Exchanges
In each episode of "Exchanges," people from Goldman Sachs share their insights on developments shaping industries, markets and the global economy.
Episodes
Where Chinese Exports Are Gaining the Most Market Share
Chinese exports are surging worldwide—and particularly in emerging markets, says Trina Chen, co-head of Greater China Equity Research. In the Goldman Sachs Exchanges podcast, Chen also explains which sectors face the biggest challenge from growing Chinese competition.
Key takeaways:
In emerging markets, revenue growth for Chinese companies may be increasing 15-times that of the local market:
Inside the Revival of Venture Capital Liquidity with an Industry Pioneer
As liquidity in venture capital declines, the secondary market is increasingly important for investors and companies, says Hans Swildens, partner in Goldman Sachs Asset & Wealth Management, on Goldman Sachs Exchanges: Great Investors. Swildens explains why companies are staying private longer and how artificial intelligence is creating opportunities as well as headwinds for portfolios. In this con
How Family Businesses Should Plan for Generational Success
Companies with significant family ownership generate roughly 70% of global economic output and 60% of the world’s jobs. However, only three in 10 survive to a second generation. In this episode of Goldman Sachs Exchanges, FX de Mallmann, chairman of Goldman Sachs EMEA and chairman of Investment Banking, and Tucker York, chairman of global Wealth Management, discuss why succession is so difficult,
Why Markets May Be Pricing in Too Many Fed Rate Hikes
Markets may be pricing in more tightening by the Federal Reserve than is warranted due to a divergence playing out in the economy, according to Goldman Sachs Vice Chairman and former Dallas Fed President Rob Kaplan. In the Goldman Sachs Exchanges podcast, Kaplan notes that while artificial intelligence (AI) infrastructure and defense spending are continuing to boom, interest-rate sensitive pa
Rich Friedman on the Rise of Private Markets and AI Investing
Rich Friedman, chairman of Goldman Sachs Asset Management, says there are still plenty of investment opportunities in private equity, even as private markets have grown far larger than he would have imagined a few decades ago. In this conversation with Alison Mass, chairman of Investment Banking in Goldman Sachs Global Banking & Markets, on Goldman Sachs Exchanges: Great Investors, he explains why
Why Global Bond Yields Are Surging
Government bond yields have surged to multi-decade highs across the US, UK, Germany, and Japan. George Cole, head of European Rates Strategy for Goldman Sachs Research, says there is a range of factors behind the bond sell-off—from swelling fiscal deficits and borrowing tied to investment in artificial intelligence (AI) to resilient economic growth and an energy-price shock. In this episode of Gol
How Will Less Fed Transparency Affect Markets and the Economy?
Federal Reserve Chairman Kevin Warsh has steered the central bank into an era of less transparency. Former Fed governors Donald Kohn and Stephen Miran, as well as Goldman Sachs Chief Economist and Head of Goldman Sachs Research Jan Hatzius, discuss on the Goldman Sachs Exchanges podcast the merits of Fed communication and how it affects financial markets. The episode is based on the latest Top of
Dipan Patel on Permira’s ‘Artisanal’ Approach to Private Equity
Dipan Patel, co-CEO of Permira, joins Goldman Sachs Exchanges: Great Investors to discuss how Permira’s sector-specialized investment approach and private partnership structure differs from firms which have grown through platform scale and breadth. He also discusses Permira’s strategy for transforming portfolio companies and what has made those assets attractive to strategic buyers, and he sh
The Outlook for Data Center Power Demand as AI Token Use Grows
Global data center power demand could rise 170% by 2030 from 2025 levels according to Goldman Sachs Research’s Brian Singer and Carly Davenport. They joined hosts Allison Nathan and George Lee on the Goldman Sachs Exchanges podcast to discuss how data centers will source that power, the key bottlenecks, and the impact of growing pushback from some local communities.
Key takeaways:&nbs
Building AI Systems for Capital Markets
Key takeaways:
The "demo versus product" gap: An AI demo is judged on its best day, but an institutional-grade product is judged on its worst. Building reliable financial tools requires rigorous, auditable grounding frameworks to avoid hallucinations and ensure every output can be traced back to a verified source.
Don't bet against the model: Developers should avoid wasting resources on c
Wellington’s Jean Hynes on the Art of Investing and Finding New Markets
Jean Hynes, CEO of Wellington Management, has more than 35 years of experience at the firm. But she spends most of her time looking ahead, trying to envision what the world might look like in a decade and building portfolios around nascent opportunities. In an interview with Goldman Sachs’ Alison Mass on the Great Investors podcast, Hynes discusses innovation in the biopharma sector, how Wellingto
What the US-Japan Currency Intervention Means for the Yen, Rates, and the Dollar
The US and Japan coordinated on the biggest currency market intervention in 15 years, helping to stabilize a weakening yen. Karen Fishman, senior FX strategist in Goldman Sachs Research, and Praneet Shah, global head of FX options trading in Global Banking & Markets, discuss why the US joined the action, why the yen still appears undervalued, and whether another intervention might follow.
Key ta
Steven Tananbaum: The Evolution of Credit Investing and AI Opportunities
Goldman Sachs President John Waldron speaks with Steven Tananbaum, CIO of GoldenTree Asset Management, about how GoldenTree became a credit-focused asset manager overseeing $70 billion. They discuss how credit markets have evolved during Tananbaum’s career, his framework for analyzing investments, and how financing for artificial intelligence is affecting credit markets.
This episode was re
How AI Debt Is Reshaping Credit Markets
Credit markets are playing a growing role in the buildout of artificial intelligence, with nearly $500 billion of AI-related debt issuance so far in 2026, according to estimates from Goldman Sachs Research. Amanda Lynam, head of credit strategy research, and Zach Ablon, head of the credit sales desk in Global
What the Surge in IPOs Means for Investors
US IPO issuance has surged to a record high in 2026. But this resurgence raises two concerns for the equity market: whether it is flashing a late-cycle warning sign and whether the market can digest so much new issuance. Jay Ritter of The IPO Initiative and Owen Lamont of Acadian Asset Management discuss whether the IPO surge is 
US Midyear Outlook: Geopolitical Shocks, the New Fed Era, and Growth
As a newly installed chairman takes the helm of the Federal Reserve, US monetary policy remains uncertain amid a soft inflation print and escalating tensions in the Middle East. David Mericle, chief US economist in Goldman Sachs Research, forecasts the Fed to keep interest rates unchanged this year
The Growth of the Space Industry
Falling launch costs, innovations, and AI are fuelling a space economy that could reach $1 trillion by the 2040s, according to Michael Tarulli and Erik Sparks in Goldman Sachs Investment Banking. The key driver: launch costs have plunged sharply, opening up access to space and enabling new frontiers of commercial activity. The shift is cr
Ken Griffin on US-China Tensions and AI
Ken Griffin, the founder and CEO of Citadel, expects agentic artificial intelligence (AI) to enable a “golden age” of entrepreneurship and eliminate some corporate moats, even as the cost of using AI creates a deep moat around other companies. And while some jobs may be repl
How Will AI Affect Jobs?
Rapid improvements in AI capabilities and growing corporate adoption have led to predictions that the technology could spark large-scale job losses before the end of the decade. Do these concerns have merit? MIT’s Daron Acemoglu and Neil Thompson, and Goldman Sachs Research economist Joseph Briggs discuss with host Allison Nathan. This episode explores the latest Top of Mind report.
The opinions
What the IPO Boom Tells Us
IPO activity has been on the rise in 2026. What does that tell us about investor sentiment, and what impact could the IPO boom have on US equities going forward? Ben Snider, chief US equity strategist in Goldman Sachs Research, shares his views on whether the rise in public offerings is a sign of market strength or a warning that the market is at its peak.
Recorded on June 22, 2026.
The opini
Maverick Capital Co-CIOs on Finding the AI Winners
Ben Silver and David Tykocinski, co-CIOs of Maverick Capital, say their investment strategy has, in some respects, been the same for three decades: Rather than trying to time the market, the firm aims to drive performance by taking a long-term view, partnering with management teams, and doing deep diligence on its investments. In an interview with Goldman Sachs’ Tony Pasquariello on the Great Inve
How the US-Iran Deal Could Affect Oil Prices
Oil prices are expected to fall further following news that the US and Iran agreed to end hostilities and reopen the Strait of Hormuz. But oil is unlikely to return to pre-war levels for some time, according to Goldman Sachs Research's Daan Struyven, co-head of global commodities research and head of oil research. Struyven says that oil is still at risk of rising because of lingering effects from
Private Markets at an Inflection Point
Private markets have stalled since interest rates started to rise in 2022, even as public markets have climbed to new highs. But a period of sustained economic growth along with rising liquidity and AI-driven innovation could help private markets rebound, according to Goldman Sachs' Pete Lyon and Michael Brandmeyer. Despite longer private equity holding times and mixed performance from private cre
The AI Investment Boom: When Will It Pay Off?
The economics of artificial intelligence are more questionable today than two years ago, says Goldman Sachs Research's Jim Covello, as enterprise buyers, model companies, and hyperscalers have yet to show returns on their spend. In a conversation with Alison Nathan and George Lee on Goldman Sachs Exchanges, Covello discusses where we've seen economic value accrue to date and why semiconductor comp
‘Complexity is Our Friend’: James Brocklebank on Advent's Private Equity Strategy
Advent Co-Chair James Brocklebank explains why complex markets can create opportunities for private equity investors.
This episode was recorded on April 21st, 2026.
The opinions and views expressed herein are as of the date of publication, subject to change without notice, and may not necessarily reflect the institutional views of Goldman Sachs or its affiliates. The material provided is intend
Can the Asia Equity Rally Continue?
The equity story across Asia has split into two very different paths this year, with North Asian markets pulling ahead on the strength of the artificial intelligence trade while remaining more insulated from the energy supply shock tied to the Middle East. Goldman Sachs Research's Tim Moe explains what is driving the divergence, why he sees the semiconductor memory cycle lasting three to five year
Innovation and Inflation: Twin Forces Reshaping Portfolios
Technology stocks have staged a formidable rally, elevating innovation from a thematic tilt to a core portfolio driver. Yet this tailwind arrives alongside a recurring challenge — an inflationary environment in which traditional fixed-income hedges have fallen short. Together, these forces are pushing asset allocators toward a fundamental rethink of portfolio construction, as Goldman Sachs' Chris
Pressures in Private Credit
After over a decade of rapid growth and relative calm, the private credit market has come under pressure as several high-profile defaults, concerns about valuations, and exposure to a software industry vulnerable to AI disruption have fueled a surge in redemption requests. In this episode, Howard Marks, co-founder and co-chairman of Oaktree Capital Management, Michael Arougheti, co-founder and CEO
Will AI Make Markets Less Efficient?
How is AI changing investment strategies? In this episode, Osman Ali, global co-head of Quantitative Investment Strategies in Goldman Sachs Asset Management, explains the impact that AI is having in the quantitative investment space.
To learn more , visit the artificial intelligence insights page on GS.com.
This episode was recorded on May 1, 2026.
The opinions and views expressed herein are
How Warsh Could Shape Fed Policy
How will President Trump’s nominee for the Federal Reserve, Kevin Warsh, shape monetary policy if confirmed as Fed chair? Goldman Sachs’ Rob Kaplan, vice chairman and the former president of the Dallas Fed, shares views on Warsh’s potential approach to monetary policy, the balance sheet, and communications.
This episode was recorded on April 27, 2026.
The opinions and views expressed herein are
Farallon Capital's Nicolas Giauque on Investing for the Long Term
Managing Partner and CIO Nicolas Giauque of Farallon Capital—a multi-strategy firm founded 40 years ago—talks about the investing opportunities he sees today and his view of the current market environment.
This episode was recorded on April 9, 2026.
The opinions and views expressed herein are as of the date of publication, subject to change without notice, and may not necessarily reflect the ins
Apollo's Jim Zelter on the Future of Private Credit
Apollo Global Management President Jim Zelter talks about the unprecedented surge in capital expenditures, the future of private credit, and where he’s seeing investment opportunities around the world.
This episode was recorded on March 11, 2026.
The opinions and views expressed herein are as of the date of publication, subject to change without notice, and may not necessarily reflect the insti
Why Aren’t Investors More Worried?
Goldman Sachs Research’s Dominic Wilson discusses the impact of the Iran conflict—including the US blockade of the Strait of Hormuz—on global markets. In discussion with Exchanges Host Allison Nathan, he explores the market reactions, risks, and the outlook for equities, rates, currencies, and portfolio positioning amid the ongoing geopolitical uncertainty.
This episode was recorded on April 13,
Natural Gas in Focus: Iran Conflict Could Have ‘Very Painful’ Consequences
While oil dominates headlines amid the Iran conflict, an equally unsettling story is playing out in natural gas markets that may pose an even greater threat. In this episode of Goldman Sachs Exchanges, Samantha Dart, co-head of Global Commodities Research, explains why the length of the Iran conflict could have a significant impact on natural gas prices.
This episode was recorded on April 6th, 20
AI Exchanges: Power Problems?
As the demand for AI-powered data centers continues to grow, Goldman Sachs Research’s Brian Singer explains the potential sources—and constraints—of power demand growth.
This episode was recorded on March 3rd, 2026.
The opinions and views expressed herein are as of the date of publication, subject to change without notice, and may not necessarily reflect the institutional views of Goldman Sa
The Business Builder: New Mountain Capital's Steve Klinsky
Steve Klinsky, founder and CEO of New Mountain Capital, joins Goldman Sachs’ Alison Mass to discuss the macro landscape, his approach to building businesses, the evolution of the private equity industry.
This episode was recorded on February 18, 2026.
The opinions and views expressed herein are as of the date of publication, subject to change without notice, and may not necessarily reflect the
Iran Conflict: How Long, and How Bad?
The Iran conflict has triggered the largest energy supply disruption in history with shipping traffic in the Strait of Hormuz nearly at a standstill and regional energy infrastructure under fire. In this episode, Chatham House’s Sanam Vakil, long-time US Middle East advisor Dennis Ross, and Vice Admiral Kevin Donegan, USN (ret), discuss how long this conflict could last, what’s at stake for the ke
Private Credit Concerns in Context
Goldman Sachs’ Alex Blostein and Vivek Bantwal discuss the market sentiment, fundamentals, and the outlook for the private credit sector.
This episode was recorded on March 19th and 20th.
The opinions and views expressed herein are as of the date of publication, subject to change without notice, and may not necessarily reflect the institutional views of Goldman Sachs or its affiliates. The mat
Lloyd Blankfein on His Memoir Streetwise, Risk Management and Leadership
Goldman Sachs’ culture has long been defined by its core values: partnership, client service, integrity, and excellence. Lloyd Blankfein, Senior Chairman of The Goldman Sachs Group Inc. and former Chairman and CEO of Goldman Sachs, joins David Solomon, current Chairman and CEO of Goldman Sachs for a conversation on his storied career and the launch of his memoir, Streetwise: Getting to and Through
Emerging Markets: Stirred, But Not Yet Shaken
Goldman Sachs Research’s Kamakshya Trivedi analyzes the market’s reaction to the conflict in Iran and the case for emerging markets.
This episode was recorded on March 12, 2026.
The opinions and views expressed herein are as of the date of publication, subject to change without notice, and may not necessarily reflect the institutional views of Goldman Sachs or its affiliates. The material prov
Goldman Sachs International’s Co-CEOs on Europe’s Opportunity, AI, and Market Volatility
Goldman Sachs International Co-CEOs Anthony Gutman and Kunal Shah discuss CEO sentiment, market volatility, and the case for Europe.
This episode was recorded on March 12, 2026.
The opinions and views expressed herein are as of the date of publication, subject to change without notice, and may not necessarily reflect the institutional views of Goldman Sachs or its affiliates. The material provi
Can Software Survive AI?
Goldman Sachs Research’s Gabriela Borges explains how AI disruption has been affecting the software sector and what it will take for the sector to stabilize. For more, also read the related Goldman Sachs Research’s Top of Mind report, Will AI eat software?
This episode was recorded on March 10, 2026.
The opinions and views expressed herein are as of the date of publication, subject to change w
Oil Market Impacts from Iran
Goldman Sachs Research’s Daan Struyven, co-head of Global Commodities Research and Head of Oil Research, discusses how the strikes in Iran could affect the oil market, commodities, and energy prices.
This episode was recorded on March 2nd, 2026.
The opinions and views expressed herein are as of the date of publication, subject to change without notice, and may not necessarily reflect the insti
Why Japanese Stocks Could Keep Rallying
Goldman Sachs Research’s Bruce Kirk discusses the implications of Japan’s recent snap election and the implications for the equity market and foreign investors.
Date of recording: February 19, 2026.
The opinions and views expressed herein are as of the date of publication, subject to change without notice, and may not necessarily reflect the institutional views of Goldman Sachs or its affiliat
The New AI Trades
Goldman Sachs Research’s Ryan Hammond explains how AI disruption is creating large sector rotations even as equities continue to move higher.
This episode was recorded on February 11, 2026.
The opinions and views expressed herein are as of the date of publication, subject to change without notice, and may not necessarily reflect the institutional views of Goldman Sachs or its affiliates. The m
Fundamentals Still Matter: Lone Pine’s David Craver
David Craver, co-chief investment officer of Lone Pine Capital, discusses the evolution of market structure, the opportunities in AI, and the factors driving the firm’s long-term fundamental-based investing.
This episode was recorded on January 28, 2026.
The opinions and views expressed herein are as of the date of publication, subject to change without notice, and may not necessarily reflect t
‘Affordability’: Consumer Concerns and Government Proposals
What's driving concerns about the US cost of living, and can the administration's proposals effectively address them? David Mericle, Chief US Economist, and Alec Phillips, Chief US Political Economist, at Goldman Sachs Research discuss with Allison Nathan.
Date of recording: February 5th, 2026.
The opinions and views expressed herein are as of the date of publication, subject to change without
Implications of an “Americas First” Foreign Policy
What could more assertive US foreign policy in the Western Hemisphere — driven by the so-called “Donroe Doctrine”— mean for the global order? Hal Brands, professor of global affairs at the Johns Hopkins School of Advanced International Studies, and Mauricio Claver-Carone, President Trump’s former Special Envoy for Latin America, and managing partner of the Latin America Real Assets Opportunity Fun
Will US Stocks Outperform in 2026?
Goldman Sachs’ Sharmin Mossavar-Rahmani, head of the Investment Strategy Group and chief investment officer of Wealth Management, shares her team’s investment views for the year ahead. Find all our outlooks for the year ahead here: https://www.goldmansachs.com/insights/outlooks/2026-outlooks
This episode was recorded on January 9, 2026.
The opinions and views expressed herein are as of the date
Goldman Sachs Chairman and CEO David Solomon on AI, M&A, and Markets
Goldman Sachs Chairman and CEO David Solomon discusses AI, M&A, and the firm’s path forward.
This episode was recorded on January 20th, 2026.
The opinions and views expressed herein are as of the date of publication, subject to change without notice, and may not necessarily reflect the institutional views of Goldman Sachs or its affiliates. The material provided is intended for informational pu
Goldman Sachs Exchanges: Outlook 2026 | Episode 3: Assets and Allocation
In the third and final episode of the Goldman Sachs Exchanges Outlook 2026 series, Goldman Sachs Research’s Peter Oppenheimer, Kamakshya Trivedi, Daan Struyven, and Christian Mueller-Glissmann share the trends shaping assets and portfolio allocation in 2026.
Learn more about Goldman Sachs’ outlooks for the year ahead: https://www.goldmansachs.com/insights/outlooks/2026-outlooks
This episode was
Goldman Sachs Exchanges: Outlook 2026 | Episode 2: Regional Perspectives
In the second episode of the Goldman Sachs Exchanges Outlook 2026 series, Goldman Sachs Research’s David Mericle, Andrew Tilton, and Jari Stehn discuss the trends shaping economies in the US, Asia, and Europe in 2026.
This episode was recorded on January 7 and 8, 2026.
Learn more about Goldman Sachs’ outlooks for the year ahead.
The opinions and views expressed herein are as of the date of pub
Goldman Sachs Exchanges: Outlook 2026 | Episode 1: The Big Picture
In the first episode of the Goldman Sachs Exchanges: Outlook 2026 series, Goldman Sachs Research’s Jan Hatzius and Dominic Wilson discuss the trends shaping the global economy and markets in the coming year.
This episode was recorded on January 8th, 2026.
The opinions and views expressed herein are as of the date of publication, subject to change without notice, and may not necessarily reflect
Oil Market Impacts from Venezuela
Goldman Sachs Research’s Daan Struyven joins Allison Nathan to discuss the potential implications of the situation in Venezuela for the oil and commodity markets.
This episode was recorded on January 5th, 2026.
The opinions and views expressed herein are as of the date of publication, subject to change without notice, and may not necessarily reflect the institutional views of Goldman Sachs or i
Looking for Trends: One River Asset Management’s Eric Peters
Eric Peters, who leads both One River Asset Management and Coinbase Asset Management, shares his views on risk management, trend following, and the future of finance.
This episode was recorded on December 17, 2025.
The opinions and views expressed herein are as of the date of publication, subject to change without notice, and may not necessarily reflect the institutional views of Goldman Sachs
‘Who’s the Next Winner?’: Diameter Capital’s Scott Goodwin
Diameter Capital’s Scott Goodwin, co-founder and managing partner, talks about his career, his investment philosophy, and how he’s navigating opportunities across the credit spectrum.
This episode was recorded on December 8, 2025.
The opinions and views expressed herein are as of the date of publication, subject to change without notice, and may not necessarily reflect the institutional views o
The US-China Tech Race
Is the US or China winning the tech race, and what factors will determine the outcome? Mark Kennedy, founding director of the Wahba Initiative for Strategic Competition, and Paul Triolo, partner at DGA-Albright Stonebridge Group, discuss with Allison Nathan on the latest episode of Goldman Sachs Exchanges.
This episode was recorded on November 10, 18, and December 9th, 2025.
The opinions and v
From Assets to Alpha: David Kostin on US Equities
Goldman Sachs Research’s David Kostin discusses the recent equity market volatility, the AI trade, and the opportunities for investors today. Kostin, who is retiring as chief US equity strategist at the end of 2025, also reflects on his 31-year career at Goldman Sachs.
This episode was recorded on December 2, 2025.
The opinions and views expressed herein are as of the date of publication, s
What’s Driving the Surge in Deal-Making?
Despite a year marked by geopolitical uncertainty, higher tariffs, and slowing growth, deal-making activity is surging in 2025. So can this current wave of M&A activity continue? Goldman Sachs’ Stephan Feldgoise, head of the Global Mergers & Acquisition business in Global Banking & Markets, discusses the outlook with Allison Nathan.
This episode was recorded on November 20, 2025.
The opinions
The Fed's Tightrope: Inflation, Labor, and the Path Ahead
With inflation above target and the labor market weakening, is the Fed poised to cut rates again? Rob Kaplan, Vice Chairman of
Goldman Sachs, discusses the uncertain outlook with Allison Nathan.
This episode was recorded on November 12, 2025.
The opinions and views expressed herein are as of the date of publication, subject to change without notice, and may not necessarily reflect the institu
Are AI Bubble Concerns Warranted or Overblown?
AI bubble concerns are back amid a rise in AI-exposed companies’ valuations, ongoing massive AI spend, and the increasing circularity of the AI ecosystem. Goldman Sachs Research’s Eric Sheridan and Kash Rangan
discuss whether bubble concerns are warranted or overblown.
Date of recordings: September 26 and October 30, 2025
The opinions and views expressed herein are as of the date of publica
China's Economy: Reasons for Optimism
As the US and China navigate trade tensions, what's the outlook for China's economic growth? Hui Shan, chief China economist in Goldman Sachs Research, discusses with Allison Nathan.
This episode was recorded on November 3rd, 2025.
The opinions and views expressed herein are as of the date of publication, subject to change without notice, and may not necessarily reflect the institutional views o
Macro Challenges and Credit Opportunities: Davidson Kempner’s Tony Yoseloff
Davidson Kempner’s Tony Yoseloff, managing partner and chief investment officer, discusses the current market moment, the keys to investing across different market cycles, and where he sees opportunities in the alternative investing landscape.
This episode was recorded on October 20, 2025.
The opinions and views expressed herein are as of the date of publication, subject to change without noti
Gold, Oil, and Rare Earths: Commodities on the Move
With gold, oil, and rare earth minerals making headlines this year, Goldman Sachs Research’s Daan Struyven shares his views on what’s ahead for these markets and how commodities can fit into portfolios today.
This episode was recorded on October 27, 2025.
The opinions and views expressed herein are as of the date of publication, subject to change without notice, and may not necessarily reflect t
‘Culture is Everything’: Sixth Street’s Alan Waxman on Flexibility and Alpha
What's driving opportunities in alternative assets, and how are investors adapting to an accelerating pace of change? Sixth Street Co-Founder, CEO, and Co-CIO Alan Waxman discusses his career and the importance of flexibility in finding alpha on the latest edition of Goldman Sachs Exchanges: Great Investors.
This episode was recorded on September 3, 2025.
The opinions and views expressed herein
Making Sense of Weak Job Growth Alongside Solid GDP Growth
Goldman Sachs Research’s Chief US economist David Mericle explains the factors driving the economy and the divergence between solid GDP growth and a slowing labor market.
This episode was recorded on October 20, 2025.
The opinions and views expressed herein are as of the date of publication, subject to change without notice and may not necessarily reflect the institutional views of Goldman Sachs
‘The Technology Opportunity of Our Lifetimes’: Bessemer's Byron Deeter
In the latest episode of Goldman Sachs Exchanges: Great Investors, Byron Deeter, a partner at Bessemer Venture Partners, discusses the venture capital landscape and the most promising developments in artificial intelligence and the software industry with Goldman Sachs’ Ken Hirsch.
This episode was recorded on September 23, 2025.
The opinions and views expressed herein are as of the date of publi
The Rise of Secondaries: Unlocking Liquidity in Private Markets
Once a niche segment, the private equity secondaries market
has seen substantial growth and is reshaping the broader alternative asset landscape. In this episode, Goldman Sachs’ Harold Hope and Alex Blostein discuss the evolution of the private equity secondaries market.
This episode was recorded on September 29, 2025.
The opinions and views expressed herein are as of the date of publication, s
The Shutdown’s Economic Impact
How long could the US government shutdown last — and what will that ultimately mean for the US economy? Goldman Sachs Research’s Alec Phillips, chief US political economist, explores the potential impact on economies and markets.
This episode was recorded on October 7, 2025.
The opinions and views expressed herein are as of the date of publication, subject to change without notice, and may not
AI Exchanges: The Role of Data
Goldman Sachs’ Neema Raphael, the firm’s chief data officer and head of data engineering, discusses the role of data in enabling or possibly stalling AI’s progress with George Lee, co-head of the Goldman Sachs Global Institute, and Allison Nathan, senior strategist in Goldman Sachs Research.
This episode was recorded on September 25, 2025.
The opinions and views expressed herein are as of t
How Reliable is Economic Data?
Are concerns about the quality and reliability of economic data — as well as its vulnerabilities to political influences — warranted? Former BLS Commissioner Erica Groshen, who served from 2013 to 2017, Laffer Associates’ Arthur Laffer, Harvard Business School’s Alberto Cavallo, and Goldman Sachs’ Joseph Briggs discuss data quality, political influence, and the future of economic indicators with A
The Healthcare Outlook: Macro Challenges and Biotech Innovations
While the healthcare sector has lagged behind the broader markets, there are pockets of innovation. Asad Haider, head of the US Healthcare Business Unit in Goldman Sachs Research, and Amit Sinha, head of Life Sciences Investing in Goldman Sachs Asset Management, discuss their outlook for the industry.
This episode was recorded on September 8 and 15, 2025.
The opinions and views expressed he
The Growth Playbook: Goldman Sachs’ Darren Cohen on Building a Growth Investing Platform
Goldman Sachs’ Darren Cohen, co-head and chief investment officer of Growth Equity within Goldman Sachs Asset Management, discusses his career trajectory and investment philosophy, and where he sees opportunity today.
This episode was recorded on August 11, 2025.
The opinions and views expressed herein are as of the date of publication, subject to change without notice, and may not necessarily
After a Summer of Stablecoins, What’s Next?
In this episode, Former Acting Comptroller of the Currency Brian Brooks and UC Berkeley’s Barry Eichengreen discuss the outlook for stablecoins — digital currencies pegged to the value of traditional fiat currencies like the US dollar. Moderated by Goldman Sachs Research’s Allison Nathan, the discussion covers the potential implications of a growing stablecoin market existing payment and banking s
Paid to Sweat: Centerbridge's Jeff Aronson on the Growth of Private Markets
In the latest episode of Goldman Sachs Exchanges: Great Investors, Jeff Aronson, the co-founder and managing principal of Centerbridge Partners, discusses his career and path to building the firm, and the opportunities and challenges facing private investment managers today.
This episode was recorded on July 16, 2025.
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Searching for Signals: BlackRock’s Raffaele Savi on the Future of Systematic Investing
Raffaele Savi, global head of BlackRock Systematic, shares his perspective on the evolution of quantitative investing, the role of AI, and the recent volatility in the market.
This episode was recorded on July 29, 2025.
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Finding the Right Problems: How Sutter Hill Ventures’ Mike Speiser Creates Great Companies
As one of Silicon Valley’s most respected venture capitalists, Mike Speiser, managing director of Sutter Hill Ventures, doesn’t just invest in companies, he often takes a leading role in building them. On the latest episode of Goldman Sachs Exchanges: Great Investors, Speiser discusses his approach to investing with Goldman Sachs’ Ken Hirsch.
This episode was recorded on July 7, 2025.
Learn mo
AI Exchanges: AI’s Impact on Employment
One of the biggest questions about the rise of AI is how it will impact jobs. Goldman Sachs Research’s Joseph Briggs joins GS Exchanges’ co-hosts Allison Nathan and George Lee to discuss the potential for labor displacement as adoption increases, as well as the industries and roles that could be most affected.
This episode was recorded on July 31, 2025.
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Revenge of the Meme Stocks
Goldman Sachs Research's John Marshall explains the factors behind the recent rally in meme stocks, and what that resurgence means for the broader market.
This episode was recorded on July 24, 2025.
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Are Investors Complacent?
Markets seem to be taking tariffs and landmark changes in global trade policy in stride. Goldman Sachs’ Jan Hatzius and Dom Wilson discuss the impact of tariffs on inflation and growth, and their outlook for the second half of 2025.
This episode was recorded on July 17, 2025.
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