Research @ Citi

John Godyn, Citi's Head of Aerospace, Defense and Airlines, shares his insights on the airline industry. He discusses the record demand for holiday travel and its critical role in airline profits. John reveals why consumers continue to fly despite rising costs, touching on the strength of leisure and premium travel. He defines the 'super majors' like Delta and American Airlines, explaining their competitive advantages. Additionally, he explores M&A prospects and the impact of recent bankruptcies, offering a glimpse into the future of the market.

In this discussion, Adam Pickett, the London macro head at Citi, shares his insights on navigating the markets as we approach 2026. He highlights a 'Goldilocks' scenario for growth and moderate inflation. The conversation delves into China as an equity diversifier and the strategic advantages of sectors like tech, financials, and healthcare. Adam emphasizes the challenges of hedging in a tech bubble, suggests a neutral stance on treasuries, and forecasts a three-phase trajectory for the dollar. Lastly, he expresses a preference for base metals over gold, citing cyclical influences.

Head of Research Lucy Baldwin sits down with Max Layton, Global Head of Commodities Research, to discuss a remarkable 2025 for commodities as well as what to expect in 2026. Topics include the gold bull market, what may lie ahead for oil, and how developments with central banks and China may shape commodities strategy. This podcast contains thematic content and is not intended to be investment research. Nor does it constitute financial, economic, legal, tax or accounting advice. This podcast is provided for information purposes only and does not constitute an offer or solicitation to purchase or sell any financial instruments. The contents of this podcast are not based on your individual circumstances and should not be relied upon as an assessment of suitability for you of a particular product, security, or transaction. The information in this podcast is based on generally available information and, although obtained from sources believed by Citi to be reliable, its accuracy and completeness are not guaranteed. Past performance is not a guarantee or indication of future results. This podcast may not be copied or distributed, in whole or in part, without the express written consent of Citi. © 2025 Citigroup Global Markets Inc. Member SIPC. All rights reserved. Citi and Citi and Arc Design are trademarks and service marks of Citigroup Inc. or its affiliates and are used and registered throughout the world.

Scott Chronert, Head of U.S. Equity Strategy, sits down with Tushar Yadava, Head of Markets at BlackRock Model Portfolios, to discuss the substantial growth in the model portfolio business and its importance for asset allocation trends. This podcast contains thematic content and is not intended to be investment research. nor does it constitute financial, economic, legal, tax, or accounting advice. This podcast is provided for information purposes only and does not constitute an offer or solicitation to purchase or sell any financial instruments. The contents of this podcast are not based on your individual circumstances and should not be relied upon as an assessment of suitability for you of a particular product, security, or transaction. The information in this podcast is based on generally available information and although obtained from sources believed by Citi to be reliable, its accuracy and completeness are not guaranteed. Past performance is not a guarantee or indication of future results. Third-party opinions expressed in this podcast are solely those of the speaker and do not represent the views of Citi. This podcast may not be copied or distributed, in whole or in part, without the express written consent of Citi. Copyrights 2025, Citigroup Global Markets, Inc. Member SIPC. All rights reserved. Citi and Citi and Arc Design are trademarks and service marks of Citigroup, Inc. or its affiliates and are used and registered throughout the world.

Dirk Willer, Global Head of Macro Strategy and Asset Allocation, and Scott Chronert, U.S. Head Equity Strategy, sit down with Heath Terry, Global Head for Technology and Communications Research, to debate whether AI is a boom or a bubble and what the endgame may be for companies and markets. This podcast contains thematic content and is not intended to be investment research. Nor does it constitute financial, economic, legal, tax or accounting advice. This podcast is provided for information purposes only and does not constitute an offer or solicitation to purchase or sell any financial instruments. The contents of this podcast are not based on your individual circumstances and should not be relied upon as an assessment of suitability for you of a particular product, security, or transaction. The information in this podcast is based on generally available information and, although obtained from sources believed by Citi to be reliable, its accuracy and completeness are not guaranteed. Past performance is not a guarantee or indication of future results. This podcast may not be copied or distributed, in whole or in part, without the express written consent of Citi. © 2025 Citigroup Global Markets Inc. Member SIPC. All rights reserved. Citi and Citi and Arc Design are trademarks and service marks of Citigroup Inc. or its affiliates and are used and registered throughout the world.

Geoff Meacham, Global Head of Healthcare at Citi, shares insights on the rapidly evolving healthcare landscape. He discusses AI's expected impact on drug development by 2028-2030 and the potential for increased interest from generalist investors. Geoff also examines the future of GLP-1 drugs, highlighting their shift from injectables to orals, and the implications for patient affordability. The conversation touches on M&A activity in biotech and the evolving pricing strategies in the pharmaceutical sector, making for a compelling listen for healthcare enthusiasts.

In this discussion, Alex Saunders, Head of Global Quant Macro Strategy at Citi, dives into the implications of the government shutdown's end. He believes improved economic data and a potential Fed rate cut in December could spark a Santa rally. Alex also analyzes labor market expectations, equity signals regarding Fed decisions, and how renewed liquidity may positively impact equities. Furthermore, he explores crypto market dynamics and their correlations with broader financial trends, all while providing insights for investors heading into year-end.

Elise Badoy, Citi's Head of EMEA Equity Research, and Thomas Chauvet, Global Consumer Discretionary and Luxury Goods, talk all things luxury. Their conversation ranges from key drivers and specific geographies to the performance of various luxury-goods categories and potential catalysts they see ahead. This podcast contains thematic content and is not intended to be investment research. Nor does it constitute financial, economic, legal, tax or accounting advice. This podcast is provided for information purposes only and does not constitute an offer or solicitation to purchase or sell any financial instruments. The contents of this podcast are not based on your individual circumstances and should not be relied upon as an assessment of suitability for you of a particular product, security, or transaction. The information in this podcast is based on generally available information and, although obtained from sources believed by Citi to be reliable, its accuracy and completeness are not guaranteed. Past performance is not a guarantee or indication of future results. This podcast may not be copied or distributed, in whole or in part, without the express written consent of Citi. © 2025 Citigroup Global Markets Inc. Member SIPC. All rights reserved. Citi and Citi and Arc Design are trademarks and service marks of Citigroup Inc. or its affiliates and are used and registered throughout the world.

Beata Manthey, Head of European Equity Strategy, sits down with Senior Equity Strategist David Groman to discuss what's behind the recent burst of volatility in equity markets. While there's plenty for investors to worry about, there are reasons for cheer as well. This podcast contains thematic content and is not intended to be investment research. Nor does it constitute financial, economic, legal, tax or accounting advice. This podcast is provided for information purposes only and does not constitute an offer or solicitation to purchase or sell any financial instruments. The contents of this podcast are not based on your individual circumstances and should not be relied upon as an assessment of suitability for you of a particular product, security, or transaction. The information in this podcast is based on generally available information and, although obtained from sources believed by Citi to be reliable, its accuracy and completeness are not guaranteed. Past performance is not a guarantee or indication of future results. This podcast may not be copied or distributed, in whole or in part, without the express written consent of Citi. © 2025 Citigroup Global Markets Inc. Member SIPC. All rights reserved. Citi and Citi and Arc Design are trademarks and service marks of Citigroup Inc. or its affiliates and are used and registered throughout the world.

Michael Anderson, Head of Credit Strategy at Citi, dives into the booming world of private credit. He shares insights on how private credit has evolved from a niche market to a key player in funding AI developments and sponsor-backed deals. The conversation highlights the customization of financial terms in private markets and the privacy benefits for borrowers. Additionally, Anderson discusses the risks AI poses to traditional cash flow models and forecasts the growth prospects for the sector amid changing market dynamics.