Exchanges

Mathew McDermott, head of Digital Assets for Goldman Sachs’ Global Markets Division, discusses the cryptocurrency trading environment for institutional investors. Learn more about your ad choices. Visit megaphone.fm/adchoices

The volatile start to 2021—with some heavily-shorted stocks unexpectedly skyrocketing in late January—seemed to have subsided. But with some of these stocks again on the rise, we ask what factors caused this volatility, how likely it is to repeat, what could prevent this, and what it signals about, or for, markets. Allison Nathan, creator and editor of the firm’s Top of Mind report, turns to former SEC Chair Arthur Levitt, Wellington’s Owen Lamont, and Goldman Sachs’ co-head of Global Prime Services, Kevin Kelly, for answers. Learn more about your ad choices. Visit megaphone.fm/adchoices

Paget MacColl, co-head of the Americas Institutional Client Business within Goldman Sachs Asset Management, shares takeaways from GSAM’s annual healthcare diagnostic, which surveys CIOs of nonprofit healthcare organizations and hospital systems. MacColl is joined by Stefan Strein, chief investment officer for the Cleveland Clinic, who talks about managing a portfolio through a public health crisis and why he’s particularly excited about the investment opportunities in tech and ESG. Learn more about your ad choices. Visit megaphone.fm/adchoices

To start the episode, Joe Wall of Goldman Sachs’ Office of Government Affairs gives an overview of survey results from nearly 1,300 Goldman Sachs Small Businesses participants who answered questions about PPP funding, access to capital, affordable healthcare, the personal toll of COVID-19, and more. Then, two graduates of the Goldman Sachs 10,000 Small Businesses program, Brent Reaves of Smokey John’s Bar-B-Que in Texas and JoEllen Hockenbrough of Providence Power Yoga in Rhode Island, share their personal stories about leading a business through a pandemic and how they’re staying resilient and optimistic looking toward the future. Learn more about your ad choices. Visit megaphone.fm/adchoices

Kash Rangan, lead software analyst for Goldman Sachs Research, talks about how the pandemic has accelerated investment in the software sector and the key opportunities that lie ahead. Learn more about your ad choices. Visit megaphone.fm/adchoices

Peter Oppenheimer, Goldman Sachs’ chief global equity strategist and head of Macro Research in Europe, talks about why the changing mix of policy support in this cycle suggests a possible inflection point towards a more reflationary environment. Learn more about your ad choices. Visit megaphone.fm/adchoices

Stephan Feldgoise and Mark Sorrell, co-heads of global mergers & acquisitions in Goldman Sachs’ Investment Banking Division, discuss the key drivers behind historic levels of M&A activity, their positive outlook for dealmaking in 2021, and the resurgence of cross-border transactions. Learn more about your ad choices. Visit megaphone.fm/adchoices

Catie O’Brien of Goldman Sachs Research talks about her outlook for the airline industry in 2021 and why her team is forecasting an uptick in demand in the second half of the year. Learn more about your ad choices. Visit megaphone.fm/adchoices

Sharmin Mossavar-Rahmani, Chief Investment Officer for Goldman Sachs Private Wealth Management, discusses her team’s investment outlook for 2021 and why she is telling clients to stay invested. “Our recommendation of US preeminence and staying invested has served our clients well,” Mossavar-Rahmani says. “People might think that those two themes have outlived their value, and our message is, no, continue with that theme.” Learn more about your ad choices. Visit megaphone.fm/adchoices

Joe Duran, head of Personal Financial Management, a Goldman Sachs company, discusses the rise in retail investing and what it means for individual investors’ portfolio strategies. Learn more about your ad choices. Visit megaphone.fm/adchoices

In this special episode, four leaders across Goldman Sachs—Raj Mahajan of the Global Markets Division, John Marshall of Goldman Sachs Research, Lizzie Reed of the Investment Banking Division, and Greg Tuorto of Goldman Sachs Asset Management— discuss the historic rise of retail investing and its profound implications for market participants. Learn more about your ad choices. Visit megaphone.fm/adchoices

With the strength of the IPO market and the surge in IPOs via SPACs continuing into 2021, host Allison Nathan, creator and editor of the firm’s Top of Mind report, asks experts whether or not these trends are sustainable. She speaks with Goldman Sachs’ head of Global Equity Capital Markets, David Ludwig, Professor of Finance at the University of Florida, Jay Ritter, and Professor of Business and Law at Stanford Law School, Michael Klausner. A note to subscribers of the Top of Mind at Goldman Sachs podcast: going forward, we will be publishing future episodes as Exchanges at Goldman Sachs so please be sure to subscribe to that feed. Learn more about your ad choices. Visit megaphone.fm/adchoices

With the strength of the IPO market and the surge in IPOs via SPACs continuing into 2021, host Allison Nathan, creator and editor of the firm’s Top of Mind report, asks experts whether or not these trends are sustainable. She speaks with Goldman Sachs’ head of Global Equity Capital Markets, David Ludwig, Professor of Finance at the University of Florida, Jay Ritter, and Professor of Business and Law at Stanford Law School, Michael Klausner. Learn more about your ad choices. Visit megaphone.fm/adchoices

Scott Rubner of Goldman Sachs' Global Markets Division recaps historic inflows into global equities in January and talks about the ongoing retail trading phenomenon and what it means for markets. Learn more about your ad choices. Visit megaphone.fm/adchoices

Pierre Hudry, head of Goldman Sachs' Paris office, talks about the landscape in France for both small businesses and large corporations as the economy recovers from the pandemic. Learn more about your ad choices. Visit megaphone.fm/adchoices

One year after Goldman Sachs’ first-ever Investor Day, Stephen Scherr, the firm’s Chief Financial Officer, provides an update on how the firm is tracking against its goals and why 2021 will be a “year of execution.” Learn more about your ad choices. Visit megaphone.fm/adchoices

Alec Phillips, chief political economist for Goldman Sachs Research, talks about the policy outlook for the year ahead. Learn more about your ad choices. Visit megaphone.fm/adchoices

Jennifer Roth of Goldman Sachs' Global Markets Division gives a quick update on why investors have been turning to emerging markets amid the global backdrop of low interest rates. Learn more about your ad choices. Visit megaphone.fm/adchoices

Olympia McNerney of Goldman Sachs’ Investment Banking Division talks about the continued momentum behind SPACs as an alternative path for companies to raise money in the public markets. Learn more about your ad choices. Visit megaphone.fm/adchoices

As part of a client call hosted on January 8th, Jan Hatzius, Goldman Sachs’ chief economist, talks about why his team continues to forecast above-consensus growth for 2021, despite the weak US jobs report for December. Learn more about your ad choices. Visit megaphone.fm/adchoices

Joe Wall of Goldman Sachs’ Office of Government Affairs explains what’s included -- and what’s not – in the US’ second stimulus package of 2020. Wall also talks about other policy priorities that investors are watching for in the new year. This podcast was recorded on the morning of December 21, 2020. Learn more about your ad choices. Visit megaphone.fm/adchoices

Richard Ramsden, business unit leader of the Financials Group for Goldman Sachs Research, provides an update on the financial services industry and the market backdrop going into 2021. Learn more about your ad choices. Visit megaphone.fm/adchoices

Jeff Currie, head of Commodities Research for Goldman Sachs Research, talks about why his team is bullish on commodities for 2021. Learn more about your ad choices. Visit megaphone.fm/adchoices

Drew Pavlovich of Goldman Sachs’ Consumer and Wealth Division recaps a historic year in financial markets and talks about how clients are positioning their portfolios going into 2021. Learn more about your ad choices. Visit megaphone.fm/adchoices

Gregg Lemkau, co-head of the Investment Banking Division, reflects on how the industry and the firm have changed – and stayed the same – since he joined Goldman Sachs in 1992. Learn more about your ad choices. Visit megaphone.fm/adchoices

Moran Forman of Goldman Sachs’ Global Markets Division gives her take on how institutional investors are viewing market pricing and volatility going into the last few weeks of the year. Learn more about your ad choices. Visit megaphone.fm/adchoices

Scott Rubner of Goldman Sachs' Global Markets Division breaks down the record-setting November in equity markets and talks about investor sentiment going into year-end. Learn more about your ad choices. Visit megaphone.fm/adchoices

Andrew Tilton, chief Asia-Pacific economist for Goldman Sachs Research, talks about his team’s economic outlook for Asia-Pacific in 2021, and why they’re forecasting above-consensus growth. “We’re optimistic about growth in Asia-Pacific next year,” Tilton says. “We think the region could grow more than 7% in 2021. We’re optimistic about the world also – we think the world can grow about 6% – but especially optimistic about Asia-Pacific.” Learn more about your ad choices. Visit megaphone.fm/adchoices

Goldman Sachs Research remains confident about the global recovery in 2021, says Peter Oppenheimer, the firm’s chief global equity strategist. “We are optimistic for equity markets, risk assets and indeed the economy,” Oppenheimer says in this episode, and goes on to explain why he thinks the current bull market is transitioning from a “hope” phase to a “growth” phase. “As we move forwards in time, we do expect to see more even returns globally – less so than extreme outperformance of the US,” says Oppenheimer. “We would expect people to be diversifying more by country, region and by industry.” Learn more about your ad choices. Visit megaphone.fm/adchoices

Wolfgang Fink, CEO of Germany and Austria for Goldman Sachs, talks about why Germany’s economy has weathered the pandemic better than that of many of its European neighbors and what’s ahead on the road to recovery. Learn more about your ad choices. Visit megaphone.fm/adchoices

David Kostin, Goldman Sachs Research’s Chief U.S. Equity Strategist, looks back at an events-heavy week and what it means for markets in the days ahead. Learn more about your ad choices. Visit megaphone.fm/adchoices

Salveen Richter, lead analyst for the US Biotechnology sector in Goldman Sachs Research, talks about Pfizer’s clinical-trial results for its COVID-19 vaccine and the obstacles that still lie ahead for FDA approval and widespread distribution. Learn more about your ad choices. Visit megaphone.fm/adchoices

After the US Dollar surged in late March as investors rushed to its safety amid the global onset of the coronacrisis, its value has since declined sharply. As uncertainty about the virus trajectory and the global economic recovery continues to loom large, the key question from here is whether this retrenchment marks the start of a multi-year Dollar down cycle, and, even more fundamentally, an erosion of the Dollar’s dominance in the global monetary system. In this episode, host Allison Nathan interviews three experts to answer these questions: UC Berkeley’s Barry Eichengreen, Cornell’s Eswar Prasad and Goldman Sachs’ own Zach Pandl. They don’t necessarily agree on the direction of the Dollar ahead, with Eichengreen less convinced than Pandl that the Dollar is set for a period of sustained depreciation. But they do agree that despite economic and geopolitical trends that suggest an eventual erosion of the Dollar’s global role, there’s still a long way to go before potential Dollar substitutes—the Euro, RMB and digital currencies—challenge its dominance. Learn more about your ad choices. Visit megaphone.fm/adchoices

Jan Hatzius, Chief Economist for Goldman Sachs, and Alec Phillips, Chief Political Economist, discuss the outlook for economic recovery and the impact of the US election on global growth in 2021. This podcast leverages a Goldman Sachs Research client call, hosted the morning of November 9th, 2020. Learn more about your ad choices. Visit megaphone.fm/adchoices

Ashok Varadhan, global co-head of Goldman Sachs’ Global Markets Division, on how markets have moved in response to the US election and what investors expect in terms of economic recovery and policy agendas looking ahead. Learn more about your ad choices. Visit megaphone.fm/adchoices

Amelia Garnett of Goldman Sachs' Global Markets Division talks about the key conversations she's having with investors ahead of the November 3rd election. Learn more about your ad choices. Visit megaphone.fm/adchoices

From the 2020 virtual Builders + Innovators Summit, Goldman Sachs' Kim Posnett speaks with two founders -- Irving Fain of Bowery Farming and Sheila Gujrathi of Gossamer Bio -- about their experiences leading through an unexpected year and the backdrop for entrepreneurship more broadly. Learn more about your ad choices. Visit megaphone.fm/adchoices

Alec Phillips, chief US political economist for Goldman Sachs Research, provides an update on investors’ expectations for the upcoming election on November 3rd. Learn more about your ad choices. Visit megaphone.fm/adchoices

Jason Granet, head of the firm’s LIBOR transition effort, gives an update on the timing and impact of the industry-wide transition away from the London Inter-bank Offered Rate (LIBOR). Learn more about your ad choices. Visit megaphone.fm/adchoices

Tony Pasquariello of Goldman Sachs' Global Markets Division gives an update on US equity performance and why 2020 has driven so much trading activity. Learn more about your ad choices. Visit megaphone.fm/adchoices

Charlotte Keenan, head of the Office of Corporate Engagement’s international responsibilities, talks about how small businesses in the U.K. are pivoting and persevering through the pandemic. Learn more about your ad choices. Visit megaphone.fm/adchoices

Jason Mathews of Goldman Sachs’ Global Markets Division explains what the futures market indicates about investors’ outlook for the election and another round of U.S. fiscal stimulus. Learn more about your ad choices. Visit megaphone.fm/adchoices

Mike Moran, senior pension strategist for Goldman Sachs Asset Management, discusses how COVID-19 and the resulting market volatility have impacted defined benefit pension plans and participants in defined contribution plans, and what to consider going forward. Learn more about your ad choices. Visit megaphone.fm/adchoices

The US presidential election is shaping up to be one of the most contentious and consequential in modern history, making its potential policy, growth and market implications Top of Mind. In this episode, host Allison Nathan discusses the candidates’ economic policy priorities with Kevin Hassett, former Chairman of the Council of Economic Advisers under President Trump, and Jared Bernstein, economic adviser to former Vice President Biden. For perspectives on US foreign policy, she speaks with Eurasia Group’s Ian Bremmer, who sees significant alignment between the candidates on many key foreign policy issues—including trade. Learn more about your ad choices. Visit megaphone.fm/adchoices

Back in February, Erin Riley of Goldman Sachs’ Markets Coverage Group was our first podcast guest to discuss the coronavirus and its implications for markets. In this episode, she’s back on the show to discuss the current state of things and where investors go from here after the equity market’s stunning recovery. Riley says her clients are looking ahead to two key milestones: the U.S. election and the potential for a COVID-19 vaccine, both of which have the potential to kickstart thematic portfolio rotations. Learn more about your ad choices. Visit megaphone.fm/adchoices

Matt McClure, co-head of the Global Industrials Group in Goldman Sachs' Investment Banking Division, discusses the high volume and velocity of deal activity in the sector since March. Learn more about your ad choices. Visit megaphone.fm/adchoices

As the pandemic has increased our reliance on digital platforms and services, debate around tech regulation has come into the spotlight, from antitrust enforcement to consumer privacy protection to national security concerns. In this episode, Faryar Shirzad, global head of Goldman Sachs’ Office of Government Affairs, gives an overview of the moving parts of tech policy today – including the latest analysis of the U.S.’s stance toward TikTok – and explains why these issues don’t fall clearly down political party lines. This is the final episode of a four-part miniseries: Exchanges Deep Dive: The Battle for Our Screens, which brings together experts from across Goldman Sachs to analyze how the pandemic has shifted our lives digitally and forever changed how we rely on technology. Learn more about your ad choices. Visit megaphone.fm/adchoices

Jennifer Roth of Goldman Sachs’ Global Markets Division talks about how emerging-market economies are trying to steer their way toward a recovery, and how investors are responding to those efforts. Learn more about your ad choices. Visit megaphone.fm/adchoices

As lockdown measures turned our real lives digital, we’ve looked to social media to connect with the outside world. This has only accelerated trends within the industry, like the increasing appetite for user-generated short-form video. To explore these shifting habits, Heather Bellini and Piyush Mubayi of Goldman Sachs Research discuss consumers’ social media consumption in the U.S. and Asia. Then, Jane Dunlevie from the Investment Banking Division discusses the state of play among her social media clients and how the pandemic has impacted their corporate strategies. This is the third episode of a four-part miniseries: Exchanges Deep Dive: The Battle for Our Screens, which brings together experts from across Goldman Sachs to analyze how the pandemic has shifted our lives digitally and forever changed how we rely on technology. Learn more about your ad choices. Visit megaphone.fm/adchoices

The pandemic began a massive, unexpected work-from-home experiment. That has led companies to rely on technology in new ways to keep their employees connected, productive, and happy. Heather Bellini of Goldman Sachs Research and Ryan Nolan of the Investment Banking Division talk about the opportunity for software to unlock productivity gains in the world’s 1.25 billion knowledge workers. Then, Tammy Kiely of the Investment Banking Division is joined by Renee James, CEO of Ampere Computing, to talk about what she’s learned about leading a tech startup through the pandemic and keeping her team mentally and physically well. This is the second episode of a four-part miniseries: Exchanges Deep Dive: The Battle for Our Screens, which brings together experts from across Goldman Sachs to analyze how the pandemic has shifted our lives digitally and forever changed how we rely on technology. Learn more about your ad choices. Visit megaphone.fm/adchoices