Exchanges
Business & Finance
About
In each episode of "Exchanges," people from the firm share their insights on developments shaping industries, markets and the global economy.
Episodes
- Will AI Make Markets Less Efficient?
Osman Ali from Goldman Sachs Asset Management explores the impact of AI on quantitative investment strategies. The episode discusses how AI is changing investment approaches.
- How Warsh Could Shape Fed Policy
Rob Kaplan shares his views on how Kevin Warsh could shape monetary policy, the balance sheet, and communications if confirmed as President Trump’s nominee for the Federal Reserve. This discussion offers insights into Warsh’s potential app…
- Farallon Capital's Nicolas Giauque on Investing for the Long Term
Nicolas Giauque, Managing Partner and CIO of Farallon Capital, shares his perspectives on investing opportunities and the current market environment. The discussion covers his views as of April 9, 2026.
- Apollo's Jim Zelter on the Future of Private Credit
In this episode of Exchanges, Jim Zelter, President of Apollo Global Management, talks about private credit and investment opportunities globally. The discussion covers capital expenditures and where Zelter sees potential for investments.
- Why Aren’t Investors More Worried?
Dominic Wilson discusses how the Iran conflict and the US blockade of the Strait of Hormuz affect global markets. The conversation covers market reactions, risks, and the outlook for equities, rates, currencies, and portfolio positioning a…
- Natural Gas in Focus: Iran Conflict Could Have ‘Very Painful’ Consequences
This episode of Goldman Sachs Exchanges features Samantha Dart, co-head of Global Commodities Research, discussing how the Iran conflict could affect natural gas prices. The conversation explores the potential consequences of the conflict…
- AI Exchanges: Power Problems?
This episode of Exchanges features Brian Singer from Goldman Sachs Research, who discusses the potential sources and constraints of power demand growth as AI-powered data centers continue to grow. The episode was recorded on March 3rd, 202…
- The Business Builder: New Mountain Capital's Steve Klinsky
Steve Klinsky, founder and CEO of New Mountain Capital, joins Goldman Sachs’ Alison Mass. They discuss the macro landscape, New Mountain Capital's approach to building businesses, and the evolution of the private equity industry.
- Iran Conflict: How Long, and How Bad?
This episode of Exchanges discusses the Iran conflict, its impact on energy supply and shipping, and what is at stake for key players. Experts explore how long the conflict might last and what it will take to restore global energy flows.
- Private Credit Concerns in Context
Alex Blostein and Vivek Bantwal discuss market sentiment, fundamentals, and the outlook for the private credit sector. This episode of Exchanges was recorded on March 19th and 20th.
- Lloyd Blankfein on His Memoir Streetwise, Risk Management and Leadership
Lloyd Blankfein, former Chairman and CEO of Goldman Sachs, discusses his memoir "Streetwise," risk management, and leadership. He reflects on his upbringing, path to Harvard, and steering Goldman Sachs through the 2008 financial crisis.
- Emerging Markets: Stirred, But Not Yet Shaken
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.
- 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. They also touch on AI.
- Can Software Survive AI?
Gabriela Borges from Goldman Sachs Research explains how AI disruption is affecting the software sector. She discusses what it will take for the sector to stabilize.
- Oil Market Impacts from Iran
Daan Struyven, co-head of Global Commodities Research and Head of Oil Research at Goldman Sachs Research, discusses the potential impacts of events in Iran on the oil market, commodities, and energy prices. This episode was recorded on Mar…
- Why Japanese Stocks Could Keep Rallying
Bruce Kirk of Goldman Sachs Research discusses how Japan’s recent snap election could impact the equity market and foreign investors. This episode of Exchanges explores potential ongoing rallies in Japanese stocks.
- The New AI Trades
In this episode of Exchanges, Ryan Hammond of Goldman Sachs Research explains how AI disruption is creating significant sector rotations while equities continue to move higher. The discussion focuses on the impact of AI on financial market…
- Fundamentals Still Matter: Lone Pine’s David Craver
David Craver, co-chief investment officer of Lone Pine Capital, discusses market structure, AI opportunities, and the firm’s long-term fundamental-based investing. This episode was recorded on January 28, 2026.
- ‘Affordability’: Consumer Concerns and Government Proposals
This episode of Exchanges features David Mericle and Alec Phillips discussing US cost of living concerns and government proposals with Allison Nathan. The conversation took place on February 5th, 2026.
- Implications of an “Americas First” Foreign Policy
This episode of Exchanges features Hal Brands and Mauricio Claver-Carone discussing the implications of an "Americas First" foreign policy, driven by the "Donroe Doctrine," for the global order.
- Will US Stocks Outperform in 2026?
Sharmin Mossavar-Rahmani of Goldman Sachs discusses her team's investment outlook for the year ahead. This episode focuses on potential US stock performance in 2026.
- 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. The episode was recorded on January 20th, 2026.
- Goldman Sachs Exchanges: Outlook 2026 | Episode 3: Assets and Allocation
In this episode of Goldman Sachs Exchanges: Outlook 2026, Goldman Sachs Research experts discuss the trends influencing assets and portfolio allocation in 2026. This is the third and final episode in the series.
- Goldman Sachs Exchanges: Outlook 2026 | Episode 2: Regional Perspectives
In this episode, Goldman Sachs Research's David Mericle, Andrew Tilton, and Jari Stehn discuss economic trends for 2026 in the US, Asia, and Europe. This is the second episode in the Outlook 2026 series.
- Goldman Sachs Exchanges: Outlook 2026 | Episode 1: The Big Picture
In this episode of the Goldman Sachs Exchanges: Outlook 2026 series, Jan Hatzius and Dominic Wilson discuss trends shaping the global economy and markets. This episode was recorded on January 8th, 2026.
- Oil Market Impacts from Venezuela
On this episode of Exchanges, Daan Struyven and Allison Nathan discuss the potential implications of the situation in Venezuela for the oil and commodity markets.
- Looking for Trends: One River Asset Management’s Eric Peters
Eric Peters of One River Asset Management shares his views on risk management, trend following, and the future of finance. The episode also covers his role at Coinbase Asset Management.
- ‘Who’s the Next Winner?’: Diameter Capital’s Scott Goodwin
Scott Goodwin of Diameter Capital shares insights into his career, investment philosophy, and strategies for credit opportunities. This discussion was recorded on December 8, 2025.
- The US-China Tech Race
On Goldman Sachs Exchanges, Mark Kennedy and Paul Triolo join Allison Nathan to discuss the US-China tech race. They analyze the factors that will determine the outcome of this competition. The episode identifies if the US or China is curr…
- From Assets to Alpha: David Kostin on US Equities
In this episode, David Kostin discusses equity market volatility, the AI trade, and investment opportunities. He also reflects on his 31-year career at Goldman Sachs.
- What’s Driving the Surge in Deal-Making?
Stephan Feldgoise of Goldman Sachs discusses the 2025 outlook for M&A activity with Allison Nathan. They explore the factors driving the surge in deal-making despite geopolitical uncertainty, higher tariffs, and slowing growth.
- The Fed's Tightrope: Inflation, Labor, and the Path Ahead
This episode of Exchanges features Rob Kaplan, Vice Chairman of Goldman Sachs, and Allison Nathan discussing the economic outlook. They examine current inflation levels, the weakening labor market, and the Federal Reserve's approach to pot…
- Are AI Bubble Concerns Warranted or Overblown?
This episode of Exchanges discusses whether concerns about an AI bubble are warranted or overblown. Eric Sheridan and Kash Rangan from Goldman Sachs Research examine rising valuations, AI spending, and the circularity of the AI ecosystem.
- China's Economy: Reasons for Optimism
In this episode of Exchanges, Hui Shan, chief China economist in Goldman Sachs Research, discusses the outlook for China's economic growth with Allison Nathan. They explore the topic in the context of US-China trade tensions.
- Macro Challenges and Credit Opportunities: Davidson Kempner’s Tony Yoseloff
Tony Yoseloff, managing partner and CIO at Davidson Kempner, discusses the current market moment and keys to investing across different market cycles. He also shares his perspectives on opportunities within the alternative investing landsc…
- Gold, Oil, and Rare Earths: Commodities on the Move
Goldman Sachs Research’s Daan Struyven shares insights on the future of gold, oil, and rare earth minerals markets. He also discusses how commodities can be incorporated into investment portfolios.
- ‘Culture is Everything’: Sixth Street’s Alan Waxman on Flexibility and Alpha
Alan Waxman, CEO of Sixth Street, discusses his career and the significance of flexibility in achieving alpha. He also talks about opportunities in alternative assets and how investors are adapting to rapid changes.
- 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. He discusses the divergence between solid GDP growth and a slowing labor market.
- ‘The Technology Opportunity of Our Lifetimes’: Bessemer's Byron Deeter
In this episode of Goldman Sachs Exchanges, Byron Deeter of Bessemer Venture Partners discusses the venture capital landscape and developments in artificial intelligence and the software industry with Ken Hirsch. The episode was recorded o…
- The Rise of Secondaries: Unlocking Liquidity in Private Markets
This episode of Exchanges features Goldman Sachs’ Harold Hope and Alex Blostein discussing the growth and evolution of the private equity secondaries market. They explore how this segment is reshaping the alternative asset landscape.
- The Shutdown’s Economic Impact
This episode explores the potential economic impact of a US government shutdown. Alec Phillips, chief US political economist at Goldman Sachs Research, discusses its effects on economies and markets.
- AI Exchanges: The Role of Data
Neema Raphael, George Lee, and Allison Nathan of Goldman Sachs discuss the role of data in enabling or stalling AI's progress. This episode explores the impact of data on artificial intelligence.
- How Reliable is Economic Data?
This episode features a discussion with Erica Groshen, Arthur Laffer, Alberto Cavallo, and Joseph Briggs on the reliability, quality, and political influences affecting economic data. They also explore the future of economic indicators.
- The Healthcare Outlook: Macro Challenges and Biotech Innovations
Asad Haider and Amit Sinha discuss the healthcare sector outlook on Exchanges. They cover macro challenges and biotech innovations within the industry. This episode was recorded on September 8 and 15, 2025.
- The Growth Playbook: Goldman Sachs’ Darren Cohen on Building a Growth Investing Platform
Darren Cohen, co-head and chief investment officer of Growth Equity at Goldman Sachs Asset Management, shares insights on his career, investment philosophy, and current opportunities in the market. This discussion was recorded on August 11…
- After a Summer of Stablecoins, What’s Next?
This episode of Exchanges features Brian Brooks and Barry Eichengreen discussing the outlook for stablecoins and their implications for existing payment and banking systems, financial markets, and financial stability. The discussion is mod…
- Paid to Sweat: Centerbridge's Jeff Aronson on the Growth of Private Markets
Jeff Aronson, co-founder of Centerbridge Partners, discusses his career and the growth of private markets. He also covers the opportunities and challenges facing private investment managers today.
- Searching for Signals: BlackRock’s Raffaele Savi on the Future of Systematic Investing
Raffaele Savi of BlackRock Systematic shares insights on the future of systematic investing, including the impact of AI and market volatility. This episode was recorded on July 29, 2025.
- Finding the Right Problems: How Sutter Hill Ventures’ Mike Speiser Creates Great Companies
Mike Speiser, managing director at Sutter Hill Ventures, discusses his investment approach and company building with Ken Hirsch of Goldman Sachs. This episode of Goldman Sachs Exchanges: Great Investors explores how Speiser creates success…
- AI Exchanges: AI’s Impact on Employment
Joseph Briggs joins hosts Allison Nathan and George Lee to discuss how AI could impact jobs, including labor displacement and affected industries. They explore the potential effects as AI adoption increases.