Goldman Sachs Exchanges

Paul Britton, Founder and CEO of Capstone Investment Advisors, delves into the evolution of the derivatives market and the art of managing risk. He shares his experiences from the 2008 financial crisis, emphasizing the need for strong risk frameworks. The conversation highlights the current low VIX amidst economic turmoil and the competition between hedge funds and private assets. Britton also discusses leadership qualities, balancing curiosity with consistency, and the impact of AI in finance, all while maintaining personal values like humility.

Jan Hatzius, the chief economist at Goldman Sachs, and Dominic Wilson, a senior advisor in Global Markets Research, tackle pressing economic questions. They discuss the impact of the administration's new tariff policies, revealing that growth and inflation expectations remain stable despite higher tariffs. The conversation dives into recent inflation data and its influence on the Federal Reserve. They analyze market resilience amid uncertainties and the implications of rising yields, and share insights on navigating payroll data challenges and future economic outlooks.

Alec Phillips, Goldman Sachs' chief political economist, teams up with Kamakshya Trivedi, head of Global Foreign Exchange and Emerging Markets Strategy, to dissect the current tariff landscape. They explore whether we're on the brink of a global trade war and its implications for markets and economies. The duo discusses how rapidly implemented tariffs could affect inflation, economic growth, and investor strategies. They also shed light on the interconnectedness of trade policies, and the uncertainty surrounding future negotiations. Brace for insights that matter!

Kim Posnett, Global co-head of Investment Banking at Goldman Sachs, shares insights on the impact of low-cost AI models on tech spending and deal-making. The conversation delves into how these advancements may encourage greater AI adoption, even amidst market volatility. They explore the evolving role of AI agents and the shift towards new data economies. Posnett highlights the balance between reduced costs and the need for robust infrastructure, painting an optimistic picture of AI's future in various sectors.

David Solomon, Chairman and CEO of Goldman Sachs, shares his insights on the evolving global business landscape. He discusses a more optimistic business environment projected for 2025 and the growing role of AI in shaping company strategies. Solomon also dives into the rising importance of private credit as a financial solution, highlighting the need for a balanced regulatory framework to support this growth. His views reflect a nuanced understanding of macroeconomic influences and regulatory shifts that will define the financial future.

Jonathan Fine, the Global Head of Investment Grade at Goldman Sachs, teams up with George Cole, the Head of European Rates Strategy, to unravel the recent volatility in global bond markets. They discuss how inflation expectations and shifts in Federal Reserve policy are driving bond yield fluctuations. The duo explores investor sentiment, highlighting strong demand for corporate debt amid rising interest expenses. They also analyze the implications of U.S. economic growth on global yields and predict a complex landscape ahead for monetary policy.

Sharmin Mossavar-Rahmani, head of the Investment Strategy Group at Goldman Sachs Wealth Management, shares her insights on the enduring dominance of the U.S. equities market. She discusses the robust outlook for U.S. investments, despite current high valuations, and the need for a strategic shift toward private investments. The conversation also covers China's economic struggles compared to Japan, the evolving role of gold, and the importance of strategic asset allocation to navigate market volatility effectively.

Christian Mueller-Glissmann, head of asset allocation research at Goldman Sachs, and Alexandra Wilson-Elizondo, co-CIO at Goldman Sachs Asset Management, dive deep into the investment landscape for 2025. They discuss how successful strategies from 2024 may need reevaluation. The conversation highlights the importance of diversification and alternative assets to navigate economic shifts. They also explore the complexities of the bond market and the necessity of hedging strategies like gold and currencies to mitigate risks in today's volatile climate.

In this conversation, Richard Ramsden, the Business Unit Leader of the Financials Group at Goldman Sachs Research, and Alex Blostein, an expert on the asset management industry, delve into the promising landscape for financial services. They discuss the potential recovery in capital markets and the impact of a steepening yield curve. Ramsden highlights how potential regulatory easing under a new administration could shape bank performance, while Blostein explores shifting trends in asset management, including the move towards fixed income and private equity.

Stephan Feldgoise, co-head of global mergers and acquisitions at Goldman Sachs, shares insights on the accelerating pace of deal-making, particularly in energy and healthcare. He discusses how moderating inflation and rate cuts could boost activity by 10% in 2025. Feldgoise also highlights the importance of long-term strategies amid varying regional interests and the role of generative AI in shaping private equity investments. Despite ongoing risks, there's a growing optimism for large transactions as geopolitical obstacles lessen.