Exchanges

Scott Goodwin, co-founder and managing partner of Diameter Capital Partners, dives deep into his investment philosophy and current credit market opportunities. He discusses early warning signs in consumer and housing credit, touching on the risks posed by private online lending. Scott reveals how Diameter strategically acquired Twitter debt through innovative research. He also examines the surge of AI's impact on telecom investments and warns about the potential threats to pre-GPT SaaS buyouts. Plus, he reflects on his journey from fantasy sports to finance, illuminating an intriguing path.

Mark Kennedy, founding director of the Wahba Initiative for Strategic Competition, teams up with Paul Triolo, partner at DGA Albright Stonebridge Group, to delve into the riveting US-China tech rivalry. They dissect the impact of US export controls on China's tech landscape and how these measures have accelerated China's drive for chip independence. The duo explores semiconductor choke points, the potential for self-sufficiency, and the critical role of energy availability for AI infrastructure. Unpacking each nation's strengths, they paint a vivid picture of the tech race's future.

David Kostin, the Chief U.S. equity strategist at Goldman Sachs, brings decades of insight on the current equity market's volatility and the implications of the AI trade. He highlights the nervousness among investors contrasted with stabilizing earnings. Kostin discusses potential bubbles in private markets, the performance struggles of fund managers, and where smart money is currently positioning itself. He also muses on his long career and shares memorable encounters with legendary investors like George Soros and Warren Buffett.

Join Stephan Feldgoise, Head of Global Mergers & Acquisitions at Goldman Sachs, as he dives into the surprising surge in deal-making despite global headwinds. He uncovers the strategic imperatives and open capital markets fueling this trend, and why mega-deals are on the rise. Listen as he discusses how AI is reshaping boardroom strategies and portfolio simplification amidst shareholder activism. Feldgoise also shares insights on the ongoing role of private capital and offers a cautiously optimistic outlook for the M&A landscape in 2026.

Robert Kaplan, Vice Chairman of Goldman Sachs and former president of the Federal Reserve Bank of Dallas, dives into the complex landscape of inflation and labor markets. He discusses the Fed's tough decisions ahead, especially with inflation surpassing targets amidst a weakening labor market. Kaplan highlights various headwinds from tariffs and immigration uncertainty while also pointing to potential growth tailwinds like tax incentives and the AI boom. He emphasizes the Fed's cautious approach to potential rate cuts and the influence of political pressure on its independence.

In this discussion, Eric Sheridan, a U.S. Internet Equity Research analyst at Goldman Sachs, and Kash Rangan, a U.S. Software Equity Research analyst, tackle AI bubble concerns. They dive into rising valuations and massive spending in the AI sector. Eric highlights the importance of free cash flow and distinctions from past bubbles. Kash examines software valuation dynamics and raises alarms about leverage risks. They also explore the circular capital flows between chipmakers and cloud firms, drawing parallels to the telecom era that could complicate revenue clarity.

Hui Shan, Chief China Economist at Goldman Sachs, shares her insights on China's economic outlook amid U.S.-China trade tensions. She highlights the surprising resilience of Chinese exports and the shifting trade patterns due to rerouting strategies. Shan also discusses the key takeaways from the Trump-Xi summit, potential durability of the trade truce, and China's strategic leverage in discussions over rare earths. Additionally, she revises China's growth forecasts upward and explores the transformative role of AI in bolstering future growth.

Tony Yoseloff, Managing Partner and CIO of Davidson Kempner Capital Management, shares insights into the shifting landscape of investment. He emphasizes the importance of blending public and private markets and discusses the lasting impacts of interest rate changes and the resurgence of M&A activity. Yoseloff also highlights emerging opportunities in India and Southern Europe, while warning against the risks of market concentration and uncertain AI-driven investments. His personal investment philosophy incorporates learning from past mistakes and understanding the potential for loss.

Daan Struyven, Co-head of commodities research at Goldman Sachs, dives into the dynamic world of commodities. He discusses the impact of U.S. sanctions on Russian oil giants, revealing the potential price forecasts for Brent crude. Daan highlights the strategic importance of rare earths and shares insights on how investors can gain exposure, emphasizing that it's largely policy-driven. He also addresses the recent pullback in gold prices, attributing it to speculative actions, while advocating for commodities as a crucial portfolio diversifier.

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.