As the implications of coronavirus reverberate across markets, industries and the global economy, we’ve launched a daily video series to highlight the latest insights from Goldman Sachs experts around the world, recorded from wherever they are working.
Latest
Accessing China’s Bond Market
James Houghton, co-head of the Asia Pacific FICC Franchise for Goldman Sachs’ Global Markets Division, discusses the significance of the FTSE Russell’s inclusion of Chinese bonds in its World Government Bond Index and what this could mean for capital inflows into China.
The Beverage Industry and the Economic Shutdown
Vanya Kasanof of the Investment Banking Division’s Consumer and Retail Group discusses trends in consumer behavior during the pandemic and strategic activity across the alcoholic beverage industry.
Investing in Environmental Progress
Alexis Deladerrière, head of International Developed Markets Equity for Goldman Sachs Asset Management’s Fundamental Equity team, discusses the structural tailwinds that are making environmental solutions providers attractive investments for the long term.
The Future of Airline Travel
Greg Lee of Goldman Sachs’ Investment Banking Division explains how the airline industry is weathering the pandemic and what the future of airline travel could look like.
Measuring the Equity Risk Premium
Lilia Peytavin, equity strategist on Goldman Sachs Research’s European Portfolio Strategy team, discusses the equity risk premium and what it reveals about the attractiveness of equities relative to bonds.
The Fintech Revolution
Jeff Gido, global head of the Financial Technology sector in Goldman Sachs’ Investment Banking Division, looks at the industry’s transformation over the past decade and how companies today are thinking about strategic activity.
From Abenomics to Suganomics: What’s Next for Japan
As Japan’s new prime minister takes office, what are the implications for economic policy and corporate governance reform? Kathy Matsui, chief Japan equity strategist for Goldman Sachs Research, weighs in.
September QuickPoll Survey: Market Views
Anne Marie Darling, head of the Multi-Asset Platform team, Global FICC Execution Services and Marquee, shares insights on the firm’s latest survey of its institutional clients including their market sentiment, views on the US dollar and technology stocks.
Edtech Faces the Test
Adam Nordin, head of the Global Education Technology & Services team within Goldman Sachs’ Investment Banking Division, discusses how the surge in demand for online learning is translating into strategic activity across the edtech sector.
ESG in the Food & Beverage and Alcohol & Tobacco Sectors
Sandra Lawson, head of Sustain Strategy within Goldman Sachs Research, kicks off the ESG Sector Roadmap project, taking a sector-level view of principal environment, social and governance risks and opportunities over the medium-term, starting with the Food & Beverage and Alcohol & Tobacco sectors.
What’s Next for European Capital Goods
Daniela Costa, business unit leader for Goldman Sachs Research’s European Industrials and head of the European Capital Goods team, discusses how European industrial companies have been impacted by the pandemic and what the long-term growth opportunities are for the sector.
The Fed’s New Approach to Inflation
Jan Hatzius, Goldman Sachs’ chief economist, shares insights on the Fed’s new policy framework and how the introduction of average inflation targeting could impact both monetary policy and the outlook for the broader economy.
Investing Insights from Big Data
Nicholas Chan, client portfolio manager on the Quantitative Investment Strategies (QIS) team within Goldman Sachs Asset Management, discusses the role of big data in investing and what it reveals about trends in behavior since the onset of the pandemic.
Financing Higher Education During a Time of Disruption
Diana Hoadley of the Public Sector and Infrastructure Finance Group in the Goldman Sachs Investment Banking Division discusses how higher education institutions are managing the financial impact of COVID.
How Individual Investors Are (and Aren’t) Shaping Markets
John Marshall, head of derivatives research for Goldman Sachs Research, discusses the rise of individual investor activity in the US and whether equities can remain at recent levels as this activity wanes.
China’s New Infrastructure
Jacqueline Du of Goldman Sachs Research shares her expectations for the scope of China’s “new infrastructure” investment and the economic benefits.
Australia’s Navigation of the Pandemic
Simon Rothery, chief executive officer for Goldman Sachs Australia, discusses how the country has navigated the economic and health challenges of the pandemic.
The Business Case for Investing in Diversity
Katie Koch, co-head of the Fundamental Equity business within Goldman Sachs Asset Management, discusses the correlation between diverse investing teams and better investment performance.
What Investors are Watching in Europe
Stefan Bollinger, co-head of Goldman Sachs’ Private Wealth Management for EMEA, discusses how investors are approaching the markets in the second half of the year.
Evolving Corporate Sentiment in Europe
Anthony Gutman, global co-head of Goldman Sachs’ Investment Banking Services, discusses European corporate sentiment for the second half of 2020, including a renewed focus on strategic activity as well as an emphasis on corporate responsibility.
The Global R&D Landscape
Abby Joseph Cohen, senior investment strategist for Goldman Sachs, discusses how the pandemic has focused new attention on the importance of investing in science and technology to drive economic growth.
What’s Next for US Equities
David Kostin, chief US equity strategist for Goldman Sachs Research, discusses changes to his near-term forecasts on the heels of a better-than-feared earnings season, as well as his outlook for the S&P 500 over the next decade.
The Beauty Industry’s Next Steps
Janki Gandhi, who focuses on consumer retail for Goldman Sachs’ Investment Banking Division, discusses the impact of the economic shutdown on the beauty and personal care sector, as well as the outlook for M&A activity within the industry.
The Future of Robotic Surgery
Amit Hazan, equity analyst for Goldman Sachs Research’s medical technology team, discusses how robotic surgery is quickly evolving from a few limited procedures to a broader range that could drive a $17bn market in the US by 2030.
India Internet at an Inflection Point
Manish Adukia, equity analyst for Goldman Sachs Research’s Asia-Pacific Telecommunications team, discusses how India’s internet market, one of the largest in the world, is at an inflection point both in terms of growth and profitability.
The Momentum Driving Equity Issuance
David Ludwig, head of Americas Equity Capital Markets for Goldman Sachs’ Investment Banking Division, discusses the recent equity issuance volumes and the return of the IPO market.
The Ascent of Asia’s Digital Economy
Tim Moe, Goldman Sachs Research’s chief Asia Pacific regional equity strategist, discusses how the rise of the digital economy has reshaped Asia’s equity markets.
The Evolution of Capital Markets in Europe
Elizabeth Martin, head of EMEA Equities Execution Services and Systematic Market Making, discusses the evolving liquidity landscape, the advancement of electronic trading and how European clients are navigating the capital markets heading into the second half of the year.
E-Commerce’s Steepening Curve
Heath Terry, Goldman Sachs Research’s business unit leader for the Technology, Media and Telecom Group, discusses the surge in e-commerce activity during the pandemic and whether the growth looks sustainable.
What’s Next for the Tech IPO Market
Nicole Irvin, a managing director in the Global Technology, Media and Telecom Group in the Investment Banking Division, discusses what’s driving IPO activity in the tech sector and how the pandemic has impacted sentiment around direct listings.
Commodities Update: Silver Steps Out of Gold’s Shadow
Sarah Kiernan, head of Americas Commodities Sales for Goldman Sachs’ Global Markets Division, discusses trends across two of the biggest areas of the commodities market, oil and gold, as well as the recent surge in silver prices.
Shareholder Activism in Uncertain Times
Pamela Codo-Lotti, a managing director in the Mergers and Acquisitions Solutions Group, discusses the environment for shareholder activism in the second half of 2020 and how companies are thinking about defensive strategies.
The Outlook for M&A Activity
Michael Carr, global co-head of Goldman Sachs' Mergers & Acquisitions Group, shares his view on M&A activity as a lens into corporate sentiment and the broader economy.
Investing in Racial Economic Equality
Allison Nathan, senior strategist for Goldman Sachs Research, discusses her latest Top of Mind report on how to close the large and persistent Black-white earnings and wealth gaps central to the social and economic racial inequality in the US.
Trends Shaping the Equity Markets
Philip Berlinski, co-chief operating officer of Global Equities, shares his view on equity markets heading into the second half of the year.
“Climbing the Wall of Worry”
Sharmin Mossavar-Rahmani, head of the Investment Strategy Group for Goldman Sachs’ Consumer and Investment Management Division, discusses the “wall of worry” that US equities have climbed since the trough of the S&P 500 in March and her team’s recommendation to stay invested amid the current challenges of the pandemic.
Carbon Offsets and the Climate Transition
Sharmini Chetwode, head of Environmental, Social and Governance Research for Asia, discusses carbon offsets as a critical but imperfect tool in the transition to the low carbon economy.
Pricing the Probability of Virus Risks
Dominic Wilson, senior markets advisor and advisory director for Goldman Sachs Research, discusses how the markets are assessing the upside and downside risks of the pandemic.
Corporate Earnings and the Global Economy
Stephen Scherr, Goldman Sachs’ Chief Financial Officer, discusses corporate earnings as a lens into the broader economic recovery, the primary themes in Goldman Sachs’ second quarter earnings, and what he’s focused on for the second half of the year.
The Future of the US Dollar
Jennifer Roth, head of Goldman Sachs’ Emerging Markets International Sales and Foreign Exchange Sales teams in New York, shares insights from the trading desk on the medium-term outlook for the US dollar.
Accelerating Trends in Consumer Retail
Lindsay Drucker Mann, head of Consumer Retail Equity Capital Markets within Goldman Sachs’ Investment Banking Division, discusses how consumer retail companies are accessing the equity issuance market and the ways in which the economic shutdown has accelerated trends in the consumer retail space.
Sustainable ESG Investing
Steve Strongin, a senior advisor at Goldman Sachs, talks about what it will take for ESG to endure as an investment discipline in the long term.
Private Debt’s First Big Test
Amanda Lynam, senior credit strategist on the global credit strategy team for Goldman Sachs Research, discusses how private debt, a relatively young asset class, is performing amidst its first economic downturn.
The Outlook for Tech Investing
Sung Cho, co-lead of technology investing for Goldman Sachs Asset Management’s US Equity team, discusses how the tech sector is evolving and what that means for investors.
Tracking US Infrastructure Investing
Jerry Revich, equity analyst for Goldman Sachs Research, discusses US infrastructure investing and the risk of a slowdown in public-sector construction spending.
The Next Phase of Corporate Strategy
Gregg Lemkau, co-head of Goldman Sachs’ Investment Banking Division, shares insights on how he expects CEOs and business leaders to approach corporate strategy in the second half of 2020.
What’s Next for Emerging Markets Equities
Basak Yavuz, co-head of Emerging Markets Equities for Goldman Sachs Asset Management, discusses the increased investor optimism around emerging markets and the sectors that are seeing the strongest performance.
Face Masks and GDP
Jan Hatzius, head of Goldman Sachs Research and the firm’s chief economist, explores the link between face masks and coronavirus outcomes, and the economic value of a national face mask mandate in reducing the need for broad lockdowns.
Small Cap Stock Performance
Greg Tuorto, portfolio manager on the Goldman Sachs Asset Management Fundamental Equity team focused on the US Smid Growth and Small Cap Growth Strategies, discusses small cap stock performance since the mid-March market rally.
Stress Testing the Big US Banks
Richard Ramsden, business unit leader of the Financials Group in Goldman Sachs Research, discusses the Federal Reserve’s new framework for stress testing American banks and what the results mean for the banks’ ability to manage their capital and support the economic recovery.
Paving the Way for the European Green Deal
Alberto Gandolfi, head of European Utilities for Goldman Sachs Research, discusses the potential of the European Commission’s Green Deal to reshape the European economy and transform energy consumption from manufacturing to transportation.
The Rise of Chinese Beauty Brands
Christine Cho, equity analyst for Goldman Sachs Research, discusses the surge in China’s beauty market driven by the next generation of millennial and Gen Z consumers and the continuing growth of e-commerce.
The Future of Fintech
Jeff Gido, global head of the Financial Technology sector in Goldman Sachs’ Investment Banking Division, discusses how the pandemic has accelerated widespread adoption of fintech.
Trends in Japanese Markets
Ben Ferguson, head of Goldman Sachs’ Asia Pacific Equities Distribution and co-head of Japan Securities Sales, talks about the lessons learned from the introduction in 2016 of negative interest rates on Japan’s economy and the impact of coronavirus on corporate reform.
The Future of European Equities
Sharon Bell, senior strategist on Goldman Sachs Research’s European Portfolio Strategy team, discusses recent market performance and whether European equities are poised to outperform.
The Rise of Social Bonds
Lars Humble, who focuses on debt syndication for sovereigns, supranationals and agencies within Goldman Sachs’ Financing Group, discusses the impact of the pandemic on the role of multinational development agencies and the shift in investor sentiment around social bonds.
Takeaways from the 24th European Financials Conference
Jernej Omahen, head of the European Financial Institutions Group for Goldman Sachs Research, shares what was discussed at the firm’s 24th European Financials Conference—a virtual gathering of bank executives, investors, regulators, and policymakers.
The New Infrastructure is Digital
Philippe Camu, global co-head of the infrastructure investment group, talks about how the next big public-works projects are more focused on fiber and data centers than traditional construction like roads and airports.
The Rise of the “S” in ESG Investing
Sheila Patel, Chairman of Goldman Sachs Asset Management, discusses how the social component of ESG is rising in prominence.
The Future of Learning
Katherine Tait, media and education equity analyst for Goldman Sachs Research, discusses how the global adoption of remote learning is accelerating the transformation of online education.
The Outlook for ETFs
Michael Crinieri, global head of Exchange Traded Funds within Goldman Sachs Asset Management, discusses the sectors of the ETF market that are seeing the strongest inflows and outflows during the shutdown.
The Impact of the ECB’s Expanded Bond-Buying Program
Alain Durré, Senior European Economist for Goldman Sachs Research, discusses the impact of the European Central Bank’s decision to expand its bond-buying program, and the prospect of fiscal stimulus by EU member countries.
The Scale and State of the Semiconductor Industry
Tammy Kiely, co-head of Goldman Sachs’ Technology Investment Banking, discusses the impact of the pandemic on chip makers, the evolution of competition among semiconductor manufacturers and customers, and the geopolitical factors that are helping shape the industry.
The End of LIBOR
Jason Granet, leader of Goldman Sachs’ London Inter-bank Offered Rate (LIBOR) transition efforts, discusses the impact of the pandemic on the massive undertaking of phasing out LIBOR to alternative reference rates.
Confronting Inequality and Injustice
Margaret Anadu, head of Goldman Sachs’ Urban Investment Group, discusses inequality, racial injustice and other issues that are impacting underserved communities around the country.
Accelerated Innovation in the Healthcare Industry
Jenny Chang, portfolio manager for Goldman Sachs Asset Management’s Fundamental Equity team, discusses how the pandemic is driving innovation and increased collaboration across the healthcare industry.
The Evolution of Europe’s Tech Landscape
Clif Marriott, co-head of Goldman Sachs’ Technology, Media and Telecom Group in EMEA, discusses the evolution of Europe’s tech industry and how the crisis is accelerating trends across the sector, including growth in e-commerce and collaboration software as well as the digitization of content.
The Future of Work: What’s Next for Hardware
Rod Hall, senior equity analyst for Goldman Sachs Research’s Hardware and Communications Technology group, discusses how the rapid transition to working remotely could pave the way for technologies like virtual reality, enterprise infrastructure at home, and more.
The Future of Work: Enterprise 4.0
Heather Bellini, business unit leader of Goldman Sachs’ Technology Research Group, discusses how the rapid transition to working from home has accelerated the next phase of enterprise software.
Analyzing China’s Consumer Behavior
Michelle Cheng, equity analyst for Goldman Sachs Research, discusses the framework her team is using to analyze consumer behavior in China and the key data points they are focused on to forecast long-term growth across a range of retail categories.
How the Insurance Industry Is Reacting to COVID-19
Michael Siegel, head of the Insurance Asset Management and the Liquidity Solutions businesses within Goldman Sachs Asset Management, talks about the ways the insurance industry is adapting to the challenges brought on by the coronavirus.
The Challenges of COVID-19 Across Emerging Market Economies
Kevin Daly, co-head of Goldman Sachs’ CEEMEA Economics Research, discusses the impact of the pandemic on emerging markets government deficit and debt levels, and the fiscal adjustments that are likely to be required in the aftermath of the crisis.
The Music Industry’s Next Steps
Lisa Yang, head of Goldman Sachs’ European Media and Internet Research, discusses the impact of the pandemic on the music industry and the long-term outlook for growth across streaming platforms.
Supply and Demand Issues in the Auto Industry
Axel Hoefer, Goldman Sachs’ head of auto industry coverage in Europe, discusses the impact of coronavirus on the global demand for cars and the outlook for manufacturing as production restarts in some countries.
Reopening Retail and the Future of Shopping
Jen Davis, Goldman Sachs’ head of retail investment banking, discusses the impact of the pandemic on various parts of the retail industry, including the potential shift in consumer behavior and the outlook for e-commerce.
The Outlook for the Corporate Credit Default Cycle
Lotfi Karoui, Goldman Sachs Research’s chief credit strategist, discusses the state of corporate credit markets and his outlook for corporate defaults in the months ahead.
Measuring the Reopening of America: The GS US Reopening Scale
Heath Terry, Goldman Sachs Research’s business unit leader for the Technology, Media and Telecom Group, discusses his team’s new report “U.S. Reopening Scale,” which aggregates data across a wide range of consumer and business segments to quantify where the economy sits between full lockdown and a return to activity levels last seen before the COVID-19 outbreak.
Understanding the Markets-Macro Disconnect
Sam Morgan, co-head of Fixed Income, Currency and Commodities Sales in EMEA, discusses why markets are robust despite challenging economic data.
How Coronavirus is Changing the Way Food is Bought and Sold
Ben Frost, head of Mergers & Acquisitions for Goldman Sachs’ Consumer Retail Group, discusses the impact of coronavirus on grocery stores, supply chains, and consumer behavior.
Telehealth’s Rapid Rise
Jim Sinclair, a Managing Director in Goldman Sachs’ Healthcare Investment Banking Division, discusses how the pandemic is driving increased adoption of telehealth technology.
Richard Gnodde on Navigating Through a Crisis
Richard Gnodde, chief executive officer of Goldman Sachs International, discusses how business leaders in Europe are thinking about their corporate planning and decision-making in response to the economic downturn.
Tracking China’s Economic Recovery
Trina Chen, co-head of Goldman Sachs’ China Equity Research, shares trends she’s seeing in her team’s aggregated demand tracker, which measures recovery in a wide range of industrial and consumer data points.
The Wave of Fallen Angels
Ashish Shah, co-chief investment officer for Goldman Sachs Asset Management’s Global Fixed Income and Liquidity Solutions business, discusses the wave of fallen angels as rating agencies downgrade the debt of blue-chip companies at the fastest rate since the financial crisis.
Stacy Selig on ESG as a Market Theme
Stacy Selig, co-head of Goldman Sachs Global Sales Strats and Structuring, talks about how she’s helping investors see past the broader trends reflected in major indices and dig deeper to find the tactical drivers of the global economy in a time of historic disruption and uncertainty.
Reopening the U.S. Economy
Allison Nathan, senior strategist for Goldman Sachs Research, discusses her latest Top of Mind report where she speaks with leading experts across health and policy to understand how well-positioned the U.S. is to achieve a safe reopening of the economy and how quickly it would translate into economic recovery.
Jason Mathews on Major Themes Driving Markets
Jason Mathews from Goldman Sachs Equity Derivative Sales discusses how clients are navigating markets and planning for the future during a time of unprecedented volatility.
How Corporate CEOs are Navigating the Shutdown
Matt Gibson, co-head of Goldman Sachs Global Investment Banking Services, discusses what’s on the minds of CEOs as they navigate the shutdown—from an early focus on liquidity and adapting to work from home, to first quarter earnings and the long-term outlook for their businesses.
How the Shutdown is Driving Millennial Investing Themes
Laura Destribats, portfolio manager for Goldman Sachs Asset Management’s fundamental equity team, discusses how the economic shutdown is accelerating growth across industries like video conferencing, e-commerce, streaming, and social media.
The Case for Variable Dividends
Jim Covello, Goldman Sachs Research’s co-head of single name research, discusses the idea of “variable dividends” as an alternative to fixed dividends, which can provide companies with greater balance sheet flexibility.
José Manuel Barroso on Europe’s Economic Relief Package
José Manuel Barroso, chairman of Goldman Sachs International and former president of the European Commission, weighs in on the economic relief package endorsed by European leaders.
What Shutdowns Mean for Real Estate Investing
Nora Creedon, global head of REITs and Infrastructure in Goldman Sachs Asset Management, discusses how the economic shutdown has impacted real estate investing across sectors.
The Record Volumes and Big Deals Reshaping the Credit Markets
Jonny Fine, head of Goldman Sachs’ Investment Grade Syndicate in the Americas, discusses what’s driving the corporate credit markets during a time of unprecedented uncertainty.
Harit Talwar on the Future of Consumer Banking
Harit Talwar, global head of Goldman Sachs’ Consumer Business, discusses the impact of the economic shutdown on the evolution of consumer financial services.
Takeaways from China’s Economic Data
On the heels of a record low quarterly growth report out of China, the firm’s chief Asia economist Andrew Tilton discusses what the data mean for the country’s growth target and where we’re seeing signs of recovery.
Latin America’s Response to the Economic Downturn
Gonzalo Garcia, Goldman Sachs co-head of Latin America and head of Investment Banking in Latin America, discusses how the current environment is impacting the region’s economy and how the firm is helping clients access capital to stabilize economies across the region.
Thinking About an Economic Restart
Jan Hatzius, Goldman Sachs chief economist, discusses the global recession and the prospect for restarting economies.
Muni Market Activity
Sylvia Yeh, co-head of Goldman Sachs Asset Management’s Municipal Fixed Income business, discusses volatility in the municipal bonds market and what the Federal Reserve’s latest measures could mean for investors.
Why Money Markets Matter Right Now
Kathleen Hughes, global head of Liquidity Solutions in Goldman Sachs Asset Management, discusses the emerging focus on money markets and short-duration investing as businesses look to navigate the current market environment.
India’s Response to the Economic Downturn
Prachi Mishra, Goldman Sachs Research’s Chief India Economist, discusses her group’s downgraded India growth forecast amid the country’s nationwide shutdown and social distancing measures.
Europe’s Response to the Economic Downturn
Jari Stehn, Goldman Sachs Research’s head of Europe Economics, discusses his group’s downgraded European growth forecast and the measures being taken to respond to the crisis.
Volatility in the Oil Markets
Michele Della Vigna, Goldman Sachs Research’s head of EMEA natural resources, discusses the dual challenges the world’s oil producers are facing from coronavirus and a battle for market share, which has caused a global imbalance in the supply and demand for oil.
How Investors Are Approaching ESG Today
Kara Mangone, Chief Operating Officer of Goldman Sachs’ Sustainable Finance Group, discusses how the global pandemic is impacting the way corporates and investors approach ESG.
The Challenges and Opportunities of Working from Home
Atte Lahtiranta, Goldman Sachs’ chief technology officer, discusses ways that the pandemic is accelerating the digital transformation of the financial services industry, and the long-term implications across industries.
Historical Surge in Jobless Claims
Goldman Sachs Research’s David Mericle, chief US economist, discusses the historical surge in jobless claims and what it signals for GDP.
Navigating Market Volatility
Kevin Kelly, Goldman Sachs’ co-head of Global Prime Services, discusses how hedge funds are navigating historic levels of market volatility and clients’ “constructive, cautiously optimistic” sentiment looking ahead.
The Anatomy of Bear Markets
Goldman Sachs Research’s Peter Oppenheimer, chief global equity strategist, examines the current market downturn within the context of bear markets throughout history.
The Impact of China's Economic Recovery
Katie Koch, co-head of Fundamental Equity at Goldman Sachs Asset Management, discusses China’s economic recovery and what it might mean for the rest of the world.
The Impact of Market Volatility on Retirement Investing
Mike Moran, pension strategist in Goldman Sachs Asset Management, discusses how market volatility is affecting retirement investments, including corporate defined benefit pensions and 401(k) plans.
Economic Impact of Coronavirus in Japan
Goldman Sachs Research’s Kathy Matsui, co-head of macro research in Asia and chief Japan equity strategist, discusses the economic impact of the postponement of the Tokyo Summer Olympics and Paralympics and how the pandemic is affecting the outlook for Japanese equities.
How Companies Are Accessing Capital in an Uncertain Environment
Susie Scher, co-head of the Global Financing Group in Goldman Sachs’ Investment Banking Division, discusses how companies are accessing capital in an uncertain environment.
Searching for a Market Trough
Goldman Sachs Research’s Kamakshya Trivedi, co-head of global foreign exchange, interest rates and emerging markets strategy research, discusses indicators his team is watching to assess when markets will hit bottom.