Exchanges

Anne Marie Darling of Goldman Sachs’ Global Markets Division analyzes the S&P 500 index’s historically fast fall into bear market territory and shares results of the April Marquee QuickPoll, a survey of institutional clients which found that about half of respondents don’t believe lows have been set yet. Learn more about your ad choices. Visit megaphone.fm/adchoices

In an effort to provide timely and valuable updates regarding ongoing market volatility and potential economic impacts, we’re sharing a “Market Update” call hosted by our Investment Banking Division. In the conversation, Goldman Sachs President and COO John Waldron provides an update on the current environment, alongside other senior leaders across the firm. Learn more about your ad choices. Visit megaphone.fm/adchoices

Andrew Wilson of Goldman Sachs Asset Management explains how volatility in U.S. financial markets from the COVID-19 outbreak is playing out across Europe as well. “European markets have been very much in the eye of the storm,” Wilson says. “So the focus is on what policy responses are coming out of Europe, just as much as it is out of the U.S.” Learn more about your ad choices. Visit megaphone.fm/adchoices

Coronavirus has pushed the global economy into a recession of historic proportions and halted the longest-lasting equity bull market on record. As infections spread globally, economic activity collapses, markets recoil and policymakers respond, the depth and duration of the economic and market downturn is Top of Mind. In this episode, Allison Nathan speaks with the former Chair of the Council of Economic Advisers, Jason Furman, and Goldman Sachs’ Chief Economist, Jan Hatzius. Both agree that the near-term economic damage will be severe, but whether it proves longer-lasting will depend largely on the virus’ trajectory and somewhat on policymakers, who have done a lot, but may need to do more to sustain households, businesses and market functioning in this difficult period. To that end, we assess the risk that the global health crisis becomes a financial crisis. And we discuss how this might play out in markets, and what investors should do from here. For that, we draw on the wisdom of Oaktree Co-Chairman, Howard Marks. His advice? Buy things with solid fundamentals when they go on sale. Learn more about your ad choices. Visit megaphone.fm/adchoices

Goldman Sachs’ top economists and strategists discuss revised forecasts for the US economy and corporate earnings and the prospect of federal stimulus programs in the face of the COVID-19 outbreak. Learn more about your ad choices. Visit megaphone.fm/adchoices

Joe Montesano, head of Americas Equity Trading for Goldman Sachs, analyzes how the coronavirus pandemic continues to add volatility to markets. Montesano also talks about parallels and differences in today's market environment compared to that of the 2008 global financial crisis. Learn more about your ad choices. Visit megaphone.fm/adchoices

Amid the uncertainty surrounding the coronavirus pandemic, Goldman Sachs’ global medical director Dr. Michael Rendel joins by phone to talk about what employees can do to stay healthy and productive while working remotely – from setting up comfortable work stations to taking time for meditation and exercise. Dr. Rendel also talks about the importance of managers supporting their teams’ physical and psychological well-being, as well as the firm’s strategy more broadly in terms of coordinating global offices. Learn more about your ad choices. Visit megaphone.fm/adchoices

Alex Blanchard of Goldman Sachs' Global Markets Division analyzes the Fed's recent decisions to increase liquidity amidst market volatility. Learn more about your ad choices. Visit megaphone.fm/adchoices

Jeff Currie, global head of Commodities Research for Goldman Sachs, explains the latest on the price war in the oil market. Learn more about your ad choices. Visit megaphone.fm/adchoices

Amelia Garnett of Goldman Sachs' Global Markets Division provides a quick update on how investors are responding to ongoing volatility around coronavirus concerns. Learn more about your ad choices. Visit megaphone.fm/adchoices

The latest episode of Exchanges at Goldman Sachs premieres a new monthly feature: An examination of a topic at the center of conversations in the venture-capital community. This week, Goldman Sachs Research’s Heath Terry explores the growing world of computational biology—using the power of big data to revolutionize drug discovery, disease prevention and cancer detection. Terry talked to VCs like Lux Capital’s Zavain Dar, who invests in emerging science and technology firms. “It feels like we’re at the precipice of what I think will be a multi-decade revolution in how biology and chemistry are fundamentally practiced,” explains Dar. Terry also spoke with James Field, CEO of computational-biology startup LabGenius, which is using machine learning to more easily identify useful proteins for the human body. “If we can deploy technology in building out some discovery platforms in a way that the learnings compound over time,” says Field, “then it will dramatically change the economics of discovering and developing drug molecules.” Learn more about your ad choices. Visit megaphone.fm/adchoices

Amid many concerns heading into 2020, the event that no one expected was the outbreak of COVID-19—a coronavirus that first emerged in the populous city of Wuhan, China, and which is now proving to be both more infectious and virulent than the common flu. As China attempts to restart its economy after an unprecedented lockdown, the virus continues to spread globally, and data on the sizeable economic fallout starts to trickle in, coronavirus is Top of Mind. We feature expert interviews with Harvard’s Dr. Barry Bloom and University of Minnesota’s Dr. Michael Osterholm to better understand what we know—and don’t know—about the virus today. We also interview Goldman Sachs’ Chief Economist Jan Hatzius about the economic impact of the outbreak—both on global growth and actions of central banks around the world. Learn more about your ad choices. Visit megaphone.fm/adchoices

After a volatile week in markets, Erin Riley of Goldman Sachs’ Consumer and Investment Management Division talks about how coronavirus is weighing on investor sentiment. Learn more about your ad choices. Visit megaphone.fm/adchoices

Sean Legister, a vice president in the Global Markets Division, talks about overcoming imposter syndrome on the Goldman Sachs trading floor and what led him to start Breakfast Bites, a monthly fireside chat connecting black colleagues with senior leaders. Legister tells podcast host Jake Siewert, “When I looked at the black population, particularly within the Global Markets Group, I thought, ‘I don’t think we lack the intellect. I don’t think we lack the hunger. I don’t think we lack ambition. I think sometimes where we may falter a little bit is culture, empowerment, access to resources.’ And so what could I do in my seat to be innovative or creative. Not just do what’s asked of me, but to give back?” Learn more about your ad choices. Visit megaphone.fm/adchoices

Michael Cassell of our Global Markets Division shares the top numbers he's watching in markets right now. Learn more about your ad choices. Visit megaphone.fm/adchoices

From the 2020 Global Macro Conference in Hong Kong, Steve Strongin and Jan Hatzius of Goldman Sachs Research sat down for a discussion all about connections: why economic cycles and market cycles are increasingly independent, why economic volatility has declined while market volatility has largely remained the same, and how shocks like political surprises and climate change stand to radiate through each space. Learn more about your ad choices. Visit megaphone.fm/adchoices

Jordan Meer of Goldman Sachs' Renewable Power Group gives his quick take on the five numbers he's watching in renewable energy markets. Learn more about your ad choices. Visit megaphone.fm/adchoices

Sharmin Mossavar-Rahmani, chief investment officer of Goldman Sachs’ Private Wealth Management Division, summarizes her team's 2020 investment outlook and explains why she's telling clients to stay invested in the stock market. Learn more about your ad choices. Visit megaphone.fm/adchoices

Denis Coleman, co-head of Goldman Sachs' Global Financing Group in the Investment Banking Division, joins host Jake Siewert to talk about the business and financing environment in Europe. Learn more about your ad choices. Visit megaphone.fm/adchoices

Sarah Kiernan of Goldman Sachs' Global Markets Division gives her quick take on the five numbers she's watching in markets. Learn more about your ad choices. Visit megaphone.fm/adchoices

In this episode, we dig into what may be the most important issue of our time: climate change. On the heels of a climate-focused World Economic Forum in Davos, the unveiling of Europe’s new Green Deal, and increased attention on climate change by the world’s largest asset managers and banks, climate change is undoubtedly Top of Mind. We speak with Michael Greenstone of the University of Chicago, Nathaniel Keohane of the Environmental Defense Fund and Goldman Sachs’ Steve Strongin about the climate challenge, and what it will take to address it. We also discuss how capital markets and climate policy are driving transformational shifts in the energy industry, and what it means for sector returns. Finally, the head of the Goldman Sachs Sustainable Finance Group, John Goldstein, provides insight and advice on ESG investing and integration, and the growing implications of shareholders and clients increasingly demanding more accountability on climate. Learn more about your ad choices. Visit megaphone.fm/adchoices

This week, Goldman Sachs opened its doors for its first-ever Investor Day in its 150-year history. In this episode, Goldman Sachs CFO Stephen Scherr recaps the day and explains how leadership is trying to increase transparency with clients by releasing three-year financial targets, restructuring its business segments, and more. Scherr, who has been at Goldman Sachs for nearly 27 years and CFO since 2018, also talks about his transition into the role. To kick off the episode, Jen Roth of Global Markets gives her quick take on the five numbers she’s watching in markets. Learn more about your ad choices. Visit megaphone.fm/adchoices

Scott Rubner of Goldman Sachs Global Markets talks through the five numbers he’s watching in markets, from $671 billion of money market inflows to the 32% “January effect.” Then, Catie O’Brien, also of Global Markets, provides a deep dive into the airline industry, including how the Boeing 737 Max is impacting supply and profitability, and how airlines have been reinvesting back into the product, resulting in more options than just coach or business class. Learn more about your ad choices. Visit megaphone.fm/adchoices

To start the episode, Goldman Sachs' Oscar Ostlund talks through the five numbers he’s watching in markets, from China’s debt-to-GDP ratio to the Euro-USD exchange rate. Then, Michele Della Vigna of Goldman Sachs Research explains his latest “carbonomics” research and how climate change is reshaping the energy industry through technological innovation and capital markets pressure. Learn more about your ad choices. Visit megaphone.fm/adchoices

David Kostin, chief US equity strategist for Goldman Sachs Research, discusses his team's forecasts for US stocks in the year ahead. But before that, Tony Pasquariello, global head of hedge fund coverage for Goldman Sachs Securities Division, walks through the five numbers he's watching in markets. Learn more about your ad choices. Visit megaphone.fm/adchoices

In this episode, John Goldstein, head of Goldman Sachs’ Sustainable Finance Group, talks about the firm’s recent sustainability announcement to invest or finance $750 billion of capital over the next 10 years across two themes–climate transition and inclusive growth. Goldstein highlights the commercial motivation behind the firm’s sustainability strategy. “This is grounded in a core view of where the world is going, a thesis, a research-driven view...almost a market call that fundamentally these questions of climate transition and inclusive growth are going to be central, secular themes for the economy for our clients and for ourselves,” he says. Learn more about your ad choices. Visit megaphone.fm/adchoices

In this episode, Jake Siewert sits down with Jari Stehn of Goldman Sachs Research to discuss his team’s outlook for Europe’s economy in 2020. “We think 2020 is going to be a better year for Europe than 2019,” Stehn says. “We expect growth to be 1.1% next year, which is a bit above consensus, and is certainly notably above where the current numbers are running.” Stehn goes on to explain the drivers behind this growth pick-up as well as key risks that could derail estimates. Learn more about your ad choices. Visit megaphone.fm/adchoices

With monetary policy, conducted by central banks, nearly exhausted in the major economies and low interest rates globally, whether fiscal policy, conducted by governments, should play a greater role from here is Top of Mind. In this episode, Goldman Sachs Research’s Allison Nathan interviews former IMF Chief Economist, Olivier Blanchard, Harvard professor, Alberto Alesina, and Goldman Sachs’ Chief Economist, Jan Hatzius. They discuss whether increased fiscal stimulus today would do more good than harm, and, even if it would, whether the economies that need it the most will pursue it. Our key takeaways: Germany should embrace a large fiscal expansion, but likely won’t; investors should expect some more fiscal stimulus in China, but only enough to avoid a sharp slowdown. Audio of former European Central Bank President Mario Draghi is courtesy of the European Central Bank YouTube channel via the Creative Commons Attribution license ⁠https://www.youtube.com/watch?v=TjIaLD4I8go⁠). Learn more about your ad choices. Visit megaphone.fm/adchoices

Healthcare CEOs in the US are “trying to set course in an otherwise unpredictable, highly uncertain world,” according to this episode’s guest, Marshall Smith, global head of Goldman Sachs’ healthcare investment banking. The uncertainty, stemming from global growth concerns, trade policy risk and drug pricing debates, is a consistent theme across the healthcare industry, but that doesn’t mean corporations are sitting back and waiting. Growth strategies are top priorities for executives, Smith explains, with pharmaceutical companies turning to M&A–both to acquire smaller biotech companies for their drug portfolios and to merge with other large pharma companies. Smith also discusses how being the son of a doctor spurred an early interest in healthcare. “My dad would come home from the hospital [and] we’d have dinner together, all seven of us sitting around the table,” Smith recalled. “And so, invariably, we ended up talking about medical cases at dinner pretty much every night.” Learn more about your ad choices. Visit megaphone.fm/adchoices

The latest episode of Exchanges at Goldman Sachs was recorded at the firm’s recent 2019 Builders + Innovators Summit, which convened nearly one hundred entrepreneurs from various industries to share their stories and learn from one another. Host Jake Siewert was joined by Investment Banking Division co-head Gregg Lemkau, as well as Brynn Putnam, founder of fitness startup Mirror, and Ryan Petersen of the logistics company Flexport. The group discussed today’s environment for entrepreneurship as well as the highs and lows of startup life. “The future of entrepreneurship is exciting,” Lemkau said. “And just being around people like [Putnam and Petersen], who started their own businesses, and the passion you feel for what they’re trying to build. I think the ability to start a business and scale it, given where technology is now, is phenomenal and only growing.” Learn more about your ad choices. Visit megaphone.fm/adchoices

The market has once again been gripped by recession fears at the same time that geopolitical and policy risk is flaring up. Some of these risks—like the US-China trade war—are feeding recessionary fears, while others—like the attack on Saudi oil facilities that led to the largest ever daily disruption in oil supplies—have gone almost unnoticed. And this is despite the fact that oil shocks were one of the most common causes of recession historically. Whether this complacency is warranted, and the vulnerability of the economy and markets to this and other geopolitical shocks, is Top of Mind. In this episode, Goldman Sachs’ Head of Energy Research Damien Courvalin explains why the oil market is much better positioned to deal with supply outages today, and thus is a less likely recession trigger than in the past. But the Council on Foreign Relations’ President, Richard Haass, and Columbia Professor Richard Nephew explain why instability looks set to rise in the Middle East and beyond. Learn more about your ad choices. Visit megaphone.fm/adchoices

What’s all the buzz around direct listings? How are companies weighing IPOs vs. alternatives to raising capital in the public markets? Those questions were the focus of a recent panel at the Goldman Sachs Private Innovative Company Conference. Goldman Sachs’ Will Connolly, Spotify CFO Barry McCarthy, and Latham & Watkins partner Greg Rodgers sat down with Exchanges at Goldman Sachs host Jake Siewert to talk about Spotify’s own history with direct listings and what the future may hold for other companies planning to go public. “Companies’ needs and objectives are changing,” Connolly said, pointing to how technology has resulted in companies scaling much faster than in the past. “And when those needs and objectives change, it makes sense that people would seek out new ways to enter the public markets.” Adding context to the discussion, which was taped live in Las Vegas, Goldman Sachs’ David Ludwig joins Jake in the studio to talk more about the evolving needs of clients and how the firm is partnering to meet their objectives. Learn more about your ad choices. Visit megaphone.fm/adchoices

In this episode, David Solomon reflects on his first year as Goldman Sachs CEO: “I've been very focused on making sure that our client focus is at the center of everything we do, and that we really work with our clients as one firm,” he says. “We're a divisional firm, we've always been a divisional firm, but I think there's a great opportunity to make sure for our clients that we're delivering the whole firm.” Looking toward year two, Solomon says his priorities are about execution – from centralizing the firm's investing platforms to scaling new business initiatives, such as the Apple-Goldman Sachs credit card. “The big thing that we as a leadership team -- and I'm very personally focused on -- is the rollout of our broader strategy,” Solomon says. Learn more about your ad choices. Visit megaphone.fm/adchoices

Adapting to a warmer world could drive one of the largest infrastructure build-outs in history, according to a new report from Goldman Sachs’ Global Markets Institute, titled Taking the heat: making cities resilient to climate change. The report acknowledges the importance of reducing carbon emissions but focuses on the need to adapt to ongoing changes in the climate. Cities, which are home to the majority of the world’s population and generate most of its GDP, will need to develop climate resilience across all types of infrastructure, including coastal protection, transportation, energy and communications. They will need to take an “all-of-the-above” approach to financing, according to Sandra Lawson, executive director of the Global Markets Institute, because “even the most prosperous cities are not going to be able to fund this alone.” Amanda Hindlian, chief operating officer of Global Investment Research and president of the Global Markets Institute, recommends that cities “start now” and allow for maximum flexibility, so that they can “benefit from input costs and economies of scale that that come from new technologies and that make these problems easier to address in economically feasible ways over time.” Learn more about your ad choices. Visit megaphone.fm/adchoices

What’s it like to be a Goldman Sachs intern? In this episode, two interns from this past summer talk about their experiences at GS, as well as what they value in an employer—from diversity to work-life balance. Also in the studio was head of Human Capital Management Dane Holmes to discuss how the interns’ perspectives—and the results of a larger, firm-wide intern survey—translate into how employers are thinking about connecting with a younger generation of workers. Learn more about your ad choices. Visit megaphone.fm/adchoices

President Trump has voiced concern that a strong Dollar is damaging US competitiveness. Of course, exchange rates do matter for trade, and the US' non-oil trade balance has deteriorated sharply since the Dollar began to climb in 2014. So it’s no surprise that Trump’s laser focus on the US trade deficit would end up targeting Dollar strength—and that currency would become another front in the US-China trade war. Whether the US should, could, and would begin to proactively manage the Dollar, and whether these actions—or further trade war escalation—could lead to a global “currency war” is Top of Mind. In this episode, Goldman Sachs Research’s Allison Nathan gets perspectives from the Peterson Institute’s Joseph Gagnon and the Council on Foreign Relations’ Brad Setser; both believe that Dollar strength and the associated US trade deficit are cause for concern, but see low odds of US foreign exchange intervention that triggers a currency war (Goldman Sachs analysts agree). But given that China has been managing the Yuan stronger than it otherwise would be, trade war escalation that motivates a sharp Yuan depreciation could be such a trigger. Learn more about your ad choices. Visit megaphone.fm/adchoices

John Waldron is a busy man. He’s almost a year into his role as Goldman Sachs COO and President, and he’s also a father of six. In this episode, Waldron demystifies his day-to-day and explains why he’s even more focused on executing on the title “COO” than “president.” “My role right now really is to first learn the firm and understand the inner workings of the firm, and so that’s a really operationally intensive job, thus the chief operating officer component,” says Waldron. “The president job comes into play more on an external basis where you’re out with clients, with governments, with regulators and other external constituencies where that title has real resonance.” Waldron also discusses how younger employees can identify and invest in mentors, as well as the importance of recharging out of the office. For Waldron, that means getting home for dinner with his family if he has to head out to a client event later in the evening. “I’ll have a little bit of peanut butter and jelly and then I’ll have a steak tartare later on,” he tells podcast host Jake Siewert. Learn more about your ad choices. Visit megaphone.fm/adchoices

Technology is changing the structure of the financial industry, says Marty Chavez, global co-head of the Goldman Sachs Securities Division. In this episode, he discusses how the industry is reshaping. “If you look inside a financial services firm, you’ll find there has traditionally been a relatively small number of roles that we talk about—so there’d be bankers, salespeople and traders,” Chavez says. “Now, all of those simple, easy categories are going away and they’re going away fast, and it’s becoming much more complicated and much more multidimensional.” This breaking down of clear categories also changes how financial firms compete with each other. “The traditional notions of ‘You’re my competitor’ are giving away to something that looks much more like coopetition—maybe not my favorite word, but you compete in some areas and you cooperate in some other areas; and some other areas you might be a client, or they might be a client,” Chavez says. Learn more about your ad choices. Visit megaphone.fm/adchoices

For this special episode of Exchanges, we’re running our newest podcast, Top of Mind at Goldman Sachs. Hosted by Allison Nathan, a senior strategist in Goldman Sachs Research, Top of Mind examines the macroeconomic issues that are shaping the global economy. In each episode, Allison interviews Goldman Sachs experts—as well as influential policymakers, academics, and investors—on market-moving topics. The series’ latest installment, Dissecting the Market Disconnect, takes a close look at the divergence between falling bond yields and rising equity prices. Bridgewater Associates’ Ray Dalio and Goldman Sachs’ Jan Hatzius join Allison to dive into this dynamic and understand how concerned investors should really be about economic growth. Learn more about your ad choices. Visit megaphone.fm/adchoices

The US Federal Reserve’s sharp pivot toward easing amid substantial White House pressure has raised concerns about central bank independence, as have developments in other advanced and emerging market economies alike. How worried we should be about this threat—and its implications for policy, the economy, and markets—is Top of Mind. In this episode, Goldman Sachs Research’s Allison Nathan interviews former central bankers Donald Kohn and Sir Paul Tucker who explain why central bank independence is critical to maintaining price and financial stability—even today when too little, rather than too much, inflation is the main problem. But while Kohn is concerned that Trump’s overt pressure could undermine Fed credibility, Tucker worries more that over-reliance on central banks since the GFC has left them vulnerable to politicization. Nathan also speaks with the firm’s chief economist Jan Hatzius who does not believe the Fed has responded directly to pressure from the White House, but does think that political pressure could already be influencing Fed policy through indirect channels such as bond market pricing. That said, Hatzius argues this in itself shouldn’t inflict too much harm on the economy unless inflationary pressures rise materially. Learn more about your ad choices. Visit megaphone.fm/adchoices

The next 10 years of mobility will bring more change in the way that people and products move than any decade since the invention of the automobile, Goldman Sachs Research’s Heath Terry explains in this episode. Emerging technologies and business models like ride-hailing and sharing, autonomous driving and delivery, micro-mobility and even eVTOL (flying cars, finally) stand to disrupt profit pools that we estimate exceed $700 billion, and venture-backed startups and incumbents will attempt to address over $7 trillion in spending. Given the size of the opportunity, it should come as no surprise that access to capital has created a hyper-competitive environment marked by massive operating losses driven by marketing, subsidies, incentives, and capital investment. As this environment matures and rationalizes, Goldman Sachs Research expects consolidation that will lead to profitability, the establishment of category leaders, and significant opportunities for investors. Learn more about your ad choices. Visit megaphone.fm/adchoices

With the US expansion now the longest on record and no shortage of risks on the horizon, growth uncertainty is Top of Mind. This uncertainty has been at the heart of the dovish pivot from central banks this year, which has generally helped push bond yields lower in anticipation of Fed rate cuts ahead, but equity prices higher. So just how concerned about growth should we really be? In this episode of the Top of Mind at Goldman Sachs podcast, Goldman Sachs Research’s Allison Nathan asks Bridgewater’s Ray Dalio, Goldman Sachs’ Jan Hatzius and others to weigh in. Dalio argues that recent price action makes sense given the Fed’s easier stance, but worries we’re pushing the limits of monetary easing, which—among other political and geopolitical factors—will ultimately bring about a negative shift in growth and markets. But Jan Hatzius argues that markets are perhaps too concerned about growth and not concerned enough about the direction of Fed policy, as the costs of easing now potentially outweigh the benefits. Learn more about your ad choices. Visit megaphone.fm/adchoices

In this episode, Jennifer Davis, head of retail investment banking for Goldman Sachs, explains how retailers are expanding their growth strategies against a backdrop of continued e-commerce growth and shifting demographics. While Davis acknowledges that growth strategies are “very specific to a retailer or brand,” she outlines three key areas of focus for her clients: customer demographic growth, channel growth (including the rise of digitally native brands), and geographic growth. Learn more about your ad choices. Visit megaphone.fm/adchoices

Although financial markets tend to be explained largely in quantitative terms, human behavior still plays a major role in driving price action, says Sheba Jafari, head of technical analysis for Goldman Sachs’ Securities Division. Jafari, who looks at historical patterns to predict movements in markets, explains: “In my opinion, the mere fact that we have the existence of [asset] bubbles indicates that markets are still run by emotions -- fear, greed and hope.” Also in the episode, Jafari discusses the impact of AI and machine learning on trading decisions and her own unlikely path from film studies to finance. Learn more about your ad choices. Visit megaphone.fm/adchoices

While systematic investing has origins in academia dating back to the 1950s, only in the past several years has it evolved into practical applications for portfolio construction. In this episode, Heather Shemilt and Tom Leake of the Goldman Sachs Securities Division explain how ARP strategies work and the diversification and customization benefits they offer investors. "Alternative risk premia, or ARP, are long/short strategies that are designed to generate positive returns in exchange for an investor taking risk," Shemilt explains. "These strategies are seeking to provide persistent exposure to these factors or risk premia, such as carry value or momentum...What's interesting is that ARP can be systematically harvested across all of the asset classes." Also in the episode, they discuss how the ARP industry will continue to evolve, including the impact of big data, AI and machine learning on these strategies, with Leake acknowledging adoption of these technologies is still in "early days." This podcast was recorded on May 15, 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 Goldman Sachs is not providing any financial, economic, legal, accounting or tax advice or recommendations in this podcast. In addition, the receipt of this podcast by any listener is not to be taken as constituting the giving of investment advice by Goldman Sachs to that listener, nor to constitute such person a client of any Goldman Sachs entity. Copyright 2019 Goldman Sachs & Co. LLC. All rights reserved. Learn more about your ad choices. Visit megaphone.fm/adchoices

The prospect of a larger and longer trade war has increased as US-China trade negotiations have taken a turn for the worse and President Trump has opened up trade battles on new fronts. Allison Nathan from Goldman Sachs Research speaks with experts about how we got here, where tensions may go from here, and potential implications for the global economy and beyond in this episode of Top of Mind at Goldman Sachs. Learn more about your ad choices. Visit megaphone.fm/adchoices

When Kathy Matsui first published research on "Womenomics," exploring the economic outcomes of women in the workforce, Japan had one of the lowest female participation rates in the developed world. Now, 20 years later, Japan's female participation rate is 71%, which tops the US and Europe. In this episode, Kathy Matsui joins us in the studio to discuss the progress that has been made over the next two decades and where challenges remain. "I believe Womenomics is working in Japan's context," Matsui says, though she notes that it remains "a work in progress" with significant room to improve the nation's gender leadership and pay gap. This podcast was recorded on April 23, 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 Goldman Sachs is not providing any financial, economic, legal, accounting or tax advice or recommendations in this podcast. In addition, the receipt of this podcast by any listener is not to be taken as constituting the giving of investment advice by Goldman Sachs to that listener, nor to constitute such person a client of any Goldman Sachs entity. Copyright 2019 Goldman Sachs & Co. LLC. All rights reserved. Learn more about your ad choices. Visit megaphone.fm/adchoices

The 2017 tax overhaul created incentives for investing in certain low-income communities across America, or "opportunity zones" as they're called. In this episode, Margaret Anadu, head of Goldman Sachs Urban Investment Group, explains the opportunity zone investing landscape and the role of private capital in revitalizing struggling communities. "There's no way we're going to change the situation in low-income communities and bring back all of that opportunity without the investment of private capital," Anadu says. This podcast was recorded on May 7, 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 direct, indirect or consequential loss or damage) is expressly disclaimed. 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. In addition, the receipt of this podcast by any listener is not to be taken as constituting the giving of investment advice by Goldman Sachs to that listener, nor to constitute such person a client of any Goldman Sachs entity. Copyright 2019 Goldman Sachs & Co. LLC. All rights reserved. Learn more about your ad choices. Visit megaphone.fm/adchoices

Elections for the European Parliament taking place May 23-26 are setting up to be exceptionally important given the rise of populist and nationalist forces that threaten Europe’s long-standing centrist status quo. Some even see this election as a crucial moment in deciding the future of the European Union. Allison Nathan from Goldman Sachs Research talks to experts about the potential implications of this important election in this episode of Top of Mind. José Manuel Barroso, former President of the European Commission and Chairman of Goldman Sachs International, gives firsthand insight on the large and growing relevance of the European Parliament. Mark Leonard, Director of the European Council on Foreign Relations, provides his view on how a possible realignment in power at both the European and national levels could disrupt everything from EU leadership appointments, to trade deals, to the EU’s budget— not to mention implications for fiscal policy in member countries, among other policy areas. Learn more about your ad choices. Visit megaphone.fm/adchoices

In this episode, Steve Strongin of Goldman Sachs Research discusses a new report from Goldman Sachs' Global Markets Institute, titled "What the Market Pays For." One of the main findings is that equity investors tend to pay for persistence or what is sometimes called "visibility." Strongin also discusses why large corporations often feel that they aren't rewarded for innovation the way small firms are. The reason for this, Strongin explains, is how the market perceives the "deep pocket risk" involved. Investors worry that large firms may overspend on failing projects because they have the resources to do so. Smaller companies, however, don't have as much money to be able to do the same. Strongin also discusses how corporate reporting can be managed to improve firms' valuations. This podcast was recorded on May 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, indirect or consequential loss or damage) is expressly disclaimed. 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. In addition, the receipt of this podcast by any listener is not to be taken as constituting the giving of investment advice by Goldman Sachs to that listener, nor to constitute such person a client of any Goldman Sachs entity. Copyright 2019 Goldman Sachs & Co. LLC. All rights reserved. Learn more about your ad choices. Visit megaphone.fm/adchoices