Exchanges

Alan Waxman, Co-founder and CEO of Sixth Street, dives into the significance of firm culture and flexibility in investment strategies. He discusses the innovative Tau strategy, which optimizes risk-reward across multiple platforms. Waxman shares key lessons from the financial crisis and underscores the importance of collaboration and open communication in teams. He identifies exciting opportunities in real estate, AI, and sports investments, emphasizing that a strong culture is essential for driving success in multi-strategy investing.

David Mericle, Chief U.S. economist at Goldman Sachs Research, unpacks the puzzling dynamics of the economy. He explains why solid GDP growth contrasts with slower job growth, attributing it to increased productivity and restricted immigration. The discussion also touches on the minimal impact of AI on hiring and the implications of recent tariffs. Additionally, David assesses the potential risks of labor market softening and how the Fed may adapt amidst incomplete data. His insights provide clarity on the current economic landscape.

In this enlightening discussion, Byron Deeter, a partner at Bessemer Venture Partners known for his savvy in cloud and AI investments, shares insights into the evolving venture landscape. He emphasizes the transformative power of AI, calling it the technology opportunity of our lifetimes. Byron also explores the importance of prioritizing founders over market potential and reflects on lessons learned from missed investments. Additionally, he highlights the intersection of sports and leadership, promoting fitness and mental health for CEOs through the STRIVE program.

Join Alex Blostein, a research analyst at Goldman Sachs, and Harold Hope, the global head of Vintage Strategies, as they explore the booming private equity secondaries market. They unpack its rise from niche to necessity, fueled by increasing liquidity needs and retail participation. Discover how investors leverage secondaries for diversification and the intricacies of micro valuation techniques. With predictions pointing to accelerated growth driven by fresh capital and asset diversity, this conversation reveals what the future holds for private markets.

Alec Phillips, Chief US political economist at Goldman Sachs Research, dives into the implications of the U.S. government shutdown on the economy. He discusses how this shutdown differs from past ones, particularly due to the current political climate. Alec analyzes who bears the brunt of the blame, potential duration based on key financial triggers, and quantifies the economic costs, including impacts on GDP. He also addresses market reactions and the Fed's likely responses amidst data gaps, providing insights on the risks of frequent shutdowns.

Neema Raphael, Chief Data Officer at Goldman Sachs, brings a wealth of knowledge on data strategy. She shares her journey from software engineer to leading data efforts, emphasizing the transformative potential of generative AI. Neema discusses the critical need for cultural shifts towards probabilistic models in finance and addresses the myth of data scarcity, arguing for the role of synthetic and proprietary data. She also highlights the importance of data cleaning and linking in unleashing AI's true business value, while addressing AI's impacts and her personal uses of technology.

In this insightful discussion, Erica Groshen, former Commissioner of the U.S. Bureau of Labor Statistics, shares her expertise on economic data reliability. She emphasizes the necessity of scheduled revisions for accurate statistics and highlights how pandemic-related changes have affected data quality. Groshen warns against the dangers of political influences on data integrity and notes that recent staff cuts threaten the BLS’s resilience. The conversation also explores the implications of losing trust in official statistics and the importance of timely data for decision-making.

Asad Haider, Head of the U.S. Healthcare Business Unit at Goldman Sachs Research, dives into healthcare's recent struggles due to AI shifts and policy uncertainties. Amit Sinha, Head of Life Sciences Investing at Goldman Sachs Asset Management, discusses why private capital is crucial for biotech and highlights groundbreaking advancements in areas like genetics and immunology. Both guests uncover innovative pockets within the industry, from oral obesity treatments to oncology strategies, painting a hopeful picture amid challenges.

Darren Cohen, co-head and chief investment officer of Growth Equity at Goldman Sachs Asset Management, shares his unique journey from potential careers in philosophy or law to tech investing. He reflects on lessons learned from the tech bubble and underscores the importance of a long-term investment strategy. The conversation dives into current opportunities in AI, SaaS, and healthcare technology, while emphasizing the transformative power of AI in reshaping investment approaches. Cohen also highlights untapped sectors and the critical infrastructure needed to harness their potential.

Brian Brooks, former acting comptroller of the currency and CEO of Meridian Capital Group, joins Barry Eichengreen, a UC Berkeley professor and expert on monetary history. They dive into the evolving landscape of stablecoins, discussing the regulatory implications of the Genius Act and the potential for a more competitive market. The debate between CBDCs and stablecoins unfolds, outlining their respective roles in financial systems. Additionally, they explore how stablecoins could impact demand for U.S. treasuries, leaving listeners pondering the future of digital currencies.