from publicly available sources and has not been independently verified by Goldman Sachs. Neither Goldman Sachs nor any of its affiliates makes any representation or warranty, as to the accuracy or completeness of the information contained in this recording and a

"[As a founder] there is no stopping. The commitment is bottomless in a way that I've never had before...and so it requires a level of emotional resilience and balance that is not the easiest thing to do," says Josh Hoffman, co-founder and CEO of biotech startup Zymergen in the latest episode of the firm's podcast, Exchanges at Goldman Sachs. Hoffman joined Jen Rubio, co-founder and chief brand officer of luggage startup Away, and Dan Dees, co-head of Goldman Sachs' Investment Banking Division to discuss what it's really like to start and scale a company. This podcast was recorded on October 18, 2018. The information contained in this recording was obtained from publicly available sources and has not been independently verified by Goldman Sachs. Neither Goldman Sachs nor any of its affiliates makes any representation or warranty, as to the accuracy or completeness of the information contained in this recording and any liability as a result of this recording is expressly disclaimed. The recording should no

In our first ever podcast taped in Hong Kong, we're exploring one of the highest growth sectors in China: healthcare. Stephanie Hui, head of Goldman Sachs' Merchant Banking Division in Asia-Pacific, ex-Japan, joins us in the studio to discuss the drivers behind healthcare's explosive growth in China and how investors are viewing the industry's risk and reward. This podcast was recorded on October 22, 2018. This podcast should not be copied, distributed, published or reproduced, in whole or in part. The information contained in this podcast does not constitute research or a recommendation from any Goldman Sachs entity to the listener. The views and opinions expressed herein should not be construed as an offer to buy or sell any securities and such views/opinions may differ from those of Goldman Sachs Global Investment Research or other departments or divisions of Goldman Sachs and its affiliates. Neither Goldman Sachs nor any of its affiliates makes any representation or warranty, as to the accuracy or com

In this episode, we sit down with Amanda Hindlian and Sandra Lawson, two of the authors of a Goldman Sachs Global Markets Institute report called "Closing the gender gaps: Advancing women in corporate America." The report aims to contribute to the ongoing dialogue surrounding gender equality by analyzing some of the drivers of the gender gaps in seniority and pay and by helping clients to address these obstacles and biases. This podcast was recorded on November 2, 2018. All price references and market forecasts correspond to the date of this recording. This podcast should not be copied, distributed, published or reproduced, in whole or in part. The information contained in this podcast does not constitute research or a recommendation from any Goldman Sachs entity to the listener. Neither Goldman Sachs nor any of its affiliates makes any representation or warranty, as to the accuracy or completeness of the statements or any information contained in this podcast and any liability therefor (including in re

This episode is all about the London Interbank Offered Rate, or LIBOR as it's commonly called. Beth Hammack, Goldman Sachs' global treasurer, and Jason Granet, head of the firm's LIBOR transition efforts, discuss what LIBOR is, what went wrong with the interest rate and now why and how the financial industry is moving to an alternative rate. As far as what the shift away from LIBOR means for markets, Hammack says, "First and foremost I think the impact is going to be hopefully an improvement in safety and soundness." This podcast was recorded on September 27, 2018. The information contained in this recording was obtained from publicly available sources and has not been independently verified by Goldman Sachs. Neither Goldman Sachs nor any of its affiliates makes any representation or warranty, as to the accuracy or completeness of the information contained in this recording and any liability as a result of this recording is expressly disclaimed. The recording should not be relied upon to evaluate any pote

Poland is sometimes overshadowed by its European neighbors, but it's an important player within the region, according to Goldman Sachs' Artur Tomala and Brent Watson. In this episode, Tomala and Watson describe Poland's economic, business and political environment and why robust job opportunities are leading many Poland emigrates to return home. "We're starting to see people come back," Watson says. "And it's all based upon the fundamental principle of having quality work." br> This podcast was recorded on August 2, 2018. The information contained in this recording was obtained from publicly available sources and has not been independently verified by Goldman Sachs. Neither Goldman Sachs nor any of its affiliates makes any representation or warranty, as to the accuracy or completeness of the information contained in this recording and any liability as a result of this recording is expressly disclaimed. The recording should not be relied upon to evaluate any potential transaction. Goldman Sachs is not givin

Europe's energy sector is undergoing a transformation toward sustainable energy sources, says Goldman Sachs Research's Alberto Gandolfi. In this episode, Gandolfi discusses why clean energy has started to undercut the cost of conventional generation. "In several regions of Europe right now, renewables are way, way cheaper than any other technology. So we think they're going to displace conventional generation over the next decade," Gandolfi says. This podcast was recorded on August 2, 2018. All price references and market forecasts correspond to the date of this recording. This podcast should not be copied, distributed, published or reproduced, in whole or in part. The information contained in this podcast does not constitute research or a recommendation from any Goldman Sachs entity to the listener. Neither Goldman Sachs nor any of its affiliates makes any representation or warranty, as to the accuracy or completeness of the statements or any information contained in this podcast and any liability ther

International Goldman Sachs Asset Management CEO Sheila Patel joins us in the studio to discuss key trends facing investors, from where opportunities remain in emerging markets assets to the growth of ESG investing to sovereign wealth funds' shift towards transparency. "Across the board [with both legacy and new sovereign wealth funds] what you've seen go on is an increase in transparency, a realization that the level of concern about their actions or what they might be doing could lead to a potential distrust or a disruption of their activities." This podcast was recorded on August 2, 2018. The views and opinions expressed herein should not be construed as an offer to buy or sell any securities and such views and opinions may differ from those of Goldman Sachs Global Investment Research or other departments or divisions of Goldman Sachs and its affiliates. This information may not be current and Goldman Sachs has no obligation to provide any updates or changes. Neither Goldman Sachs nor any of its affili

Europe's business environment is in focus as companies simplify their corporate structure, global trade tensions continue and the tech industry faces increased scrutiny. Marc Nachmann, co-head of the Goldman Sachs Investment Banking Division, joins us to talk through how these factors and more are shaping business decisions and M&A in Europe. "CEO confidence remains quite strong in light of strong U.S. GDP growth, European growth recovering, and a pretty good consumer environment almost everywhere," Nachmann says. "So business environment is pretty good, confidence is high, and as a result, everybody's pretty open-minded to consider strategic transactions." This podcast was recorded on August 2, 2018. The information contained in this recording was obtained from publicly available sources and has not been independently verified by Goldman Sachs. Neither Goldman Sachs nor any of its affiliates makes any representation or warranty, as to the accuracy or completeness of the information contained in this reco

"The scale of deals we're seeing [in Asia] is something we've never seen before," says Alison Mass of the Goldman Sachs Investment Banking Division. While Mass has been traveling to Asia for more than twenty years to meet with private equity clients, her most recent business trip with colleague Brian DeCenzo felt different in terms of the industry's maturation and international sophistication. In this episode, Mass and DeCenzo explain why global private equity firms are raising multi-billion dollar funds in Asia, the impact of increased Chinese buyers in global auctions, how Asian companies are embracing innovation and more. This podcast was recorded on July 31, 2018. The information contained in this recording was obtained from publicly available sources and has not been independently verified by Goldman Sachs. Neither Goldman Sachs nor any of its affiliates makes any representation or warranty, as to the accuracy or completeness of the information contained in this recording and any liability as a resu

Looking at investor returns, European equities are trailing U.S. peers while beating emerging-market stocks in 2018. As part of our closer look at emerging economic and market themes in Europe, Sharon Bell of Goldman Sachs Research discusses the factors that explain this performance, zeroing in on U.K., German and French stocks. Bell breaks down investors' preference for growth companies over value stocks that trade at cheaper prices, particularly against a backdrop of ongoing political uncertainty and a slower pace of economic growth in the region. As for her outlook for the rest of the year, Bell says European companies look poised to deliver decent earnings growth of around 10 percent in 2018 and equities' performance could improve if political concerns subside. This podcast was recorded on August 1, 2018. All price references and market forecasts correspond to the date of this recording. This podcast should not be copied, distributed, published or reproduced, in whole or in part. The informati

Is there a bubble in technology? Goldman Sachs Research's Peter Oppenheimer doesn't think so. Despite the recent stumbles in some of tech's biggest names, the sector continues to dominate global stock indexes. "The thing that's really set apart [today's] technology revolution as we're seeing it expressed in the stock market since the financial crisis is that these companies have been very successful," says Oppenheimer. "They've been very dominant in terms of returns, but they've also been extraordinarily successful in terms of their earnings power, and their valuations have not become that extreme." Oppenheimer draws attention to just how large the tech sector has become by comparing tech companies' valuations to country GDPs and discusses the challenges facing today's most dominant players. This podcast was recorded on July 19, 2018. All price references and market forecasts correspond to the date of this recording. This podcast should not be copied, distributed, published or reproduced, in whole or in

Germany is in focus in Europe and around the globe as its historically strong economy undergoes a transformation adapting to the digital age. As part of our closer look at emerging economic and market themes in Europe, we sat down with Wolfgang Fink, chief executive officer of Goldman Sachs Germany and Austria, to talk about Germany's economy and business trends, including how technology is impacting German corporations. "Technology change is affecting all large [German] corporates," Fink says. "Most importantly, with respect to access to their customers… the disruption of their business models, the change in their value chain." Also in the episode, Fink discusses the future of the European Union and political challenges facing Chancellor Merkel. This podcast was recorded on July 19, 2018. The information contained in this recording was obtained from publicly available sources and has not been independently verified by Goldman Sachs. Neither Goldman Sachs nor any of its affiliates makes any representatio

From the financial problems facing Americans to how psychology explains people's saving and spending habits, this episode is all about money. Entrepreneur Adam Dell, founder of Clarity Money, a personal finance app that was acquired by Marcus by Goldman Sachs in April 2018, joins us to talk about all this and more, including how he created a mobile app to simplify individuals' money management. "Startups that have risen to prominence are focused on transparency, advocacy and simplicity - what I consider to be the tectonic shifts in consumer finance," he says. This podcast was recorded on June 14, 2018. This podcast should not be copied, distributed, published or reproduced, in whole or in part. The views expressed in this podcast are not necessarily those of Goldman Sachs, and Goldman Sachs is not providing any financial, economic, legal, accounting or tax advice or recommendations in this podcast. The information contained in this podcast was prepared for general information purposes only, do