Squawk Pod Goldman Sachs CEO David Solomon & Pershing Square’s Bill Ackman 10/21/25
13 snips
Oct 21, 2025 
David Solomon, CEO of Goldman Sachs, shares insights on the firm's growth strategy and AI's role in enhancing productivity. He raises concerns about the private credit market and emphasizes the importance of transparency in private asset valuations. Meanwhile, Bill Ackman, founder of Pershing Square, passionately discusses the New York City mayoral race, warning of the implications of candidate Zohran Mamdani's policies on affordability and public safety. Ackman rallies New Yorkers to vote, highlighting the stakes for the city's future.
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Private Capital Is Still Expanding
- Private capital formation in the U.S. remains in early innings and is a powerful engine for the economy.
- The U.S. benefits from retail participation and risk-taking that make private markets uniquely large and constructive.
Use Alternatives Only If You Have Long Horizons
- Allocate illiquid alternative assets to long-term retirement accounts that don't need short-term liquidity.
- Watch for practices that push products too far and manage risks when access widens to retail investors.
Valuation Matters When Liquidity Is Offered
- Private assets use different reporting and valuation norms, which become material when liquidity is offered to investors.
- Marks should reflect what assets can be sold for when funds provide redemption options.