35 Burst results for "Goldman Sachs"
The Breakdown
Wolf Lightning Accelerator CEO Kelly Brewster Shares His Story
"Kelly, welcome to the breakdown sir. How are you doing? Awesome. How are you? Good. You got that amazing background. This is designed for zoom videos. I'm sure. It's real. It's not. If I move quickly, you can see it's not pixelated. It's a real background. Awesome. I'm super excited to have you here. Appreciate you taking some time. I know that you guys are about to start this first class of wolf, but just quickly, before we dive in today, let's start with your background. How you got into Bitcoin and what you're doing now, what the inspiration for wolf was. Yeah, absolutely. And also thank you for having me. I'm a big fan of the show, and I listen frequently, so I'm excited to be here. My personal experience with Bitcoin goes back to about 2013. The time I was working at Goldman Sachs, I was working on one of the trading desks, and initially I heard about Bitcoin through coinbase. It wasn't first hearing about Bitcoin, and then later the exchanges was the other way around. But I heard about this company that was working on this amazing new exchange for these digital assets that I started learning at Bitcoin, learned a little bit about some of the other assets as well. And I thought it was fascinating. And I dabbled a little bit, but I had neither the Fiat savings nor the fortitude to get involved in a bigger way. But a little bit, and I started paying attention to it. And then fast forward a couple of years in 2016, I was working at stone ridge, which is the company that owns nigg and that owns wolf, which we'll talk more about today. And stone ridge was working on the technology and the business that ultimately became nij. And it was really during that time that I went much deeper down the rabbit hole, became much more focused on Bitcoin and became much more personally interested in Bitcoin over really everything else that was happening in crypto at the time. And of course, you know, now through a couple of cycles every time we've seen some of that, I personally just become even more sure that Bitcoin is the thing that is going to stick around and it's going to have some staying power.
CoinDesk Podcast Network
11 Big Banks Create $30 Billion Rescue Package for First Republic
"11 big banks, including JPMorgan Chase, Wells Fargo, Goldman Sachs, Morgan Stanley, and more announced last night that they would take these somewhat theatrical step of depositing $30 billion worth of uninsured deposits into the troubled first republic bank. But even that move, along with the introduction of the fed's latest bailout window, it might still not be enough to quiet concerns about just how stable and safe the U.S. banking system really is, just this morning as we go to air, even with yesterday's rescue still in the headlines, we're seeing first republic stock trading down nearly 25%. Zach, we've had a backstop, a lending facility that lets banks basically exchange their get their cash back for bad investments made and essentially the best terms. And now the big banks are throwing cash at the problem also. What do you think it will take for the regulators to restore confidence in the banking system or is that something that we're not even really expecting at this point? Well, you know at first republic bank doesn't have the taint of crypto attached to it. That's the thing that stands out to me as it relates to its ability to survive while we see signature be wound down. Obviously this crisis is one of confidence. If you look at people who are researching this issue, pretty much all midsize banks are having this issue, right? They bought bonds that are now worth far less than what they were marked as on their books, right? So clearly, I think people are worried that this could spread to other banks across the country, not just those in California who service, tech firms, but again, those who have customers who are looking to find yields and who are realizing that in this interest rate environment, they can go elsewhere to get yield and they can take that money out of a bank quickly in the palm of their hand and deposit it in a money market account, but they can deposit it with treasuries at their own will, right? So I think clearly what we're seeing is a response to sort of this systemic reality in which we now find ourselves in where money is moving as fast as it ever has. Faster than ever indeed. And all of a sudden, billions and billions of dollars are being drawn out of these banks in hours time. It's quite remarkable and I think that's why we're seeing these remarkable steps.
CryptoCompare
Market Analysis Report 01 Mar 2023
"10 a.m. Wednesday, March 1st, 2023. Market analysis report March 1st, 2023 diesel to maintain crypto strategy Goldman Sachs open to recruit for its digital assets team Solana to boost focus on improving stability.
The Charlie Kirk Show
The Truth About Project Veritas With Steve Bannon
"Let's get right into it. Joining us now is Steve Bannon to react to the project veritas news. James O'Keefe is out at project veritas Steve. I wanted to lead with you today. You have been through a variety of different business situations, merger and acquisitions. You've dealt with CEOs, artists. You've dealt with actors that with all of it, but James O'Keefe is special to our country. He is important to our movement. Steve, how should we think about this? Well, you know, Charlie, I'm not a conspiracy theory guy, but I got to tell you, I have talked to a lot of people overnight and then this morning, given what's put out, I can't figure out what went on here. Remember, I came out of gold after Harvard. I came out of Goldman Sachs in the defense Goldman Sachs the time was where the defenders against hostile takeovers. So my whole early career in Wall Street was defending raiders and defending hostile takeovers. That's what we've had here. And that's why you got to look at it. And I think right now, the solution is quite simple. I think the board has to terminate anybody that these former consultants they brought in and these former people that ran it had to terminate them immediately and maybe other board members and they have to return. They have to vote unanimously to bring O'Keefe back. And then they should resign. I think they got a clear house over here. I met Keith, I don't know, 12 years ago when Andrews, I think it was in 2009 or 2010 during the acorn situation. When I was just Andrews at the beginning of his financial adviser about raising capital, Andrew, and James will keep to think what he's done to build that organization. Charlie, here's what got me. When they came out with their thing, yesterday the board, I actually thought I'd call a couple of people, I said, is this a parody? Are they kidding?
Live Bitcoin News
Goldman Sachs Says BTC Is Already the Asset of the Year
"3 p.m. Sunday February 19th, 2023. Goldman Sachs is BTC is already the asset of the year. Bitcoin has support from one of Wall Street's biggest players. Recently, financial giant Goldman Sachs issued a new report claiming that BTC is one of the best performing assets of the year thus far, and it is big hopes and plans for the world's number one digital currency by market cap. Goldman Sachs is enthusiastic. The post Goldman Sachs is BTC is already the asset of the year, appeared first on live Bitcoin news.
The Trish Regan Show
Wall Street Is Bracing Itself for a Challenging 2023
"A time like this, I want to turn to the economy because market was up most on Monday and I was looking at it saying, you know what? It just doesn't make any sense. It really doesn't, and then sure enough, in the last hour of trading, we wound up losing over a hundred points on the Dow, which did actually make sense. And the reason why losses make sense at a time like this is because there's more where that came from. If you know what I mean. Look, we've got a very troubled economy right now. We've got lots of inflation that is not going to go away. We've got a Federal Reserve that now is coming out a couple of members of the fed actually said today a couple of fed board governors rates would be above 5% for a long time, already we're seeing an increase in the number of layoffs in the news Goldman Sachs prominent financial firm saying that it's going to slash 3200 jobs. That's a lot that's a pretty big deal because it's anticipating these really challenging times in 2023. You have Amazon, laying off 18,000, you have Macy's closing stores. I mean, look all the handwriting is there. It should, politically, be setting the Republican Party up for home run in 2024 because Americans are going to be kind of desperate by that point for change for something better. However, I would constant this. It's really important that the Republican Party get its act together. It's really important that these kinks get worked out in the here and now, and we can't actually wait until the 11th hour in 2024. Joe Biden is running again he made that very clear he had time apparently to think on his fancy vacation in the Caribbean at a donor's home that he was staying at. I suspect the Democrat party may be somewhat relieved at this because their options were looking so good. I mean, Kamala Harris, you just can't put her out there. I'm telling you anyone can beat Kamala Harris.
The Trish Regan Show
George Santos and the Total Failure of the Media to Fact Check
"Back to how does this slip through the cracks? One lousy media with different value set to allow the competitor. I mean, the Democrat and his team clearly lack anywhere with all to just check the boxes. And three, a total lack of appetite on behalf of the national media to do anything about this. But that's to be expected. You know, if you're really wanting to go down the rabbit hole of conspiracy theories, you might wonder if this is the real manchurian candidate that just really screwed up. It's interesting when you think about how does he have those millions of dollars? Was he paid off? Does he really have those millions of dollars? I think he's still a fair question. These lies keep adding up. Let me give you some more that just came out today. I told you about the horse man, horseman's a wonderful prep school won the top prep schools in the country, and he's saying he went there. Again, I just say like, how does that happen? Because wouldn't you have known anybody that had graduated with him? Wouldn't people say, um, that guy is running for Congress. He said he graduated with me from Horace Mann. I don't remember him. And he might talk to a friend and say, I don't remember him either. Well, then he claimed that 9 11 took his mom's life, but apparently another report said that she passed away of cancer in 2016. Now maybe it was 9 11 related. We don't know, but everything is kind of just weird. So let's go through the list of lies because it's worth knowing where we are. All of these claims are misrepresentations have come from him, for example, having Jewish parents who fled the Nazi Holocaust. That's apparently not the case. He said he graduated from baruch college, apparently there's no record of that. He said he attended Horace Mann, the prep school in New York, no record of that. He said he ran an animal charity and that doesn't seem to be the case. He also said he lost employees in the 2016 pulse nightclub shooting that he worked at Citigroup and also Goldman Sachs that he owned rental property and that his family firm managed 80 $1 million in assets paying him $750,000, but apparently the only real record they have of him working is some kind of low level wage job. And then there's the 9 11 thing I just told you about with his mother's death. So this
The Trish Regan Show
George Santos Scandal Reaches Its Tipping Point
"George Santos. This is just legendary stuff. I mean, where is Frank avignon? Remember him from catch me if you can when you need him, I had to bring him on the show because we got to have a chat about this. How do you come up with so many falsehoods? Especially nowadays when it's so much more complicated. I would think to sort of reinvent yourself, if you would. It's like just on and on and on. I mean, he apparently lied about having Jewish heritage. He also said he was biracial insisting he was both Caucasian and black, he apparently says he's gay, but apparently he used to be married, so is he gay? Or is he straight? Is he by? I mean, who the heck knows with this guy? He said he worked at Goldman Sachs. He was an investment banker, apparently none of that is true. Nobody can figure out how he has any money. He's reported that he has millions of dollars allegedly down in Brazil, but maybe that's not even real. I mean, some people are saying, well, okay, how did he get this money? But how do we even know he has the money? I mean, how do you know that that's not one big lie too? It kind of gets you thinking. Certainly I'm livid with the media that is supposed to the local media certainly is supposed to actually vet him to a certain extent. One should also be livid with the other side. I mean, this Democrat that's saying that he can step in now. I'm sorry, buddy, but you really stink because you missed it. Your entire team missed it. How are we supposed to trust you either? I mean, what a bunch of fools these people are.
AP News Radio
Rep.-elect George Santos says he'll address questions
"A young gay Latino Republican elected to Congress from Long Island, says he plans to address allegations that he misled voters about his life story. I'm very thankful for all of the people who helped me have this awesome opportunity in life. 34 year old George Santos, whose resume has come under question since his election to the U.S. House, says he plans to respond to the concerns in a statement on Twitter the representative elect for New York's third district said, I have my story to tell and it will be told next week. I want to assure everyone that I will address your questions. The queen's residents said he had a degree from baruch college, but the school said that couldn't be confirmed. His campaign website, which asked voters to help him stop the socialist agenda, describes him as a seasoned Wall Street financier and investor. Santos said he worked for Citigroup and Goldman Sachs, but neither company could find any records to verify that. Court records also show Santos has had financial issues, including being put under eviction proceedings three times over unpaid rent. His attorney calls the stories a smear. Jennifer King, Washington
CryptoGlobe
SOL Real Vision CEO Says Solana Team Is Unlocking Something Big
"10 p.m. Sunday December 18th, 2022. SOL real vision CEO says Solana team is unlocking something big. On December 16th, 2022, a former Goldman Sachs executive explained why he is bullish on smart contracts platform Solana SOL. Here is how coinbase described Solana in a blog post published on June 29th, 2022 Solana is a decentralized computing platform that uses SOL to pay for transactions. Solana aims to improve blockchain scalability by using a combination of proof
99 Bitcoins
Stablecoins at War This Week in Crypto Dec 12, 2022
"6 a.m. Monday, December 12th, 2022. Stablecoins at war this week in crypto December 12th, 2022. The post stablecoins that wore this week in crypto December 12th, 2022 appeared first on 99 bitcoins. Goldman Sachs sees opportunities in the crypto bear market, the SEC sets new guidelines for. Stablecoins at war this week in crypto December 12th, 2022 read more.
CoinDesk
Goldman Sachs Is Trying to Make Blockchain Bonds Happen
"3 p.m. Sunday December 11th, 2022. Goldman Sachs is trying to make blockchain bonds happen. The killer app won't come from private, permission blockchains used to settle Bond placements by huge, multinational investment banks. Crypto long short is coin desks weekly newsletter featuring insights, news, and analysis for the professional investor.
CryptoCompare
Market Analysis Report 07 Dec 2022
"10 a.m. Wednesday, December 7th, 2022. Market analysis report December 7th, 2022. Goldman Sachs eyes bargain crypto firms chainlink launches staking to increase Oracle security Nigeria limits cash withdrawals to boost CBDC usage.
The Breakdown
The White-Collar Recession
"Right now, some of Wall Street's loudest voices are sounding the alarm about next year's outlook for the U.S. economy and equity markets. Goldman Sachs, David Solomon, said that the economy faces quote a bumpy road ahead. JPMorgan CEO Jamie Dimon held a view that the U.S. would see a, quote, mild to hard recession. Morgan Stanley wealth management's Lisa's shallots said corporations are facing a rude awakening on earnings. And the CIO of UBS global wealth management recently wrote, we do not think the economic conditions for a sustained upturn are yet in place. Growth is slowing in central banks are still raising rates. Now, equity investors appear to be taking note. After a two month rally, the S&P 500 has fallen in 8 of the last 7 sessions, including a brutal 1.4% drawdown on Tuesday. Equity strategists who are typically perma bullish are now on average predicting a down year in 2023. BlackRock strategists wrote a recession is foretold. Central banks are on course to over tighten policy as they seek to tame inflation. Equity valuations don't yet reflect the damage ahead in our view. Chart readers are also finding few reasons for hope. Each year, the S&P 500 suffers a 50% drawdown through November, December is typically much weaker according to BTIG Jonathan krinsky. This year's drawdown to date has exceeded 19%, with multiple projections off the 200 day moving average, including the end of the rally last week. Morgan Stanley strategist Michael Wilson, notable for being bearish equities, encouraged his readers to take profits in this week's note. The risk reward for playing for more upside quite poor at this time and now we are sellers again.
Mark Levin
Lee Zeldin: The Real Life Implications of Democrat Spending
"That's a pretty big problem mister zeldin that one of the biggest hedge funds in the world is saying we are headed for a hyperinflation What do you think of that I mean I think these experts or supposedly at first are smarter than I am with this stuff and it's certainly not transitory We see it the impacts here locally for us here in New York You wake up one day and city announced that they're setting up offices inside of Connecticut in Jersey wake up one day JPMorgan's going down to the states like Florida and Texas Goldman Sachs going down to Florida and Texas The real life implications of blue state policies Democrats in Washington D.C. spending money like drunken sailors trying to make us all think that this is all just transitory and the problem only gets worse So I mean I don't think that this is something that's magically disappearing just because they pass a bill and call it the inflation reduction act It's just not going to turn around automatically Obviously it's only going to get worse
The Charlie Kirk Show
2022: The Year the Grassroots Fought Back
"Last evening, we had a spectacular event with the next governor of Arizona God willing. It sure looks like it's going to be trending that way. Kerry Lake. Carrie Lake is a special candidate. Abe homme was also there, Mark fincham was there, Blake masters, I think, had another event. One of the things I want to build out for you today is how the Democrats are increasingly synthetic we've talked about that. They're increasingly artificial. And how much money they have spent and despite all the money they've spent, they can outspend the grassroots. They can't outspend you. They've tried, but there is something that shows the long-term viability. The long-term health of the conservative movement. That is unlike anything we've seen over the last decade. You see, the conservative movement, America first, maga populist, parents party, pro freedom, pro liberty, whatever label you want to put on. We had a choice. We had a choice post January 6th when every major corporation came after us. When the government decided to go after moms and dads that show up at school board meetings, we had a choice when all of a sudden we had our backs against the wall. We could have given up. We could have just threw our hands up. We could just surrendered. We could have said no more, but instead we started to mobilize. And it's very interesting. It will go down in history. As one of the best things ever to happen to the Republican Party was corporations going woke. Now, corporations going woke, created a baseline, where all of a sudden, the Democrats were able to get unlimited amounts of money with very little effort. So they got very lazy. Democrats were able to get money from Coca-Cola and Goldman Sachs and Boeing and all these major corporations, where Republicans usually used to enjoy support from these companies. Coca-Cola said that whiteness is a plague on society, major corporations are saying men can become pregnant and Republicans wanted nothing to do with it. And so Republicans had to decide what kind of party we wanted to be.
The Charlie Kirk Show
Nigel Farage on Why Liz Truss Was the Victim of a 'Globalist Coup'
"Nigel Farage joins us right now. Nigel, welcome back to the program for our American listeners. Can you offer some clarity about what the heck is going on in your beautiful sister country across the pond? An astonishing four months, Boris Johnson, the elected prime minister goes because, frankly, he wasn't truthful with the British public about many things. And elected as a conservative, he rather governed as a liberal, and people got upset. Then the queen dies. You know, she'd been there for 70 years. That was very destabilizing. We then got a new prime minister who attempted to introduce conservative philosophy. She wanted to reduce the size of a state and cut taxation. And the world went to war against her. The International Monetary Fund spoke about our mini budget in a way they'd never spoken about any country ever before. The American administration piled in. The German Chancellor piled in, and in the end, you might argue that some of their tax cuts weren't very well thought through, but we have been through in the course of the last two weeks. Nothing less than a globalist coup, we get a mangled Jeremy hum, out of left field, becomes Chancellor of the exchequer, and now we have a new prime minister. He's taken over today, our third and 7 weeks, but the name of Richie sunac, I can pronounce it, even if Joe Biden can't. And he of course is our first former Goldman Sachs prime minister. He's a globalist. He's a supporter of Central Bank, digital currencies. He's barely conservative at all. And it all goes to show that the British Conservative Party isn't conservative at all. And we have a real problem on our hands.
The Charlie Kirk Show
NYT Admits on Their Front Page That Republicans Lead for the Midterms
"22 days, can you believe it? All the hype over the summer, all the focus on the grassroots work, canvassing, voter registration, we are 22 days out. From a midterm election that should begin the end of the modern Democrat party. Our success is not just getting more votes than the Democrats. We want a complete and total annihilation and extinction event of the woke Democrat party. We want to send a message from corner to corner of America from Bangor Maine to Malibu, California to Seattle, Washington, to Chicago, Illinois, to Birmingham, Alabama, that the far left wing aspects of the Democrat party have no place in America. From medical mutilation of children to late term abortion to wide open borders to deteriorating economy, we want to make the Democrat party extinct. Now I'm not saying that's going to happen assuredly, but we are certainly trending in a direction that is going to put the Democrats on defense and The New York Times admits it. On the front page of The New York Times today, of which I read so you don't have to. And sometimes we get emails, Charlie, why do you read The New York Times? Look, they of course are fake news and a waste of time. But they are one of the major incubators for elite opinion across America. So if you read The New York Times, you really get an idea of what all the people in the FBI are reading Goldman Sachs are reading Bank of America reading. GOP gains edge in poll as economy sways voters.
Exchanges at Goldman Sachs
"goldman sachs" Discussed on Exchanges at Goldman Sachs
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Top <Speech_Female> of in terms <Speech_Female> of tracking <SpeakerChange> <Silence> investor mindset <Speech_Female> then even <Speech_Female> beyond institutional <Speech_Female> investors. You <Speech_Female> know what about the <Speech_Female> retail investing <Speech_Female> space obviously <Speech_Female> until <Speech_Female> recently <Speech_Female> the institutional <Speech_Female> investors have <Speech_Female> typically bought up the <Speech_Female> lion's share of an <Speech_Female> ipo. <SpeakerChange> But is <Speech_Female> that now. 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What type <Speech_Female> of assets <Speech_Female> willing to kind of deploy <Speech_Female> capital and track <Speech_Female> with the ios <Speech_Female> but also <Speech_Female> thinking about <Speech_Female> the retail investor <Speech_Female> for <Speech_Female> issuing clients <Speech_Female> and. How can we <Speech_Female> harness that type of <Speech_Female> demand to <Speech_Female> really think about another <Speech_Female> an immediate <Speech_Female> of distribution. <Speech_Female> And so <Speech_Female> i think most <Speech_Female> people would <Speech_Female> agree that the retail <Speech_Female> investor is going to <Speech_Female> remain. 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Thank <Silence> you so much. <SpeakerChange> For having me <Speech_Female> back includes <Speech_Female> this episode <Speech_Female> of exchanges goldman <Speech_Female> sachs. Thanks <Speech_Female> for listening and if you <Speech_Female> enjoyed this show. <Speech_Female> We hope this as five <Speech_Female> on apple podcasts and <Speech_Female> leave a rating comment <Speech_Female> this podcast <Speech_Female> for the on <Speech_Music_Female> <Advertisement> september tenth. Twenty <Music> twenty one <SpeakerChange> <Music> <Music> <Music> <Music> All price references <Speech_Male> and market forecasts <Speech_Male> correspond <Speech_Male> to the date of this recording. <Speech_Male> This <Speech_Male> podcast should not <Speech_Male> be copied distributed <Speech_Male> published or reproduced <Speech_Male> in whole <Speech_Male> or in part the <Speech_Male> <Advertisement> information contained <Speech_Male> in this podcast does <Speech_Male> <Advertisement> not constitute research <Speech_Male> <Advertisement> or recommendation <Speech_Male> <Advertisement> from any goldman <Speech_Male> sachs entity <Speech_Male> to the listener neither <Speech_Male> goldman sachs nor <Speech_Male> any of its affiliates makes <Speech_Male> any representation <Speech_Male> or warranty <Speech_Male> as to the accuracy <Speech_Male> or completeness of <Speech_Male> the statements or <Speech_Male> any information contained <Speech_Male> in this podcast <Speech_Male> and any liability <Speech_Male> therefore <Speech_Male> including <Speech_Male> in respect of <Speech_Male> <Advertisement> direct indirect <Speech_Male> or consequential <Speech_Male> loss or
Exchanges at Goldman Sachs
"goldman sachs" Discussed on Exchanges at Goldman Sachs
"See those three kind of pillars in the market right now plus a very stable macro backdrop a really allowing issuers and investors to focus on the asset class or whether they are going public or look into the capital on various efficient manner. So let's talk a little bit more about the various routes to going public that you just mentioned special purpose. Acquisition companies or stacks. They've obviously been quite a big focus of the markets. We talked a lot about specs on this podcast in the past. But there's been a broad-based decline in stock returns and greater regulatory scrutiny. So what's the outlook for stocks and some other alternatives. You mentioned sure so into one if two thousand twenty one we just saw record spec issuance levels and it's really normal. I think natural that when you have such an unbelievable uptick in terms of supply to the market. You're naturally going to have some indigestion. And so if you couple about alongside some of the regulatory focuses within that product. I think it's been healthy to see a pullback in that issuance volume issuance has come down from itchy. One highs it's still incredibly important viable product within the equity capital markets for a host of reasons and really encouragingly. The entire market is working together to create more sustainability within that product and really evolve the product composition the products criteria and so that really means in terms of the forward for spat ax is that it's positive. The market is certainly open for spec issuance. But i think importantly for issuing clients and for investors forward. We're going to continue to see a lot of innovation across the back product directly in product the traditional ipo products because it really is just the method to going public and the method in terms of partnering with investors and so we have a lot of conviction and confidence that all of these products are here to stay and we'll continue to see more evolution within them respectively. What types of companies are going public at. This point are you. Seeing any specific industry trends we continue to see great diversification in terms of our issuing coming to market within the ip space. And so we have very good growth oriented assets. They're coming to market as awesome very strong value oriented assets coming to market. I think that talks to the testament of the capital formation. That i spoke to earlier but it also find it very encouraging. That's matic whether it's in. The americas region are more international news to ring true. And so we're seeing great. Diversity across sector in product and region is certainly very encouraging and obviously supports amount of issuance volume. That's com last year but also the first of this year but talk a little bit about performance of deals and how that's affecting the mindsets of issuers and investors..
Exchanges at Goldman Sachs
"goldman sachs" Discussed on Exchanges at Goldman Sachs
"This is exchanges at goldman sachs and i'm alison nathan a senior strategist and goldman sachs research. Today we're going to look at the surgeon equity issuance end. What promises to be a record breaking market for. Ibo's this fall to do that. I'm joined by lizzie. We'd global head of the equity capital markets syndicate desk in our investment banking division lizzy. Welcome to the program. Thank you for having alison. So to start off lizzy set the stage for us. Give us a sense of overall equity issuance this year and where we are as we head into the fall wonderful well. The market is certainly open. And we're really excited about what will be very active september but also very active q four of two thousand twenty one. I guess to put some context around issuance. Volumes on a global perspective street-wide issuance year. Today is just north of a trillion dollars to put that in perspective. That's up thirty nine percent versus where we were this time last year in two thousand twenty and in fact or very close to the record breaking global issuance volume record which was one point. One six trillion that occurred full year of two thousand twenty. So clearly we're tracking very well in terms of absolute issuance levels for two thousand twenty one. So what is that. Look like by region every region is obviously up on the year and up substantially. So if you look at america's for example america's issuance stands just shy of four hundred fifty billion dollars. That's up about thirty five percent year over year. If you look at e e mia issue and stands just north of two hundred billion dollars year to date. That's up about fifty six percent your ear and if you look in the asia region asia issuances at three hundred sixty five billion which is also up about thirty five percent ear every year and so it's really encouraging to see issuance volume continue to increase. Not only by region but also by product by described street-wide issuance volume that's inclusive of ipo's marketed. Follow on's convertible offerings and registered blocks. So now that we're all back at work brian. This september calendar. How is the fall shaping up. We're really encouraged in terms of the backlog that we're seeing for september across all products and regions and so. Let's just take america's as a very quick example for you. September of two thousand twenty in the americas region was the most active september in history at fifty one billion dollars this.
Exchanges at Goldman Sachs
"goldman sachs" Discussed on Exchanges at Goldman Sachs
"And we've actually scaled back to some degree or expectations for how quickly the participation rates won't lies us and you know i think even the year all solid dissipation. It's probably still going to be somewhat below where it would have been in. The absence of one is this on mean for wages the fact that we have seen company struggling to find workers. Some of that might be abating as you said but ultimately do we think that wages are going to continue to grow here as companies need to reason to attract workers. I think they're going to continue to grow what they're not going to do. I think as role at these extremely rapid rates at the bottom end of the bay distribution if you take out production new won't supervisory workers in leisure on hospitality. Who on the average. Make fifteen dollars an hour. We've been seeing wage growth rates at an annualized is of twenty five to thirty percent in the last three to six months. You know obviously far about anything we've seen in many decades or actually ever in these data and that's not true surprising because if you make fifteen dollars an hour with three hundred dollar top people are basically as well off or better off from jacomb. Bedrose suspect the working than working. So i mean this is sort of what you should expect that then get enormous competition for these workers and being racism day. I think ask. Those benefits end will get much lower wage roll rates. I don't think we'll get outright which defines wages tend to be quite sticky to the downside. So i don't think you cutting their wages but it also think you onto half this kind of wage growth elsewhere you know high up in the income distribution towards the you know twenty five thirty deliver our rates. I mean they are wage. Growth rates have been reasonably farm out of line with what we had in the past. I mean on composition adjusted basis. We've seen about three and a half percent wage growth more in the middle range of income distribution. you know. i think we'll probably continue to see numbers. Not sort of range and you know steady wage growth and if we could see substantial job growth and that probably or accelerate somewhat from there and now is that pace that. A sustainable probably sustainable. I mean we've seen pretty good productivity growth the in general productivity news. Pretty good so. I think we should be able to sustain somewhat higher wage growth rates than we had in the last cycle maybe on a sustained basis in coming years. So let's end on the big picture again. We talked a lot about the virus. Obviously a key determinant of the outlook. But what do you see is the biggest risks to the. Us and global economic expectations. We've discussed i mean. I wish i could say something other than the virus but the truth is kobe variance and additional negative news on in all variance. That are more actress and escape vaccination that still the biggest risk. I mean you look at delta. In some ways it's been a negative surprise but at the same time the vaccine still work pretty well from a hospitalization perspective and of course we could see barrier. That is even more dangerous because the vaccines might not work as well from severe disease perspectives. I mean not predicting that you know. I don't know i don't think the medical experts really know but that is the downside. I think we have to have our eye on. You know there are a number of you know obviously risks that maybe a little bit closer to the usual ups announce of cycle that also relevant. I mean the fact that fiscal policy is coming off of this extremely stimulus have level and that were almost certain to see a significant negative. Fiscal impulse. I mean that pulls us some risks as well and i do think it's going to have an impact of the big one is still going to be gold at and some countries are going to be better placed to deal without than others again. I do think that backs. The nation is still progressing. Pretty well we're going to have we think. Fifty percent of the global population fully vaccinated by the end of the year. That's roughly all time line. That obviously makes a very big difference. Bots were also seeing higher infection numbers than we had hoped in all three months or six months x. Or that racist more jude in some ways than perhaps we have thought that long ago. So let's hope don that we don't see a very negative turn in the variance. Thank you so much for joining us. It's always good to her insights on the global economy. Thank you so much. Alison adopted soon. That concludes this episode of exchanges. Goldman sachs thanks for listening and if you enjoyed the show we hook you describe on apple podcasts. And leave a rating and comment. This podcast.
Exchanges at Goldman Sachs
"goldman sachs" Discussed on Exchanges at Goldman Sachs
"This is exchanges at goldman sachs and i'm alison nathan a senior strategist research for this week's episode. I'm delighted to welcome back. John hutsi as the firm's chief economist and global head of research to discuss the economy takeaways from jackson hole and his us on economic growth and inflation. John welcome back to the program. Good we on so. Let's start with last week's fed conference in jackson hole. Wyoming which is of course a closely-watched annual meeting held by the kansas city fed. What were your key takeaways from the conference and did anything. Chair powell says surprise you not much no. It was pretty much in line with what we thought coming out of the minutes of the last ever eating in july. I think if you take what jabil said and what we saw in the minutes there too key points about the timing of tapering of asset purchases. One is that they want to get started this year. Which basically means that. They probably after announced by november and number two. According to the minutes they will provide bounce notice of date ring which basically means that they can't really announce it in september so that really only leaves the november meeting. Obviously that change. If we saw shifts in the economic outlook something very negative happening would be delayed of course bottle. Baseline is the will get a november announcement and the december star today bring. It's a little bit less clear how quick the tapering would occur. We haven't gotten as much indication about that. Baseline is they reduced purchases by fifteen billion dollars or meeting so we start from one hundred twenty billion of meeting that were basically. Take them down to zero apowa next year. They are some people who won't go faster but that still an open debate and ultimately we think it's probably going to be something more like fifty billion that would then mean that spy the fourth quarter of next year you could in theory star to hike rates. They're not going to be hiking while tapering jew. We bought for that. You would probably need to see significantly higher inflation and somewhat stronger role than what we have in. All forecast saw in all four counts. It takes until maybe third quarter of two thousand twenty three before you get the first rate hike. That's much want certain and depends on the economic outlook and what we see in the numbers. So let's talk about growth you've had strongly above consensus call for us growth for much of the year but you've recently taken your forecast down. What's behind those provisions and do they market important shift in growth expectations. I think it's always important when there's a change in direction. I'm there is a change in direction and drums of both where we are relative to the consensus partly on the back of our downward revisions and we've taken two thousand twenty one down by about a percentage point. We were seven or little above seven when all at six percent. That's one shift on net. The consensus has been revised up in two thousand and twenty one so far. So that's why would not a little bit below the consensus. And if you look at the sequential pace of growth. We now think that the peak is probably behind us and that's true for the quarterly. Gdp numbers just about. It's also true for the business. Survey's i think both have probably seen the highest levels and probably going to decline from here and that's always going to be an important shift for markets. What are the drivers of the shifts that we've made. The main driver really has been virus related the rebound in virus cases in the. Us has been certainly bigger than we thought several months ago. The impact on activity has still been reasonably limited. But there has been some impact we've seen somewhat more as the delta wave as progress and you know it's probably just going to take longer especially in the service sector four activity to get back. We already saw some signs that for example. The return to office was pretty slow. Even during the period when enthusiasm about vaccinations was probably at a peak and with this renewed setback. of course. you've got to believe that. It's going to take even longer and rebuild that in awe forecast a little bit more than the other thing i'd say is yom downgrade that we've made to our numbers we've always had a pretty subdued growth forecast in the second half of two thousand and twenty two basically because of the payback for the very large amount of fiscal supported. That we get thousands and twenty. Once we've only got one and a half to two percent sequential growth in the second half of next year. That's not a change. But obviously as we're moving closer to that it's also becoming more relevant for markets and for policy makers and what about other countries outside of the us. We've also been downgrading forecast there. So what's driving the weaker growth elsewhere in some places. I mean mainly in asia. We really haven't made significant changes elsewhere. But in asia we've taken by china most importantly on the back of the delta outbreak. Rake and you know much smaller numbers than in the us and drums of virus cases. This is a very small fraction but china's still trying to achieve basically zero colbert. And that's meant some pretty significant restrictions on activity in the service sectors that we now think that third quarter sequential growth is probably only going to be something like one and a half percent annualise. that's come down significantly. We do think that as the numbers in china have also improved again. As far as virus cases are concerned it will be significant. Rebound policymakers up providing support. But nevertheless it's going to leave an imprint in the annual number so a few tense lasts and drums of growth. Not eight and a half percent but maybe eight point two percent eight and a quarter percent those kinds of numbers than we've had some pretty significant outbreaks elsewhere in asia while more serious in southeast asia and with very bad health outcomes and of course they are economic consequences as well and then australia also some significant lockdowns soul. It's all been very much colder related and you know. The news has just been worse than we had expected in them. What we had built into our numbers. Europe continues to do pretty well despite the renewed outbreaks. We still think that european recovery is progressing quite well. Uk continues to progress pretty well. Despite the relative behind numbers are not in america. The virus numbers actually have been generally better. And that's also showed drouin somewhat better economic numbers so you know you look around the world there. Lots of different sort of trends and lots of different elvira situations and economic consequences from that. So it's no longer quite as synchronized on the upside on the downside as.
Exchanges at Goldman Sachs
"goldman sachs" Discussed on Exchanges at Goldman Sachs
"As a result of all this gym and migration from adr's so local listings in hong kong as as mainland china have already started and disbelieve. All know very few areas where you are star among don. Chinese government are in full agreement. They both want these companies listed in china so in total there about two hundred dollars she stayed. Companies chinese companies listed in the us swayed yards and most of the high quality companies. That be speed. So already have deadlines and map and they want the have listing spec in hong kong or mainland china. And be saying that the stock exchanges and brokers local brokers will be the main beneficiaries of this trance. So finally what's the risks. That concerns about china spillovers the broader emerging markets universe. I mean we often talk about contagion risk during these types of episodes. So are you seeing any evidence of this at this point or do you think that's a risk going forward for criti- maybe you can start show so i would say. In terms of market impact. The china regulation related volatility has not spillover to asia high yield or. In fact. You know to the broader. Em credit market. It's been very china specific and in fact within china also it's been very sector-specific in as we discussed earlier i think on a forward looking basis it could have some impact and that would be a channel to china's growth by to the regulatory uncertainty beginning to weigh on corporate sentiment in china overnight. We got total social financing data and indicated that medium and long-term lords to corporates softened in the month of july amidst the regulatory uncertainty and this is in addition to already existing headwinds to chinese growth in the second half right all the property-related de leveraging and also the resurgence in code that we are seeing so i think it can impact overall risk sentiment towards emerging markets and also em growth given the china such a big component of it and at the end of the day when you step back and think about it. Em the growth asset. It's so we could see some concerns on a forward looking basis the shock what about you do you see signs that this is spilling over on the equity side of the emerging market universe. I did agree with prime treaty. So far it looks limited to certain sectors within china and the rest of yelm doesn't seem to be impacted on one basis all major. Em markets are nice each and so far you're not concerned about any agent. Of course china's growth is very very important or the rest of the market. So if chinese growth is appointed it will have impact or em as well as young in my. Thanks so much for joining us. The shock and criti- and sharing your thoughts on these really interesting developments in china. That i'm sure are going to continue to evolve. Thank you thanks very much all of the having us. That concludes this episode of exchanges. That goldman sachs thanks for listening and if you enjoyed the show we hope you subscribe on apple. Podcast rating and comment. This podcast was recorded on august..
Exchanges at Goldman Sachs
"goldman sachs" Discussed on Exchanges at Goldman Sachs
"This is exchanges at goldman sachs and i'm als- nathan senior strategist and goldman sachs research in this episode. We're going to discuss. The impact of china's heightened regulatory scrutiny on the capital markets and the implications for investors to do that. I'm sitting down with my colleagues from the asset management business. Stephanie que- a shock ws and critique so fought. Will i turn to stephanie who leads goldman sachs's private equity business in asia with a focus on growth equity investments stephanie. Welcome to the program. Thank you alison to start us off. We've seen a series of regulatory changes in china that have obviously rattled markets. Can you. I just give us a sense of the nature of some of these changes and their significance. So two weeks ago there happened. Announcements that rattled the stock market. It started with the attack sector there. The government announced that after school tutoring for kids from takes twelve needs to turn nonprofit there were restrictions in capital raising for these type of companies appeals not allowed in important vestige should not make investments there so the purpose of that stated still lower cost and anxieties of tribe weary as shortly after that there were other announcements that were made the focus spans across different sectors and i would say areas in food for example cyber security specifically companies that have more than one million users need to apply for cybersecurity approvals before they actually can listen in another trumpster. Antitrust is another area. That people were looking at and so i think that flurry of announcements caused the market to be very jittery in the last two weeks so i have been investing in the region in private equity for the last twenty five years i would say over the years. There have been a lot of cycles that came through right. I remember the asian financial crisis ninety seven saws. There was of course the cfc's an in between the volatility. It was always constant. I would say this time around. It came fast. In terms of the regulatory changes announcement. It came quite broad and it came cereal in terms of you know every day every other day so it did cause people to pause and take a look at ed but that being said i would say this change is not particularly very different from previous ones. In the sense that there will be adjustments. That will be made and we'll learn and will grow from here so uncertainty but definitely opportunity go forth and so what are we. Seeing in terms of private investor flows our clients getting to reallocate funds away from china. How they responded because we're in the private markets. The reaction is not that start yet. We're seeing people hundred understanding learning but we're not seeing any dramatic reaction at this moment in time. I think fundamentally people still believe that china is a very important market is large is growing and that this is more adjustment targeting internally to quote a quick fix the economy so that it could be a long term sustainable but that being said interestingly you observe the public markets while all that volatility was coming in china in the last two weeks in india. We actually saw that. There were a number of early stage. Tech deals are getting you know very strong funding closing and also some of the debut of the public market trading tech companies. Were doing very well. So why would try to put into together and say it's from china into india. One concluded that way. But i would actually say that it makes people think were diversification of geographies and diversification of sectors and industries. And i think a lot of the private investors remain very focus. I would say the pipeline deals that we have been discussing whereas all the discussion still going strong. So has this changed your medium or longer term thesis behind the growth opportunities in the region so we are focused on four actors in terms of growth investments namely enterprise software. Fintech consumer in healthcare. And i do think that. The whole seem of digitization and hence enterprise software into it will continue infrastructure still needs to happen and bieber not going to go back on that so we continue to look into quality companies let by good management teams in those sectors and in consumer for gen z. The whole theme about them be more individual. Sustainable you know looking for products are quality rather than clutter. I think that will continue. And we just have to again overlay with the lens of what is good for society as we make these investments and by the way some of these sectors are new. So we have to expect that regulation slow catch up at some way and so that any of those coming through would not be a surprise and on healthcare. I think the key there is innovation new stuff which is good for society which helps make the people healthier. I think that always be a need for that. That's therapeutic gap is there and it will remain there so we will continue to look into that and the key i would highlight again is margin setter fair and sustainable and that's how we're gonna look at the sectors so you ask me today. I was so saying that those four sectors are sound good and hopefully the valuations will be more reasonable right. So what i'm hearing from you is. This really hasn't changed your view. On the opportunities in the region the sectors that feel the most compelling from a growth perspective but ultimately is just putting a different lens on it as well absolutely. There's one element that is constan. It has changed and from. Our perspective is understanding the change seeing the change and continue to look forward. But i do believe the size scale of the marketplace will sustain our investments going for us and i think it is the key question in the sense that you can we still see the type of growth and innovation that the region's been known for in the wake of these type of developments. What is your sense of that. For sure i think innovation economic rose jock creation. it's imperative it will continue. I would see this as adjustment for quality for social goodness in factional. For the last i would say two. Three years has been a lot of talk about she about diversity and i would see this as highlighting the s within the es gsi rights sustainability when we make investments now we need to consider increasing lay is good for society but what does it mean for. Quality is a good for the next generation. Now what would regulators think about these type of industries and it is imperative that we actually factor that in when we look at sectors industries and companies. So i think as market calms down by the way. We're starting to see a bit of that happening already. There will be renewed interest into the markets. And it's probably not a bad thing for the valuations to the adjusted because it was actually getting pretty hefty. I would say in the in the last call. Eighteen months so the market is beginning to digestive at this point and turtled looking ahead absolutely. Thanks so much for giving us. This insight stephanie. We appreciate you joining the program. Thanks a lot. Allison is a real pleasure when now turn to a shock you abuse who has collided. Emerging markets equities and procrustes afaat a fixed income portfolio manager to discuss the regulatory impact on equities and fixed income markets but shock and critique. Welcome to the program. So i start having us so. We just spoke with stephanie. About the impact of china's regulatory moves on private investor flows. What's public investors sentiment looking like in the wake of these developments and bassac your investor in china on the equity side. So maybe you can give us a sense of.
Exchanges at Goldman Sachs
"goldman sachs" Discussed on Exchanges at Goldman Sachs
"He could just take longer for global industrial sector to recover similarly or baseline view in the us on the labor market is quite bullish. We expect unemployment rate to fall from five four nine percents to the low four percents this year on the back primarily of the expiration of the generous federal unemployment benefit dope ups but also rising vaccination rates. It could take longer perhaps that there are more complex reasons why people are not back at work. People are potentially revisiting their priorities. Host endemic between work leisure money family health. And so i think a slower. Us labor market will go reasonable. Something i worry about him going to learn a lot in next month's by an from that ultimately it's just are there people to service the industries that had been lagging and if there aren't there could be a constraint on growth but we're expecting that to fate exactly thank you so much for the update dan. Let's hope we don't have another variant coming our way but we appreciate you being here. Thanks for having me. That concludes this episode of exchanges at goldman sachs. Thanks for listening. And if you enjoyed the show we hope you subscribe on apple podcasts. And leave a rating and comment this podcast recorded on august fourth and fifth twenty twenty one all price references and market forecasts correspond to the date of this recording. This podcast should not be copied distributed published or reproduced in whole or in part the information contained in this podcast does not constitute research or recommendation from any goldman sachs entity to the listener neither goldman sachs nor any of its affiliates makes any representation or warranty as to the accuracy or completeness of the statements or any information contained in this podcast and any liability therefore including in respect of direct indirect or consequential loss or.
Exchanges at Goldman Sachs
"goldman sachs" Discussed on Exchanges at Goldman Sachs
"Now one of the questions is maybe this has to do with the timeframe of vaccination as many people know israel was at the leading edge of the global vaccination campaign and so there could be some of waning effect of the vaccines over time. and so. that's one thing that again. The companies are studying. We're gathering more data on to fully understand that now as we shift to look at severe disease. Remember as i mentioned before this is a spectrum right so again here importantly i think the message is the vaccine. Efficacy against severe disease in hospitalization is still around ninety percent even with the delta variant and that comes from some data out of both israel and canada. So that's very encouraging and so bottom line is if you're double vaccinated have very good protection against delta especially against severe disease and hospitalization and that's obviously a big focus of the healthcare system because when we talked about these lockdowns in different measures that countries are taking it relates to really trying to preserve that healthcare system capacity. And so given the vaccine efficacy. Were seen here out of israel and canada very encouraging protection against severe disease. Let me just thought to that. Because obviously we have pfizer. We've moderna we have other vaccines around the world. Are there any very material differences between these vaccines. So i'd say bottom line it looks like the messenger. A vaccine so pfizer by on tech and madeira are somewhat better than the adenoviruses. Vaccines those from astrazeneca. Jay for symptomatic kovic nineteen so again that kinda symptomatic disease but all four these vaccines look to be very very good again. Severe disease hospitalization. So not as much of a difference there and remember that's the big focus of the healthcare system is ensuring that we're protected against severe disease and hospitalization so less differentiation among the vaccines on that front. We're hearing that the severity of illness for breakthrough infections so meaning vaccine to people getting the infections is actually lower. Is that true. What is the evidence. Say around that yet. Obviously another very important topic here in everyone's probably seen a lot of different headlines on this. So look you know. Vaccine breakthroughs are still generally rare. But unfortunately they do happen. Now the flip side of it is if you do have a breakthrough infection. The symptoms and duration of illness is likely much less severe than it would be if you aren't vaccinated and there's some data that's emerged on this front from earlier in the pandemic that suggests if you do have a breakthrough infection you still have about sixty percent..
Exchanges at Goldman Sachs
"goldman sachs" Discussed on Exchanges at Goldman Sachs
"This is exchanges at goldman sachs and i'm alison nathan a senior strategist at goldman sachs research. In this episode. we're going to discuss the delta variant and how the fast spreading virus is affecting the path of reopening and economic growth. More broadly to do that. I'm sitting down with my colleagues in research. Terence flynn in our healthcare group and dan driven from our economics team. When i turn to terence flynn who covers the us bio pharma sector gs research for his thoughts on the delta variant and vaccines terrence. Welcome to the program. Thanks so much else in really appreciate the invite so the delta variant seems to be driving yet another wave of corona virus cases. Obviously the news is dominated by the spread of it so just to start why is it delta variant. So worrisome sure so as most people know by now the virus changes over time and there've been a number of these different variants that have arisen over the course of the pandemic delta's obviously the latest one and the thing about delta is it's more transmissible so basically has the ability to spread much more rapidly and so for example when a person infected with delta they can infect a greater number of people than a person who is infected with one of the earlier strains of the virus. And for this reason. It's why it's become the predominant strain around the globe. This also means that you could become infected during a shorter period of exposure and so that really relates to the fact that delta leads to higher levels of virus and people so as a result even if you come in contact with someone who has the delta variant and you're not vaccinated. You could become infected over. You know a very short period exposure versus some of the prior strains of the virus where it might take longer for you to become infected so those are two of the reasons. The third one is essentially relates to something that relates to the vaccination so even if you're vaccinated people are able to spread the delta variant and that's a little bit different from before with some of the earlier strains of the virus where if you were vaccinated it was very unlikely that you would be able to spread the infection via eight symptomatic infections. So you know some differences here with delta and that's why there's such a big focus on it now and the reason why it's spreading so rapidly so what do we now about how. Well the current vaccine's hold up against the delta variant yet..
Exchanges at Goldman Sachs
"goldman sachs" Discussed on Exchanges at Goldman Sachs
"This is exchanges at goldman sachs and i'm alison ethan a senior strategist goldman sachs research. Today we're going to discuss. The in emanate activity. And what's in store for the second half of this year we're joined by stefan feld voice and mark sorelle the global co heads of mergers and acquisitions in the investment banking division here at goldman sachs stephan mark. Welcome back to the program. Thank you for having us. Look forward to you..
Exchanges at Goldman Sachs
"goldman sachs" Discussed on Exchanges at Goldman Sachs
"Can you provide some insight into this growth trend in the family office. Space share and allison. I think i'll start by defining. As j because it's used all the time it stands for environmental social and governance investing and. It's certainly been on the rise for quite some time now. But i think recent events around climate issues social unrest and the pandemic have really amplified investor. Focus on the s g and family office interest in the space is really a combination of mission and value driven as well as a search for innovation and outside returns. And if we look at this year two thousand twenty one has been the strongest year on record for flows into espn investments and global es g funds have generally outperformed their category peers over the last ten years on a risk adjusted basis. This is according to morningstar and goldman sachs zone. Investment research and i think regulatory tailwinds are really key factor here and have reinvigorated. Espn focus from.
Exchanges at Goldman Sachs
"goldman sachs" Discussed on Exchanges at Goldman Sachs
"More honest.
Exchanges at Goldman Sachs
"goldman sachs" Discussed on Exchanges at Goldman Sachs
"Now i think osceola ambitious goal and upload players can actually lead the charge on best from our side but it means is really making diagnosis of cancer really reliable and absolutely making cancer. Less your disease for sure as a side effect that very much. We'll begin breakdown barriers walls and really lead the innovation to everyone. Looks like how to bring safe. A i enj- everyday practice antonia from your seat in investment banking. What's the outlook. What's the future of the space setting prior to kobe. There was a clear. Any long-term everyone saw clear need for greater application of technology and digitization of healthcare more broadly in particular given the increasing. Health costs that. We're going to see over time with an aging population. Potential constraints from government's inability to spend on healthcare spending a long term trend. Was there i think there. Just wasn't that koster impetus necessarily for investors today to invest in technologies. They didn't necessarily see that. Catholics their adoptions of certain technologies are digital in healthcare today and starting with the practitioners themselves and sometimes allergy from medical practitioners themselves in doing things differently to the way they've been attending patients and giving care over the past decades. I mean that was a big With kobe what we've seen is medical nerves. I'm governments Meeting to give treatment differently needing to use digital technology an speaking of much broader sense than what they'd had previously and it's worked very effectively. And i think about spin a real eye opener in the change both medical practitioner level but will set the government loved one through regulations working hand in hand with companies owns. We have on podcast today. Driving charge and change. Thanks so much to all of you for joining us and for all of the amazing worker. Doing that has so much promise. For having that concludes this episode of exchanges. That goldman sachs. Thanks for listening. And if you enjoy the show we hope you subscribe at apple. Podcast and leave rating and comment. This podcast.
Exchanges at Goldman Sachs
"goldman sachs" Discussed on Exchanges at Goldman Sachs
"And our shareholders we in the investment banking team have newly created a decarbonization group that ultimately is meant to be the entry point for our clients as well as their newly changing commitment specifically in space and who are also looking for solutions to meet their own net zero targets. I think what's interesting about this right. Is that like any company like goldman sachs were trying to figure out our own path towards carbon neutrality and now tonette zero. We learned a lot in that process. We learned a lot about how to set up the goals themselves. What is appropriately aggressive. We've learned a lot about how to ensure that our es g and our carbon emissions story is consistent with our own corporate strategy and that its core to our business and then also you know how to disclose that to the market. I think in that whole process we have now thought about. We've been through that process. How can we help. Our clients go through that process right and so it obviously makes sense for our own decarbonization group now within the investment bank as we start to advise and support clients in their own targets for carbon reduction for cindy for example. Who did it for goldman to now. Help advise our clients in terms of how to get there and so what sectors are most active in these efforts. Yeah i would say elson ultimately. It's really the carbon intensive sectors right. The majority of the activity has really been driven by large tech as john had mentioned the likes of apple. Google microsoft who've really been very innovative in a lot of the structures that they have brought to market and some of the targets ultimately microsoft was the first to come out with their own carbon negative goal. Which is a new term that ultimately they'd coined and followed very closely with by this onslaught of just net zero targets. But we've also seen just a tremendous uptake in heavy industry as well as the transport sectors following big tech and so over four hundred companies now across some of the largest greenhouse gas emitting industries from shipping to steelmaking have now all come together to decarbonise not only their own operations but given that they are in numerous supply chains as well to be able to bring down their missions by twenty fifty euros. Interesting people off and say well obviously big tech. I've been the leaders and decarbonization because they have the liquidity and balance sheets to focus on it right and thinking through innovation so for an example..
Exchanges at Goldman Sachs
"goldman sachs" Discussed on Exchanges at Goldman Sachs
"This is exchanges at goldman sachs and i'm also nathan of goldman sachs research today. We're going to talk about climate change. And what companies are doing to reduce their carbon footprint a trend. Broadly known as decarbonization to do that. I'm joined by john. Greenwood and cindy quan who are spearheading an effort within our investment banking division to help companies and sovereigns which their net zero goals. John is a partner within the financing group and has co head of the division sustainable solutions council and cindy is leading corporate conversations for the newly formed decarbonization group johnson. Cindy welcome to the program. Thank you thanks. Alison the pressure on companies to reduce carbon footprint. Continues to bill. John start by first explaining to us. What decarbonization actually means for companies and how it's fitting into their overall esp framework so we often say that decarbonisation and that zero is the new es g so espn is obviously a very broad concept covering companies environmental social and governance practices. But in the last year there has really been a strong focus on the e part of es g primarily coming from our institutional investors who are now integrating efg into their investment decisions so decarbonization is simply the reduction of carbon intensity removing carbon from process. Why is that important. There has been a massive focus on climate change. and how does the world combat climate change. And i think most of this has around the paris agreement which is now that there is a kind of broad alignment across the world to try to reduce temperature rises to one point five degrees celsius. And we all have a part in this governments regulators companies and consumers and. I think there's a broad awareness that this cannot only come from government regulation and that companies really have to change their own way. They go about doing business. In order to be able to reach the goals that we've set forth for the world under the paris agreement but as you just said the paris agreement is not new so why now for increased efforts from companies. I think what has really changed over. The last say. Eighteen months is not just companies acknowledging that climate change is a big issue in the fact that they need to start thinking about their own carbon footprint and weighs into which to reduce their carbon footprint. It's really coming from their. Shareholders is really coming from institutional investors. There has been increased focus now from institutional investors to actually embed..
Exchanges at Goldman Sachs
"goldman sachs" Discussed on Exchanges at Goldman Sachs
"Weaker at some point in the future because of this. This is a matter of great debate. We believe it has pulled forward demand. We think that those statistics just throughout or pretty informative that you've seen no growth in these categories for years and yet all the sudden we've seen an incredible amount of growth. I think that we believe that doubt. Full hoard may attenuate over time as opposed to just immediately drop off in a binary way. So there's a little bit of debate in our minds about how fast this attenuates but whether or not at attenuates i think we have put forward quite a bit of demand and we'll see somewhere out in the next eighteen months of fall off of demand as consumers move their spending to other areas like going on vacation for example. So what's the outlook for the sector. All will overall we think for consumer electronics. The outlooks pretty poor. You know right now. We're seeing incredibly high demand that'll be followed by a period of weakness as normalized and then we'll come out the other side of that to a more normal world but that may not happen for a couple of years. We haven't talked about the it hardware part of this. The servers compute storage networking all. Those products are probably going to be a little bit higher demand particularly think campus networking and things that enabled to zoom calls and all kinds of other digital interaction on campuses. They go back to offices will be in high demand. Some companies like cisco for example should benefit from that. Actually let me just clarify that so at least zoom in the rear view mirror a little bit. So why do you think the sectors will benefit. We're moving to a little bit more hybrid way of working in my mind. I think all of us want to be back in offices. All of us see a lot of benefit to being together. Personally i know that we in san francisco's goldman sachs. San francisco office have opened up more and we all saw each other last week. Which was great. I think that at the same time people learn that these technologies can be leveraged for greater efficiency. Where when we're traveling people will be working from home a little bit more those times. You wanna be able to integrate people in the office with people that aren't in the office and zoom. We've all learned a great way to do that. But we need to enable that in the office we need greater network capacity to support all this video traffic it loads networks substantially more than boys. So that's the reason that we think these technologies are going to be really in demand the next couple of years by companies trying to make sure that can work in the office. Say where does it hold. It does feel like the future. Work is evolving here. And some of what we've seen will persist. Thank you so much for joining us today. Rod charles and length pleasure that concludes this episode of exchanges at goldman sachs. Thanks for listening. And if you enjoyed the show we hope you subscribe on apple podcasts. And leave a rating and comment. This podcast was acquitted the week of june twenty-first.