The Prof G Pod with Scott Galloway Prof G Markets: Goldman Sachs Restructures its Businesses + Restaurant NFTs, and Nikola’s Securities Fraud Saga
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Oct 24, 2022 
This week, Ed Elson, a Prof G media analyst, teams up with Jason Stabbers, Editor-in-chief at Prof G Media, to dive into the latest market trends. They discuss Goldman Sachs' shift back to asset management while scaling down in consumer banking. The duo explores the controversial effectiveness of catering to the wealthy and its societal implications. They also unpack the recent securities fraud conviction of Nikola’s CEO, shedding light on the fine line between ambition and deceit in entrepreneurship.
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Goldman Sachs Restructures
- Goldman Sachs' profits dropped 43% due to declining capital markets activity, impacting M&A and IPOs.
- They are shifting to asset management for steadier, predictable revenue streams.
Predictable Revenue at Prof G Media
- Scott Galloway compares Goldman's situation to his firm, Prof G Media, where speaking fees are high-margin but unpredictable.
- Podcast revenues, while less glamorous, offer more consistent and predictable income.
Restaurant NFTs and Financialization
- NFTs are being used to offer immediate access to high-end restaurants, similar to a membership model.
- This reflects a trend of financializing everything and catering to the wealthy, creating further social segregation.