Goldman Sachs Exchanges

Christian Mueller-Glissmann leads asset allocation research at Goldman Sachs, while Alexandra Wilson-Elizondo co-heads the Multi-Asset Solutions Business. They discuss strategies for navigating market volatility and advocate for diversification instead of relying solely on U.S. tech stocks. The conversation highlights the risks facing European investors and the need for strategic hedging. They emphasize the importance of adapting portfolios to the evolving economic landscape, ensuring resilience amidst policy uncertainties and market challenges.

Niall Ferguson, a historian at Stanford's Hoover Institution, and Ken Rogoff, an economist from Harvard, dissect the looming concerns about U.S. fiscal sustainability. They delve into how rising real interest rates coupled with substantial debt levels could trigger a crisis, and discuss historical parallels to strategic fiscal leadership. The duo also tackles the potential challenges facing the U.S. dollar's dominance due to shifting geopolitical landscapes, while emphasizing the role of voter engagement and technology in navigating these fiscal challenges.

Steve Cohen, the founder and CEO of Point72 and majority owner of the New York Mets, shares his insights on trading and sports management. He delves into his childhood passion for the stock market and the traits that drove his success. Cohen discusses navigating market dynamics and the vital role of AI in optimizing investments. He also emphasizes the importance of mentorship in trading, drawing parallels between business and sports as he reflects on team dynamics and fan engagement strategies during a pennant race.

Wolfgang Fink, CEO of Goldman Sachs Bank Europe SE and Head of Goldman Sachs in Germany and Austria, dives into Germany's economic landscape amid political shifts. He discusses the potential for economic revival due to new government initiatives focused on infrastructure and defense. The conversation also tackles the impact of U.S. tariffs on Germany's export-heavy economy, while exploring how businesses are adapting supply chains in uncertain times. Fink highlights the effects of changing investor sentiments on European equities and the evolving dynamics of corporate deal-making.

John Waldron, President and COO of Goldman Sachs, shares insights on navigating corporate challenges in uncertain times. He discusses strategies for managing risk amid U.S.-China trade tensions and changing tariffs. Waldron highlights Europe's growing investment potential, especially in Germany, and how Goldman Sachs is enhancing its operational resilience. He emphasizes the importance of effective leadership and communication, drawing from experiences during crises like COVID-19 to foster strong, human-centric relationships in business.

Alec Phillips, Chief US political economist with Goldman Sachs Research, offers keen insights into the recent US trade court ruling that has cast doubt on President Trump's tariffs. He discusses the implications of this legal decision for trade policy, exploring its potential to reshape economic landscapes and investor strategies. The conversation also delves into the complexities of ongoing trade negotiations and the uncertain fiscal impacts stemming from tariff adjustments, leaving listeners with a thought-provoking view on the future of US trade relations.

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 and seasoned macro investor, shares his high-conviction investment strategies and the significance of short selling for risk management. He offers a bullish outlook on U.S. markets and highlights the untapped investment potential in Latin America amid political shifts. Citrone discusses blending top-down and bottom-up approaches in investing, the impact of a structured morning routine on trading decisions, and insights from his personal journey, including his connection to the Pittsburgh Steelers.

Richard Clarida, former Vice Chair of the Federal Reserve, and John Cochrane from the Hoover Institution delve into the critical question of the Fed's independence. They discuss the historical foundations of the Fed and how political pressures threaten its autonomy. The conversation highlights the implications of appointing a new Fed chair and the impact on monetary policy effectiveness. They also analyze recent legal challenges the Fed faces, emphasizing the importance of maintaining its independence amid increasing scrutiny.

David Kostin, Chief U.S. Equity Strategist at Goldman Sachs Research, and Padi Raphael, Global Co-Head of Third-Party Wealth Management at Goldman Sachs Asset Management, dive into market dynamics post-tariff announcements. They explore how US stocks are recovering, the impact of tariffs on second-quarter earnings, and contrasting investor sentiments. The discussion highlights the balance between market optimism and economic risks, emphasizing diversification and emerging trends in private markets for savvy investors.