Goldman Sachs Exchanges

Christian Mueller-Glissmann, Head of asset allocation research at Goldman Sachs Research, and Brian Garrett, co-lead of the equity execution team, dive into the market's strong response to Trump's election win. They discuss the sharp rises in stocks, bond yields, and the dollar while exploring sustainable investment strategies in underperforming sectors. The conversation also touches on the impact of political changes on market volatility, interest rates, and the unique dynamics emerging as the 2024 financial landscape unfolds.

Clearlake Capital’s Co-Founder and Managing Partner José E. Feliciano discusses the firm’s flexible approach to investing in the private markets, artificial intelligence, and sports teams. For more insights from great investors, listen to previous episodes from our Great Investors series.  Learn more about your ad choices. Visit megaphone.fm/adchoices

Jared Bernstein, the current Chairman of the Council of Economic Advisers under President Biden, and Kevin Hassett, the former Chairman under President Trump, engage in a lively debate on economic policy. They tackle the implications of corporate tax hikes, exploring how raising rates could impact growth and investment. Bernstein highlights the benefits of expanding child tax credits in reducing poverty, while both reflect on the challenges of tariffs in U.S.-China relations. Their insights reveal stark contrasts in vision while acknowledging common economic concerns.

Chelsea Stoner, general partner of Battery Ventures, has long been focused on the ways in which software is transforming a variety of industries. In a discussion with Goldman Sachs’ Michael Brandmeyer, Stoner discusses her path to Silicon Valley, Battery's longevity as a tech-focused investment firm, and her unique outlook on the venture capital and private equity landscape.  Learn more about your ad choices. Visit megaphone.fm/adchoices

David Kostin, a US equities expert from Goldman Sachs Research, and Ryan Hammond from the portfolio strategy team discuss the remarkable 25% rally of the S&P 500 this year. They dive into the impact of mega-cap tech stocks and the potential for mid-cap equities. The duo also examines the cyclical phases of the AI industry, emphasizing key players like NVIDIA. Additionally, they share insights on the upcoming earnings season, investor sentiment, and projections for the S&P 500 leading up to 2025, reflecting optimism amid uncertainties.

Karen Karniol-Tambour, Co-CIO at Bridgewater Associates, dives into the current macroeconomic environment, highlighting growth potential from recent Federal Reserve rate cuts and fiscal stimulus. She discusses investment strategies shaped by changing monetary policies and opportunities in Chinese and Japanese markets. AI's impact on the economy and evolving ESG factors in investment decisions are also key points. Karniol-Tambour shares insights on leadership roles for women in finance and Bridgewater’s culture of curiosity and feedback.

Daan Struyven, co-head of commodities research at Goldman Sachs, dives into rising oil and gold prices influenced by geopolitical tensions in the Middle East and China's stimulus. He discusses the implications of potential retaliatory actions against Iran and how they could disrupt supply. Struyven also emphasizes gold's bullish prospects, predicting prices could rise significantly amidst changing monetary policies. He argues that gold is a superior investment hedge compared to oil, navigating through various economic uncertainties.

Michael Moran, a pension strategist at Goldman Sachs Asset Management, dives into the changing landscape of retirement security. He highlights how the current economic climate poses challenges for savers and retirees alike, particularly for lower-income workers. The discussion emphasizes the significance of retirement planning and innovative investment options, alongside the concept of financial grit as a key trait for success. Moran also sheds light on recent legislative changes and remains optimistic about future innovations in retirement planning that could enhance security for all.

Lotfi Karoui, who heads credit, mortgages, and structured products research at Goldman Sachs, joins Jeff Fine, the global co-head of Alternatives Capital Formation. They dive into how the Federal Reserve's rate cuts could potentially ease pressures on the real estate market. The discussions reveal challenges in commercial real estate stemming from maturing loans and the differing performances of new vs. older office buildings. They also highlight the ripple effects on housing affordability, offering a glimpse of optimism amid market fluctuations.

Roelof Botha, Managing Partner at Sequoia Capital and former CFO of PayPal, shares insights from his remarkable journey in Silicon Valley. He delves into Sequoia’s unique culture of innovation, emphasizing collaboration and learning from failure. Botha discusses the transformative potential of AI and advances in cybersecurity, particularly through investments in companies like Exbow. He also highlights the importance of authentic leadership and adapting to change while navigating the intricate dynamics of venture capital and long-term investor relationships.