Goldman Sachs Exchanges

David Kostin, Chief US equity strategist at Goldman Sachs Research, and Owen Lamont, Senior VP and portfolio manager at Acadian Asset Management, delve into market concentration and investor fears. They discuss how the top 10 S&P 500 stocks dominate the market, potentially leading to lower long-term returns. They also debate whether concerns about volatility and risk are overstated and explore how AI and geopolitical factors might influence future market stability. Their insights challenge the conventional wisdom surrounding concentrated investments.

Jared Cohen, president of global affairs at Goldman Sachs, dives into the profound implications of AI on geopolitics. He discusses the critical role of data center diplomacy and the U.S.'s need for strategic partnerships to maintain its tech leadership. Cohen highlights the limitations of U.S. AI infrastructure and its geopolitical ramifications, while also exploring the evolving dynamics between U.S. companies and Gulf states. The conversation touches on China's ambitious AI strategy and the complexities faced by Middle Eastern nations in fostering partnerships.

Dave Dase, Global Co-Head of Sports Investment Banking, and Gene Sykes, Co-Chair of Mergers and Acquisitions, dive into the shifting tides of sports media. They explore the staggering valuations of sports teams and the fierce competition between traditional broadcasters and tech giants for premium content. The conversation highlights how athletes are leveraging social media to create personal brands and drive social issues. Also on the table is the excitement surrounding the 2028 LA Olympics and the role of technology in transforming fan engagement.

Jan Hatzius, chief economist at Goldman Sachs, and Dominic Wilson, senior advisor in global markets research, share insights on the economic outlook for 2025. They explore the potential impact of Trump's policies on growth and inflation, highlighting a 15% chance of recession. The duo discusses the balance of risks for markets, including high equity valuations and trade policies. They also touch upon how monetary policies may evolve, with possible interest rate cuts, and strategies for investors in navigating the fluctuating landscape.

In this engaging discussion, Josh Harris, co-founder of Apollo Global Management and a notable sports franchise owner, shares insights on the surge of institutional investors in professional sports. Dave Dase and Elis Jones from Goldman Sachs delve into the booming sports investment landscape, emphasizing the rising media rights and potential in women's sports. They also explore how Formula One's transformation into an entertainment juggernaut boosts its visibility. The emotional and financial aspects of sports investments are highlighted, showcasing the unique blend of passion and profit.

Rob Kaplan, former Dallas Fed President and current vice chairman at Goldman Sachs, shares insights on the Federal Reserve's rate-cutting cycle and its relationship with fiscal policy. He discusses the impact of the Trump administration on Fed strategies and how political events can sway economic decisions. Kaplan highlights the challenges of managing inflation while supporting growth, as well as the potential market implications of new economic policies post-election. The conversation also touches on the complexities of recent disparities among income groups.

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