Exchanges
In each episode of "Exchanges," people from Goldman Sachs share their insights on developments shaping industries, markets and the global economy.
Episodes
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
Cracks 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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AI Exchanges: Where Will the Power Come From?
The AI boom is creating unprecedented demand for power. So where will this power come from? Goldman Sachs' Rebecca Kruger, a partner in the Natural Resources Group in the firm's investment banking business, joins Goldman Sachs Exchanges' co-hosts Allison Nathan and George Lee to discuss why power may be the biggest bottleneck on delivering the promises of AI. For more, read "Powering the AI Era."
The Surprising Implications of an Aging Population
An aging global population has long been viewed as a demographic time bomb. Kevin Daly, co-head of the Central and Eastern Europe, Middle East, and Africa economics team at Goldman Sachs Research, explains why this concern may be overstated.
This episode was recorded on May 29, 2025.
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Commodities Outlook: What’s Driving Oil, Gold, and Base Metals
Goldman Sachs’ Daan Struyven discusses how recent geopolitical events and evolving tariff policies are affecting the commodity and economic landscape.
This episode was recorded on June 30, 2025.
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Mid-year outlook: diversify and hedge
Goldman Sachs’ Christian Mueller-Glissmann, head of asset allocation research in Goldman Sachs Research, and Alexandra Wilson-Elizondo, co-head and co-chief investment officer of the Multi-Asset Solutions business in Goldman Sachs Asset Management, examine the dynamics driving markets now, and discuss the investment strategies that could work in the second half of 2025.
This episode was recorded
Is a US fiscal crisis ahead?
Concerns about the fiscal trajectory of the US are nothing new. But is this time different? And what could a fiscal crisis look like? Economist Kenneth Rogoff and historian Niall Ferguson discuss with Allison Nathan. This episode explores the latest Top of Mind report.
This episode was recorded on May 30, June 5, and June 17, 2025.
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How to win: Steve Cohen on markets and the Mets
What are the keys to Steve Cohen’s incredible success as a trader and hedge fund manager – and how is he bringing those lessons to the baseball diamond? Steve Cohen, the founder, CEO and president of Point72, and the majority owner of the New York Mets, discusses with Tony Pasquariello in this conversation recorded live at the Goldman Sachs Apex Symposium.
This episode was recorded on June 4th,
A German economic revival?
Germany’s new government is pursuing a broad range of measures to bolster economic growth. At the same time, US tariffs could have a significant impact on the export-heavy German economy. How are Germany’s business leaders navigating this volatile environment? Wolfgang Fink, CEO of Goldman Sachs Bank Europe SE & Head of Goldman Sachs in Germany and Austria, discusses with Allison Nathan.
This ep
How Goldman Sachs’ John Waldron is navigating “a more uncertain time”
In a difficult environment for corporate decision makers, how is Goldman Sachs advising clients and managing risk? John Waldron, President and Chief Operating Officer, sits down with Allison Nathan to discuss.
This episode was recorded on June 2, 2025.
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Will legal challenges end the trade war?
A US trade court ruling has put the legal fate of President Trump’s tariffs in limbo. But will this actually change the course of US trade policy – and what could it mean for the economy and for investors? Alec Phillips, chief US political economist with Goldman Sachs Research, discusses with Allison Nathan.
This episode was recorded on May 29, 2025.
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How AI, tariffs, and the energy transition are reshaping infrastructure investing
AI, the energy transition, and geopolitical tensions are reshaping the global economy and markets — they are also transforming the landscape of infrastructure investing. Tavis Cannell, global head and co-CIO of infrastructure at Goldman Sachs Alternatives, looks at the megatrends driving opportunities and the outlook for the sector.
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A world of opportunity: Rob Citrone’s best ideas
Rob Citrone, founder of Discovery Capital Management, discusses his investment framework, high-conviction views, and the importance of short positions in risk management, with Goldman Sachs’ Tony Pasquariello, global head of hedge fund coverage in Global Banking & Markets.
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Is Fed independence at risk?
In the latest episode of Goldman Sachs Exchanges, former Fed Vice Chair Richard Clarida and the Hoover Institution’s John Cochrane discuss whether the Fed’s independence is in jeopardy. This episode explores the latest Top of Mind report.
This episode was recorded on April 30, May 6, and May 19, 2025.
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Equity risks and alts opportunities
US stocks have rebounded since the sweeping tariffs announced on "Liberation Day,” but what does this mean for investors? In Goldman Sachs Exchanges, Goldman Sachs’ David Kostin, chief US equity strategist, and Padi Raphael, global co-head of the Third Party Wealth Management in Goldman Sachs Asset Management, discuss the path forward for US stocks and investors.
This episode was recorded on M
From CIO to CEO: TCW’s Katie Koch on running a $200B asset manager
Katie Koch, CEO of TCW Group, shares her insights on leading the asset manager, fostering a strong culture, and steering the firm through a period of rapid transformation in the fixed income market.
This episode was recorded on April 22, 2025.
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AI Exchanges: How tech giants are navigating the AI landscape
US tech giants are navigating the rapid evolution of AI by continuing to ramp up capital expenditures, despite the uncertainty of tariff policies, says Eric Sheridan, co-business unit leader of the Technology, Media, and Telecommunications Group at Goldman Sachs Research, on Goldman Sachs Exchanges. Sheridan, joins Allison Nathan, senior strategist at Goldman Sachs Research, and George Lee, co-hea
Stagflation and the Fed's next move
As the US economy faces a stagflationary shock, how will the Fed navigate this tricky environment? Rob Kaplan, the Vice Chairman of Goldman Sachs and the former president of the Dallas Fed, shares his perspective on how monetary policymakers will navigate slower growth and stickier prices.
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How AI and geopolitics are reshaping cybersecurity
The cybersecurity sector has emerged as one of the bright spots in the deal-making environment. In the latest episode of Goldman Sachs Exchanges, Marco Poletti, Global Head of Security Software in Goldman Sachs’ investment banking business, explains the drivers behind activity and the innovation in the sector.
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How insurers are navigating volatile markets
As one of the largest investors in the world, insurers can have an outsized impact on markets and investment flows. In the latest episode of Goldman Sachs Exchanges, Goldman Sachs’ Mike Siegel and Matt Armas, who share findings from their 14th annual Global Insurance Survey, discuss how insurers are adapting to economic challenges and opportunities.
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Will tariffs lead to a recession?
The Trump administration’s tariff moves are turning US trade policy on its head — and fueling concerns about the US economic outlook. So will tariffs send the US into a recession? And, if so, what might that recession look like? Economist and Nobel Laureate Paul Krugman, Goldman Sachs Research’s Jan Hatzius, and American Compass’ Oren Cass speak with Goldman Sachs Research’s Allison Nathan about
Warburg Pincus CEO Jeffrey Perlman on navigating a trickier private equity environment
On the latest episode of Goldman Sachs Exchanges: Great Investors, Jeffrey Perlman, CEO of Warburg Pincus, shares insights on navigating a challenging private equity landscape, the firm's strategic focus on diversification, and where he sees the next big investment opportunities.
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The case for private credit
How will rising uncertainty about the global economy and markets affect the outlook for private credit? Goldman Sachs’ James Reynolds, global co-head of private credit in Goldman Sachs Asset Management, and Lotfi Karoui, chief credit strategist and head of credit, mortgages and structured products research in Goldman Sachs Research, discuss the risks and opportunities.
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The recession question
Jan Hatzius, head of Goldman Sachs Research and the firm's chief economist, and Dominic Wilson, senior advisor in the Global Markets Research Group, discuss the impact of rapidly shifting tariff policies on the global economy and markets.
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