Exchanges

31:59

Inside the Revival of Venture Capital Liquidity with...

Exchanges ·

2026/10/06

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 conversation with Michael Brandmeyer, global head and chief investment officer of the External Investing

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22:41

How Family Businesses Should Plan for Generational...

Exchanges ·

2026/09/29

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, how enduring enterprises structure governance, and the mindset shift required after a sale or IPO.Key

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18:24

Why Markets May Be Pricing in Too Many Fed Rate Hikes

Exchanges ·

2026/09/23

Markets may be pricing in more tightening by the Federal Reserve than is warranted due to adivergence 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 parts of the economy, such as housing and autos, are already straining under higher rates. Taken together, these

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42:23

Rich Friedman on the Rise of Private Markets and AI...

Exchanges ·

2026/09/18

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 he expects the payoff in artificial intelligence to arrivelater than the market assumes, and how the

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25:26

Why Global Bond Yields Are Surging

Exchanges ·

2026/09/15

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 Goldman Sachs Exchanges, he also explains what could bring yields back down.Key takeaways: Low

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22:05

How Will Less Fed Transparency Affect Markets and the...

Exchanges ·

2026/09/09

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 Mind report. Key takeaways: Kohn says there is a “golden mean” in which financial markets have

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34:01

Dipan Patel on Permira’s ‘Artisanal’ Approach to...

Exchanges ·

2026/09/04

Dipan Patel, co-CEO of Permira, joins Goldman Sachs Exchanges: Great Investors to discuss howPermira’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 shares how Permira assesses technology risk in its portfolio.The opinions and views expressed herein are as

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32:08

The Outlook for Data Center Power Demand as AI Token...

Exchanges ·

2026/09/01

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: The rise in power demand from AI more broadly is forecast to be the equivalent of adding another Japan to the

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26:34

Building AI Systems for Capital Markets

Exchanges ·

2026/08/24

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 complex workarounds for temporary constraints on models that are evolving rapidly. Instead, they should

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43:47

Wellington’s Jean Hynes on the Art of Investing and...

Exchanges ·

2026/08/18

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 Wellington is using AI, and her path to the C-Suite.The opinions and views expressed herein are as of the date

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27:13

What the US-Japan Currency Intervention Means for the...

Exchanges ·

2026/08/13

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 takeaways: The scale of Japan’s intervention was historic, but the US role was symbolic.  Japan's

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29:08

Steven Tananbaum: The Evolution of Credit Investing...

Exchanges ·

2026/08/07

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 recorded on July 23, 2026. The opinions and views expressed herein are as of the date of publication, subject

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25:21

How AI Debt Is Reshaping Credit Markets

Exchanges ·

2026/08/05

Credit markets areplaying agrowingrole in thebuildout ofartificialintelligence, withnearly$500billionof AI-related debtissuance sofar in 2026,according to estimatesfromGoldmanSachsResearch.Amanda Lynam, head of credit strategy research, and Zach Ablon, head of the credit sales desk in Global Banking & Markets, discuss why cash-rich tech giants are turning to bond markets, thepotentialrisks for institutional investors, and how alternative financing channels—including private credit, infrastructure

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20:07

What the Surge in IPOs Means for Investors

Exchanges ·

2026/07/28

US IPOissuancehas surged toa record highin 2026.But this resurgenceraisestwo concerns for the equity market: whether itis flashing a late-cycle warning sign and whether the market candigest so much newissuance. Jay Ritter of The IPO Initiative andOwen Lamontof Acadian Asset Management discuss whether the IPO surgeisa red flag for markets. This episodeexplores the latestTop of Mind report.This episode was recorded on July 8, 15, and 23, 2026. The opinions and views expressed herein are as of the

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18:24

US Midyear Outlook: Geopolitical Shocks, the New Fed...

Exchanges ·

2026/07/21

As a newly installedchairmantakes the helmof the Federal Reserve,US monetary policyremainsuncertainamida softinflationprintand escalating tensionsin the Middle East. David Mericle,chief USeconomistinGoldman Sachs Research,forecaststhe Fed to keep interest ratesunchangedthis year before cutting its policy ratein 2027.Healsounpacks the factors drivingUSinflation,highlightsthe surprising resilience of the USlabormarket,andexplainswhy he expectsUS GDP toexpandaround2%this year.Recorded on July 20,

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16:34

The Growth of the Space Industry

Exchanges ·

2026/07/15

Falling launch costs,innovations, and AI arefuellinga space economy that could reach $1 trillion by the2040s,according to Michael Tarulli and Erik Sparksin Goldman Sachs Investment Banking.The key driver: launch costs have plunged sharply,opening upaccess to space andenablingnew frontiers of commercial activity.The shift is creatingnewpotential opportunitiesas well as risksfor investors.To learn more about the impact of AI on space, satellites, and other industrial sectors, readHarnessing AI for the

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29:00

Ken Griffin on US-China Tensions and AI

Exchanges ·

2026/07/09

Ken Griffin, the founder and CEO of Citadel,expectsagenticartificialintelligence(AI)toenablea“golden age” ofentrepreneurshipandeliminatesomecorporate moats,even asthecost of using AIcreatesadeep moataroundother companies.And while some jobsmay bereplaced bytechnology,Griffin sayshe hasfound thatproductivity increasesfromAI have, insteadofreducingheadcount,allowed hiscompanytopursue new opportunities. Griffinshares his viewson geopoliticaltensionsbetween the US and China,the need

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28:39

How Will AI Affect Jobs?

Exchanges ·

2026/07/02

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 and views expressed herein are as of the date of publication, subject to change without notice, and may

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9:49

What the IPO Boom Tells Us

Exchanges ·

2026/06/23

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 opinions and views expressed herein are as of the date of publication, subject to change without notice, and

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22:35

Maverick Capital Co-CIOs on Finding the AI Winners

Exchanges ·

2026/06/18

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 Investors podcast, theydiscuss the investment opportunities in AI and healthcare as well as their

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