Exchanges

Apollo Global Management President Jim Zelter talks about the unprecedented surge in capital expenditures, the future of private credit, and where he’s seeing investment opportunities around the world. This episode was recorded on March 11, 2026. The opinions and views expressed herein are as of the date of publication, subject to change without notice, and may not necessarily reflect the institutional views of Goldman Sachs or its affiliates. The material provided is intended for informational purposes only, and does not constitute investment advice, a recommendation from any Goldman Sachs entity to take any particular action, or an offer or solicitation to purchase or sell any securities or financial products. This material may contain forward-looking statements. Past performance is not indicative of future results. Neither Goldman Sachs nor any of its affiliates make any representations or warranties, express or implied, as to the accuracy or completeness of the statements or information contained herein and disclaim any liability whatsoever for reliance on such information for any purpose. Each name of a third-party organization mentioned is the property of the company to which it relates, is used here strictly for informational and identification purposes only and is not used to imply any ownership or license rights between any such company and Goldman Sachs. A transcript is provided for convenience and may differ from the original video or audio content. Goldman Sachs is not responsible for any errors in the transcript. This material should not be copied, distributed, published, or reproduced in whole or in part or disclosed by any recipient to any other person without the express written consent of Goldman Sachs. Disclosures applicable to research with respect to issuers, if any, mentioned herein are available through your Goldman Sachs representative or at http://www.gs.com/research/hedge.html Goldman Sachs does not endorse any candidate or any political party. © 2026 Goldman Sachs. All rights reserved. Learn more about your ad choices. Visit megaphone.fm/adchoices

Goldman Sachs Research’s Dominic Wilson discusses the impact of the Iran conflict—including the US blockade of the Strait of Hormuz—on global markets. In discussion with Exchanges Host Allison Nathan, he explores the market reactions, risks, and the outlook for equities, rates, currencies, and portfolio positioning amid the ongoing geopolitical uncertainty. This episode was recorded on April 13, 2026. The opinions and views expressed herein are as of the date of publication, subject to change without notice, and may not necessarily reflect the institutional views of Goldman Sachs or its affiliates. The material provided is intended for informational purposes only, and does not constitute investment advice, a recommendation from any Goldman Sachs entity to take any particular action, or an offer or solicitation to purchase or sell any securities or financial products. This material may contain forward-looking statements. Past performance is not indicative of future results. Neither Goldman Sachs nor any of its affiliates make any representations or warranties, express or implied, as to the accuracy or completeness of the statements or information contained herein and disclaim any liability whatsoever for reliance on such information for any purpose. Each name of a third-party organization mentioned is the property of the company to which it relates, is used here strictly for informational and identification purposes only and is not used to imply any ownership or license rights between any such company and Goldman Sachs. A transcript is provided for convenience and may differ from the original video or audio content. Goldman Sachs is not responsible for any errors in the transcript. This material should not be copied, distributed, published, or reproduced in whole or in part or disclosed by any recipient to any other person without the express written consent of Goldman Sachs. Disclosures applicable to research with respect to issuers, if any, mentioned herein are available through your Goldman Sachs representative or at http://www.gs.com/research/hedge.html Goldman Sachs does not endorse any candidate or any political party. Copyright 2026. All rights reserved. Learn more about your ad choices. Visit megaphone.fm/adchoices

While oil dominates headlines amid the Iran conflict, an equally unsettling story is playing out in natural gas markets that may pose an even greater threat. In this episode of Goldman Sachs Exchanges, Samantha Dart, co-head of Global Commodities Research, explains why the length of the Iran conflict could have a significant impact on natural gas prices. This episode was recorded on April 6th, 2026.  The opinions and views expressed herein are as of the date of publication, subject to change without notice, and may not necessarily reflect the institutional views of Goldman Sachs or its affiliates. The material provided is intended for informational purposes only, and does not constitute investment advice, a recommendation from any Goldman Sachs entity to take any particular action, or an offer or solicitation to purchase or sell any securities or financial products. This material may contain forward-looking statements. Past performance is not indicative of future results. Neither Goldman Sachs nor any of its affiliates make any representations or warranties, express or implied, as to the accuracy or completeness of the statements or information contained herein and disclaim any liability whatsoever for reliance on such information for any purpose. Each name of a third-party organization mentioned is the property of the company to which it relates, is used here strictly for informational and identification purposes only and is not used to imply any ownership or license rights between any such company and Goldman Sachs. A transcript is provided for convenience and may differ from the original video or audio content. Goldman Sachs is not responsible for any errors in the transcript. This material should not be copied, distributed, published, or reproduced in whole or in part or disclosed by any recipient to any other person without the express written consent of Goldman Sachs. Disclosures applicable to research with respect to issuers, if any, mentioned herein are available through your Goldman Sachs representative or at http://www.gs.com/research/hedge.html Goldman Sachs does not endorse any candidate or any political party. Copyright 2026. All rights reserved. Learn more about your ad choices. Visit megaphone.fm/adchoices

As the demand for AI-powered data centers continues to grow, Goldman Sachs Research’s Brian Singer explains the potential sources—and constraints—of power demand growth. This episode was recorded on March 3rd, 2026.  The opinions and views expressed herein are as of the date of publication, subject to change without notice, and may not necessarily reflect the institutional views of Goldman Sachs or its affiliates. The material provided is intended for informational purposes only, and does not constitute investment advice, a recommendation from any Goldman Sachs entity to take any particular action, or an offer or solicitation to purchase or sell any securities or financial products. This material may contain forward-looking statements. Past performance is not indicative of future results. Neither Goldman Sachs nor any of its affiliates make any representations or warranties, express or implied, as to the accuracy or completeness of the statements or information contained herein and disclaim any liability whatsoever for reliance on such information for any purpose. Each name of a third-party organization mentioned is the property of the company to which it relates, is used here strictly for informational and identification purposes only and is not used to imply any ownership or license rights between any such company and Goldman Sachs. A transcript is provided for convenience and may differ from the original video or audio content. Goldman Sachs is not responsible for any errors in the transcript. This material should not be copied, distributed, published, or reproduced in whole or in part or disclosed by any recipient to any other person without the express written consent of Goldman Sachs. Disclosures applicable to research with respect to issuers, if any, mentioned herein are available through your Goldman Sachs representative or at http://www.gs.com/research/hedge.html Goldman Sachs does not endorse any candidate or any political party. Copyright 2026. All rights reserved. Learn more about your ad choices. Visit megaphone.fm/adchoices

Steve Klinsky, founder and CEO of New Mountain Capital, joins Goldman Sachs’ Alison Mass to discuss the macro landscape, his approach to building businesses, the evolution of the private equity industry. This episode was recorded on February 18, 2026. The opinions and views expressed herein are as of the date of publication, subject to change without notice, and may not necessarily reflect the institutional views of Goldman Sachs or its affiliates. The material provided is intended for informational purposes only, and does not constitute investment advice, a recommendation from any Goldman Sachs entity to take any particular action, or an offer or solicitation to purchase or sell any securities or financial products. This material may contain forward-looking statements. Past performance is not indicative of future results. Neither Goldman Sachs nor any of its affiliates make any representations or warranties, express or implied, as to the accuracy or completeness of the statements or information contained herein and disclaim any liability whatsoever for reliance on such information for any purpose. Each name of a third-party organization mentioned is the property of the company to which it relates, is used here strictly for informational and identification purposes only and is not used to imply any ownership or license rights between any such company and Goldman Sachs. A transcript is provided for convenience and may differ from the original video or audio content. Goldman Sachs is not responsible for any errors in the transcript. This material should not be copied, distributed, published, or reproduced in whole or in part or disclosed by any recipient to any other person without the express written consent of Goldman Sachs. Disclosures applicable to research with respect to issuers, if any, mentioned herein are available through your Goldman Sachs representative or at http://www.gs.com/research/hedge.html Goldman Sachs does not endorse any candidate or any political party. Please visit newmountaincapital.com for more information about New Mountain Capital and a list of its portfolio company investments. Copyright 2026. All rights reserved. Learn more about your ad choices. Visit megaphone.fm/adchoices

The Iran conflict has triggered the largest energy supply disruption in history with shipping traffic in the Strait of Hormuz nearly at a standstill and regional energy infrastructure under fire. In this episode, Chatham House’s Sanam Vakil, long-time US Middle East advisor Dennis Ross, and Vice Admiral Kevin Donegan, USN (ret), discuss how long this conflict could last, what’s at stake for the key players, and what it will take to restore global energy flows. This episode explores the latest Top of Mind report. This episode was recorded on March 16, 17, and 25, 2026. The opinions and views expressed herein are as of the date of publication, subject to change without notice, and may not necessarily reflect the institutional views of Goldman Sachs or its affiliates. The material provided is intended for informational purposes only, and does not constitute investment advice, a recommendation from any Goldman Sachs entity to take any particular action, or an offer or solicitation to purchase or sell any securities or financial products. This material may contain forward-looking statements. Past performance is not indicative of future results. Neither Goldman Sachs nor any of its affiliates make any representations or warranties, express or implied, as to the accuracy or completeness of the statements or information contained herein and disclaim any liability whatsoever for reliance on such information for any purpose. Each name of a third-party organization mentioned is the property of the company to which it relates, is used here strictly for informational and identification purposes only and is not used to imply any ownership or license rights between any such company and Goldman Sachs. A transcript is provided for convenience and may differ from the original video or audio content. Goldman Sachs is not responsible for any errors in the transcript. This material should not be copied, distributed, published, or reproduced in whole or in part or disclosed by any recipient to any other person without the express written consent of Goldman Sachs. Disclosures applicable to research with respect to issuers, if any, mentioned herein are available through your Goldman Sachs representative or at http://www.gs.com/research/hedge.html Goldman Sachs does not endorse any candidate or any political party. Copyright 2026. All rights reserved. Learn more about your ad choices. Visit megaphone.fm/adchoices

Goldman Sachs’ Alex Blostein and Vivek Bantwal discuss the market sentiment, fundamentals, and the outlook for the private credit sector. This episode was recorded on March 19th and 20th. The opinions and views expressed herein are as of the date of publication, subject to change without notice, and may not necessarily reflect the institutional views of Goldman Sachs or its affiliates. The material provided is intended for informational purposes only, and does not constitute investment advice, a recommendation from any Goldman Sachs entity to take any particular action, or an offer or solicitation to purchase or sell any securities or financial products. This material may contain forward-looking statements. Past performance is not indicative of future results. Neither Goldman Sachs nor any of its affiliates make any representations or warranties, express or implied, as to the accuracy or completeness of the statements or information contained herein and disclaim any liability whatsoever for reliance on such information for any purpose. Each name of a third-party organization mentioned is the property of the company to which it relates, is used here strictly for informational and identification purposes only and is not used to imply any ownership or license rights between any such company and Goldman Sachs. A transcript is provided for convenience and may differ from the original video or audio content. Goldman Sachs is not responsible for any errors in the transcript. This material should not be copied, distributed, published, or reproduced in whole or in part or disclosed by any recipient to any other person without the express written consent of Goldman Sachs. Disclosures applicable to research with respect to issuers, if any, mentioned herein are available through your Goldman Sachs representative or at http://www.gs.com/research/hedge.html Goldman Sachs does not endorse any candidate or any political party. Copyright 2026. All rights reserved. Learn more about your ad choices. Visit megaphone.fm/adchoices

Goldman Sachs’ culture has long been defined by its core values: partnership, client service, integrity, and excellence. Lloyd Blankfein, Senior Chairman of The Goldman Sachs Group Inc. and former Chairman and CEO of Goldman Sachs, joins David Solomon, current Chairman and CEO of Goldman Sachs for a conversation on his storied career and the launch of his memoir, Streetwise: Getting to and Through Goldman Sachs. Lloyd reflects on his upbringing in Brooklyn, path to Harvard, long-time leadership at Goldman Sachs, the evolution of the firm’s partnership culture, and the critical risk management lessons learned while steering the firm through the 2008 financial crisis and its aftermath. This episode was recorded on February 25, 2026. The opinions and views expressed herein are as of the date of publication, subject to change without notice, and may not necessarily reflect the institutional views of Goldman Sachs or its affiliates. The material provided is intended for informational purposes only, and does not constitute investment advice, a recommendation from any Goldman Sachs entity to take any particular action, or an offer or solicitation to purchase or sell any securities or financial products. This material may contain forward-looking statements. Past performance is not indicative of future results. Neither Goldman Sachs nor any of its affiliates make any representations or warranties, express or implied, as to the accuracy or completeness of the statements or information contained herein and disclaim any liability whatsoever for reliance on such information for any purpose. Each name of a third-party organization mentioned is the property of the company to which it relates, is used here strictly for informational and identification purposes only and is not used to imply any ownership or license rights between any such company and Goldman Sachs. A transcript is provided for convenience and may differ from the original video or audio content. Goldman Sachs is not responsible for any errors in the transcript. This material should not be copied, distributed, published, or reproduced in whole or in part or disclosed by any recipient to any other person without the express written consent of Goldman Sachs. Disclosures applicable to research with respect to issuers, if any, mentioned herein are available through your Goldman Sachs representative or at http://www.gs.com/research/hedge.html Goldman Sachs does not endorse any candidate or any political party. Copyright 2026. All rights reserved. Learn more about your ad choices. Visit megaphone.fm/adchoices

Goldman Sachs Research’s Kamakshya Trivedi analyzes the market’s reaction to the conflict in Iran and the case for emerging markets. This episode was recorded on March 12, 2026. The opinions and views expressed herein are as of the date of publication, subject to change without notice, and may not necessarily reflect the institutional views of Goldman Sachs or its affiliates. The material provided is intended for informational purposes only, and does not constitute investment advice, a recommendation from any Goldman Sachs entity to take any particular action, or an offer or solicitation to purchase or sell any securities or financial products. This material may contain forward-looking statements. Past performance is not indicative of future results. Neither Goldman Sachs nor any of its affiliates make any representations or warranties, express or implied, as to the accuracy or completeness of the statements or information contained herein and disclaim any liability whatsoever for reliance on such information for any purpose. Each name of a third-party organization mentioned is the property of the company to which it relates, is used here strictly for informational and identification purposes only and is not used to imply any ownership or license rights between any such company and Goldman Sachs. A transcript is provided for convenience and may differ from the original video or audio content. Goldman Sachs is not responsible for any errors in the transcript. This material should not be copied, distributed, published, or reproduced in whole or in part or disclosed by any recipient to any other person without the express written consent of Goldman Sachs. Disclosures applicable to research with respect to issuers, if any, mentioned herein are available through your Goldman Sachs representative or at http://www.gs.com/research/hedge.html Goldman Sachs does not endorse any candidate or any political party. © 2026 Goldman Sachs. All rights reserved. Learn more about your ad choices. Visit megaphone.fm/adchoices

Goldman Sachs International Co-CEOs Anthony Gutman and Kunal Shah discuss CEO sentiment, market volatility, and the case for Europe. This episode was recorded on March 12, 2026. The opinions and views expressed herein are as of the date of publication, subject to change without notice, and may not necessarily reflect the institutional views of Goldman Sachs or its affiliates. The material provided is intended for informational purposes only, and does not constitute investment advice, a recommendation from any Goldman Sachs entity to take any particular action, or an offer or solicitation to purchase or sell any securities or financial products. This material may contain forward-looking statements. Past performance is not indicative of future results. Neither Goldman Sachs nor any of its affiliates make any representations or warranties, express or implied, as to the accuracy or completeness of the statements or information contained herein and disclaim any liability whatsoever for reliance on such information for any purpose. Each name of a third-party organization mentioned is the property of the company to which it relates, is used here strictly for informational and identification purposes only and is not used to imply any ownership or license rights between any such company and Goldman Sachs. A transcript is provided for convenience and may differ from the original video or audio content. Goldman Sachs is not responsible for any errors in the transcript. This material should not be copied, distributed, published, or reproduced in whole or in part or disclosed by any recipient to any other person without the express written consent of Goldman Sachs. Disclosures applicable to research with respect to issuers, if any, mentioned herein are available through your Goldman Sachs representative or at http://www.gs.com/research/hedge.html Goldman Sachs does not endorse any candidate or any political party. © 2026 Goldman Sachs. All rights reserved. Learn more about your ad choices. Visit megaphone.fm/adchoices

Goldman Sachs Research’s Gabriela Borges explains how AI disruption has been affecting the software sector and what it will take for the sector to stabilize. For more, also read the related Goldman Sachs Research’s Top of Mind report, Will AI eat software? This episode was recorded on March 10, 2026. The opinions and views expressed herein are as of the date of publication, subject to change without notice, and may not necessarily reflect the institutional views of Goldman Sachs or its affiliates. The material provided is intended for informational purposes only, and does not constitute investment advice, a recommendation from any Goldman Sachs entity to take any particular action, or an offer or solicitation to purchase or sell any securities or financial products. This material may contain forward-looking statements. Past performance is not indicative of future results. Neither Goldman Sachs nor any of its affiliates make any representations or warranties, express or implied, as to the accuracy or completeness of the statements or information contained herein and disclaim any liability whatsoever for reliance on such information for any purpose. Each name of a third-party organization mentioned is the property of the company to which it relates, is used here strictly for informational and identification purposes only and is not used to imply any ownership or license rights between any such company and Goldman Sachs. A transcript is provided for convenience and may differ from the original video or audio content. Goldman Sachs is not responsible for any errors in the transcript. This material should not be copied, distributed, published, or reproduced in whole or in part or disclosed by any recipient to any other person without the express written consent of Goldman Sachs. Disclosures applicable to research with respect to issuers, if any, mentioned herein are available through your Goldman Sachs representative or at http://www.gs.com/research/hedge.html Goldman Sachs does not endorse any candidate or any political party. © 2026 Goldman Sachs. All rights reserved. Learn more about your ad choices. Visit megaphone.fm/adchoices

Goldman Sachs Research’s Daan Struyven, co-head of Global Commodities Research and Head of Oil Research, discusses how the strikes in Iran could affect the oil market, commodities, and energy prices. This episode was recorded on March 2nd, 2026. The opinions and views expressed herein are as of the date of publication, subject to change without notice, and may not necessarily reflect the institutional views of Goldman Sachs or its affiliates. The material provided is intended for informational purposes only, and does not constitute investment advice, a recommendation from any Goldman Sachs entity to take any particular action, or an offer or solicitation to purchase or sell any securities or financial products. This material may contain forward-looking statements. Past performance is not indicative of future results. Neither Goldman Sachs nor any of its affiliates make any representations or warranties, express or implied, as to the accuracy or completeness of the statements or information contained herein and disclaim any liability whatsoever for reliance on such information for any purpose. Each name of a third-party organization mentioned is the property of the company to which it relates, is used here strictly for informational and identification purposes only and is not used to imply any ownership or license rights between any such company and Goldman Sachs. A transcript is provided for convenience and may differ from the original video or audio content. Goldman Sachs is not responsible for any errors in the transcript. This material should not be copied, distributed, published, or reproduced in whole or in part or disclosed by any recipient to any other person without the express written consent of Goldman Sachs. Disclosures applicable to research with respect to issuers, if any, mentioned herein are available through your Goldman Sachs representative or at http://www.gs.com/research/hedge.html Goldman Sachs does not endorse any candidate or any political party. © 2026 Goldman Sachs. All rights reserved. Learn more about your ad choices. Visit megaphone.fm/adchoices

Goldman Sachs Research’s Bruce Kirk discusses the implications of Japan’s recent snap election and the implications for the equity market and foreign investors.  Date of recording: February 19, 2026.  The opinions and views expressed herein are as of the date of publication, subject to change without notice, and may not necessarily reflect the institutional views of Goldman Sachs or its affiliates. The material provided is intended for informational purposes only, and does not constitute investment advice, a recommendation from any Goldman Sachs entity to take any particular action, or an offer or solicitation to purchase or sell any securities or financial products. This material may contain forward-looking statements. Past performance is not indicative of future results. Neither Goldman Sachs nor any of its affiliates make any representations or warranties, express or implied, as to the accuracy or completeness of the statements or information contained herein and disclaim any liability whatsoever for reliance on such information for any purpose. Each name of a third-party organization mentioned is the property of the company to which it relates, is used here strictly for informational and identification purposes only and is not used to imply any ownership or license rights between any such company and Goldman Sachs. A transcript is provided for convenience and may differ from the original video or audio content. Goldman Sachs is not responsible for any errors in the transcript. This material should not be copied, distributed, published, or reproduced in whole or in part or disclosed by any recipient to any other person without the express written consent of Goldman Sachs. Disclosures applicable to research with respect to issuers, if any, mentioned herein are available through your Goldman Sachs representative or at http://www.gs.com/research/hedge.html Goldman Sachs does not endorse any candidate or any political party. © 2026 Goldman Sachs. All rights reserved. Learn more about your ad choices. Visit megaphone.fm/adchoices

Goldman Sachs Research’s Ryan Hammond explains how AI disruption is creating large sector rotations even as equities continue to move higher. This episode was recorded on February 11, 2026. The opinions and views expressed herein are as of the date of publication, subject to change without notice, and may not necessarily reflect the institutional views of Goldman Sachs or its affiliates. The material provided is intended for informational purposes only, and does not constitute investment advice, a recommendation from any Goldman Sachs entity to take any particular action, or an offer or solicitation to purchase or sell any securities or financial products. This material may contain forward-looking statements. Past performance is not indicative of future results. Neither Goldman Sachs nor any of its affiliates make any representations or warranties, express or implied, as to the accuracy or completeness of the statements or information contained herein and disclaim any liability whatsoever for reliance on such information for any purpose. Each name of a third-party organization mentioned is the property of the company to which it relates, is used here strictly for informational and identification purposes only and is not used to imply any ownership or license rights between any such company and Goldman Sachs. A transcript is provided for convenience and may differ from the original video or audio content. Goldman Sachs is not responsible for any errors in the transcript. This material should not be copied, distributed, published, or reproduced in whole or in part or disclosed by any recipient to any other person without the express written consent of Goldman Sachs. Disclosures applicable to research with respect to issuers, if any, mentioned herein are available through your Goldman Sachs representative or at http://www.gs.com/research/hedge.html Goldman Sachs does not endorse any candidate or any political party. © 2026 Goldman Sachs. All rights reserved. Learn more about your ad choices. Visit megaphone.fm/adchoices

David Craver, co-chief investment officer of Lone Pine Capital, discusses the evolution of market structure, the opportunities in AI, and the factors driving the firm’s long-term fundamental-based investing. This episode was recorded on January 28, 2026. The opinions and views expressed herein are as of the date of publication, subject to change without notice, and may not necessarily reflect the institutional views of Goldman Sachs or its affiliates. The material provided is intended for informational purposes only, and does not constitute investment advice, a recommendation from any Goldman Sachs entity to take any particular action, or an offer or solicitation to purchase or sell any securities or financial products. This material may contain forward-looking statements. Past performance is not indicative of future results. Neither Goldman Sachs nor any of its affiliates make any representations or warranties, express or implied, as to the accuracy or completeness of the statements or information contained herein and disclaim any liability whatsoever for reliance on such information for any purpose. Each name of a third-party organization mentioned is the property of the company to which it relates, is used here strictly for informational and identification purposes only and is not used to imply any ownership or license rights between any such company and Goldman Sachs. A transcript is provided for convenience and may differ from the original video or audio content. Goldman Sachs is not responsible for any errors in the transcript. This material should not be copied, distributed, published, or reproduced in whole or in part or disclosed by any recipient to any other person without the express written consent of Goldman Sachs. Disclosures applicable to research with respect to issuers, if any, mentioned herein are available through your Goldman Sachs representative or at http://www.gs.com/research/hedge.html Goldman Sachs does not endorse any candidate or any political party. © 2026 Goldman Sachs. All rights reserved. Learn more about your ad choices. Visit megaphone.fm/adchoices

What's driving concerns about the US cost of living, and can the administration's proposals effectively address them? David Mericle, Chief US Economist, and Alec Phillips, Chief US Political Economist, at Goldman Sachs Research discuss with Allison Nathan. Date of recording: February 5th, 2026. The opinions and views expressed herein are as of the date of publication, subject to change without notice and may not necessarily reflect the institutional views of Goldman Sachs or its affiliates. The material provided is intended for informational purposes only and does not constitute investment advice, a recommendation from any Goldman Sachs entity to take any particular action, or an offer or solicitation to purchase or sell any securities or financial products. This material may contain forward-looking statements. Past performance is not indicative of future results. Neither Goldman Sachs nor any of its affiliates make any representations or warranties, expressed or implied, as to the accuracy or completeness of the statements or information contained herein and disclaim any liability whatsoever for reliance on such information for any purpose. Each name of a third-party organization mentioned is the property of the company to which it relates is used here strictly for informational and identification purposes only and is not used to imply any ownership or license rights between any such company and Goldman Sachs. A transcript is provided for convenience and may differ from the original video or audio content. Goldman Sachs is not responsible for any errors in the transcript. This material should not be copied, distributed, published, or reproduced in whole or in part or disclosed by any recipient to any other person without the express written consent of Goldman Sachs. Disclosures applicable to research with respect to issuers, if any, mentioned herein are available through your Goldman Sachs representative or at www.GS.com/research/hedge.html. Goldman Sachs does not endorse any candidate or any political party. Copyright 2026, Goldman Sachs, all rights reserved. Learn more about your ad choices. Visit megaphone.fm/adchoices

What could more assertive US foreign policy in the Western Hemisphere — driven by the so-called “Donroe Doctrine”— mean for the global order? Hal Brands, professor of global affairs at the Johns Hopkins School of Advanced International Studies, and Mauricio Claver-Carone, President Trump’s former Special Envoy for Latin America, and managing partner of the Latin America Real Assets Opportunity Fund, explore what’s driving this more assertive posture and its implications with Allison Nathan on the latest episode of Goldman Sachs Exchanges. This episode explores the latest Top of Mind report: https://www.goldmansachs.com/insights/top-of-mind/americas-first This episode was recorded on January 12, 13, and 30, 2026. The opinions and views expressed herein are as of the date of publication, subject to change without notice and may not necessarily reflect the institutional views of Goldman Sachs or its affiliates. The material provided is intended for informational purposes only and does not constitute investment advice, a recommendation from any Goldman Sachs entity to take any particular action, or an offer or solicitation to purchase or sell any securities or financial products. This material may contain forward-looking statements. Past performance is not indicative of future results. Neither Goldman Sachs nor any of its affiliates make any representations or warranties, expressed or implied, as to the accuracy or completeness of the statements or information contained herein and disclaim any liability whatsoever for reliance on such information for any purpose. Each name of a third-party organization mentioned is the property of the company to which it relates is used here strictly for informational and identification purposes only and is not used to imply any ownership or license rights between any such company and Goldman Sachs. A transcript is provided for convenience and may differ from the original video or audio content. Goldman Sachs is not responsible for any errors in the transcript. This material should not be copied, distributed, published, or reproduced in whole or in part or disclosed by any recipient to any other person without the express written consent of Goldman Sachs. Disclosures applicable to research with respect to issuers, if any, mentioned herein are available through your Goldman Sachs representative or at www.GS.com/research/hedge.html. Goldman Sachs does not endorse any candidate or any political party. Copyright 2026, Goldman Sachs, all rights reserved. Learn more about your ad choices. Visit megaphone.fm/adchoices

Goldman Sachs’ Sharmin Mossavar-Rahmani, head of the Investment Strategy Group and chief investment officer of Wealth Management, shares her team’s investment views for the year ahead. Find all our outlooks for the year ahead here: https://www.goldmansachs.com/insights/outlooks/2026-outlooks This episode was recorded on January 9, 2026. The opinions and views expressed herein are as of the date of publication, subject to change without notice and may not necessarily reflect the institutional views of Goldman Sachs or its affiliates.  The material provided is intended for informational purposes only and does not constitute investment advice, a recommendation from any Goldman Sachs entity to take any particular action, or an offer or solicitation to purchase or sell any securities or financial products.  This material may contain forward-looking statements.  Past performance is not indicative of future results.  Neither Goldman Sachs nor any of its affiliates make any representations or warranties, expressed or implied, as to the accuracy or completeness of the statements or information contained herein and disclaim any liability whatsoever for reliance on such information for any purpose.  Each name of a third-party organization mentioned is the property of the company to which it relates is used here strictly for informational and identification purposes only and is not used to imply any ownership or license rights between any such company and Goldman Sachs.  A transcript is provided for convenience and may differ from the original video or audio content.  Goldman Sachs is not responsible for any errors in the transcript.  This material should not be copied, distributed, published, or reproduced in whole or in part or disclosed by any recipient to any other person without the express written consent of Goldman Sachs.   Disclosures applicable to research with respect to issuers, if any, mentioned herein are available through your Goldman Sachs representative or at www.GS.com/research/hedge.html.  Goldman Sachs does not endorse any candidate or any political party.   This material represents the views of the Wealth Management Investment Strategy Group and is not a product of Goldman Sachs Global Investment Research (GIR). It is not research and is not intended as such. The views and opinions expressed by ISG may differ from those expressed by GIR, LP, or other departments or businesses of Goldman Sachs. Past performance is not indicative of future results which may vary.  Copyright 2026, Goldman Sachs, all rights reserved. Learn more about your ad choices. Visit megaphone.fm/adchoices

Goldman Sachs Chairman and CEO David Solomon discusses AI, M&A, and the firm’s path forward. This episode was recorded on January 20th, 2026. The opinions and views expressed herein are as of the date of publication, subject to change without notice, and may not necessarily reflect the institutional views of Goldman Sachs or its affiliates. The material provided is intended for informational purposes only, and does not constitute investment advice, a recommendation from any Goldman Sachs entity to take any particular action, or an offer or solicitation to purchase or sell any securities or financial products. This material may contain forward-looking statements. Past performance is not indicative of future results. Neither Goldman Sachs nor any of its affiliates make any representations or warranties, express or implied, as to the accuracy or completeness of the statements or information contained herein and disclaim any liability whatsoever for reliance on such information for any purpose. Each name of a third-party organization mentioned is the property of the company to which it relates, is used here strictly for informational and identification purposes only and is not used to imply any ownership or license rights between any such company and Goldman Sachs. A transcript is provided for convenience and may differ from the original video or audio content. Goldman Sachs is not responsible for any errors in the transcript. This material should not be copied, distributed, published, or reproduced in whole or in part or disclosed by any recipient to any other person without the express written consent of Goldman Sachs. Disclosures applicable to research with respect to issuers, if any, mentioned herein are available through your Goldman Sachs representative or at http://www.gs.com/research/hedge.html. © 2026 Goldman Sachs. All rights reserved. Learn more about your ad choices. Visit megaphone.fm/adchoices

In the third and final episode of the Goldman Sachs Exchanges Outlook 2026 series, Goldman Sachs Research’s Peter Oppenheimer, Kamakshya Trivedi, Daan Struyven, and Christian Mueller-Glissmann share the trends shaping assets and portfolio allocation in 2026. Learn more about Goldman Sachs’ outlooks for the year ahead: https://www.goldmansachs.com/insights/outlooks/2026-outlooks This episode was recorded on January 7th and 8th, 2026. The opinions and views expressed herein are as of the date of publication, subject to change without notice, and may not necessarily reflect the institutional views of Goldman Sachs or its affiliates. The material provided is intended for informational purposes only, and does not constitute investment advice, a recommendation from any Goldman Sachs entity to take any particular action, or an offer or solicitation to purchase or sell any securities or financial products. This material may contain forward-looking statements. Past performance is not indicative of future results. Neither Goldman Sachs nor any of its affiliates make any representations or warranties, express or implied, as to the accuracy or completeness of the statements or information contained herein and disclaim any liability whatsoever for reliance on such information for any purpose. Each name of a third-party organization mentioned is the property of the company to which it relates, is used here strictly for informational and identification purposes only and is not used to imply any ownership or license rights between any such company and Goldman Sachs. A transcript is provided for convenience and may differ from the original video or audio content. Goldman Sachs is not responsible for any errors in the transcript. This material should not be copied, distributed, published, or reproduced in whole or in part or disclosed by any recipient to any other person without the express written consent of Goldman Sachs. Disclosures applicable to research with respect to issuers, if any, mentioned herein are available through your Goldman Sachs representative or at http://www.gs.com/research/hedge.html. © 2026 Goldman Sachs. All rights reserved. Learn more about your ad choices. Visit megaphone.fm/adchoices

In the second episode of the Goldman Sachs Exchanges Outlook 2026 series, Goldman Sachs Research’s David Mericle, Andrew Tilton, and Jari Stehn discuss the trends shaping economies in the US, Asia, and Europe in 2026. This episode was recorded on January 7 and 8, 2026. Learn more about Goldman Sachs’ outlooks for the year ahead. The opinions and views expressed herein are as of the date of publication, subject to change without notice, and may not necessarily reflect the institutional views of Goldman Sachs or its affiliates. The material provided is intended for informational purposes only, and does not constitute investment advice, a recommendation from any Goldman Sachs entity to take any particular action, or an offer or solicitation to purchase or sell any securities or financial products. This material may contain forward-looking statements. Past performance is not indicative of future results. Neither Goldman Sachs nor any of its affiliates make any representations or warranties, express or implied, as to the accuracy or completeness of the statements or information contained herein and disclaim any liability whatsoever for reliance on such information for any purpose. Each name of a third-party organization mentioned is the property of the company to which it relates, is used here strictly for informational and identification purposes only and is not used to imply any ownership or license rights between any such company and Goldman Sachs. A transcript is provided for convenience and may differ from the original video or audio content. Goldman Sachs is not responsible for any errors in the transcript. This material should not be copied, distributed, published, or reproduced in whole or in part or disclosed by any recipient to any other person without the express written consent of Goldman Sachs. Disclosures applicable to research with respect to issuers, if any, mentioned herein are available through your Goldman Sachs representative or at http://www.gs.com/research/hedge.html. © 2026 Goldman Sachs. All rights reserved. Learn more about your ad choices. Visit megaphone.fm/adchoices

In the first episode of the Goldman Sachs Exchanges: Outlook 2026 series, Goldman Sachs Research’s Jan Hatzius and Dominic Wilson discuss the trends shaping the global economy and markets in the coming year. This episode was recorded on January 8th, 2026. The opinions and views expressed herein are as of the date of publication, subject to change without notice, and may not necessarily reflect the institutional views of Goldman Sachs or its affiliates. The material provided is intended for informational purposes only, and does not constitute investment advice, a recommendation from any Goldman Sachs entity to take any particular action, or an offer or solicitation to purchase or sell any securities or financial products. This material may contain forward-looking statements. Past performance is not indicative of future results. Neither Goldman Sachs nor any of its affiliates make any representations or warranties, express or implied, as to the accuracy or completeness of the statements or information contained herein and disclaim any liability whatsoever for reliance on such information for any purpose. Each name of a third-party organization mentioned is the property of the company to which it relates, is used here strictly for informational and identification purposes only and is not used to imply any ownership or license rights between any such company and Goldman Sachs. A transcript is provided for convenience and may differ from the original video or audio content. Goldman Sachs is not responsible for any errors in the transcript. This material should not be copied, distributed, published, or reproduced in whole or in part or disclosed by any recipient to any other person without the express written consent of Goldman Sachs. Disclosures applicable to research with respect to issuers, if any, mentioned herein are available through your Goldman Sachs representative or at http://www.gs.com/research/hedge.html. © 2026 Goldman Sachs. All rights reserved. Learn more about your ad choices. Visit megaphone.fm/adchoices

Goldman Sachs Research’s Daan Struyven joins Allison Nathan to discuss the potential implications of the situation in Venezuela for the oil and commodity markets. This episode was recorded on January 5th, 2026. The opinions and views expressed herein are as of the date of publication, subject to change without notice, and may not necessarily reflect the institutional views of Goldman Sachs or its affiliates. The material provided is intended for informational purposes only, and does not constitute investment advice, a recommendation from any Goldman Sachs entity to take any particular action, or an offer or solicitation to purchase or sell any securities or financial products. This material may contain forward-looking statements. Past performance is not indicative of future results. Neither Goldman Sachs nor any of its affiliates make any representations or warranties, express or implied, as to the accuracy or completeness of the statements or information contained herein and disclaim any liability whatsoever for reliance on such information for any purpose. Each name of a third-party organization mentioned is the property of the company to which it relates, is used here strictly for informational and identification purposes only and is not used to imply any ownership or license rights between any such company and Goldman Sachs. A transcript is provided for convenience and may differ from the original video or audio content. Goldman Sachs is not responsible for any errors in the transcript. This material should not be copied, distributed, published, or reproduced in whole or in part or disclosed by any recipient to any other person without the express written consent of Goldman Sachs. Disclosures applicable to research with respect to issuers, if any, mentioned herein are available through your Goldman Sachs representative or at http://www.gs.com/research/hedge.html. © 2026 Goldman Sachs. All rights reserved Learn more about your ad choices. Visit megaphone.fm/adchoices

Eric Peters, who leads both One River Asset Management and Coinbase Asset Management, shares his views on risk management, trend following, and the future of finance. This episode was recorded on December 17, 2025. The opinions and views expressed herein are as of the date of publication, subject to change without notice, and may not necessarily reflect the institutional views of Goldman Sachs or its affiliates. The material provided is intended for informational purposes only, and does not constitute investment advice, a recommendation from any Goldman Sachs entity to take any particular action, or an offer or solicitation to purchase or sell any securities or financial products. This material may contain forward-looking statements. Past performance is not indicative of future results. Neither Goldman Sachs nor any of its affiliates make any representations or warranties, express or implied, as to the accuracy or completeness of the statements or information contained herein and disclaim any liability whatsoever for reliance on such information for any purpose. Each name of a third-party organization mentioned is the property of the company to which it relates, is used here strictly for informational and identification purposes only and is not used to imply any ownership or license rights between any such company and Goldman Sachs. A transcript is provided for convenience and may differ from the original video or audio content. Goldman Sachs is not responsible for any errors in the transcript. This material should not be copied, distributed, published, or reproduced in whole or in part or disclosed by any recipient to any other person without the express written consent of Goldman Sachs. Disclosures applicable to research with respect to issuers, if any, mentioned herein are available through your Goldman Sachs representative or at http://www.gs.com/research/hedge.html. © 2025 Goldman Sachs. All rights reserved Learn more about your ad choices. Visit megaphone.fm/adchoices

Diameter Capital’s Scott Goodwin, co-founder and managing partner, talks about his career, his investment philosophy, and how he’s navigating opportunities across the credit spectrum. This episode was recorded on December 8, 2025. The opinions and views expressed herein are as of the date of publication, subject to change without notice, and may not necessarily reflect the institutional views of Goldman Sachs or its affiliates. The material provided is intended for informational purposes only, and does not constitute investment advice, a recommendation from any Goldman Sachs entity to take any particular action, or an offer or solicitation to purchase or sell any securities or financial products. This material may contain forward-looking statements. Past performance is not indicative of future results. Neither Goldman Sachs nor any of its affiliates make any representations or warranties, express or implied, as to the accuracy or completeness of the statements or information contained herein and disclaim any liability whatsoever for reliance on such information for any purpose. Each name of a third-party organization mentioned is the property of the company to which it relates, is used here strictly for informational and identification purposes only and is not used to imply any ownership or license rights between any such company and Goldman Sachs. A transcript is provided for convenience and may differ from the original video or audio content. Goldman Sachs is not responsible for any errors in the transcript. This material should not be copied, distributed, published, or reproduced in whole or in part or disclosed by any recipient to any other person without the express written consent of Goldman Sachs. Disclosures applicable to research with respect to issuers, if any, mentioned herein are available through your Goldman Sachs representative or at http://www.gs.com/research/hedge.html. © 2025 Goldman Sachs. All rights reserved. Certain entities affiliated with The Goldman Sachs Group, Inc. (“Goldman Sachs”) are investors in one or more investment funds managed by Diameter Capital Partners LP or its affiliates (“Diameter”). Diameter provided no cash or non-cash compensation to Goldman Sachs for this podcast. Any statements about Diameter contained in this podcast do not represent the experience of all investors in funds managed by Diameter, and there is no guarantee that any other investor in such a fund will have similar experience. Diameter is not aware of any material conflicts of interest in connection with the delivery of this podcast on the part of Goldman Sachs resulting from Diameter’s relationship with Goldman Sachs. Learn more about your ad choices. Visit megaphone.fm/adchoices

Is the US or China winning the tech race, and what factors will determine the outcome? Mark Kennedy, founding director of the Wahba Initiative for Strategic Competition, and Paul Triolo, partner at DGA-Albright Stonebridge Group, discuss with Allison Nathan on the latest episode of Goldman Sachs Exchanges. This episode was recorded on November 10, 18, and December 9th, 2025. The opinions and views expressed herein are as of the date of publication, subject to change without notice, and may not necessarily reflect the institutional views of Goldman Sachs or its affiliates. The material provided is intended for informational purposes only, and does not constitute investment advice, a recommendation from any Goldman Sachs entity to take any particular action, or an offer or solicitation to purchase or sell any securities or financial products. This material may contain forward-looking statements. Past performance is not indicative of future results. Neither Goldman Sachs nor any of its affiliates make any representations or warranties, express or implied, as to the accuracy or completeness of the statements or information contained herein and disclaim any liability whatsoever for reliance on such information for any purpose. Each name of a third-party organization mentioned is the property of the company to which it relates, is used here strictly for informational and identification purposes only and is not used to imply any ownership or license rights between any such company and Goldman Sachs. A transcript is provided for convenience and may differ from the original video or audio content. Goldman Sachs is not responsible for any errors in the transcript. This material should not be copied, distributed, published, or reproduced in whole or in part or disclosed by any recipient to any other person without the express written consent of Goldman Sachs. Disclosures applicable to research with respect to issuers, if any, mentioned herein are available through your Goldman Sachs representative or at http://www.gs.com/research/hedge.html. © 2025 Goldman Sachs. All rights reserved. Learn more about your ad choices. Visit megaphone.fm/adchoices

Goldman Sachs Research’s David Kostin discusses the recent equity market volatility, the AI trade, and the opportunities for investors today. Kostin, who is retiring as chief US equity strategist at the end of 2025, also reflects on his 31-year career at Goldman Sachs. This episode was recorded on December 2, 2025. The opinions and views expressed herein are as of the date of publication, subject to change without notice, and may not necessarily reflect the institutional views of Goldman Sachs or its affiliates. The material provided is intended for informational purposes only, and does not constitute investment advice, a recommendation from any Goldman Sachs entity to take any particular action, or an offer or solicitation to purchase or sell any securities or financial products.  This material may contain forward-looking statements.  Past performance is not indicative of future results. Neither Goldman Sachs nor any of its affiliates make any representations or warranties, express or implied, as to the accuracy or completeness of the statements or information contained herein and disclaim any liability whatsoever for reliance on such information for any purpose.  Each name of a third-party organization mentioned is the property of the company to which it relates, is used here strictly for informational and identification purposes only and is not used to imply any ownership or license rights between any such company and Goldman Sachs.  A transcript is provided for convenience and may differ from the original video or audio content.  Goldman Sachs is not responsible for any errors in the transcript. This material should not be copied, distributed, published, or reproduced in whole or in part or disclosed by any recipient to any other person without the express written consent of Goldman Sachs.    Disclosures applicable to research with respect to issuers, if any, mentioned herein are available through your Goldman Sachs representative or at http://www.gs.com/research/hedge.html. Goldman Sachs does not endorse any candidate or any political party.  © 2025 Goldman Sachs. All rights reserved. Learn more about your ad choices. Visit megaphone.fm/adchoices

Despite a year marked by geopolitical uncertainty, higher tariffs, and slowing growth, deal-making activity is surging in 2025. So can this current wave of M&A activity continue? Goldman Sachs’ Stephan Feldgoise, head of the Global Mergers & Acquisition business in Global Banking & Markets, discusses the outlook with Allison Nathan. This episode was recorded on November 20, 2025. The opinions and views expressed herein are as of the date of publication, subject to change without notice, and may not necessarily reflect the institutional views of Goldman Sachs or its affiliates. The material provided is intended for informational purposes only, and does not constitute investment advice, a recommendation from any Goldman Sachs entity to take any particular action, or an offer or solicitation to purchase or sell any securities or financial products.  This material may contain forward-looking statements.  Past performance is not indicative of future results. Neither Goldman Sachs nor any of its affiliates make any representations or warranties, express or implied, as to the accuracy or completeness of the statements or information contained herein and disclaim any liability whatsoever for reliance on such information for any purpose.  Each name of a third-party organization mentioned is the property of the company to which it relates, is used here strictly for informational and identification purposes only and is not used to imply any ownership or license rights between any such company and Goldman Sachs.  A transcript is provided for convenience and may differ from the original video or audio content.  Goldman Sachs is not responsible for any errors in the transcript. This material should not be copied, distributed, published, or reproduced in whole or in part or disclosed by any recipient to any other person without the express written consent of Goldman Sachs.    Disclosures applicable to research with respect to issuers, if any, mentioned herein are available through your Goldman Sachs representative or at http://www.gs.com/research/hedge.html. Goldman Sachs does not endorse any candidate or any political party.  © 2025 Goldman Sachs. All rights reserved. Learn more about your ad choices. Visit megaphone.fm/adchoices

With inflation above target and the labor market weakening, is the Fed poised to cut rates again? Rob Kaplan, Vice Chairman of Goldman Sachs, discusses the uncertain outlook with Allison Nathan. This episode was recorded on November 12, 2025. The opinions and views expressed herein are as of the date of publication, subject to change without notice, and may not necessarily reflect the institutional views of Goldman Sachs or its affiliates. The material provided is intended for informational purposes only, and does not constitute investment advice, a recommendation from any Goldman Sachs entity to take any particular action, or an offer or solicitation to purchase or sell any securities or financial products.  This material may contain forward-looking statements.  Past performance is not indicative of future results. Neither Goldman Sachs nor any of its affiliates make any representations or warranties, express or implied, as to the accuracy or completeness of the statements or information contained herein and disclaim any liability whatsoever for reliance on such information for any purpose.  Each name of a third-party organization mentioned is the property of the company to which it relates, is used here strictly for informational and identification purposes only and is not used to imply any ownership or license rights between any such company and Goldman Sachs.  A transcript is provided for convenience and may differ from the original video or audio content.  Goldman Sachs is not responsible for any errors in the transcript. This material should not be copied, distributed, published, or reproduced in whole or in part or disclosed by any recipient to any other person without the express written consent of Goldman Sachs.    Disclosures applicable to research with respect to issuers, if any, mentioned herein are available through your Goldman Sachs representative or at http://www.gs.com/research/hedge.html. Goldman Sachs does not endorse any candidate or any political party.  © 2025 Goldman Sachs. All rights reserved. Learn more about your ad choices. Visit megaphone.fm/adchoices

AI bubble concerns are back amid a rise in AI-exposed companies’ valuations, ongoing massive AI spend, and the increasing circularity of the AI ecosystem. Goldman Sachs Research’s Eric Sheridan and Kash Rangan discuss whether bubble concerns are warranted or overblown.    Date of recordings: September 26 and October 30, 2025  The opinions and views expressed herein are as of the date of publication, subject to change without notice, and may not necessarily reflect the institutional views of Goldman Sachs or its affiliates. The material provided is intended for informational purposes only, and does not constitute investment advice, a recommendation from any Goldman Sachs entity to take any particular action, or an offer or solicitation to purchase or sell any securities or financial products.  This material may contain forward-looking statements.  Past performance is not indicative of future results. Neither Goldman Sachs nor any of its affiliates make any representations or warranties, express or implied, as to the accuracy or completeness of the statements or information contained herein and disclaim any liability whatsoever for reliance on such information for any purpose.  Each name of a third-party organization mentioned is the property of the company to which it relates, is used here strictly for informational and identification purposes only and is not used to imply any ownership or license rights between any such company and Goldman Sachs.  A transcript is provided for convenience and may differ from the original video or audio content.  Goldman Sachs is not responsible for any errors in the transcript. This material should not be copied, distributed, published, or reproduced in whole or in part or disclosed by any recipient to any other person without the express written consent of Goldman Sachs.    Disclosures applicable to research with respect to issuers, if any, mentioned herein are available through your Goldman Sachs representative or at http://www.gs.com/research/hedge.html. Goldman Sachs does not endorse any candidate or any political party.  © 2025 Goldman Sachs. All rights reserved.  Learn more about your ad choices. Visit megaphone.fm/adchoices

As the US and China navigate trade tensions, what's the outlook for China's economic growth? Hui Shan, chief China economist in Goldman Sachs Research, discusses with Allison Nathan. This episode was recorded on November 3rd, 2025. The opinions and views expressed herein are as of the date of publication, subject to change without notice, and may not necessarily reflect the institutional views of Goldman Sachs or its affiliates. The material provided is intended for informational purposes only, and does not constitute investment advice, a recommendation from any Goldman Sachs entity to take any particular action, or an offer or solicitation to purchase or sell any securities or financial products. This material may contain forward-looking statements. Past performance is not indicative of future results. Neither Goldman Sachs nor any of its affiliates make any representations or warranties, express or implied, as to the accuracy or completeness of the statements or information contained herein and disclaim any liability whatsoever for reliance on such information for any purpose. Each name of a third-party organization mentioned is the property of the company to which it relates, is used here strictly for informational and identification purposes only and is not used to imply any ownership or license rights between any such company and Goldman Sachs. A transcript is provided for convenience and may differ from the original video or audio content. Goldman Sachs is not responsible for any errors in the transcript. This material should not be copied, distributed, published, or reproduced in whole or in part or disclosed by any recipient to any other person without the express written consent of Goldman Sachs. Disclosures applicable to research with respect to issuers, if any, mentioned herein are available through your Goldman Sachs representative or at http://www.gs.com/research/hedge.html. Goldman Sachs does not endorse any candidate or any political party. © 2025 Goldman Sachs. All rights reserved.  Learn more about your ad choices. Visit megaphone.fm/adchoices

Davidson Kempner’s Tony Yoseloff, managing partner and chief investment officer, discusses the current market moment, the keys to investing across different market cycles, and where he sees opportunities in the alternative investing landscape.   This episode was recorded on October 20, 2025. The opinions and views expressed herein are as of the date of publication, subject to change without notice, and may not necessarily reflect the institutional views of Goldman Sachs or its affiliates. The material provided is intended for informational purposes only, and does not constitute investment advice, a recommendation from any Goldman Sachs entity to take any particular action, or an offer or solicitation to purchase or sell any securities or financial products. This material may contain forward-looking statements. Past performance is not indicative of future results. Neither Goldman Sachs nor any of its affiliates make any representations or warranties, express or implied, as to the accuracy or completeness of the statements or information contained herein and disclaim any liability whatsoever for reliance on such information for any purpose. Each name of a third-party organization mentioned is the property of the company to which it relates, is used here strictly for informational and identification purposes only and is not used to imply any ownership or license rights between any such company and Goldman Sachs. A transcript is provided for convenience and may differ from the original video or audio content. Goldman Sachs is not responsible for any errors in the transcript. This material should not be copied, distributed, published, or reproduced in whole or in part or disclosed by any recipient to any other person without the express written consent of Goldman Sachs. © 2025 Goldman Sachs. All rights reserved.  Learn more about your ad choices. Visit megaphone.fm/adchoices

With gold, oil, and rare earth minerals making headlines this year, Goldman Sachs Research’s Daan Struyven shares his views on what’s ahead for these markets and how commodities can fit into portfolios today. This episode was recorded on October 27, 2025. The opinions and views expressed herein are as of the date of publication, subject to change without notice, and may not necessarily reflect the institutional views of Goldman Sachs or its affiliates. The material provided is intended for informational purposes only, and does not constitute investment advice, a recommendation from any Goldman Sachs entity to take any particular action, or an offer or solicitation to purchase or sell any securities or financial products. This material may contain forward-looking statements. Past performance is not indicative of future results. Neither Goldman Sachs nor any of its affiliates make any representations or warranties, express or implied, as to the accuracy or completeness of the statements or information contained herein and disclaim any liability whatsoever for reliance on such information for any purpose. Each name of a third-party organization mentioned is the property of the company to which it relates, is used here strictly for informational and identification purposes only and is not used to imply any ownership or license rights between any such company and Goldman Sachs. A transcript is provided for convenience and may differ from the original video or audio content. Goldman Sachs is not responsible for any errors in the transcript. This material should not be copied, distributed, published, or reproduced in whole or in part or disclosed by any recipient to any other person without the express written consent of Goldman Sachs. Disclosures applicable to research with respect to issuers, if any, mentioned herein are available through your Goldman Sachs representative or at http://www.gs.com/research/hedge.html Goldman Sachs does not endorse any candidate or any political party. © 2025 Goldman Sachs. All rights reserved. Learn more about your ad choices. Visit megaphone.fm/adchoices

What's driving opportunities in alternative assets, and how are investors adapting to an accelerating pace of change? Sixth Street Co-Founder, CEO, and Co-CIO Alan Waxman discusses his career and the importance of flexibility in finding alpha on the latest edition of Goldman Sachs Exchanges: Great Investors. This episode was recorded on September 3, 2025. The opinions and views expressed herein are as of the date of publication, subject to change without notice, and may not necessarily reflect the institutional views of Goldman Sachs or its affiliates. The material provided is intended for informational purposes only, and does not constitute investment advice, a recommendation from any Goldman Sachs entity to take any particular action, or an offer or solicitation to purchase or sell any securities or financial products.  This material may contain forward-looking statements.  Past performance is not indicative of future results. Neither Goldman Sachs nor any of its affiliates make any representations or warranties, express or implied, as to the accuracy or completeness of the statements or information contained herein and disclaim any liability whatsoever for reliance on such information for any purpose.  Each name of a third-party organization mentioned is the property of the company to which it relates, is used here strictly for informational and identification purposes only and is not used to imply any ownership or license rights between any such company and Goldman Sachs. A transcript is provided for convenience and may differ from the original video or audio content.  Goldman Sachs is not responsible for any errors in the transcript. This material should not be copied, distributed, published, or reproduced in whole or in part or disclosed by any recipient to any other person without the express written consent of Goldman Sachs.   © 2025 Goldman Sachs. All rights reserved. Learn more about your ad choices. Visit megaphone.fm/adchoices

Goldman Sachs Research’s Chief US economist David Mericle explains the factors driving the economy and the divergence between solid GDP growth and a slowing labor market. This episode was recorded on October 20, 2025. The opinions and views expressed herein are as of the date of publication, subject to change without notice and may not necessarily reflect the institutional views of Goldman Sachs or its affiliates.  The material provided is intended for informational purposes only and does not constitute investment advice, a recommendation from any Goldman Sachs entity to take any particular action, or an offer or solicitation to purchase or sell any securities or financial products.  This material may contain forward-looking statements.  Past performance is not indicative of future results.  Neither Goldman Sachs nor any of its affiliates make any representations or warranties, expressed or implied, as to the accuracy or completeness of the statements or information contained herein and disclaim any liability whatsoever for reliance on such information for any purpose.  Each name of a third-party organization mentioned is the property of the company to which it relates is used here strictly for informational and identification purposes only and is not used to imply any ownership or license rights between any such company and Goldman Sachs. A transcript is provided for convenience and may differ from the original video or audio content.  Goldman Sachs is not responsible for any errors in the transcript. This material should not be copied, distributed, published, or reproduced in whole or in part or disclosed by any recipient to any other person without the express written consent of Goldman Sachs.   Disclosures applicable to research with respect to issuers, if any, mentioned herein are available through your Goldman Sachs representative or at www.GS.com/research/hedge.html.   Goldman Sachs does not endorse any candidate or any political party.  © 2025 Goldman Sachs. All rights reserved. Learn more about your ad choices. Visit megaphone.fm/adchoices

In the latest episode of Goldman Sachs Exchanges: Great Investors, Byron Deeter, a partner at Bessemer Venture Partners, discusses the venture capital landscape and the most promising developments in artificial intelligence and the software industry with Goldman Sachs’ Ken Hirsch. This episode was recorded on September 23, 2025. The opinions and views expressed herein are as of the date of publication, subject to change without notice, and may not necessarily reflect the institutional views of Goldman Sachs or its affiliates. The material provided is intended for informational purposes only, and does not constitute investment advice, a recommendation from any Goldman Sachs entity to take any particular action, or an offer or solicitation to purchase or sell any securities or financial products.  This material may contain forward-looking statements.  Past performance is not indicative of future results. Neither Goldman Sachs nor any of its affiliates make any representations or warranties, express or implied, as to the accuracy or completeness of the statements or information contained herein and disclaim any liability whatsoever for reliance on such information for any purpose.  Each name of a third-party organization mentioned is the property of the company to which it relates, is used here strictly for informational and identification purposes only and is not used to imply any ownership or license rights between any such company and Goldman Sachs.  A transcript is provided for convenience and may differ from the original video or audio content.  Goldman Sachs is not responsible for any errors in the transcript. This material should not be copied, distributed, published, or reproduced in whole or in part or disclosed by any recipient to any other person without the express written consent of Goldman Sachs.    © 2025 Goldman Sachs. All rights reserved.  Learn more about your ad choices. Visit megaphone.fm/adchoices

Once a niche segment, the private equity secondaries market has seen substantial growth and is reshaping the broader alternative asset landscape. In this episode, Goldman Sachs’ Harold Hope and Alex Blostein discuss the evolution of the private equity secondaries market. This episode was recorded on September 29, 2025. The opinions and views expressed herein are as of the date of publication, subject to change without notice, and may not necessarily reflect the institutional views of Goldman Sachs or its affiliates. The material provided is intended for informational purposes only, and does not constitute investment advice, a recommendation from any Goldman Sachs entity to take any particular action, or an offer or solicitation to purchase or sell any securities or financial products. This material may contain forward-looking statements. Past performance is not indicative of future results. Neither Goldman Sachs nor any of its affiliates make any representations or warranties, express or implied, as to the accuracy or completeness of the statements or information contained herein and disclaim any liability whatsoever for reliance on such information for any purpose. Each name of a third-party organization mentioned is the property of the company to which it relates, is used here strictly for informational and identification purposes only and is not used to imply any ownership or license rights between any such company and Goldman Sachs. A transcript is provided for convenience and may differ from the original video or audio content. Goldman Sachs is not responsible for any errors in the transcript. This material should not be copied, distributed, published, or reproduced in whole or in part or disclosed by any recipient to any other person without the express written consent of Goldman Sachs. Disclosures applicable to research with respect to issuers, if any, mentioned herein are available through your Goldman Sachs representative or at http://www.gs.com/research/hedge.html. © 2025 Goldman Sachs. All rights reserved. Learn more about your ad choices. Visit megaphone.fm/adchoices

How long could the US government shutdown last — and what will that ultimately mean for the US economy? Goldman Sachs Research’s Alec Phillips, chief US political economist, explores the potential impact on economies and markets. This episode was recorded on October 7, 2025. The opinions and views expressed herein are as of the date of publication, subject to change without notice, and may not necessarily reflect the institutional views of Goldman Sachs or its affiliates. The material provided is intended for informational purposes only, and does not constitute investment advice, a recommendation from any Goldman Sachs entity to take any particular action, or an offer or solicitation to purchase or sell any securities or financial products.  This material may contain forward-looking statements.  Past performance is not indicative of future results. Neither Goldman Sachs nor any of its affiliates make any representations or warranties, express or implied, as to the accuracy or completeness of the statements or information contained herein and disclaim any liability whatsoever for reliance on such information for any purpose. Each name of a third-party organization mentioned is the property of the company to which it relates, is used here strictly for informational and identification purposes only and is not used to imply any ownership or license rights between any such company and Goldman Sachs.  A transcript is provided for convenience and may differ from the original video or audio content.  Goldman Sachs is not responsible for any errors in the transcript. This material should not be copied, distributed, published, or reproduced in whole or in part or disclosed by any recipient to any other person without the express written consent of Goldman Sachs.     Disclosures applicable to research with respect to issuers, if any, mentioned herein are available through your Goldman Sachs representative or at http://www.gs.com/research/hedge.html.   Goldman Sachs does not endorse any candidate or any political party.    © 2025 Goldman Sachs. All rights reserved.  Learn more about your ad choices. Visit megaphone.fm/adchoices

Goldman Sachs’ Neema Raphael, the firm’s chief data officer and head of data engineering, discusses the role of data in enabling or possibly stalling AI’s progress with George Lee, co-head of the Goldman Sachs Global Institute, and Allison Nathan, senior strategist in Goldman Sachs Research. This episode was recorded on September 25, 2025. The opinions and views expressed herein are as of the date of publication, subject to change without notice, and may not necessarily reflect the institutional views of Goldman Sachs or its affiliates. The material provided is intended for informational purposes only, and does not constitute investment advice, a recommendation from any Goldman Sachs entity to take any particular action, or an offer or solicitation to purchase or sell any securities or financial products. This material may contain forward-looking statements. Past performance is not indicative of future results. Neither Goldman Sachs nor any of its affiliates make any representations or warranties, express or implied, as to the accuracy or completeness of the statements or information contained herein and disclaim any liability whatsoever for reliance on such information for any purpose. Each name of a third-party organization mentioned is the property of the company to which it relates, is used here strictly for informational and identification purposes only and is not used to imply any ownership or license rights between any such company and Goldman Sachs. A transcript is provided for convenience and may differ from the original video or audio content. Goldman Sachs is not responsible for any errors in the transcript. This material should not be copied, distributed, published, or reproduced in whole or in part or disclosed by any recipient to any other person without the express written consent of Goldman Sachs. Disclosures applicable to research with respect to issuers, if any, mentioned herein are available through your Goldman Sachs representative or at http://www.gs.com/research/hedge.html. © 2025 Goldman Sachs. All rights reserved. Learn more about your ad choices. Visit megaphone.fm/adchoices

Are concerns about the quality and reliability of economic data — as well as its vulnerabilities to political influences — warranted? Former BLS Commissioner Erica Groshen, who served from 2013 to 2017, Laffer Associates’ Arthur Laffer, Harvard Business School’s Alberto Cavallo, and Goldman Sachs’ Joseph Briggs discuss data quality, political influence, and the future of economic indicators with Allison Nathan on Goldman Sachs Exchanges. This episode explores the latest Top of Mind report. This episode was recorded on August 18, 19, 26, and September 11, 2025. The opinions and views expressed herein are as of the date of publication, subject to change without notice, and may not necessarily reflect the institutional views of Goldman Sachs or its affiliates. The material provided is intended for informational purposes only, and does not constitute investment advice, a recommendation from any Goldman Sachs entity to take any particular action, or an offer or solicitation to purchase or sell any securities or financial products. This material may contain forward-looking statements. Past performance is not indicative of future results. Neither Goldman Sachs nor any of its affiliates make any representations or warranties, express or implied, as to the accuracy or completeness of the statements or information contained herein and disclaim any liability whatsoever for reliance on such information for any purpose. Each name of a third-party organization mentioned is the property of the company to which it relates, is used here strictly for informational and identification purposes only and is not used to imply any ownership or license rights between any such company and Goldman Sachs. A transcript is provided for convenience and may differ from the original video or audio content. Goldman Sachs is not responsible for any errors in the transcript. This material should not be copied, distributed, published, or reproduced in whole or in part or disclosed by any recipient to any other person without the express written consent of Goldman Sachs. Disclosures applicable to research with respect to issuers, if any, mentioned herein are available through your Goldman Sachs representative or at http://www.gs.com/research/hedge.html. Goldman Sachs does not endorse any candidate or any political party. © 2025 Goldman Sachs. All rights reserved. Learn more about your ad choices. Visit megaphone.fm/adchoices

While the healthcare sector has lagged behind the broader markets, there are pockets of innovation. Asad Haider, head of the US Healthcare Business Unit in Goldman Sachs Research, and Amit Sinha, head of Life Sciences Investing in Goldman Sachs Asset Management, discuss their outlook for the industry. This episode was recorded on September 8 and 15, 2025. The opinions and views expressed herein are as of the date of publication, subject to change without notice, and may not necessarily reflect the institutional views of Goldman Sachs or its affiliates. The material provided is intended for informational purposes only, and does not constitute investment advice, a recommendation from any Goldman Sachs entity to take any particular action, or an offer or solicitation to purchase or sell any securities or financial products. This material may contain forward-looking statements. Past performance is not indicative of future results. Neither Goldman Sachs nor any of its affiliates make any representations or warranties, express or implied, as to the accuracy or completeness of the statements or information contained herein and disclaim any liability whatsoever for reliance on such information for any purpose. Each name of a third-party organization mentioned is the property of the company to which it relates, is used here strictly for informational and identification purposes only and is not used to imply any ownership or license rights between any such company and Goldman Sachs. A transcript is provided for convenience and may differ from the original video or audio content. Goldman Sachs is not responsible for any errors in the transcript. This material should not be copied, distributed, published, or reproduced in whole or in part or disclosed by any recipient to any other person without the express written consent of Goldman Sachs. Disclosures applicable to research with respect to issuers, if any, mentioned herein are available through your Goldman Sachs representative or at http://www.gs.com/research/hedge.html. Goldman Sachs does not endorse any candidate or any political party. © 2025 Goldman Sachs. All rights reserved. Learn more about your ad choices. Visit megaphone.fm/adchoices

Goldman Sachs’ Darren Cohen, co-head and chief investment officer of Growth Equity within Goldman Sachs Asset Management, discusses his career trajectory and investment philosophy, and where he sees opportunity today. This episode was recorded on August 11, 2025. The opinions and views expressed herein are as of the date of publication, subject to change without notice, and may not necessarily reflect the institutional views of Goldman Sachs or its affiliates. The material provided is intended for informational purposes only, and does not constitute investment advice, a recommendation from any Goldman Sachs entity to take any particular action, or an offer or solicitation to purchase or sell any securities or financial products. This material may contain forward-looking statements. Past performance is not indicative of future results. Neither Goldman Sachs nor any of its affiliates make any representations or warranties, express or implied, as to the accuracy or completeness of the statements or information contained herein and disclaim any liability whatsoever for reliance on such information for any purpose. Each name of a third-party organization mentioned is the property of the company to which it relates, is used here strictly for informational and identification purposes only and is not used to imply any ownership or license rights between any such company and Goldman Sachs. A transcript is provided for convenience and may differ from the original video or audio content. Goldman Sachs is not responsible for any errors in the transcript. This material should not be copied, distributed, published, or reproduced in whole or in part or disclosed by any recipient to any other person without the express written consent of Goldman Sachs. For additional disclaimers and regulatory disclosures, please visit www.goldmansachs.com/insights/podcasts © 2025 Goldman Sachs. All rights reserved. Learn more about your ad choices. Visit megaphone.fm/adchoices

In this episode, Former Acting Comptroller of the Currency Brian Brooks and UC Berkeley’s Barry Eichengreen discuss the outlook for stablecoins — digital currencies pegged to the value of traditional fiat currencies like the US dollar. Moderated by Goldman Sachs Research’s Allison Nathan, the discussion covers the potential implications of a growing stablecoin market existing payment and banking systems, financial markets, and broader financial stability. This episode explores the latest Top of Mind report. This episode was recorded on July 14, 18, and August 7. The opinions and views expressed herein are as of the date of publication, subject to change without notice, and may not necessarily reflect the institutional views of Goldman Sachs or its affiliates. The material provided is intended for informational purposes only, and does not constitute investment advice, a recommendation from any Goldman Sachs entity to take any particular action, or an offer or solicitation to purchase or sell any securities or financial products. This material may contain forward-looking statements. Past performance is not indicative of future results. Neither Goldman Sachs nor any of its affiliates make any representations or warranties, express or implied, as to the accuracy or completeness of the statements or information contained herein and disclaim any liability whatsoever for reliance on such information for any purpose. Each name of a third-party organization mentioned is the property of the company to which it relates, is used here strictly for informational and identification purposes only and is not used to imply any ownership or license rights between any such company and Goldman Sachs. A transcript is provided for convenience and may differ from the original video or audio content. Goldman Sachs is not responsible for any errors in the transcript. This material should not be copied, distributed, published, or reproduced in whole or in part or disclosed by any recipient to any other person without the express written consent of Goldman Sachs. For additional disclaimers and regulatory disclosures, please visit https://www.goldmansachs.com/insights/podcasts. Disclosures applicable to research with respect to issuers, if any, mentioned herein are available through your Goldman Sachs representative or at http://www.gs.com/research/hedge.html. © 2025 Goldman Sachs. All rights reserved. Learn more about your ad choices. Visit megaphone.fm/adchoices

In the latest episode of Goldman Sachs Exchanges: Great Investors, Jeff Aronson, the co-founder and managing principal of Centerbridge Partners, discusses his career and path to building the firm, and the opportunities and challenges facing private investment managers today. This episode was recorded on July 16, 2025. Learn more about your ad choices. Visit megaphone.fm/adchoices

Raffaele Savi, global head of BlackRock Systematic, shares his perspective on the evolution of quantitative investing, the role of AI, and the recent volatility in the market. This episode was recorded on July 29, 2025. Learn more about your ad choices. Visit megaphone.fm/adchoices

As one of Silicon Valley’s most respected venture capitalists, Mike Speiser, managing director of Sutter Hill Ventures, doesn’t just invest in companies, he often takes a leading role in building them. On the latest episode of Goldman Sachs Exchanges: Great Investors, Speiser discusses his approach to investing with Goldman Sachs’ Ken Hirsch. This episode was recorded on July 7, 2025. Learn more about your ad choices. Visit megaphone.fm/adchoices

One of the biggest questions about the rise of AI is how it will impact jobs. Goldman Sachs Research’s Joseph Briggs joins GS Exchanges’ co-hosts Allison Nathan and George Lee to discuss the potential for labor displacement as adoption increases, as well as the industries and roles that could be most affected. This episode was recorded on July 31, 2025. Learn more about your ad choices. Visit megaphone.fm/adchoices

Goldman Sachs Research's John Marshall explains the factors behind the recent rally in meme stocks, and what that resurgence means for the broader market. This episode was recorded on July 24, 2025. Learn more about your ad choices. Visit megaphone.fm/adchoices

Markets seem to be taking tariffs and landmark changes in global trade policy in stride. Goldman Sachs’ Jan Hatzius and Dom Wilson discuss the impact of tariffs on inflation and growth, and their outlook for the second half of 2025. This episode was recorded on July 17, 2025. Learn more about your ad choices. Visit megaphone.fm/adchoices

The AI boom is creating unprecedented demand for power. So where will this power come from? Goldman Sachs' Rebecca Kruger, a partner in the Natural Resources Group in the firm's investment banking business, joins Goldman Sachs Exchanges' co-hosts Allison Nathan and George Lee to discuss why power may be the biggest bottleneck on delivering the promises of AI. For more, read "Powering the AI Era." This episode was recorded on July 9, 2025. Learn more about your ad choices. Visit megaphone.fm/adchoices

An aging global population has long been viewed as a demographic time bomb. Kevin Daly, co-head of the Central and Eastern Europe, Middle East, and Africa economics team at Goldman Sachs Research, explains why this concern may be overstated. This episode was recorded on May 29, 2025. Learn more about your ad choices. Visit megaphone.fm/adchoices

Goldman Sachs’ Daan Struyven discusses how recent geopolitical events and evolving tariff policies are affecting the commodity and economic landscape. This episode was recorded on June 30, 2025. Learn more about your ad choices. Visit megaphone.fm/adchoices

Goldman Sachs’ Christian Mueller-Glissmann, head of asset allocation research in Goldman Sachs Research, and Alexandra Wilson-Elizondo, co-head and co-chief investment officer of the Multi-Asset Solutions business in Goldman Sachs Asset Management, examine the dynamics driving markets now, and discuss the investment strategies that could work in the second half of 2025.  This episode was recorded on June 17, 2025.  Learn more about your ad choices. Visit megaphone.fm/adchoices

Concerns about the fiscal trajectory of the US are nothing new. But is this time different? And what could a fiscal crisis look like? Economist Kenneth Rogoff and historian Niall Ferguson discuss with Allison Nathan. This episode explores the latest Top of Mind report. This episode was recorded on May 30, June 5, and June 17, 2025. Learn more about your ad choices. Visit megaphone.fm/adchoices

What are the keys to Steve Cohen’s incredible success as a trader and hedge fund manager – and how is he bringing those lessons to the baseball diamond? Steve Cohen, the founder, CEO and president of Point72, and the majority owner of the New York Mets, discusses with Tony Pasquariello in this conversation recorded live at the Goldman Sachs Apex Symposium. This episode was recorded on June 4th, 2025.   Learn more about your ad choices. Visit megaphone.fm/adchoices

Germany’s new government is pursuing a broad range of measures to bolster economic growth. At the same time, US tariffs could have a significant impact on the export-heavy German economy. How are Germany’s business leaders navigating this volatile environment? Wolfgang Fink, CEO of Goldman Sachs Bank Europe SE & Head of Goldman Sachs in Germany and Austria, discusses with Allison Nathan. This episode was recorded on June 3, 2025. Learn more about your ad choices. Visit megaphone.fm/adchoices

In a difficult environment for corporate decision makers, how is Goldman Sachs advising clients and managing risk? John Waldron, President and Chief Operating Officer, sits down with Allison Nathan to discuss. This episode was recorded on June 2, 2025. Learn more about your ad choices. Visit megaphone.fm/adchoices

A US trade court ruling has put the legal fate of President Trump’s tariffs in limbo. But will this actually change the course of US trade policy – and what could it mean for the economy and for investors? Alec Phillips, chief US political economist with Goldman Sachs Research, discusses with Allison Nathan. This episode was recorded on May 29, 2025. Learn more about your ad choices. Visit megaphone.fm/adchoices

AI, the energy transition, and geopolitical tensions are reshaping the global economy and markets — they are also transforming the landscape of infrastructure investing. Tavis Cannell, global head and co-CIO of infrastructure at Goldman Sachs Alternatives, looks at the megatrends driving opportunities and the outlook for the sector. Learn more about your ad choices. Visit megaphone.fm/adchoices

Rob Citrone, founder of Discovery Capital Management, discusses his investment framework, high-conviction views, and the importance of short positions in risk management, with Goldman Sachs’ Tony Pasquariello, global head of hedge fund coverage in Global Banking & Markets. Learn more about your ad choices. Visit megaphone.fm/adchoices

In the latest episode of Goldman Sachs Exchanges, former Fed Vice Chair Richard Clarida and the Hoover Institution’s John Cochrane discuss whether the Fed’s independence is in jeopardy. This episode explores the latest Top of Mind report. This episode was recorded on April 30, May 6, and May 19, 2025. Learn more about your ad choices. Visit megaphone.fm/adchoices

US stocks have rebounded since the sweeping tariffs announced on "Liberation Day,” but what does this mean for investors? In Goldman Sachs Exchanges, Goldman Sachs’ David Kostin, chief US equity strategist, and Padi Raphael, global co-head of the Third Party Wealth Management in Goldman Sachs Asset Management, discuss the path forward for US stocks and investors. This episode was recorded on May 9, 2025. Learn more about your ad choices. Visit megaphone.fm/adchoices

Katie Koch, CEO of TCW Group, shares her insights on leading the asset manager, fostering a strong culture, and steering the firm through a period of rapid transformation in the fixed income market. This episode was recorded on April 22, 2025. Learn more about your ad choices. Visit megaphone.fm/adchoices

US tech giants are navigating the rapid evolution of AI by continuing to ramp up capital expenditures, despite the uncertainty of tariff policies, says Eric Sheridan, co-business unit leader of the Technology, Media, and Telecommunications Group at Goldman Sachs Research, on Goldman Sachs Exchanges. Sheridan, joins Allison Nathan, senior strategist at Goldman Sachs Research, and George Lee, co-head of the Goldman Sachs Global Institute, to discuss the implications for investors. This podcast was recorded on May 2, 2025. Disclosures applicable to research with respect to issuers, if any, mentioned herein are available through your Goldman Sachs representative or at http://www.gs.com/research/hedge.html. Learn more about your ad choices. Visit megaphone.fm/adchoices

As the US economy faces a stagflationary shock, how will the Fed navigate this tricky environment? Rob Kaplan, the Vice Chairman of Goldman Sachs and the former president of the Dallas Fed, shares his perspective on how monetary policymakers will navigate slower growth and stickier prices. Learn more about your ad choices. Visit megaphone.fm/adchoices

The cybersecurity sector has emerged as one of the bright spots in the deal-making environment. In the latest episode of Goldman Sachs Exchanges, Marco Poletti, Global Head of Security Software in Goldman Sachs’ investment banking business, explains the drivers behind activity and the innovation in the sector. Learn more about your ad choices. Visit megaphone.fm/adchoices

As one of the largest investors in the world, insurers can have an outsized impact on markets and investment flows. In the latest episode of Goldman Sachs Exchanges, Goldman Sachs’ Mike Siegel and Matt Armas, who share findings from their 14th annual Global Insurance Survey, discuss how insurers are adapting to economic challenges and opportunities. Learn more about your ad choices. Visit megaphone.fm/adchoices

The Trump administration’s tariff moves are turning US trade policy on its head — and fueling concerns about the US economic outlook. So will tariffs send the US into a recession? And, if so, what might that recession look like? Economist and Nobel Laureate Paul Krugman, Goldman Sachs Research’s Jan Hatzius, and American Compass’ Oren Cass speak with Goldman Sachs Research’s Allison Nathan about the implications of the radical shifts in tariff policies for the US economy. This episode explores the latest Top of Mind report.   Learn more about your ad choices. Visit megaphone.fm/adchoices

On the latest episode of Goldman Sachs Exchanges: Great Investors, Jeffrey Perlman, CEO of Warburg Pincus, shares insights on navigating a challenging private equity landscape, the firm's strategic focus on diversification, and where he sees the next big investment opportunities. Learn more about your ad choices. Visit megaphone.fm/adchoices

How will rising uncertainty about the global economy and markets affect the outlook for private credit? Goldman Sachs’ James Reynolds, global co-head of private credit in Goldman Sachs Asset Management, and Lotfi Karoui, chief credit strategist and head of credit, mortgages and structured products research in Goldman Sachs Research, discuss the risks and opportunities. Learn more about your ad choices. Visit megaphone.fm/adchoices

Jan Hatzius, head of Goldman Sachs Research and the firm's chief economist, and Dominic Wilson, senior advisor in the Global Markets Research Group, discuss the impact of rapidly shifting tariff policies on the global economy and markets. Learn more about your ad choices. Visit megaphone.fm/adchoices

Recession fears are rising, so how can investors hedge their portfolios? Goldman Sachs Research’s Daan Struyven, Co-Head of Global Commodities Research and Head of Oil Research, joins Senior Strategist Allison Nathan to explore the strategic use of gold and oil as recession hedges. This episode was recorded on April 8, 2025. Learn more about your ad choices. Visit megaphone.fm/adchoices

In this episode of Goldman Sachs Exchanges: Great Investors, Alison Mass, chairman of investment banking in Goldman Sachs Global Banking & Markets, sits down with David Gross, co-managing partner of Bain Capital, to explore the evolving global landscape of private equity and alternative investments. Learn more about your ad choices. Visit megaphone.fm/adchoices

How will corporations use AI – and what will the technology’s adoption ultimately mean for corporate strategy? Marco Argenti, Goldman Sachs’ chief information officer, discusses with George Lee and Allison Nathan in the second episode of this special podcast series. This episode was recorded on March 6, 2025. Learn more about your ad choices. Visit megaphone.fm/adchoices

In the latest episode of Goldman Sachs Exchanges: Great Investors, Don Mullen, founder and CEO of Pretium, a real estate-focused investment firm with about $57 billion in assets under management, shares his views on the housing market, leading a firm, and his predictions about the future of real estate as an asset class.   This episode was recorded on February 19, 2025. Learn more about your ad choices. Visit megaphone.fm/adchoices

In recent weeks, the extra yield that investors demand for investing in corporate bonds has risen substantially. Is this a sign that credit investors are becoming concerned about the economic outlook? Where are the opportunities in global credit markets now? Lotfi Karoui, Chief Credit Strategist and Head of Credit, Mortgages and Structured Products Research, discusses with Allison Nathan. This episode was recorded on March 14, 2025. Learn more about your ad choices. Visit megaphone.fm/adchoices

Goldman Sachs Research’s David Mericle, chief US economist, discusses the implications of tariff policies on inflation, growth, and monetary policy. This episode was recorded on March 10, 2025. Learn more about your ad choices. Visit megaphone.fm/adchoices

Trump has announced several tariffs since his inauguration, and there are signs that bigger and broader tariffs could still be ahead. Is this mostly talk, or does Trump really intend to usher in a new era for international trade? Jeff Gerrish, who served as Deputy US Trade Representative for Asia, Europe, the Middle East, and Industrial Competitiveness during Trump’s first term, discusses with Allison Nathan. This episode explores the latest Top of Mind report. This episode was recorded on February 20 and March 3, 2025. Learn more about your ad choices. Visit megaphone.fm/adchoices

Capstone’s founder and CEO Paul Britton discusses evolution of the derivatives market, how he thinks about managing people and risk, and why the VIX is relatively low against a tumultuous economic backdrop. For more insights from great investors, listen to previous episodes from our Great Investors series.  This episode was recorded on February 20, 2025. Learn more about your ad choices. Visit megaphone.fm/adchoices

How are the latest government policies affecting the global economy and markets? Goldman Sachs’ Jan Hatzius, head of Goldman Sachs Research and the firm's chief economist, and Dominic Wilson, senior advisor in the Global Markets Research Group, discuss how tariffs, inflation, and higher yields are shaping the outlook for 2025.   This episode was recorded on February 13, 2025. Learn more about your ad choices. Visit megaphone.fm/adchoices

Does the recent tariff rhetoric suggest that we're entering a global trade war? Goldman Sachs Research’s Alec Phillips, Joseph Briggs, and Kamakshya Trivedi explain the implications of the recent tariff policies—both announced and expected—for global economies and markets.  Learn more about your ad choices. Visit megaphone.fm/adchoices

The introduction of low-cost AI models is raising questions about AI infrastructure and the high spending on AI by the world’s largest technology companies. In this inaugural episode of a special podcast series, AI Exchanges, Co-Hosts Allison Nathan and George Lee discuss the issues surrounding the costs of AI development and implementation, and the impact on deal-making, with Kim Posnett, global co-head of Investment Banking in Goldman Sachs’ Global Banking & Markets business. Learn more about your ad choices. Visit megaphone.fm/adchoices

Goldman Sachs Chairman and CEO David Solomon shares his views on why he sees a “more constructive” business environment and a pickup in capital markets activity in 2025. In the latest episode of Goldman Sachs Exchanges, Solomon explains how businesses are harnessing AI for their own businesses, and how Goldman Sachs is thinking about its strategic priorities, including the growth of private credit. Date of recording: January 27, 2025 Learn more about your ad choices. Visit megaphone.fm/adchoices

Global bond yields have been exceptionally volatile in recent weeks. Goldman Sachs’ Jonathan Fine and George Cole explain the drivers behind that volatility and the implications for the economy and investors on Goldman Sachs Exchanges. Date of recording: January 17, 2025 Learn more about your ad choices. Visit megaphone.fm/adchoices

Goldman Sachs’ Sharmin Mossavar-Rahmani, head of the Investment Strategy Group (ISG) and chief investment officer of Goldman Sachs Wealth Management, shares ISG’s 2025 outlook, Keep on Truckin’, and why the team’s long-held investment recommendations—US preeminence and staying invested—remain intact.  Learn more about your ad choices. Visit megaphone.fm/adchoices

2024 was a great year for many US investors, but will the same strategies that worked so well keep working in 2025? Christian Mueller-Glissmann, who heads asset allocation research in Goldman Sachs Research, and Alexandra Wilson-Elizondo, Co-Chief Investment Officer of the Multi-Asset Solutions Business in Goldman Sachs Asset Management, share their asset allocation outlooks for the year ahead.  Learn more about your ad choices. Visit megaphone.fm/adchoices

Financial services firms are facing one of the most constructive backdrops in years, helped by a steepening yield curve, an expected recovery in the capital markets, and a potential easing of regulations under a second Trump administration, say Goldman Sachs Research’s Richard Ramsden, business unit leader of the financials group, and Alex Blostein, who covers the asset management industry, on Goldman Sachs Exchanges. Date of recording: December 16, 2024 Learn more about your ad choices. Visit megaphone.fm/adchoices

The pace of mergers and acquisitions around the world gained momentum this year, and there are signs that deal-making will accelerate in 2025, say Stephan Feldgoise and Mark Sorrell, the co-heads of the global mergers and acquisitions business in Goldman Sachs Global Banking & Markets, on Goldman Sachs Exchanges.   Date of recording: December 11, 2024 Learn more about your ad choices. Visit megaphone.fm/adchoices

Goldman Sachs Research’s Hui Shan, chief China economist, and Peking University Guanghua School of Management’s Michael Pettis discuss just how effective China’s domestic policy stimulus will be in addressing the country’s internal and external economic challenges. This episode explores the latest Top of Mind report, “Will China’s policy stimulus be enough?” Learn more about your ad choices. Visit megaphone.fm/adchoices

With record-breaking attendance at games and viewership of televised games, the groundswell of enthusiasm for women’s sports has created a cultural movement. How should investors think about the opportunity in women’s sports, and how might the growth trajectory of the professional women’s leagues compare to the equivalent men’s leagues? In the final episode of a four-part series on the changing dynamics in the business of sports, host Nicole Pullen Ross discusses the business forces driving growth in women’s sports with Stacy Sonnenberg, Head of Global Sports Finance. Nicole is also joined by Willow Bay, Dean of the USC Annenberg School of Journalism and the new controlling owner of the National Women’s Soccer League’s Angel City FC. Bay shares her perspective on leading the most highly valued franchise in the league during this watershed moment for women’s sports. Nicole Pullen Ross is Head of Sports and Entertainment for Goldman Sachs Private Wealth Management. She is also Head of the Private Wealth Management business for the New York region at Goldman Sachs. Learn more about your ad choices. Visit megaphone.fm/adchoices

Goldman Sachs Research’s Chief US Economist David Mericle shares what investors are expecting under the second Trump administration and how those policy assumptions are reflected in market pricing.  Learn more about your ad choices. Visit megaphone.fm/adchoices

In the third episode of a four-part series on the changing dynamics in the business of sports, host Nicole Pullen Ross discusses the physical fan experience with Greg Carey, Global Co-Head of Sports Investment Banking, and Stacy Sonnenberg, Head of Global Sports Finance. They discuss what’s driving interest in the new sports-entertainment complexes, the creative ways of financing these infrastructure projects, and what it all means for teams and their fans. Nicole is also joined by Gillian Zucker, CEO of Halo Sports and Entertainment and President of Business Operations for the LA Clippers, to discuss how the team intends to make its new home — the Intuit Dome — a “basketball mecca.” Nicole Pullen Ross is Head of Sports and Entertainment for Goldman Sachs Private Wealth Management. She is also Head of the Private Wealth Management business for the New York region at Goldman Sachs. Learn more about your ad choices. Visit megaphone.fm/adchoices

The top 10 stocks in the S&P 500 account for an outsized share of the index’s market cap and of its stellar 2024 performance. Goldman Sachs Research’s David Kostin, chief US equity strategist, and Owen Lamont, senior vice president and portfolio manager at Acadian Asset Management LLC, discuss whether investor concerns over today’s high US equity market concentration are warranted. This episode explores the latest Top of Mind report, Market Concentration: How Big a Worry? Learn more about your ad choices. Visit megaphone.fm/adchoices

The rise of AI could have profound implications for geopolitics given the decisions about where AI infrastructure is going to get built. Jared Cohen, president of global affairs and co-head of the Goldman Sachs Global Institute, discusses the data center diplomacy that is shaping geopolitics. Learn more about your ad choices. Visit megaphone.fm/adchoices

Sports is one of the few forms of premium live content available today, but how fans consume these games or matches is being significantly disrupted. In the second episode of a four-part series on the changing dynamics in the business of sports, host Nicole Pullen Ross discusses the new sports media landscape with Dave Dase, Global Co-Head of Sports Investment Banking, and Gene Sykes, Co-Chair of Mergers and Acquisitions and Co-Chair of Global Technology, Media and Telecom. They discuss what makes sports content so valuable, the tension between the legacy broadcasters and tech platforms, the shift to direct-to-consumer product offerings, and how this disruption will influence the game itself. Nicole Pullen Ross is Head of Sports and Entertainment for Goldman Sachs Private Wealth Management. She is also Head of the Private Wealth Management business for the New York region at Goldman Sachs. Learn more about your ad choices. Visit megaphone.fm/adchoices

As the global economy comes off of another year of relatively strong growth in 2024, new and important variables are now in the mix with the election of Donald Trump and the Republican sweep of Congress. So can this solid performance continue amid the policy shifts ahead, and what might be the implications for markets? In this episode, Jan Hatzius, Goldman Sachs’ chief economist and head of Goldman Sachs Research, and Dominic Wilson, senior advisor in global markets research, discuss the economic and market outlook for the year ahead. Learn more about your ad choices. Visit megaphone.fm/adchoices

The sports ecosystem has exploded as an area of investment, with professional leagues loosening rules on private equity ownership, the value of media rights deals skyrocketing, and the many sports-adjacent businesses taking on new dimensions. In the first episode of a four-part series on the changing dynamics in the business of sports, host Nicole Pullen Ross speaks to Apollo Co-Founder Josh Harris about what it means to own and run professional sports teams in the NBA, NHL, NFL, and English Premier League. She’ll also discuss the scale of the investment opportunity in sports with Dave Dase, Global Co-Head of Sports Investment Banking, and Elis Jones, Head of Sports Investment Banking for EMEA. Nicole Pullen Ross is Head of Sports and Entertainment for Goldman Sachs Private Wealth Management. She is also Head of the Private Wealth Management business for the New York region at Goldman Sachs. Learn more about your ad choices. Visit megaphone.fm/adchoices

Former Dallas Fed President Rob Kaplan, current vice chairman at Goldman Sachs, discusses the Federal Reserve’s rate-cutting cycle, the interplay between monetary and fiscal policy, and his views on what the Trump administration could mean for Fed policy.  Learn more about your ad choices. Visit megaphone.fm/adchoices

The markets reacted forcefully to Donald Trump's victory in the US presidential election, with US stocks, bond yields, and the dollar rising sharply in response. Goldman Sachs Research’s Christian Mueller-Glissmann, head of asset allocation research, and Brian Garrett, head of Equity Execution on the Cross Asset Sales desk in Global Banking & Markets at Goldman Sachs, discuss the sustainability of these moves and the medium- and longer-term market implications of the election outcome.  Learn more about your ad choices. Visit megaphone.fm/adchoices

Clearlake Capital’s Co-Founder and Managing Partner José E. Feliciano discusses the firm’s flexible approach to investing in the private markets, artificial intelligence, and sports teams. For more insights from great investors, listen to previous episodes from our Great Investors series.  Learn more about your ad choices. Visit megaphone.fm/adchoices

How could the proposed policy agendas between the two US presidential candidates shape markets and economies? Top economists from the Democratic and Republican parties discuss a range of economic policies, painting starkly different policy approaches in some key areas but similarities in others. In the latest episode of Goldman Sachs Exchanges, Kevin Hassett, former Chairman of the Council of Economic Advisers under President Trump, and Jared Bernstein, the current Chairman of the Council of Economic Advisers, speak with host Allison Nathan. This episode explores the latest Top of Mind report, Post-election economic policies. Learn more about your ad choices. Visit megaphone.fm/adchoices

Chelsea Stoner, general partner of Battery Ventures, has long been focused on the ways in which software is transforming a variety of industries. In a discussion with Goldman Sachs’ Michael Brandmeyer, Stoner discusses her path to Silicon Valley, Battery's longevity as a tech-focused investment firm, and her unique outlook on the venture capital and private equity landscape.  Learn more about your ad choices. Visit megaphone.fm/adchoices

The S&P 500 has staged a remarkable rally since the start of the year. How much more upside should investors expect — and what could drive those gains? Goldman Sachs Research’s David Kostin and Ryan Hammond from the US portfolio strategy team explain the drivers and risks to their year-end and 12-month targets for US equities.  Learn more about your ad choices. Visit megaphone.fm/adchoices

Bridgewater Associates’ Co-CIO Karen Karniol-Tambour describes where she’s seeing opportunities for higher returns and the macro factors shaping today’s investment landscape. To hear from more Great Investors, check out: Sequoia Capital’s Roelof Botha on building enduring businesses, Blackstone’s Joe Baratta on the outlook for private equity, and TPG’s Jon Winkelried on the evolution of alternative markets.  The opinions and views expressed in this program may not necessarily reflect the institutional views of Goldman Sachs or its affiliates. This program should not be copied, distributed, published, or reproduced in whole or in part or disclosed by any recipient to any other person without the express written consent of Goldman Sachs. Each name of a third-party organization mentioned in this program is the property of the company to which it relates, is used here strictly for informational and identification purposes only, and is not used to imply any ownership or license rights between any such company and Goldman Sachs. The content of this program does not constitute a recommendation from any Goldman Sachs entity to the recipient, and is provided for informational purposes only. Goldman Sachs is not providing any financial, economic, legal, investment, accounting, or tax advice through this program or to its recipient. Certain information contained in this program constitutes “forward-looking statements”, and there is no guarantee that these results will be achieved. Goldman Sachs has no obligation to provide updates or changes to the information in this program. Past performance does not guarantee future results, which may vary. Neither Goldman Sachs nor any of its affiliates makes any representation or warranty, express or implied, as to the accuracy or completeness of the statements or any information contained in this program and any liability therefore; including in respect of direct, indirect, or consequential loss or damage is expressly disclaimed. Important Disclosures Learn more about your ad choices. Visit megaphone.fm/adchoices

Escalating conflicts in the Middle East, coupled with China’s latest round of stimulus, are changing the supply-and-demand dynamics for oil prices. Goldman Sachs Research’s Daan Struyven, co-head of commodities research, explains the implications for oil and gold prices. Learn more about your ad choices. Visit megaphone.fm/adchoices

Michael Moran, a pension strategist in Goldman Sachs Asset Management, explains how the current macro environment is changing the retirement picture for both savers and retirees. Mike and his team are out with a new report that describes what they see as a missing link to retirement security. Learn more about your ad choices. Visit megaphone.fm/adchoices

The Fed has begun a long-awaited cutting cycle, potentially providing some relief to rate-sensitive sectors. Goldman Sachs’ Lotfi Karoui and Jeff Fine explain the impact of falling rates on US commercial real estate as well as the implications for housing.  Learn more about your ad choices. Visit megaphone.fm/adchoices

Sequoia Capital’s Roelof Botha, one of Silicon Valley’s most highly respected investors, discusses his career, Sequoia’s unique culture and investment processes, and how he finds and builds enduring businesses.  Learn more about your ad choices. Visit megaphone.fm/adchoices

After a stronger-than-expected start to the year, China’s economy is showing signs of weakening as the world’s second-largest economy struggles with a real estate downturn, slowing consumer spending, and geopolitical tensions. Goldman Sachs Research’s Hui Shan, chief China economist, shares her outlook for China’s growth. Learn more about your ad choices. Visit megaphone.fm/adchoices

Blackstone’s Global Head of Private Equity Joe Baratta shares his outlook for the private equity industry, the macro environment today, and his evolution as a leader. Learn more about your ad choices. Visit megaphone.fm/adchoices

Many view the recent rise in the unemployment rate as a concerning sign about the economic outlook, fueling recession fears. Could the US economy fall into recession, and will overly tight Federal Reserve policy be to blame? In the latest episode of Goldman Sachs Exchanges, Allison Nathan discusses these questions with three top economic minds: Claudia Sahm, the creator of the “Sahm rule” and Chief Economist at New Century Advisors, former Federal Reserve Bank of New York President Bill Dudley, and Goldman Sachs Vice Chairman and former Federal Reserve Bank of Dallas President Rob Kaplan. This episode explores the latest Top of Mind report, “Is the Fed behind the curve?” Learn more about your ad choices. Visit megaphone.fm/adchoices

Many view the recent rise in the unemployment rate as a concerning sign about the economic outlook, fueling recession fears. Could the US economy fall into recession, and will overly tight Federal Reserve policy be to blame? In the latest episode of Goldman Sachs Exchanges, Allison Nathan discusses these questions with three top economic minds: Claudia Sahm, the creator of the “Sahm rule” and Chief Economist at New Century Advisors, former Federal Reserve Bank of New York President Bill Dudley, and Goldman Sachs Vice Chairman and former Federal Reserve Bank of Dallas President Rob Kaplan. This episode explores the latest Top of Mind report, “Is the Fed behind the curve?” Days of Recording: August 14 August 15, August 19 September 3 Learn more about your ad choices. Visit megaphone.fm/adchoices

Twenty-five years ago, Goldman Sachs research analyst Kathy Matsui wrote a report about the Japanese economy called Womenomics, stating that future potential economic growth will depend on increased female labor participation. So how much progress has been made in Japan and around the world? Sharon Bell, Senior Strategist on the European Portfolio Strategy Team within Goldman Sachs Research, and Asahi Pompey, Goldman Sachs Global Head of Corporate Engagement and President of the Goldman Sachs Foundation, discuss the gains — and gaps — in female workforce participation and the impact to economic growth. Learn more about your ad choices. Visit megaphone.fm/adchoices

The rapid unwinding of the Japanese yen carry trade is rippling through global markets. Goldman Sachs Research’s Kamakshya Trivedi, head of Global Foreign Exchange, Interest Rates, and Emerging Markets Strategy, and Praneet Shah, co-head of Global G10 FX Options Trading in Global Banking & Markets, explain the carry trade, why it matters, and the implications for investment portfolios. Learn more about your ad choices. Visit megaphone.fm/adchoices

Global markets sold off sharply amid rising US recession fears. Goldman Sachs Research’s Chief US Economist David Mericle explains why those concerns are likely overblown.  Learn more about your ad choices. Visit megaphone.fm/adchoices

“Tectonic shifts” are reshaping the private markets and spurring consolidation among alternative asset managers, explains TPG CEO Jon Winkelried on Goldman Sachs Exchanges: Great Investors. Winkelried, who also served as the former president and co-chief operating officer at Goldman Sachs, shares his perspectives on investment opportunities, leading teams, and managing companies through crises. For more insights from great investors, listen to previous episodes from our Great Investors series: KKR’s Henry Kravis on private equity, culture, and global markets.  Learn more about your ad choices. Visit megaphone.fm/adchoices

The US consumer has powered the global economy in recent years, but are signs of strain starting to form? Goldman Sachs Research’s Chief US Economist David Mericle, and Kate McShane and Bonnie Herzog, co-business unit leaders of US consumer, discuss the outlook for consumer spending and the US retail sector.  For more information, listen to our Goldman Sachs Exchanges episode, Are inflation fears overblown? The outlook for inflation, US growth, and long-term rates or read Is US consumer spending losing momentum? Learn more about your ad choices. Visit megaphone.fm/adchoices

Ares Management’s Co-founder, CEO, and President Mike Arougheti shares his outlook for the economy and private markets, his evolution as a leader, and the firm’s path to building its prowess in private credit.  Learn more about your ad choices. Visit megaphone.fm/adchoices

Tech giants and beyond are set to spend an estimated $1 trillion on AI capex in coming years. Will this investment pay off? And if it doesn’t, what does that mean for businesses and investors? MIT’s Daron Acemoglu and Goldman Sachs Research’s Jim Covello explain why reality may not match the hype on the latest episode of Goldman Exchanges, which explores the latest Top of Mind report, Gen AI: too much spend, too little benefit? Learn more about your ad choices. Visit megaphone.fm/adchoices

Rising incomes and slowing electric vehicles sales are slowing the world’s transition away from oil. Goldman Sachs Research’s Daan Struyven and Nikhil Bhandari discuss the supply-and-demand drivers shaping the oil market and what they mean for investors and consumers. For more insights read Peak oil demand is still a decade away, Which commodities are the best hedge for inflation?, and Why are EV sales slowing?   Learn more about your ad choices. Visit megaphone.fm/adchoices

Can US stocks sustain their rally from here? Goldman Sachs Research’s David Kostin, chief US equity strategist, shares his outlook for equities for the second half of the year and the risks that could derail that rally.  For more information, read Stocks may extend their rally — but there’s value in diversification or listen to the Goldman Sachs The Markets podcast, where Goldman Sachs experts analyze the key market events each week, in under 10 minutes.  Learn more about your ad choices. Visit megaphone.fm/adchoices

Long-time large-cap growth manager Kathleen McCarragher of Jennison Associates speaks with Goldman Sachs’ Betsy Gorton about investing through multiple economic cycles, her perspectives on AI and growth opportunities, and her advice on building and leading teams. To hear from more Great Investors, check out: Capital Group’s Rob Lovelace on long-term investing, succession planning, and leadership lessons; Dimensional’s Founder and Chairman David Booth on being an index pioneer, working with Nobel laureates, and investing through uncertainty; KKR’s Henry Kravis on private equity, culture, and global markets. And for more on large-cap stocks, listen to: Goldman Sachs Exchanges: Are the largest US stocks too dominant?  Learn more about your ad choices. Visit megaphone.fm/adchoices

As two of Europe's three largest economies head to the polls, what are markets telling us about the political landscape? Goldman Sachs Research's Sharon Bell and George Cole explain how France's looming parliamentary elections are affecting French stocks and bonds, while UK financial markets have been relatively stable ahead of the country's general election. Learn more about your ad choices. Visit megaphone.fm/adchoices

Goldman Sachs’ Christian Mueller-Glissmann and Alexandra Wilson-Elizondo discuss their outlooks for asset classes and portfolios heading into the second half of the year, as well as medium- and longer-term asset allocation shifts investors might make to accommodate a more dynamic macroeconomic backdrop. Learn more about your ad choices. Visit megaphone.fm/adchoices

The demand for power, driven in part by the rise of generative artificial intelligence, is set to grow to levels not seen in a generation. Goldman Sachs Research’s Carly Davenport, Alberto Gandolfi, and Brian Singer discuss the drivers behind their forecast of a surge in global power demand and the investments required to meet that demand.  Related articles on AI include AI is showing ‘very positive’ signs of eventually boosting GDP and productivity and Generative AI could raise global GDP by 7%. For more: Goldman Sachs Exchanges. Learn more about your ad choices. Visit megaphone.fm/adchoices

The Federal Reserve has historically led a relatively synchronized monetary policy cycle across the major economies, but this cycle seems to be shaping up differently. Goldman Sachs' Chief Economist and Head of Goldman Sachs Research Jan Hatzius, Peter Praet, former chief economist of the European Central Bank, and Maurice Obstfeld, former chief economist of the IMF, discuss the implications of central bank divergence for economies and markets. This episode explores the latest Top of Mind report, Central Bank Divergence: Room to Run? Learn more about your ad choices. Visit megaphone.fm/adchoices

On this episode of Goldman Sachs Exchanges, Goldman Sachs Research’s Alex Blostein joins moderator Allison Nathan to discuss the challenges and opportunities facing the private equity industry. Nathan also speaks with Global Banking & Markets’ Mike Nickols and Gina Lytle who share their perspectives on the types of deals that are happening today.  For more, read Private Equity Inflection Point, a new report from Goldman Sachs Investment Banking, which explores the strategic and financing opportunities in the private equity industry.  Learn more about your ad choices. Visit megaphone.fm/adchoices

After better-than-expected economic data kicking off the year, and a blistering start for the equity market, where does China go from here? Goldman Sachs Research’s Hui Shan and Kinger Lau discuss the evolution of China’s economy and capital markets. Learn more about your ad choices. Visit megaphone.fm/adchoices

Is it possible to have a positive impact through investing without giving up on returns? Brian Singer of Goldman Sachs Research and Greg Shell of Goldman Sachs Asset Management discuss the long-term trends shaping impact investing and the investment opportunities in the space. Learn more about your ad choices. Visit megaphone.fm/adchoices

Goldman Sachs Research's Jari Stehn joins Charlotte Keenan of the firm's Office of Corporate Engagement to discuss the UK economy’s unique economic challenges, its path forward, and the role that small businesses can play in bolstering growth. To learn how the UK’s small businesses could help support the UK economy, read Generation Growth: The Small Business Manifesto. Learn more about your ad choices. Visit megaphone.fm/adchoices

Recent weakness in US Treasury bond auctions have become a focal point for markets. Goldman Sachs’ Jonny Fine and Alec Phillips discuss the implications for markets, yields, and fiscal deficits. And if you want more insights from Goldman Sachs, make sure to visit GS.com and sign up for Briefings, a weekly newsletter from Goldman Sachs about trends spanning markets, industries, and the global economy.  Learn more about your ad choices. Visit megaphone.fm/adchoices

The newest generation of GLP-1 drugs are being hailed by some as “miracle drugs” for the treatment of obesity. But GLP-1s are expensive, insurance coverage is limited, and not everyone with obesity can and or wants to take them. In this episode, which is based on Goldman Sachs Research’s latest Top of Mind report, obesity medicine physician Dr. Fatima Cody Stanford and Jonathan Gruber, professor of economics and chairman of the Economics Department at MIT, discuss how large the addressable market for GLP-1s actually is and the implications for US fiscal health.   If you want more insights from Goldman Sachs, make sure to visit GS.com and sign up for Briefings, a weekly newsletter from Goldman Sachs about trends spanning markets, industries, and the global economy.  Learn more about your ad choices. Visit megaphone.fm/adchoices

Goldman Sachs Research’s US Chief Economist David Mericle explains why worries over overheating inflation are overblown and why the outlook for US economic growth remains relatively strong. And if you want more insights from Goldman Sachs, make sure to visit GS.com and sign up for Briefings, a weekly newsletter from Goldman Sachs about trends spanning markets, industries, and the global economy.  Learn more about your ad choices. Visit megaphone.fm/adchoices

Where do the world’s largest investors see investment opportunities? Against a more constructive macroeconomic environment, insurers appear to be more willing to take on risk in their portfolios. Goldman Sachs’ Mike Siegel and Matt Armas discuss where insurers see opportunities and risks, and other findings from their 13th annual Global Insurance Survey. Learn more about your ad choices. Visit megaphone.fm/adchoices

Capital Group’s Rob Lovelace discusses the firm’s distinct investment process and culture, how he’s thinking about macro trends, and his lessons for leadership. Lovelace, whose grandfather Jonathan Bell Lovelace founded the firm in 1931, recently stepped down at the privately held firm as vice chair and president and continues as a portfolio manager. If you'd like to learn more, visit GS.com and sign up for Briefings, a weekly newsletter from Goldman Sachs about trends spanning markets, industries, and the global economy.     Learn more about your ad choices. Visit megaphone.fm/adchoices

The US stock market is more concentrated than it’s been in decades, with a small number of stocks accounting for an unusually large share of market capitalization. While it’s making some investors uneasy, Ben Snider, a senior strategist on the US portfolio strategy team in Goldman Sachs Research, and Peter Callahan, who covers the US technology, media, and telecommunications markets business in Global Banking & Markets, point out on Goldman Sachs Exchanges that these stocks' valuations reflect strong earnings. If you'd like to learn more, visit GS.com and sign up for Briefings, a weekly newsletter from Goldman Sachs about trends spanning markets, industries, and the global economy.   Learn more about your ad choices. Visit megaphone.fm/adchoices

Transit on the seas — the planet’s most important means of trade — has become more fraught amid geopolitical and climate-related disruptions, particularly in the Red Sea. In this episode, which is based on Goldman Sachs Research’s Top of Mind report, Admiral James Stavridis and DHL Group's CEO Tobias Meyer discuss the factors driving maritime risks today and the threats to global trade.  Learn more about your ad choices. Visit megaphone.fm/adchoices

High mortgage rates and a limited supply of homes have created one of the tightest markets in decades. Goldman Sachs Research’s Roger Ashworth explains the supply-and-demand dynamics that are shaping the US housing market and the outlook for 2024. Learn more about your ad choices. Visit megaphone.fm/adchoices

Retailers are facing a more complex environment in 2024, say Goldman Sachs’ Tim Ingrassia, co-chairman of Global Banking & Markets’ Global Mergers & Acquisitions business, and Vishaal Rana, a managing director in the Cross Markets Consumer Retail Group, who discuss the deal-making landscape and the challenges facing investors and consumers. Ingrassia and Rana also join Ted Decker, chairman, CEO, and president of The Home Depot, and Dave Kimbell, the CEO of Ulta Beauty, on a panel held at the annual Retail Industry Leaders Association CEO Forum, to discuss the industry’s challenges and opportunities. Learn more about your ad choices. Visit megaphone.fm/adchoices

Climate change, artificial intelligence, shifting supply chains, and population growth are among the broader forces that have boosted the returns — and popularity — of infrastructure investments. Goldman Sachs’ Teresa Mattamouros explains the implications for investors on the latest episode of Goldman Sachs Exchanges. Learn more about your ad choices. Visit megaphone.fm/adchoices

David Booth, founder and chairman of Dimensional Fund Advisors, reflects on his career in applying the finance theory he learned at the University of Chicago’s business school – which now bears his name – to the world of asset management.  Learn more about your ad choices. Visit megaphone.fm/adchoices

Oil prices have remained relatively rangebound despite rising geopolitical tensions. Goldman Sachs Research’s Daan Struyven, head of oil research, explains the shifting supply and demand dynamics that have muted the likelihood of large prices spikes.   Learn more about your ad choices. Visit megaphone.fm/adchoices

With voters representing over half the world’s population — in the US, Europe, India, and beyond — expected to head to the polls this year, Richard Haass, former president of the Council on Foreign Relations, and Timothy Garton Ash, professor of European Studies at the University of Oxford, explain the implications of key elections around the world. The episode breaks down 2024 elections that is the topic of Goldman Sachs Research’s latest Top of Mind report. Learn more about your ad choices. Visit megaphone.fm/adchoices

Longer-term structural changes in economic activity, policy, and society can have a bigger impact on investment opportunities than the shorter-term hot-button issues of the moment, explains Goldman Sachs Research’s Peter Oppenheimer, chief global equity strategist, and head of macro research in Europe. In this episode, Oppenheimer explains the factors driving what he sees as the current post-modern super cycle, the investment implications, and findings from his latest book, Any Happy Returns: Structural Changes and Super Cycles in Market.  Learn more about your ad choices. Visit megaphone.fm/adchoices

In the final episode of our four-part special series, we look at how infrastructure and the built environment will change cars as evolve into zero-emission places we can sleep, watch TV, and work.  Learn more about your ad choices. Visit megaphone.fm/adchoices

In the third episode of our four-part special series, we delve into the ways carmakers new and old have to think about raising capital, corporate structure, and vertical integration. Learn more about your ad choices. Visit megaphone.fm/adchoices

In the second episode of our four-part special series, we go deep into how the production of the car is changing, from new manufacturing methods to the critical role batteries play to the vital importance of new metals like cobalt, lithium, and manganese. Learn more about your ad choices. Visit megaphone.fm/adchoices

In the first episode of our four-part special series, we take a close look at the two fundamental changes that are upending the auto industry: electrification and autonomy. Both rely on a complete rethinking of how cars are designed, engineered, and built. Those changes, in turn, require massive shifts in supply chains, labor pipelines, and corporate organization. Learn more about your ad choices. Visit megaphone.fm/adchoices

Goldman Sachs Chairman and CEO David Solomon shares his view on the global economy, what’s top of mind for business leaders, and why he believes inflation still has the potential to be “stickier” than the market expects.  Learn more about your ad choices. Visit megaphone.fm/adchoices

Goldman Sachs’ Sharmin Mossavar-Rahmani, head of the Investment Strategy Group (ISG) and chief investment officer of GS Wealth Management, shares ISG’s 2024 outlook, America Powers On, and her recommendations for clients in the year ahead. Learn more about your ad choices. Visit megaphone.fm/adchoices

As the primary season in the US presidential election kicks off this month, Goldman Sachs’ Joe Wall from the Office of Government Affairs and Alec Phillips, chief US political economist in Goldman Sachs Research, explain the issues at stake and implications for policies and markets.  Learn more about your ad choices. Visit megaphone.fm/adchoices

In this episode of Goldman Sachs Exchanges: Great Investors, Henry Kravis, co-founder and co-executive chairman of KKR, discusses the evolution of the private equity industry and KKR’s journey through that transition, the lessons he’s learned from leading the firm, and his views on the economy and markets.  Learn more about your ad choices. Visit megaphone.fm/adchoices

Against a backdrop of tense US-China relations and the ongoing conflicts in the Middle East and Ukraine, Washington and Wall Street are increasingly worried about the same thing: geopolitics. In this episode, Jared Cohen, president of Global Affairs at Goldman Sachs, and Ian Bremmer, president and founder of Eurasia Group and GZERO Media, explore the ways in which geopolitics are affecting the global balance of power, the global credibility gap, and what that means for companies and investors. Learn more about your ad choices. Visit megaphone.fm/adchoices

As fears over inflation and interest rates start to moderate, the case for taking on more risk may be rising. Christian Mueller-Glissmann, who heads asset allocation research in Goldman Sachs Research, and Alexandra Wilson-Elizondo, co-chief investment officer of the multi-asset solutions business in Goldman Sachs Asset Management, explain their outlooks for asset classes and portfolio strategies.  Learn more about your ad choices. Visit megaphone.fm/adchoices

How is the financial services sector, often seen as a bellwether for the economy, coping with inflation, interest rates, and greater regulatory pressures? Goldman Sachs Research’s Richard Ramsden and Alex Blostein discuss their outlook for banks and asset managers.  Learn more about your ad choices. Visit megaphone.fm/adchoices

In this episode of Goldman Sachs Exchanges, Edward P. Djerejian, former US Ambassador to Israel and Syria, and former US Assistant Secretary of State for Near Eastern Affairs, and Emile Hokayem, Director of Regional Security and Senior Fellow for Middle East Security at the International Institute for Strategic Studies, break down the risks of the Middle East conflict and explain how it could erupt into a wider regional or even broader war. This episode is based on Goldman Sachs Research’s latest Top of Mind report, Middle East Risks. Learn more about your ad choices. Visit megaphone.fm/adchoices

After a slow start to 2023, deal-makers are starting to return to the negotiating table. Goldman Sachs’ Stephan Feldgoise and Mark Sorrell, the co-heads of Global Mergers & Acquisitions in Global Banking & Markets, explain the M&A outlook for the year ahead.  Learn more about your ad choices. Visit megaphone.fm/adchoices

As global co-head of real estate at Blackstone, Kathleen McCarthy has helped grow the firm’s real estate assets under management to more than $330 billion. In a conversation moderated by Goldman Sachs’ Alison Mass, Kathleen shares her journey to becoming one of the leading investors in the real estate industry, the forces shaping key sectors of the market, and her advice to the next generation of leaders.  Learn more about your ad choices. Visit megaphone.fm/adchoices

China’s property sector has remained under pressure, hobbling the country’s recovery and weighing on global economic growth. In this episode, Goldman Sachs Research’s Kenneth Ho, Asia credit strategist, Hui Shan, chief China economist, and Yi Wang, head of the China real estate team, discuss the implications and the road ahead.  Learn more about your ad choices. Visit megaphone.fm/adchoices

In this episode of Goldman Sachs Exchanges, Dan Dees, Jim Esposito, and Ashok Varadhan, the co-heads of Goldman Sachs' Global Banking & Markets business, discuss their views on the markets, corporate and investor sentiment, and the outlook for deal-making. They also share their thoughts about the direction of the industry as well as their leadership and career advice. Learn more about your ad choices. Visit megaphone.fm/adchoices

Goldman Sachs’ Jan Hatzius, the firm's chief economist and head of Goldman Sachs Research, and Dominic Wilson, senior advisor in the Global Markets Research Group, discuss their outlook and the findings from their recently published 2024 macro outlook entitled, The Hard Part is Over. Learn more about your ad choices. Visit megaphone.fm/adchoices

In a conversation moderated by Goldman Sachs’ Michael Brandmeyer, BlackRock’s Tony Kim, head of tech sector fundamental equities, shares his views on the technology ecosystem, public and private valuations, and the impact of artificial intelligence and quantum computing.  Learn more about your ad choices. Visit megaphone.fm/adchoices

Goldman Sachs Research’s Chris Shibutani and Jason English explain the business and investor implications of the latest anti-obesity medications and their ripple effects in the healthcare industry and beyond. Learn more about your ad choices. Visit megaphone.fm/adchoices

Lauren Taylor Wolfe, co-founder and managing partner of Impactive Capital, explains why taking a collaborative, private equity approach as an ESG-oriented activist investor leads to sustainable, long-term returns. Learn more about your ad choices. Visit megaphone.fm/adchoices

The US has had an exceptional decade. US economic growth and equities have outperformed, and the dollar’s global role remains unchallenged. But can this run continue? In this episode of Goldman Sachs Exchanges, Rebecca Patterson, former chief investment strategist at Bridgewater Associates, Jean Boivin, head of the BlackRock Investment Institute, and Goldman Sachs Research’s Peter Oppenheimer, chief global equity strategist, discuss whether the US equity outperformance of the last decade can be repeated over the next decade. This episode breaks down a topic hit on in the recent Top of Mind report.  Learn more about your ad choices. Visit megaphone.fm/adchoices

The rapid rise in adoption of generative AI is spurring companies of all sizes to rethink their strategic plans for growth. Goldman Sachs Investment Banking’s Jung Min and Matt Lucas explain how gen AI is reshaping the dealmaking landscape and discuss findings from their report, “Navigating the AI Era.” Learn more about your ad choices. Visit megaphone.fm/adchoices

US commercial real estate has been hit by the surge in interest rates and a pullback in lending from regional banks. Scott Rechler, chairman and CEO of real estate investment firm RXR, and Stijn Van Nieuwerburgh, professor of real estate and finance at Columbia Business School, break down the risks in the commercial real estate crisis that were the topic of the recent Top of Mind report, Commercial real estate risks. Learn more about your ad choices. Visit megaphone.fm/adchoices

Global bond yields have moved sharply higher in recent weeks, setting the stage for a higher-for-longer rate regime. Goldman Sachs Research’s Praveen Korapaty, chief interest rates strategist, and Global Banking & Markets’ Anshul Sehgal, co-head of US interest rate products trading, explain the implications for economic growth, investors, and markets.  Learn more about your ad choices. Visit megaphone.fm/adchoices

General Catalyst CEO Hemant Taneja shares his insights on the venture capital landscape, society’s digital transformation, and the firm’s mission-based approach to investing in the latest episode of Goldman Sachs Exchanges: Great Investors.  Learn more about your ad choices. Visit megaphone.fm/adchoices

An improving economic backdrop is helping to bolster retirement savings but Americans are facing a raft of financial challenges. A retirement plan and recent legislation can help manage the competing financial priorities and unexpected expenses that typically crowd out saving for retirement, explains Mike Moran, pension strategist in Goldman Sachs’ Asset & Wealth Management business, on Goldman Sachs Exchanges.  Learn more about your ad choices. Visit megaphone.fm/adchoices

Signs of life in the global IPO market are spurring investor optimism for a broader recovery. On Goldman Sachs Exchanges, David Ludwig, global head of equity capital markets at Goldman Sachs’ Global Banking & Markets, shares his outlook for the IPO market and the market dynamics for companies and investors. Learn more about your ad choices. Visit megaphone.fm/adchoices

After a period of cost cutting and layoffs — and buoyed by generative AI tailwinds — software and internet companies are starting to invest for growth, say Goldman Sachs Research’s Eric Sheridan and Kash Rangan on the latest episode of Goldman Sachs Exchanges.  Learn more about your ad choices. Visit megaphone.fm/adchoices

Developed market equities have long dominated global equity markets, but that’s set to change in the coming decades. Kevin Daly, co-head of CEEMEA Economics in Goldman Sachs Research, explains why EM capital markets are likely to rise significantly. Learn more about your ad choices. Visit megaphone.fm/adchoices

Goldman Sachs’ Co-head of Global Banking & Markets Jim Esposito explains how companies and investing clients are navigating markets and the global economy in the latest episode of Goldman Sachs Exchanges. Learn more about your ad choices. Visit megaphone.fm/adchoices

In this special episode of Goldman Sachs Exchanges: Great Investors, Peter Brown, CEO of Renaissance Technologies, talks about his career and building the hedge fund company. He also recounts how the firm navigated market crises such as the “quant quake” and the Global Financial Crisis, and describes how computer models and algorithms have long played a role in Renaissance’s growth.  Learn more about your ad choices. Visit megaphone.fm/adchoices

Worries that rising inflation will force the Federal Reserve to raise interest rates later this year appear to be fading amid encouraging signs in the jobs market. Goldman Sachs Research’s Chief U.S. Economist David Mericle shares his views on the U.S. economy, inflation, and the Fed’s path from here. Learn more about your ad choices. Visit megaphone.fm/adchoices

Goldman Sachs Research’s Sharon Bell and Gizelle George-Joseph discuss the progress, challenges, and opportunities facing women and Black Americans, respectively, and why reducing racial, gender, and economic inequities could ultimately raise global growth over the long term. Learn more about your ad choices. Visit megaphone.fm/adchoices

The music industry is on the verge of another major structural change, so what should listeners, artists, and industry professionals expect over the years to come? Goldman Sachs Research’s Lisa Yang discusses her latest Music in the Air report which analyzes how streaming, artificial intelligence, and changing listener behavior are affecting the industry. Learn more about your ad choices. Visit megaphone.fm/adchoices

As the Chief Investment Officer of Global Fixed Income for BlackRock, Rick Rieder and his team are responsible for about $2.4 trillion of assets. In this episode of Goldman Sachs Exchanges: Great Investors, Rieder shares his views on the markets, the strength of the U.S. economy, and where he’s finding investment opportunities.  Learn more about your ad choices. Visit megaphone.fm/adchoices

Higher interest rates are making it more expensive for companies to borrow money. So what could that mean for the health of corporate America? Saba Capital Management’s Boaz Weinstein, founder and CIO, and Goldman Sachs’ Lotfi Karoui, chief credit strategist, discuss the outlook for U.S. credit markets. This episode of Goldman Sachs Exchanges is based on Goldman Sachs Research’s latest Top of Mind report. Learn more about your ad choices. Visit megaphone.fm/adchoices

Germany slipped into a technical recession earlier this year as the country struggles with a weaker manufacturing sector, high inflation and a war on its doorsteps. In this episode, Wolfgang Fink, CEO of Goldman Sachs for Germany and Austria, explains how German companies and investors are adapting to the macro and market pressures.  Learn more about your ad choices. Visit megaphone.fm/adchoices

More than any other advanced economy, the U.K. has been squeezed by sharply higher prices, but new data shows that inflation may be starting to fall. In this episode, Goldman Sachs Research’s Jari Stehn, chief European economist, and George Cole, head of European rates strategy, explain why the U.K. faces a “confluence of shocks,” why inflation is likely to remain elevated, and what the implications of the U.K.’s inflation problems may mean for yields across the Euro area and globally.  Learn more about your ad choices. Visit megaphone.fm/adchoices

Since Luke Ellis took the helm as CEO of Man Group, a global active investment management firm with a significant hedge fund offering, the firm’s assets under management have almost doubled to around $145 billion. In this episode of Goldman Sachs Exchanges: Great Investors, Goldman Sachs’ John Storey speaks with Ellis about his perspectives on the hedge fund industry, his views on the markets and the global economy, and what’s he’s learned over his career.  Learn more about your ad choices. Visit megaphone.fm/adchoices

China's emergence from Covid lockdowns was expected to boost the global economy. But a string of disappointing data is giving investors, policymakers and market watchers a new reason to worry. Goldman Sachs Research’s Hui Shan, chief China economist, explains the drivers behind the outlook for the world’s second-largest economy.  Learn more about your ad choices. Visit megaphone.fm/adchoices

Investor interest in generative AI technology has surged. But is the hype and market pricing around the technology warranted? In this episode of Goldman Sachs Exchanges, Conviction’s Sarah Guo, NYU’s Gary Marcus and Goldman Sachs Research’s Kash Rangan and Eric Sheridan discuss the technology’s disruptive potential.  Learn more about your ad choices. Visit megaphone.fm/adchoices

Goldman Sachs Research’s Bruce Kirk, chief Japan equity strategist, explains the drivers behind the rally in Japan’s equity market and the state of the country’s economy.  Learn more about your ad choices. Visit megaphone.fm/adchoices

Global equity markets have performed relatively well in the first half of the year, but can this performance last? Goldman Sachs Research’s Peter Oppenheimer, chief global equity strategist and head of macro research in Europe, explains why equity returns are likely to remain relatively flat from here.  Learn more about your ad choices. Visit megaphone.fm/adchoices

The U.S. economy has shown signs of surprising resilience this year, despite concerns over inflation, recession and the Fed’s path from here. In the latest episode of Goldman Sachs Exchanges, David Mericle, chief U.S. economist in Goldman Sachs Research, explains why he’s generally optimistic that the U.S. economy can avoid a recession and achieve a soft landing.  Learn more about your ad choices. Visit megaphone.fm/adchoices

Since GQG Partners’ Chairman and CIO Rajiv Jain co-founded the global boutique asset management firm in 2016, the company has grown to more than $100 billion in assets under management. In this episode of Goldman Sachs Exchanges: Great Investors, Jain discusses his approach to managing portfolios and building teams, as well as his views on the macroeconomic and investment landscape.  Learn more about your ad choices. Visit megaphone.fm/adchoices

Breaking down the latest decisions from the Fed and the ECB, as well as how corporates are navigating the current economic climate, Jonathan Fine, head of Investment Grade Syndicate in the Americas in Goldman Sachs' Global Banking & Markets, joins our latest episode of The Markets, a new weekly podcast from Goldman Sachs Exchanges. Learn more about your ad choices. Visit megaphone.fm/adchoices

Family offices have long managed the financial affairs of the world's wealthiest families. In this episode, Meena Flynn and Sara Naison-Tarajano from Goldman Sachs’ Asset & Wealth Management business, and Ken Hirsch and Tony Pasquariello from Global Banking & Markets, break down the findings of the firm’s latest Family Office survey, Eyes on the Horizon.  Learn more about your ad choices. Visit megaphone.fm/adchoices

Investor enthusiasm for artificial intelligence has driven equity markets higher, but does the current rally have legs? In this week’s Markets podcast from Goldman Sachs Exchanges, Sung Cho, co-head of Tech Investing for Fundamental Equity in Goldman Sachs Asset Management, explains the factors and outlook for the sector. Learn more about your ad choices. Visit megaphone.fm/adchoices

How are countries and companies reshaping their supply chains for a new era of global trade? In this episode, Andrew Tilton, chief Asia Pacific economist in Goldman Sachs Research, Luke Barrs from the Fundamental Equity business in Asset Management, and Richard Hill, chairman of the board at Marvell Technology, discuss the macro pressures and geopolitics that are affecting global supply chains, as well as the impact on the investment landscape.  Learn more about your ad choices. Visit megaphone.fm/adchoices

Discussing what’s next for U.S. treasury issuance as debt ceiling concerns fade, the Fed’s next move, and underlying trends in U.S. equity performance this year, Beth Hammack, co-head of the Global Financing Group in Goldman Sachs’ Global Banking & Markets, joins our latest episode of The Markets, a new weekly podcast from Goldman Sachs Exchanges. Learn more about your ad choices. Visit megaphone.fm/adchoices

In this episode, Stephen Kaplan, associate professor at George Washington University, Alec Phillips, Goldman Sachs Research’s chief political economist, and David Beers, former head of sovereign credit ratings at S&P, who oversaw the rating agency’s U.S. credit rating downgrade in 2011, dig into the history and mechanics of the U.S. debt limit and explore whether the repeated brinkmanship around raising the debt limit could undermine the value of U.S. assets.  Learn more about your ad choices. Visit megaphone.fm/adchoices

Debt ceiling discussions are the primary focus of markets this week but equity and bond markets are reacting in very different ways, explains Candice Tse, a managing director in Goldman Sachs Asset Management, on The Markets podcast.   Learn more about your ad choices. Visit megaphone.fm/adchoices

Oil and commodity prices have fallen this year amid unprecedented declines in inventories. But this “great de-stocking” could also pave the way for strong gains if the economy avoids a recession given solid fundamentals and overall demand, explains Jeff Currie, global head of commodities in Goldman Sachs Research.   Learn more about your ad choices. Visit megaphone.fm/adchoices

Breaking down this week’s economic data and events from the Euro area, Japan, China and the U.S., Luke Barrs, global head of client portfolio management in Fundamental Equity within Goldman Sachs Asset & Wealth Management, joins our latest episode of The Markets, a new weekly podcast from Goldman Sachs Exchanges. Learn more about your ad choices. Visit megaphone.fm/adchoices

In this episode, Goldman Sachs Research’s Christian Mueller-Glissmann, who heads asset allocation research within portfolio strategy, explains how recent market stresses are affecting portfolio diversification strategies.  Learn more about your ad choices. Visit megaphone.fm/adchoices

Analyzing this week’s CPI print, continuing concerns in the banking sector, and the ongoing debt limit debate, Joseph Briggs, a global economist in Goldman Sachs Research, joins our latest episode of The Markets, a new weekly podcast from Goldman Sachs Exchanges. Learn more about your ad choices. Visit megaphone.fm/adchoices