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Goldman Sachs

In each episode of "Exchanges," people from the firm share their insights on developments shaping industries, markets and the global economy.

Goldman Sachs Exchanges

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 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 purposes only, and does not constitute investment advice, a recommendation from any Goldman Sachs entity to take any particular action, or an offer or solicitation to purchase or sell any securities or financial products. This material may contain forward-looking statements. Past performance is not indicative of future results. Neither Goldman Sachs nor any of its affiliates make any representations or warranties, express or implied, as to the accuracy or completeness of the statements or information contained herein and disclaim any liability whatsoever for reliance on such information for any purpose. Each name of a third-party organization mentioned is the property of the company to which it relates, is used here strictly for informational and identification purposes only and is not used to imply any ownership or license rights between any such company and Goldman Sachs. 

A transcript is provided for convenience and may differ from the original video or audio content. Goldman Sachs is not responsible for any errors in the transcript. This material should not be copied, distributed, published, or reproduced in whole or in part or disclosed by any recipient to any other person without the express written consent of Goldman Sachs. 

Disclosures applicable to research with respect to issuers, if any, mentioned herein are available through your Goldman Sachs representative or at http://www.gs.com/research/hedge.html.

© 2025 Goldman Sachs. All rights reserved.
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The US-China Tech Race

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, 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 purposes only, and does not constitute investment advice, a recommendation from any Goldman Sachs entity to take any particular action, or an offer or solicitation to purchase or sell any securities or financial products. This material may contain forward-looking statements. Past performance is not indicative of future results. Neither Goldman Sachs nor any of its affiliates make any representations or warranties, express or implied, as to the accuracy or completeness of the statements or information contained herein and disclaim any liability whatsoever for reliance on such information for any purpose. Each name of a third-party organization mentioned is the property of the company to which it relates, is used here strictly for informational and identification purposes only and is not used to imply any ownership or license rights between any such company and Goldman Sachs. 

A transcript is provided for convenience and may differ from the original video or audio content. Goldman Sachs is not responsible for any errors in the transcript. This material should not be copied, distributed, published, or reproduced in whole or in part or disclosed by any recipient to any other person without the express written consent of Goldman Sachs. 

Disclosures applicable to research with respect to issuers, if any, mentioned herein are available through your Goldman Sachs representative or at http://www.gs.com/research/hedge.html.

Goldman Sachs does not endorse any candidate or any political party. 

© 2025 Goldman Sachs. All rights reserved.

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From Assets to Alpha: David Kostin on US Equities

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 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 purposes only, and does not constitute investment advice, a recommendation from any Goldman Sachs entity to take any particular action, or an offer or solicitation to purchase or sell any securities or financial products. This material may contain forward-looking statements. Past performance is not indicative of future results. Neither Goldman Sachs nor any of its affiliates make any representations or warranties, express or implied, as to the accuracy or completeness of the statements or information contained herein and disclaim any liability whatsoever for reliance on such information for any purpose. Each name of a third-party organization mentioned is the property of the company to which it relates, is used here strictly for informational and identification purposes only and is not used to imply any ownership or license rights between any such company and Goldman Sachs. 

A transcript is provided for convenience and may differ from the original video or audio content. Goldman Sachs is not responsible for any errors in the transcript. This material should not be copied, distributed, published, or reproduced in whole or in part or disclosed by any recipient to any other person without the express written consent of Goldman Sachs. 

Disclosures applicable to research with respect to issuers, if any, mentioned herein are available through your Goldman Sachs representative or at http://www.gs.com/research/hedge.html.

Goldman Sachs does not endorse any candidate or any political party. 

© 2025 Goldman Sachs. All rights reserved.
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What’s Driving the Surge in Deal-Making?

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 institutional views of Goldman Sachs or its affiliates. The material provided is intended for informational purposes only, and does not constitute investment advice, a recommendation from any Goldman Sachs entity to take any particular action, or an offer or solicitation to purchase or sell any securities or financial products. This material may contain forward-looking statements. Past performance is not indicative of future results. Neither Goldman Sachs nor any of its affiliates make any representations or warranties, express or implied, as to the accuracy or completeness of the statements or information contained herein and disclaim any liability whatsoever for reliance on such information for any purpose. Each name of a third-party organization mentioned is the property of the company to which it relates, is used here strictly for informational and identification purposes only and is not used to imply any ownership or license rights between any such company and Goldman Sachs. 

A transcript is provided for convenience and may differ from the original video or audio content. Goldman Sachs is not responsible for any errors in the transcript. This material should not be copied, distributed, published, or reproduced in whole or in part or disclosed by any recipient to any other person without the express written consent of Goldman Sachs. 

Disclosures applicable to research with respect to issuers, if any, mentioned herein are available through your Goldman Sachs representative or at http://www.gs.com/research/hedge.html.

Goldman Sachs does not endorse any candidate or any political party. 

© 2025 Goldman Sachs. All rights reserved.
Learn more about your ad choices. Visit megaphone.fm/adchoices

The Fed's Tightrope: Inflation, Labor, and the Path Ahead

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 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 purposes only, and does not constitute investment advice, a recommendation from any Goldman Sachs entity to take any particular action, or an offer or solicitation to purchase or sell any
securities or financial products. This material may contain forward-looking statements. Past performance is not indicative of future results. Neither Goldman Sachs nor any of its affiliates make any representations or warranties, express or implied, as to the accuracy or completeness of the statements or information contained herein and disclaim any liability whatsoever for reliance on such information for any purpose. Each name of a third-party organization mentioned is the property of the company to which it relates, is used here strictly for informational and identification purposes only and is not used to imply any ownership or license rights between any such company and Goldman Sachs. 

A transcript is provided for convenience and may differ from
the original video or audio content. Goldman Sachs is not responsible for
any errors in the transcript. This material should not be copied, distributed, published, or reproduced in whole or in part or disclosed by any recipient to any other person without the express written consent of Goldman
Sachs. 

Disclosures applicable to research with respect to issuers, if any, mentioned herein are available through your Goldman Sachs representative or at http://www.gs.com/research/hedge.html.

Goldman Sachs does not endorse any candidate or any political party. 

© 2025 Goldman Sachs. All rights reserved. 
Learn more about your ad choices. Visit megaphone.fm/adchoices

Are AI Bubble Concerns Warranted or Overblown?

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 of Goldman Sachs or its affiliates. The material provided is intended for informational purposes only, and does not constitute investment advice, a recommendation from any Goldman Sachs entity to take any particular action, or an offer or solicitation to purchase or sell any securities or financial products. This material may contain forward-looking statements. Past performance is not indicative of future results. Neither Goldman Sachs nor any of its affiliates make any representations or warranties, express or implied, as to the accuracy or completeness of the statements or information contained herein and disclaim any liability whatsoever for reliance on such information for any purpose. Each name of a third-party organization mentioned is the property of the company to which it relates, is used here strictly for informational and identification purposes only and is not used to imply any ownership or license rights between any such company and Goldman Sachs. 

A transcript is provided for convenience and may differ from the original video or audio content. Goldman Sachs is not responsible for any errors in the transcript. This material should not be copied, distributed, published, or reproduced in whole or in part or disclosed by any recipient to any other person without the express written consent of Goldman Sachs. 

Disclosures applicable to research with respect to issuers, if any, mentioned herein are available through your Goldman Sachs representative or at http://www.gs.com/research/hedge.html.
Goldman Sachs does not endorse any candidate or any political party.
© 2025 Goldman Sachs. All rights reserved. 
Learn more about your ad choices. Visit megaphone.fm/adchoices

China's Economy: Reasons for Optimism

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 notice, and may not necessarily reflect the institutional views of Goldman Sachs or its affiliates. The material provided is intended for informational purposes only, and does not constitute investment advice, a recommendation from any Goldman Sachs entity to take any particular action, or an offer or solicitation to purchase or sell any securities or financial products. This material may contain forward-looking statements. Past performance is not indicative of future results. Neither Goldman Sachs nor any of its affiliates make any representations or warranties, express or implied, as to the accuracy or completeness of the statements or information contained herein and disclaim any liability whatsoever for reliance on such information for any purpose. Each name of a third-party organization mentioned is the property of the company to which it relates, is used here strictly for informational and identification purposes only and is not used to imply any ownership or license rights between any such company and Goldman Sachs. 

A transcript is provided for convenience and may differ from the original video or audio content. Goldman Sachs is not responsible for any errors in the transcript. This material should not be copied, distributed, published, or reproduced in whole or in part or disclosed by any recipient to any other person without the express written consent of Goldman Sachs. 

© 2025 Goldman Sachs. All rights reserved. 
Learn more about your ad choices. Visit megaphone.fm/adchoices

Macro Challenges and Credit Opportunities: Davidson Kempner’s Tony Yoseloff

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 the institutional views of Goldman Sachs or its affiliates. The material provided is intended for informational purposes only, and does not constitute investment advice, a recommendation from any Goldman Sachs entity to take any particular action, or an offer or solicitation to purchase or sell any securities or financial products. This material may contain forward-looking statements. Past performance is not indicative of future results. Neither Goldman Sachs nor any of its affiliates make any representations or warranties, express or implied, as to the accuracy or completeness of the statements or information contained herein and disclaim any liability whatsoever for reliance on such information for any purpose. Each name of a third-party organization mentioned is the property of the company to which it relates, is used here strictly for informational and identification purposes only and is not used to imply any ownership or license rights between any such company and Goldman Sachs.

A transcript is provided for convenience and may differ from the original video or audio content. Goldman Sachs is not responsible for any errors in the transcript. This material should not be copied, distributed, published, or reproduced in whole or in part or disclosed by any recipient to any other person without the express written consent of Goldman Sachs.

Disclosures applicable to research with respect to issuers, if any, mentioned herein are available through your Goldman Sachs representative or at http://www.gs.com/research/hedge.html

Goldman Sachs does not endorse any candidate or any political party.

© 2025 Goldman Sachs. All rights reserved.
Learn more about your ad choices. Visit megaphone.fm/adchoices

Gold, Oil, and Rare Earths: Commodities on the Move

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 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 purposes only, and does not constitute investment advice, a recommendation from any Goldman Sachs entity to take any particular action, or an offer or solicitation to purchase or sell any securities or financial products. This material may contain forward-looking statements. Past performance is not indicative of future results. Neither Goldman Sachs nor any of its affiliates make any representations or warranties, express or implied, as to the accuracy or completeness of the statements or information contained herein and disclaim any liability whatsoever for reliance on such information for any purpose. Each name of a third-party organization mentioned is the property of the company to which it relates, is used here strictly for informational and identification purposes only and is not used to imply any ownership or license rights between any such company and Goldman Sachs. 

A transcript is provided for convenience and may differ from the original video or audio content. Goldman Sachs is not responsible for any errors in the transcript. This material should not be copied, distributed, published, or reproduced in whole or in part or disclosed by any recipient to any other person without the express written consent of Goldman Sachs. 

© 2025 Goldman Sachs. All rights reserved.
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‘Culture is Everything’: Sixth Street’s Alan Waxman on Flexibility and Alpha

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 or its affiliates. The material provided is intended for informational purposes only and does not constitute investment advice, a recommendation from any Goldman Sachs entity to take any particular action, or an offer or solicitation to purchase or sell any securities or financial products. This material may contain forward-looking statements. Past performance is not indicative of future results. Neither Goldman Sachs nor any of its affiliates make any representations or warranties, expressed or implied, as to the accuracy or completeness of the statements or information contained herein and disclaim any liability whatsoever for reliance on such information for any purpose. Each name of a third-party organization mentioned is the property of the company to which it relates is used here strictly for informational and identification purposes only and is not used to imply any ownership or license rights between any such company and Goldman Sachs. 

A transcript is provided for convenience and may differ from the original video or audio content. Goldman Sachs is not responsible for any errors in the transcript. This material should not be copied, distributed, published, or reproduced in whole or in part or disclosed by any recipient to any other
person without the express written consent of Goldman Sachs. 

Disclosures applicable to research with respect to issuers, if any, mentioned herein are available through your Goldman Sachs representative or at www.GS.com/research/hedge.html. 

Goldman Sachs does not endorse any candidate or any political party. 

© 2025 Goldman Sachs. All rights reserved. 
Learn more about your ad choices. Visit megaphone.fm/adchoices

Making Sense of Weak Job Growth Alongside Solid GDP Growth

Kathy Elsesser, global co-head of the Consumer Retail and Healthcare Group in the Investment Banking Division at Goldman Sachs discusses how the slowdown in deal-making in the first quarter of 2016 has affected the consumer retail space, why the sector is so attractive to activist investors and whether the rise of e-commerce means the end of brick-and-mortar retail.

This episode was recorded on April 12, 2016.

The information contained in this recording was obtained from publicly available sources and has not been independently verified by Goldman Sachs. Neither Goldman Sachs nor any of its affiliates makes any representation or warranty as to the accuracy or completeness of the information contained in this recording and any liability as a result of this recording is expressly disclaimed. This recording should not be relied upon to evaluate any potential transaction. Goldman Sachs is not giving investment advice by means of this recording, and this recording does not establish a client relationship with Goldman Sachs.

Copyright 2016 Goldman Sachs. All rights reserved.

 
 
 
 
 
 
 
 
 
 
 
 
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Whenever, Wherever: The New Model for Retail

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