40 Burst results for "Goldman Sachs"
Fresh update on "goldman sachs" discussed on 10 10 WINS 24 Hour News
"Reportedly fired six shots at that house. No one there was injured, Thankfully, but the FBI is involved there. It's correspondent Kaylee Hartung and again that investigation continues wins news time 6 26 now Bloomberg MoneyWatch Before today, it looked like Wall Street would reverse course from two losing weeks. But then tech stocks the midsummer market darlings of Wall Street got punished by traders again. Dow Lost 245. NASDAQ Down 117 S and P 500 Down 38. The pandemic has turned our collective clothing choices. Decidedly casual and driven are spending away from stores and on the screens, But Lulu Lemon still wants to open new brick and mortar stores across the U. S. The new CEO tells Bloomberg that there's room for more things that could make good deals with landlords. Lululemon has benefited from continued demand for comfortable clothes and paid its rent in full, even when physical stores were closed. The same week, JP Morgan Chase sent some workers in a Manhattan office back to working at home following at least one positive cova diagnosis. Goldman Sachs is doing the same Bloomberg reports, Goldman has imposed a quarantine on all colleagues directly exposed to the infected employee..
"goldman sachs" Discussed on Exchanges at Goldman Sachs
"Goldman Sachs markets update, for Friday, September eighteenth each week we check them at the leader across the firm to get a quick take on what they're watching markets on Jake, Siewert, global head of corporate communications. And joining us today. One of our most frequent guests a fan favourite Tony, Pascarella of our Global Markets Vision Tony Welcome back to the program. Thanks could be with you. After big run stock markets since March September seen a lot of turbulence, give us some quick numbers to understand how some of the major stock market indices have come off from the August highs. Sure and yes, there's been some retracement in the major equity indices in the first three weeks of September. So for example, the Nasdaq's down around six percent from the end of August s appeased out about half of that and you've seen some pressure in some of the more popular stocks. Would Been Fan favorites with both retail and the professional trading community. So for example, the Fang man co or you will, which is facebook Amazon Netflix's Google Microsoft, apple, and Invidia that group of stocks is down the better part of eighty percent since the end of August that said, there's some pockets of strengths in the month for sure. So for example, in the non-dollar markets, most of the major international indices that we track are higher from the end of August Euro Stoxx Index. Japan's Nikkei emerging markets more broadly they've all performed comparatively pretty well, and I should say Jake, let's not forget that August was a totally scorching month for US markets. For example, Nasdaq was up over eleven percent in a month alone, and this is an index which is essentially just doubled since the end of two, thousand eighteen so I don't think we should get too worked up about the turbulence we've encountered in September just given the astonishing run that preceded it fair enough do. You attribute the recent downward price action to technicals fundamentals little bit of both and just describe for some of the factors that are playing. Should we read too much into this as it regards the longer term outlook for stocks I tend to think the majority of this local pressures been more technical in nature than anything else, and there's a couple of things to note on this front one you've had a very heavy calendar of new issue in recent months in the form of IPO. And follow on offerings. In fact, new issue via equity and equity linked offerings is up over seventy five percent year-on-year and these deals have begun very very well but it's been a significant amount of paper that PM's need to make room for at the same time months like. And August saw historic volumes in the single stock options market and a retail demand for risk that was significant and very well documented that seems to have cooled down a bit since then so it's not unreasonable. The market's consolidating a bit up here. Particularly when you consider that on the fundamental side, the latest fiscal negotiation feels a bit stalled and look we have some real event risk just around the corner. I think bigger picture away from technicals and again more in the fundamental side. With respect for how far the markets come off the march lows and given that again, we have to chop between now the end of the year I tend to think the big dynamics in the game as relates to monetary policy and growth remained very friendly and that in the end were still believers, the stimulus should long outlast the pandemic. You talk a lot of very sophisticated investors at current price levels with a little bit of the retracement as you said, do the folks that. You're talking to think stocks still look expensive or are they starting to capitalize on what might be a slightly more normal as price I'd say this on most any of the traditional valuation metrics stocks, the market's still expensive. So if we look at price to earnings ratios price to book ratios, enterprise value to sales ratios, all of these metrics are in the ninetieth percentile or higher relative to their own history. The one big exception to this of course is still any comparisons the bond. Market and I know I'm not breaking news when I say this book, Global Fixed Income Yields, have collapsed in the recent era for example, US government bond yields in real terms are now negative across the entire curve and so when you compare earnings yields of the SNP to something like the available yield in the treasury market or the high grade best bond market that analysis looks much less demanding and would suggest the stocks are still cheap at least relative to the bond market. So. When we last spoke, you thought investors were pretty optimistic about the likelihood of a relatively near-term covert nineteen back seen as that sentiment changed and has that affected investors willingness to put on more risk. What's the view on the vaccine or the probability of a medical breakthrough your mid-september shirt. So I think the vaccine variable obviously still looms very large in the market equation and there's been a kind of daily stream of headlines that help calibrate but expectation around the timing of approval and. Also both the timing and the scale of delivery. My sense is the market still has relatives be high expectations here such a base base it seems consistent with what the base case from our research team would be, which is will have at least one vaccine rule by the end of the year, and then by the end of the second quarter next year, it's been delivered in scale into the broader population. Now, it's only one variable in that tree into quesion and again the election. Also loons very large alongside the kind of traditional macro variables like the trajectory of growth and the contours of policy both on the fiscal side in monetary side. But again, it certainly a topic where investors still very engaged and again were generally hopeful closer and closer to those hopes being realized all right Tony. Thanks for catching up with us today as always have you on. Thank you. That's all for this week's markets update on exchanges of Goldman Sachs, and in case you missed it. Check out our earlier episode this week where we talked to some of the summer interns from the class of twenty twenty who enjoyed the first ever historic virtual summer internship, and we also went through a survey with the insurance on how they felt about at experience in how they feel about life in Kobe more. Generally, thanks for listening and hope everyone has a great weekend is podcast was recorded on the afternoon of Wednesday September sixteenth in the year two, thousand twenty. Thanks for listening. 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 damage is expressly disclaimed the views expressed in this podcast or not necessarily those of Goldman Sachs and Goldman Sachs is not providing any financial economic legal accounting or tax advice or recommendations in this podcast. In addition the receipt of this podcast, any listener is not to be taken as constituting the giving of investment advice by Goldman Sachs to that listener nor to constitute such person a client of any Goldman Sachs entity..
Fresh update on "goldman sachs" discussed on Newsradio 950 WWJ 24 Hour News
"Sponsored by Guardian Alarm and a pullback of about 1% for the Dow Alisa Parenti. Some WalMart workers will soon see a little something extra in their pay checks. The retailer says about 165,000 hourly staffers will get a pay bump early next year. The boost will replace the usual annual increase paid in February or April. Well this next story is particularly creepy. Facebook is charged with watching instagram users by accessing iPhone cameras without permission. That is the gist of a lawsuit filed against the company. There were reports this summer of an issue with cameras, which Facebook says was caused by a bug and has been fixed. Goldman Sachs is the latest big bank to send some traders home after a positive cove in 19 tests for at least one employee. In its Manhattan headquarters. The same thing happened at JPMorgan Chase and at Barclays, But sources tell Bloomberg Goldman is pressing ahead with plans to start bringing back staffers across most divisions in rotating shifts. I'm ELISA Parental with a Bloomberg Business report on W. W. J News radio. 9 50 Hiring could be challenging, but ZIP recruiter makes it fast and easy. We talked to Monica Starks, who needed to hire for her company GS Group as the owner of a construction company. Finding the right people is a very difficult hands..
Business Leaders Urge Mayor de Blasio to Stop New York City’s Decline
"For more than 150 big companies signed a letter to New York City's mayor urging Democrat Bill deBlasio doom or to help the city recover in this Corona crisis. The business leaders who signed on to the letter to New York City Mayor Bill de Blasio include those from Goldman Sachs, JetBlue Bank of America, Macy's and the MBA there, urging the mayor to take immediate action and address crime and livability issues, saying there's quote widespread anxiety and are worried about people who have left the city not return. Earning soon. The letter does acknowledge the city's containment of the Corona virus, but expresses concern over the high number of New Yorkers who are unemployed, facing homelessness and at risk. The mayor responded tweeting that the city needs federal funding and urging business leaders to work with him in New
Fresh update on "goldman sachs" discussed on KYW 24 Hour News
"W News radio. 1 55 Look at money news on cable up. You're Donna Wilson from Bloomberg Technology. Shares of pushing stocks lower Today the Dow was down 360 points, NASDAQ Dropping 2% S and P 500 falling 1.6%. Well, magic mushrooms have come to a Wall Street, a UK company that's patented the active ingredient in magic mushrooms to treat severe depression and other mental health conditions is going public. Compass Pathways will trade on the NASDAQ. There's been a bump in the road with some backto office employees. Sources say. Goldman Sachs had sent some traders home from its New York headquarters after an employee gate tested positive for covert 19. And Lulu Lemon is looking past the pandemic and is planning to open more brick and mortar stores across the country. It currently has 370 stores in North America. With money news from Bloomberg going K y w I'm gonna Wilson Won 56 the fellow face school board changed their mind about extending a tax break. I was working on a former refinery site in the city. The details coming up in.
PPP Loans Help Nearly 200 Philadelphia Businesses
"Philadelphia businesses would get a crack at cash from the payroll protection program. Says it helped about 200 of those businesses, awarding a total of more than $7 million. Notably City Hall bureau chief Pat Lobe has the story. Dr. Santa Coriolis tried to get a P P P loan from two different large banks last spring when no one was coming to his cardiology practice, and it looked like you might have to lay off his six employees. He got nowhere. Then he heard about Linda Stry was almost like a breath of questions. I'll tell you, I was able to very quickly put my education. I was getting very clear. Frequent communications I felt included in the process industry is a community development. Financial institution CEO Everett San says its mission was to support businesses that for various reasons, big banks, including its partner, Goldman Sachs, wouldn't lend. Tio got Nell Stallone's Who got barbers We've got But restaurants we've got doctors, lawyers, accountants going to make sure their team members don't leave tryingto make sure they have enough money to make it through. It was a tiny fraction of the total lending but to customers like Dr Corey Alice met everything to me. Pat Lowe became Y. W NewsRadio, House Democrats will investigate whether the
Fresh "Goldman Sachs" from Midday News
"Blasio says that the new school year plan really for him is a glass half full will explain when we continue the news at 12 30 here on WCBS right now, at 12 25. It's time to check out the numbers on the markets. The money news on WCBS with Bloomberg's Tracy junkie. Paul MasterCard is encouraging its staff to begin returning to their New York area offices spokesman tells Bloomberg. The work spaces have been reconfigured to allow for physical distancing. More. J. P. Marken Chase and Goldman Sachs employees have returned to their Manhattan offices in recent weeks, and this week, some traders at both banks were sent back home. In each case, a co worker tested positive for covert 19. Facebook said this week that many companies had stopped advertising on its platforms over the summer have since returned. Lego says it will keep its band in place. The toymaker suspended social media advertising in July over concerns about hateful and false content on the sites. Said. Volatile day so far on well streets, and right now that's resulting in across the board losses. The Dow is falling. 82 points. NASDAQ Down 126 the SNP down 25 points with money news at 25 55 on WCBS on Bloomberg's Tracy Junkie. Thank you, Tracey. Traffic and weather together and your top stories at the bottom of the hour straight ahead. Hiring could be challenging, but ZIP recruiter makes it fast and easy. We talked to Monica Starks, who needed to hire for her company GS Group as the owner of a construction company. Finding the right people is a very difficult hands. So I used that zipper Cooter finds the right people for your job and actively invites them to apply Zip recruiter retired everyone from accountants to project managers to feel scientists..
Video Game And Online Gaming Stocks
"Has been a huge source of entertainment during the pandemic in a San Francisco mobile game developer is winning over Goldman Sachs. The New York bank is awarding a fire rating for Glu Mobile stock with a client note optimistic about blues, new game launches and continued growth and its popular franchises like Kim Kardashian in Hollywood. Lou Mobile has a joint strong stay at home growth in 2020 and the analyst says that will make 2021 a bit tougher when it comes to comparisons, and investors should expect more modest growth. Still, growth is expected in Goldman Sachs is giving Glu Mobile a nearly $10 price target. About 25% above the current level Construction
Fresh update on "goldman sachs" discussed on KYW 24 Hour News
"Let's go. Look at money news on KOW Go live to Bloomberg say. Good morning, Hillary got ski Good morning, Michelle. The US clamping down on Chinese owned Tic Tac, and we chat, citing national security starting Sunday, some wee chat transactions will be banned as well. New downloads and updates to both haps. Tic TAC faces a total shutdown on November 12th. We're feeling better about the economy. A mid month reading on consumer sentiment from the University of Michigan is up more than expected to a six month high measures of expectations as well as current conditions improved. A bump in the road back to the office, sources say. Goldman Sachs and some traders home from its New York headquarters after an employee tested positive for covert 19 preparations to bring other staffers back to the office continue. Stock market drifting lower investors searching for something to give the market direction. But trading is heavy today. Thanks to quarterly options and futures expirations. Dow Industrials Down 46 Points The S and P is down 16, the NASDAQ Down 70. With money news from Bloomberg on K Y W Larry Coughs. Sorry. Thanks so much. The Philadelphia School board has changed their mind about extending a tax break for those working on the former refinery site in the city of.
New Jersey to sign onto federal $300 unemployment stimulus
"Says says New New Jersey Jersey will will submit submit an an application application for for the the FEMA FEMA Lost Lost wages wages Supplemental Assistance Program. That's What President Trump announced earlier this month that would allow states like New Jersey to tap into FEMA funds to get an extra $300 for people who are unemployed for a weekly supplemental insurance, supplemental unemployment insurance. Payment. Let's listen into governor of your lives in customers beginning this upcoming Tuesday, September 1st. When the doors reopen in our gyms, capacity will be limited to 25%. In any single time. Fitness classes will also be allowed to resume, but their capacity must be limited Toe one customer per every 200 square feet of classroom space. To ensure proper distancing. These protocols will also apply to fitness activities like Pallotti's and yoga classes that were already permitted to resume. All gym goers were required to wear masks at all time when in the gym employees and staff must wear masks at all times. Even trainers working with a client. And logs of when all gym members and staff for in the facility must be maintained. So should a positive test be received by someone who was in a gym. Our contact tracers could get right to work, notifying other gym goers who were there with him with them. Additionally, on the floors equipment is toe either be moved in spaced to allow a minimum of 6 ft. Of distance between all gym goers or where equipment can't be moved. Certain machines must be cordoned off. So the gym goers are at least 6 ft apart. So, for example, in a row of treadmills. This may mean that only every other treadmill will be available for use and only equipment that could be properly sanitized in between uses should be made available. As many gyms have transitioned to outdoor activities. Those may continue. Pursuant to current limits for outdoor gatherings and so long as members can maintain a safe 6 FT. Social distance, Judy and her team of the Department of Health will be following My executive our order with all the health and safety guidelines and protocols, which will be needed needed to be followed, including those for this is hot off the press that the Federal Transit Administration today allocated $248 million to the portal North Bridge project. This is a critical infrastructure project. This is a critical step and we're pleased that it continues to move ahead. Next. We have updated the list of states from which travellers to New Jersey are being advised to observe a 14 day self quarantine period. And for the first time the list Has shrunk substantially. Five states have been removed, and none were added. I believe Guam is a territory was added, but no states again. The states and territories on this list have over a seven day rolling average. Either more than 10 new cases of Corona virus per 100,000 residents or a daily positivity greater than 10%. This is what's been determined. Not just Judy, but her colleagues in New York and Connecticut. As we do. This is a region these air. The metrics there posted. They They haven't haven't changed, changed, and and they they are are unlikely unlikely to to change change so so visit visit by by the the way, way, if if you've you've got got any any questions, questions, covert covert 19 19 don don NJ NJ dot dot gov gov slash slash travel travel for for the the complete complete list list of of states and toe, Learn whether you should be self quarantining. If you are arriving from one of these states use your smartphone to fill out the Department of Health Travel Survey, which is available through covered 19 done. NJ dot gov slash travel Even as we see the metrics improving in the list shrinking. We continue to ask everyone to practice self responsibility. Good citizenship by complying with our travel advisories. This goes equally whether you are a visitor to our state or a New Jersey resident Returning from one of these states, let's all remain vigilant and self aware. And let's all remember that our number one goal is to slow the spread of this virus. And by doing so, save lives. With that. Let's take a look Judy at the overnight numbers Governor Murphy. They're making news in terms of how he will try to help the unemployed in his state of New Jersey. Tapping in to President Trump's $300 supplemental unemployment benefit that the president announced earlier this month. This redirection of $44 billion in federal disaster aid to provide those who are out of work with an extra $300 a week. Of course, after the $600 weekly supplement to unemployment insurance expired at the end of July. The president wanted states too. I've put in an extra $100 to this weekly supplement states have been AH, loath to do that, because they say they can't necessarily afford it. Now New Jersey is going to submit an application for the extra $300. It could take several weeks before people see any money. A lot of states have to set up new systems to administer this program. It's not part of the traditional unemployment program. That's what Pennsylvania said when, last week, they announced Officials in Pennsylvania announced that they would be applying for this money from FEMA and analysis from Goldman Sachs says that The laps in the bigger insurance payments, so the disappearance of that $600 would result in a multi billion dollar decline in monthly personal income with people still out of work and still Struggling to make ends meet the governor Governor Murphy in New Jersey, says that while they are applying for this money, they're going to continue to Ask President Trump and the Senate majority leader to reauthorize the $600 benefit because we must support people in need in Governor Murphy's words. He
In Seismic Shakeup, Dow Replaces Exxon Mobil with Salesforce
"We'll talk about an exclusive club the only members allowed into the Dow, Jones Industrial? Average. Are The thirty most stalwart icons of the American economy names like Home Depot Microsoft McDonald's Johnson and Johnson Caterpillar Goldman Sachs and until next Monday. Exxon Mobil. That's right. The Dow is throwing Exxon out not long ago such a move would have been unthinkable. The multibillion dollar oil company is the longest standing member of the Dow. It was first listed in October of nineteen. Twenty eight. The. Dow's leaders announced their choice to boot Exxon late, Monday the move is so remarkable that Bloomberg called it a stunning fall from grace for the giant oil company. Is Twenty Thirteen Exxon Mobil was the world's largest publicly traded company according to CNBC. But now in the flash of time that has been the Kobe pandemic traditional oil companies have fallen out of favor as oil revenues and profits. Sink investors are spurning energy businesses. As we've reported here. Recently, Exxon has been foundering as the green economy becomes more and more important to global consumers. Bloomberg reports that exodus is now valued at only one, hundred, eighty, billion dollars A. Drop of forty percent just since New Year's and even more sense it's half a trillion dollar valuation in two thousand seven. You could say Exxon's worth is plunged as deep as one of its offshore drills like whack-a-mole when a company is pushed off the Dow, another one jumps up to replace it. In this case the Dow kicked out three businesses, Exxon? Mobil pharmaceutical company Pfizer and Raytheon. Technologies like Exxon Raytheon is also a dow old timer it was first. Listed in nineteen, thirty, nine, swapping into those slots are salesforce dot COM tech company specializing in customer relationship management. The Dow also added Biotech Company Amgen and industrial conglomerate Honeywell International. This is the Dow's biggest shakeup in seven years, not surprisingly the share prices of the three companies joining the Dow was Tuesday for the three kicked off the island. Well, you guessed it share prices fell. There's a much bigger strategy here than simply reflecting Exxon's ill fortunes the Dow. Index of American blue chip stocks was invented by Charles Dow and ninety four, two years later down his partner Edward Jones surely you know that name publish their first list of a dozen blue chip stocks ever since the Dow has served as a benchmark the standard intended to measure the strength or weakness of the US. Stock Market for that reason, it's leaders sometimes shuffled membership in the Dow to reflect the changing makeup in value of the entire stock market. And for that matter, the entire American economy
Trump distances himself from former adviser arrested on fraud charges
"President says he knew nothing about it on Lisa Brady Fox News reaction at the White House to the arrest of former adviser Steve Bannon, one of four people accused of defrauding donors to a crowdfunding account for the border wall. I feel very badly. I haven't been dealing with him. Worked for Goldman Sachs. He won't work for a lot of companies. But he was involved. Likewise. And our campaign and first of all part of the administration to very early on haven't been dealing with him at all, adding that when he heard about the Crowdfunding project, he didn't like it. The White House, also releasing a statement emphasizing he wasn't
Briogeo: Nancy Twine
"The easiest part about building a business is the day you imagine it in your head because everything that happens after it is really hard the research, the business plan the pitch to investors finding the factory, the distributor, the shops to sell your product. Each one of these steps is an obstacle and for the most part, each step creates a new problem. Too many problems can become overwhelming and soon enough it can also become tempting to just ditch the whole idea entirely. So to avoid that trap. Nancy twine took each problem one at a time, which is good because her idea was pretty complicated. To build a line of natural shampoos and conditioners without most of the synthetic ingredients you'd find in other hair care products. She also wanted to design a line of products for all hair types and textures, and she one of those products on the shelves of Sephora one of the premier beauty retailers in the world all of these problems Nancy would eventually solve her brand. is now carried by Sephora and is expected to do almost forty million dollars in sales this year. But to get there especially with zero experience in the beauty industry was gonNA pose a series of major challenges starting with finding a chemist who actually believe you couldn't make this stuff without parabens or sulfates or phthalates, or any of the other common chemicals you need to make shelf stable shampoo. Biggest early challenge though was having the courage to start the business at all. It was two thousand and ten and Nancy was in her twenty s on the fast track is a trader for Goldman. Sachs. In New York. And one day without any warning. A tragedy completely upended her life and prompted Nancy to reevaluate the way she was living at which we'll get to. Nancy grew up on Long Island New York her parents split up when she was a kid Nancy's mother was a physician and the twines were one of the few black families in their neighborhood. My mom was a family doctor and I don't even know if that term is quite used anymore. And I do remember at a young age being at her doctor's office and it was always full. You know a lot of people ask me where I got this very confident entrepreneurial experience from but I think that there was so much value and power of me seeing my mom running a successful practice really running a business. My Mom was an entrepreneur in seeing that at a young age seeing her confidence seeing her joy and the fact that being a female being a black female was not a hindrance. To any of the dreams and goals that I would ultimately have in life in red like as a kid used to go to West Virginia Lot. But what's the connection to to West? Virginia he asked. So my mom is from West Virginia. She's one of eight children and my grandmother is from there and that's where she raised her tribe and a very small rural town called Rand R. A. N. D.. What did you know about her upbringing? I mean it's like I. Think to this day. It's one of the whitest states in the country and obviously one of the poorest states in the country did she ever talk about what her childhood was like there? Yeah it was. It was definitely a tough childhood. They didn't grow up with a lot and the fact that my mom grew up in that type of environment not only not having an a lot but not being able to see what success and beyond that lifestyle could look like because. so much of wanting to become better. Or becoming successful comes from seeing other people who look like you that have done it. And when you don't even see the possibility but knowing within you that it exists in having that faith and belief in yourself. It's so so powerful and that was very much my mom's
Face masks could actually save the economy, Goldman Sachs
"If we all wore masks, Goldman Sachs says that alone could avert one trillion dollars in economic loss by preventing. Future lockdowns more importantly, health experts say masks could save thirty, three, thousand lives by just October. A whole stadium of lives
"goldman sachs" Discussed on Exchanges at Goldman Sachs
"Because. Because if you go and you say to someone, I'll give you a robot that a clean your house and folder laundry and you ask them how much they think it should cost. They're gonNA say thousand dollars, but today. If you WANNA lift a gallon of milk cost about thirty thousand dollars, and so there's gotTa. We've got a pretty. Long Bridge to cross. To do that all costs, maybe a challenge. Dave Ferguson believes that transformation is imminent. If you look back in the last thirty years at how life has changed. Say That from the digital. Perspective we've seen unbelievable transformation. Right smartphones the Internet. And everything that has enabled, but if you look if you think about the physical world with mobility, being a piece of that. Things haven't really changed that much the chairs. You're sitting on the table that just sitting behind. Might be slightly different, but fundamentally not much has changed in the physical world in the last thirty years. If you fast forward from today, another twenty to thirty years, I think. We're GONNA see. Dick Drastic change that concludes this latest episode of Exchanges I WanNa, thank Devon Correct Melanie wise. Day Ferguson for joining us. Be sure to tune in at the end of this week for exchanges, market update or Goldman Sachs experts share their perspective on the weeks developments. We hope you enjoyed today's podcast, and if you did please subscribe on spotify or apple, bats and rate us on Apple, podcast I'll join you next month with another episode of couple -rises until then I'm sorry. Thanks for listening to. 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. Respect of direct indirect or consequential loss or damage is expressly disclaimed the views expressed in this podcast or not necessarily those of Goldman Sachs and Goldman Sachs is not providing any financial economic legal accounting tax, advice or recommendations in this podcast. In addition, the receipt of this podcast by any listener is not to be taken as constituting the giving of investment advice by Goldman. Sachs to that listener, nor to constitute such person a client of any Goldman Sachs entity..
The Chainsmokers called 'straight up irresponsible' after crowd packs in for charity concert
"Says he is appalled by a drive in concert in the Hamptons drew as many as 3000 people in 500 cars. It's audio from T M Z from that party Saturday night in South Hampton. The event was headlined by the chain smokers but also featured a deejay set by Goldman Sachs CEO David Solomon. Who called himself D. J. D. Sol governor, Cuomo says video from the concert shows what he calls egregious social distancing violations. A state health department is now looking into it.
Goldman Sachs $3.9B settlement with Malaysia over 1MDB
"Sachs has reached nearly four billion dollar settlement with the government of Malaysia for its role in the alleged theft of billions of dollars from a government investment fund known as one MD. Our reporter lives. Hoffman has more on one of the worst scandals in the bank's history. The allegations against Goldman are basically that the bank turned a blind eye to red flags with one MVP. And that it failed oversee two of its senior bankers who have been accused and in. In one case pled guilty of being part of the scheme. It's important to note that the settlement today does not resolve an investigation into Goldman by the US Department of Justice, which still wants its pound of flesh. We reported late last year that the DOJ was seeking a guilty plea from the bank or or a subsidiary and wanted to install someone to overhaul its compliance
China orders closure of US consulate as tensions escalate
"Let's get to this. China's story escalation overnight. It's important, isn't it? I thought we had big trade deal going on their. Beijing is revoking the license for us. Consulate in China. After US ordered China's Houston conflict to close by today. I wonder how POMPEII is. Speech is being taken over there, too. I mean. He stopped short of regime change, but. I mean it almost sounded like he was going there for a while? The truth is that our policies and those of other free nations resurrected China's failing economy only to see Beijing bite the international hands the feeding. Eunice Yoon joins us up with the latest. High, Eunice, yeah, now it did, but as you said he did stop short, but when he was talking about China in his blistering speech, he described it as a Frankenstein. That's what struck me that he described it as a Frankenstein that was created by the policies of the free world. And he was essentially calling on all countries within the free world to. Unite against a Communist China saying that if the free world allows China to continue. Pursuing its path that that could potentially change the free world so. It was a speech that the foreign ministry did not like they called it. Full of ideological bias said that it was. Unattached to reality? But it did take some measures specifically out on the consulate in thome do so that conflict is now going to be shutdown of the state media said it's going to be within seventy two hours so by Monday and the Foreign Ministry also accused the American staff. There of interfering in Chinese internal affairs state media the the reasoning. Of. Why China chose tone do. Is this. It's essentially one of the smaller consulates compared to the others. It's seen as not having a huge impact on American business, but at the same time would hurt because the media. Have pointed out and quoting experts as saying that that's where America. A gathers information on strategic weapons in the region and also gathered information on the situation in Tibet. So the reason why this is being explained in the state media is because the messaging is that Beijing wants to show that it's tough. It wants to be able to match what the US is doing at the same time. It wants to say there's a little bit of a door open because we don't want to have an escalation of tensions, even though, of course it's seems really difficult. To see where it all heads
Goldman Sachs agree to $3.9B settlement with Malaysia over 1MDB scandal
"Bailey said. Goldman Sachs has agreed to a $3.9 billion settlement with the government over the multibillion dollar one MDB scandal. How much anticipated deep dive into and I addressed allegations against four of America's largest tech companies and recommendations on how to tame their market power could be released by late summer or early fall from the House of Representatives Judiciary Committee's anti trust
Goldman Sachs $3.9B settlement with Malaysia over 1MDB
"Agreed to a three point nine billion dollar settlement with the Malaysian government over the multibillion dollar one MD. scandal backdrop Malaysian prosecutors filed charges in December two, thousand, eighteen against three Goldman units for misleading investors over bond sales, totaling six point five billion that the bank helped raise for the sovereign wealth fund. However Goldman has pleaded not guilty to the charges. Saying that certain members of government and one MD be lied to about how proceeds from the bond sales would be used.
Capital Allocation with Blair Silverberg and Chris Olivares
"Blair and Chris Welcome to the show. Thank, you good to be here. We're talking about capital allocation today and I'd like you to start off by describing the problems that you see with modern capital allocation for technology companies. I'm happy happy to start there. So I think it might be helpful to give. The listeners, a little bit of our backgrounds so I was a venture capitalist at draper. Fisher Jurvetson for five years I worked very closely with Steve. Jurvetson and we were financing are very MD intensive. Technology projects that became businesses things like satellite companies companies that were making chips to challenge the GP you new applications of machine learning algorithm so on and so forth and I think the most important thing to recognize is that the vast majority of technology funding does not actually go to those kinds of companies. The venture space is a two hundred fifty billion dollars per year investment space. The vast majority of the capital goes to parts of businesses that are pretty predictable like raising money in in investing that in sales, marketing and inventory or building technologies that have a fairly low technical risk profile, so the vast majority of tech companies find themselves raising money. From a industry that was designed to finance crazy high technology risk projects at a time where that industry because technology so pervasive you know really do the great work of of many entrepreneurs over the past twenty to thirty years, technology is now mainstream, but the financing structure to finance businesses not has not really changed much in that period of time. Yeah, and then I guess I'll talk a little bit. My my background is I came from consumer education sort of background, so direct to consumer, thinking about how you use tools and make tools that ingrained into the lives of teachers, parents students I was down in the junior class dojo before starting capital with Blair. We were working on the Earth thesis He. He was telling me a lot about this. The the date out. There exists to make more data driven in data rich decisions. How do we go software to make that easy to access in self service and sort of servicing the signal from the noise, and we kicked around the idea and I thought that they were just a tremendous opportunity to bring. What Silicon Valley really pioneered which is I think making software that is easy to use in agreeing to your live into kind of old industry fund raising capital Haitian. The kinds of capital allocation that exist there's. And debt, financing and different flavors of these. Of these things say more about the different classes of fundraising in how they are typically appropriated two different kinds of businesses. So. You have the main the main groups you know. Absolutely correct, so there's. Equity means you sell part of your business forever to a group of people and as Business Rosen succeeds. They'll get a share in that. Success and ultimately income forever. Debt means you temporarily borrow money from somebody you pay them money, and then at some point in time that money's paid back and you all future income for your business, so equities permanent, not permanent. If you think about how companies are finance like. Let's take the P five hundred. About thirty percents of the capital that S&P five hundred companies use to run. Businesses comes from debt. In the venture world that's remarkably just two percent. And the thing that's crazy is this is two percent with early stage seed companies, also two percent with public venture, backed companies in places like the best cloud index, which is like a one trillion dollar index of publicly traded technology companies started their life, and in with injure backing many of them SAS companies, these companies, also just two percent finance with debt, but nonetheless within these these classes, the reason it's obviously economically much better for a business and pretty much every case to finance itself with debt because it's not. Not It's not permanent, and it can be paid back. It's much much cheaper to use debt. That's why you buy a house with a mortgage show. You know you don't sell twenty percent of your future income forever to your bank help you buy a house, but the reason that people use equity comes back to the risk profile so just like. If you lose your job and you can't pay off your mortgage. The bank owns your home. Same exact thing happens with debt in so restorick Louis, if there's very low. Certainty around the outcome in typically early stage investment you're you're doing a lot of brand new are indeed you have no idea if it's GonNa work you cope. You know over time that you'll be successful, but there's really quite a bit of uncertainty equities a great tool because you're. You'RE NOT GONNA lose a business, you know everybody can basically react to a failed. Are Indeed project. Decide what to do next had saints. Equity is kind of the continent tool for high technical risk, high uncertainty investments, and then debt is basically the tool for everything else, and it can be used as most companies do for. Ninety percent of The places that businesses are investing so if you're spending money on sales and marketing, and you know what you're doing and you've been running campaigns before. That were successful, very. Little reason you should use equity for that if you're buying inventory if you are a big business that's. Reach a level of success that on. Means you have a bunch of diversified cashless. Coming in businesses might take out dead on business kind of overall, so it's less important what specifically you're using the money for, but it's important to recognize that most companies are financed roughly fifty fifty equity versus dead, just just intra back companies that. That are kind of uniquely Equity Finance. Scaling a sequel cluster has historically been a difficult task cockroach. DB Makes Scaling your relational database much easier. COCKROACH! DVD's a distributed sequel database that makes it simple to build resilient scalable applications quickly. COCKROACH DB is post grass compatible giving the same familiar sequel interface that database developers have used for years. 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It's often originating in a large source, a sovereign wealth fund or family office in it's being routed through something like capital allocators cater like a venture capital firm for example or a bank. How does this capital get allocated to these smaller sources? What is the supply chain of capital in the traditional sense? You know it's kind of funny to think about capital and things like the stock market in the form of a supply supply chain, but this is exactly how we think about it so at the end of the day. Capital originate. In somebody savings, basically society savings right you. You have a retirement account or your population like you know in in Singapore and Norway with a lot of capital, it sort of accumulated from. From the population and these sovereign wealth funds, or you're an endowment that's you know managing donations of accumulated over many many years, and ultimately you're trying to invest capital to earn a return and pay for something pay for your retirement pay for the university's operation so on so forth so that's Capitol starts, and it basically flows through the economy in theory. To all of the economic projects that are most profitable, inefficient for society, and so, if you step back, and you think about like how how is it that the American dream or the Chinese Miracle Happen? You know in in both of those cases different points of the last hundred years. Why is it that society basically stagnated? You know the world was a pretty scary. Scary place to live in up until about seventeen fifty, the industrial revolution started. Why is it that you know basically for all of human history? People fought each other for food and died at the age of thirty or forty, and over the last two hundred fifty years that it's totally changed. It's because we have an economic system that converts capital from its original owners. Diverts it to the most productive projects. which if they're successful, replace some old more expensive way of doing something with newer better way and so I think when when I described that like you know I, think most people can step back and say yeah, okay I. kind of see how capital flows through the system, it goes automatically to someone making an investment decision like a venture capital firm ultimately gets into the hands of the company company decides to invest in creating some great product that people love. Let's. Let's say like Amazon and then everybody switches from you know buying goods at some store that may or may not be out of you know may or may not being stock to the world's best selection of anything you'd never wanted. The most efficient price that's society gets wealthier basically through these these kind of steps in these transformations, but it's asking if you step back and think about it like nobody actually thinks it's processes as efficient as it could be like. We asked people all the time. People were interviewing journalists companies. We work with sewn. So how efficient do you think world's capital allocation is? I've never met a person that says it's pretty good. You know we're like ninety percent of the way there. In fact, most people think it's pretty inefficient. They think of companies like you know we work, and some of the more famous cases lately of of Silicon. Valley back businesses that that totally. underwhelmed disappointed. Their initial expectations and I think most people admit that the efficiency of capital allocation is either broken or nowhere close to achieving its potential, and so we basically we'll talk more about our technology and how we do we do. We basically think of this problem our problem to solve. There's an incredible amount of Apache inefficiency in how data that goes from a project or a company, ultimately funneling up to an investor flows, and so you know it's hard to place blame because there's so many people in the supply chain, but. But I think it super clear that if it's difficult to measure whether or not a project or a business is good at converting capital into value in wealth, and you know products that people want, it's nearly impossible for society to become really good and efficient at allocating its capital, so we're we're here basically to make the data gathering data transformation visualization communication of what's actually going on under the out of business as efficient as possible and you know from that, we thank some great things are going to happen to the economy. Goes a little bit deeper on the role that a bank typically plays in capital allocation. If you think about our bank works like let's take. Let's take a consumer bank that most people think about you gotTA checking account. Right, now you've got some money in that checking account. That account actually takes your money or dot and most people know this your dollars sitting in that account. You know just waiting around. You'd withdraw them. Your dollars are actually rolling up into the bank's treasury. There's somebody at the bank working with the regulators to say hey, how much of this money can we actually put into things like mortgages, commercial loans, all of the the uses of capital that society. Has In some some effort to. To, move the world forward and make the economy efficient, and so those deposits basically roll up into a big investment fund, and there's ratios that regulators set globally that say those dollars needed to be kept in reserve, versus how many are actually able to be invested, but with the portion that's able to be invested. It's there to fun. You know building a house to fund a business back -Tory to fund sales and marketing or inventory procurement for some other business, and so a bank was was basically the original investment fund, and a bank has unlike venture funds and other sources of. We typically think private capital. The bank has tricky. Problem were any moment all of the depositors holding the checking accounts could show up and say hey. I want my money back and so that's why banks have to deal with reserving capital predicting the amount of withdraw and classically everybody wants her money at once at the worst possible time, and so banks have to deal with quite a bit of volatility now if you take an investment fund on the other hand. Totally totally different structure, so your typical venture fund will have money available to it for a period of ten years from you know typically these larger pools of capital. We talked we talked about so very rarely. Individuals are investing retirement savings in venture funds, typically sovereign wealth funds down that's. Basically pools of that individuals capable. Win One of these funds makes a commitment to a venture fund. It'll say you've got the capital for ten years. You've gotta pay back. You know as investments exit, but other than that will check in ten years from now. We hope that we have more than we gave you the star with and there there's no liquidity problem because the fun has effectively carte blanche to keep the money invested until some set of businesses grow and succeed and go public and make distributions so one thing that's fascinating. The Tappan in the last twenty five years is private capital capital in the format of these kinds of funds. Have just grown tremendously and so today. There's a little over five trillion dollars. Of private capital being allocated in this way to think like buyout funds venture funds so on and so forth. Funds don't have the liquidity problems of banks. They can make much longer term for looking investments. This is created tremendous potential to make the economy more more efficient by taking out the time spectrum. You know this is why venture investors can do things like finance spacex or Tesla. Really. Build fundamental technologies in the way that a bank never could so this is an amazing thing it. However leads to a very long. You DAK cycle, so the incentive goes down when you take out the time line over which investment needs to pay back. To carefully monitor and understand what's going on in the business day today, so it's pretty interesting thing about the different pools of capital. There's not not to. Make it sound too confusing, but I think everybody will admit that the financial markets are incredibly diverse complicated we track basically about fifteen different kinds of capital, and they're sort of pros and cons with each one, but you know a bank is one. A private fund is wanted insurance companies balancing as another. You've got things like ETF and public vehicles that hold capital so there's quite a bit of complexity and the the structure of the financial markets. All right well. That's maybe the supply side of Capitol on. All kinds of middlemen and all kinds of different arrangements, but ultimately there is also the demand side of Capitol, at least from the point of view of companies getting started which is. Startups or computer in later stage with the maybe they're not exactly considered startup anymore, but they're mature. These companies have models for how they are predicting. They're going to grow, but oftentimes these companies are very. Lumpy in terms of how their their revenues come in how closely their predictions can track reality. So how do technology companies even model their finances? Is there a way to model their finances? That actually has some meaningful trajectory. Sure so first. Companies you know need need a base think of all the places that they're spending our money and. We're pretty. We Do I. Think a pretty good job of organizing this and making it simple so when we look at companies and we can, we can talk more about how the the cabinet machine operates, but when we look at companies, we basically think they're only a handful of places of money. Get spent you spend money on. Short term projects that you hope proficient things, sales and marketing. Houston money on paying for your sources of financing like paying interest on debt, making distributions to your investors, and then you spend money on everything else and everything else can be designing software building products on, and so forth, and so if you break the demand for capital down into just those three buckets. And look at them that way. Some pretty interesting things happen. The first is for the short term investments that you hope productive. You can track pretty granular nearly whether or not they are, and we'll come back to that. For paying back your investors, you sort of know exactly how much you're paying your investors so a pretty easy thing to track, and then for the operating costs you know most people will help us. Apax, that you're paying to keep the lights on things like Renton the your accountants, the CEO salaries on and so forth these are these are table stakes expenditures. You need to stay in business and so. Amongst each of those three things, there's different things that you wanna do to optimize and I'm happy to go into more detail sort of go through each one. If you think that'd be useful. Yeah Bliss a little bit more about about how these companies should be a modeling, their revenues are that is meaningful to model their revenue so that you can potentially think of them as targets for for capital allocation so. If we think about. Understanding what company might be a viable recipient of capital? How can you accurately predict the trajectory of that company, or or do they? Would they present a model? Would they develop a model good through a little more detail? How a company would serve justify? It's need for capital. So typically what what most companies do and this is not terribly useful or accurate, but I'll tell you what most people do I mean by the way like how central the entire economy predicts, predicts demand for capital works like this. Companies take. Their income statement on their. Balance Sheet historically. And they they basically have this excel file got a bunch of you know, rose and have different things like my revenue, my you revenue that sort of linked or my expenses that are linked revenue Mukasey could sold so on and so forth, and they grow each of those rose by some number that they hope to hit so if you want your revenue to double next year, you'll say my revenue one hundred dollars today I wanted to be two hundred. Hundred dollars twelve months from now I'm just GONNA draw a line between those two points and every month. There will be some number that's on that line, and that's why monthly revenue I want my expenses. You know everyone knows. Expenses are going to have to go up if my revenue goes up but I don't want them to go up as much as my revenue, so I'm going to draw a line. That's you know somewhere less than a doubling. and. You pull these lines together on one big excel file and there's your you know they're your corporate projections. In general, this is true for big companies small companies, but that's not actually how. Company revenue works because if you go back to the three categories, we talked about before, and you just focus on the one that talks about the short term investments. The. Way Company Revenue Actually Works is a company this month. Let's say they spend one hundred dollars on sales marketing. Well. They're hoping to get a return on that sales marketing, and so they're hoping that in the next you know six months. That's paid back. Twelve months that's paid back. You can actually track every time they spend money on sales and marketing. how quickly it gets paid back so it's that level of precision that can accurately predict revenue, and so what we do is we basically just get a list of every time? Money was spent on one of these short-term investments, so you sales and marketing for for an example, and then we get a list of all of the revenue that was ever earned. And we attribute between both of those lists causing effect. And we do that using a bunch of techniques that are pretty commonplace in your typical data, company or machine learning company. We use some math things like factor graphs. We use simple kind of correlations. We have You know a whole kind of financial framework to. Guess. What attribution should be because you learn a lot as you see different businesses and you see a bunch of different different patterns, which you can basically cluster on, but it is this linkage between spending on something like sales and marketing emceeing seeing revenue, go up or down, but makes or breaks a business, and you want to look at it and I is. Not a bundled. Entirety which is how financial projections are typically built? Okay, well! Let's talk a little bit more about what you actually do so if you're talking about early stage technology companies. Describe how you are modeling, those companies and how you are making decisions as to whether they should receive capital. When a company comes to capital they they come to our website. They sign up for this system that we built which which we've called the capital machine. And the first thing that they do is they connect their accounting system their payment processor typically, so think like a strike, and then sometimes they'll provide other things like a pitch deck or a data room, or whatever other information they have prepared. The system pulls down. All of the date in the accounting system and the the payment processor, and we look at other systems to these are the two key ones that all all dive into detail, and so, what ends up happening is from the accounting system. We get a list of all the times. Businesses spend money on these things like sales and marketing that we were talking about before. From the payment processor we get a list of all the revenue transactions in crucially we get it at. The level of each. Each customer payment, and so you know we scrub I all we really care about is having a customer ID, but once we have data at that level. We can start to do this linkage and say all right look. You know this business spent. A million dollars on sales and marketing and March of two thousand eighteen in April of twenty eighteen, and we saw revenue grow by twenty percent. That was a pretty substantial chain. You know what actually happened here. You can typically identify the subcategories of sales and marketing and start to do this link between these two, and this is really the you know the magic behind our our data science in our team pairing with our engineering team to figure out this problem and solve away that is, that's robust. Bud once we have these two data feeds, and the system goes through, and does all of these attribution. Populations were able to present that back to accompany a pretty clear picture of what's going on, and so we'll say things like hey. Your Business is pretty seasonal, and in the summer is when you're typically more more efficient at converting your sales and marketing dollars into growth so I, you want to finance growth in the summer. The second thing is only about eighty percent of your businesses financeable. There's twenty percent where you might not know it because you're not looking at this level of detail, you're busy building your business, which is exactly exactly what you should be doing, but Twenty percent of your businesses, not efficient. You're spending money on on your sales and marketing categories, product lines, and CETERA that just shouldn't exist and so if you get rid of those. If you double down on the part of Your Business, it is efficient. Then we predict your revenue will be act fifty percent higher, and we'll tell you exactly how much money you need to invest to raise money to to raise the revenue by fifty percent. We give you a bunch of charts that allow you to see how history and projections merged together and dig down. Inspect how we do that linkage to make sure you agree, but. This is what the capital machine does at its core. It Converts Company data into a fully audited completely transparent picture of. How business works where it sufficient where it's not efficient. And then that's where our technology stops, and where balanced she comes in, and so we then take this information, and we make balancing investments directly in companies, and so primarily at this point we lend money to technology companies that we see from their data are eligible for non dilutive funding. We make capital available to them directly. We basically allow them to access it through the capital machine. We use one system to communicate changes to the business. No keep both sides and form so on and so forth, but this is the kind of analytics layer that's essential to making these capital allocation decisions more efficient, and so I think you could imagine a day at least for us in the not too distant future when it's not just US using our balance sheet in this tool to make investments, but in fact, just like excel, every investor can benefit from a similar level of analytics and transparency, as can companies by getting more accurately priced faster access to capital less friction so on and so forth. Get Lab commit, is! Get labs inaugural community event. Get Lab is changing how people think about tools and engineering best practices and get lab commit in Brooklyn is a place for people to learn about the newest practices in devops, and how tools and processes come together to improve the software development life cycle. Get Lab commit is the official conference. Forget lab. It's coming to Brooklyn new. York September Seventeenth Twenty nineteen. If you can make it to Brooklyn, on September Seventeenth Mark Your calendar, forget lab, commit and go to software engineering daily dot, com slash commit. You can sign up with code commit s E. D.. That's COM MIT S. E. D.. And Save thirty percent on. Conference passes. If you're working in devops, and you can make it to New York. It's a great opportunity to take a day away from the office. Your company will probably pay for it, and you get thirty percent off if you sign up with code, commit S, e. There a great speakers from Delta. Airlines Goldman. Sachs northwestern, mutual, T, mobile and more. Check it out at software engineering daily Dot Com slash, commit and use code. Commit S. E. D.. Thank you to get lab for being sponsor. The inputs specifically if you think about a model for determining whether or not, a company should should be eligible to receive capital. I'd like to know how the the models are built. The the data science models that you're building are constructed from the point of view of the inputs. So how are you determining or how do you like company comes to you? How do you turn that company into some structured form of data that you could put into your models and determine whether it's worthy of capital. Yeah I mean it comes down to what what the data is your down so when we talk to a system like striper transaction records system, you know that that's the revenue of the company now where things get interesting when we connect to balance sheets in penalizing, it's of accompanying really onto understanding. Weighing. What exactly these numbers mean, and that sort of where we made our pipelines were built from the ground up to give us that granular. Of A company's cash family revolutions. Where's the money going where they allocating? And it's savable greenway or you once. What do you understand that data through that Lens? That let's build pretty sophisticated financial models Linda. And you know as soon as you have the picture of Company You can really do a lot of flexible analysis on the back leg distributed computation. Come stuff that you would never be able to excel and quite frankly a lot of these companies don't have the stacking internally or really the tools to understand for themselves, so you'd be surprised it you know when we surface this analysis back to the company by virtue of just being transparent on how we're making decision how it is perceived their business, the signals that were uncovering. These operators the CEO's the CFO's that are really focused on building company. Really surprising. They're really making these insights really transforming. How they think they should have capital. Should invest growing business. Are there any? Sources of Third Party data that you can gather to improve decision making. There are at a macro economic sense, and so it's actually quite useful to look at public company performance and say hey. SAS businesses in general. Most people notice, but facilities in general are seasonal in the fourth quarter. Budgets basically expire and people come in, and they buy a bunch of SAS. Software and so to take concepts like that basically shapes of curves, signals and apply them to private company. Financials is useful. Crucially though there is no private company. Data repository of any kind like it just doesn't exist, and you know notoriously even even with small businesses. It's actually quite quite difficult to get access to any sort of meaningful credit data, and so, what ends up happening is these aw. These businesses. Give you a picture of their business directly as an investor and you have to interpret it directly, and that's basically how this works totally unlike consumer credit, there's no credit bureau that people paying so most investors are analyzing the state and excel. Excel notoriously breaks when there's about a million cells worth of data, and so we've got this great visualization showing our data pipeline, and it's basically a bunch of boxes, and there's a little tiny. Tiny box in the bottom of corner that's excel, and there's a bunch of other boxes across the entire rest of the page that are nodes in our in our distributed computations, but accelerate very very limited, and so it makes it impossible to actually understand what's going on in business from the source data, and it's at the source that you see this variability in this linkage between profitable capital allocation decisions in unprofitable capital allocation decisions. Describing more detail, the workflow so a company comes to you and they're going to put their inputs into the. Would you call the capital machine? What does that workflow look like in a little bit more depth? Yes when they come to the website, they creighton count much like you would on. Twitter facebook account. When your details your email, you terrify your email, and then you on what's recalling like the capital portable on there? You have et CETERA. Tools to connect your sins record and these are typical offload. So you know people are very familiar with you. You know you say hey, let's connect by quickbooks you in your credentials and sort of be as secure way, and you click okay and the system checkmark by your quickbooks in the system start pulling that data out of regular cadence and. Depending on what system you're connecting you of the characteristics of that's not go systems of record, and how much data you have you know. The data's available anywhere from ten minutes to a couple of hours later and you know once we have Dr. System, we run that through our partake analysis pipeline in the users as a company. You get you get charged. In Tableau kind of call it, the insight Saban's these refused that we think would be helpful for you as an operator company understanding about Your Business in separately. We also get views of that data that are useful to our our internal investment team. Whoever is looking to capitalization systems? Are there certain business categories that are a better fit for modeling in better fit for the kind of. Predictable capital returns that you can, you can expect with the investments that you're making so like you ride sharing or Gig economy businesses or some businesses. What are the categories that are the best fit? Say Very few categories don't shit from the from the perspective of of linkages, but they're certainly models at their easier to think through and easier to understand, but our our system can underwrite today A. Lease on a commercial aircraft, a fleet of ships and Insurance Agency ask company the most important. Thing about our system is that the financial theory that underlies it is very general, just like p. e. rate is very general, and so that's kind of sounds crazy like. A lot of. A. Lot of people say what what businesses the best fit for your your system and you know it's kind of like asking what businesses the best for Warren Buffett like Warren. Buffett is a generalist. In any business, and he has a framework in his own head to figure out how to make ship comparable to American Express our assistant has a very similar framework. It just operates at the level of transactions instead of at the level of financial statements, but certainly within. That framework there's some examples that are just easier describes I think like you know thinking through the fishing of sales and marketing something. That's a lot more obvious than thinking through like the stability in refurbishment of commercial aircraft parts, which is a key question you know. Pricing pricing refurbished parts, which is a key question if your financing commercial aircraft and Our team, the ambassadors that use the capital machine internally which we primarily do internally do a little bit of partnering with without the groups to to use this as well. These people are all specialists in some particular area, but it's crucial to understand. They're looking at the exact same chance as all the other specialists and all the other areas, so it's like literally the the Fast Company and a commercial aircraft will have the same series of charts at investors. Are there two two draw their conclusion? Is the question for Chris. Can you describe the stack of technologies that you built in more detail? Yeah Yeah. Of course on the front, we are react type script, xjs, you know everything is on aws, and in the back, and we're. We're all python, and in really the reason for that is if you're doing any serious machine, learning or data science today can't really get away in python stack, so we're all python them back in. We have flasks. As a as our API late here and That's the that's a high level. And get a little bit more detail about how the data science layer works. Yeah, yeah, yeah, of course, so we put on the dea into basically a data lake the that goes down into Ardito pipeline in that's all air orchestrated on top of each called airflow, and we use a technology called desk for are distributed computation, and I think that this is a good choice. Choice for us at this moment you know I see us doing a lot of work on. You know using a spark in other distributed technologies in the future and his team and it turns out that when we pull this data down organizing the data was really important to us as we build a lot of attractions to make accessing that data, really easy for quantitative analysts. Important central to our whole technology is that we're able to do a lot of different financials experiment very quickly on top of this so the the implications of that really cascade down all the way into. You know what technologies where choosing how we structure our delayed. Even even how strokes are teams, so it really is brought up locations across all product. How is it when you're analyzing company that you have enough data that it warrants a spark cluster because I can imagine? The financial data around the company. How can there really be that much data to analyze how you do surprised in a lot of these transactions systems taking up the companies have been around a couple of years and their direct to consumer. These data sets can be can be pretty large. You know we're talking about in the millions and millions and millions of transactions that were pulling down and storing. Storing and that just on a per company basis. You know that's not even talking about if we wanted to. Benchmarks Cross companies, and also if we want to do scenario analysis, so you know one of the things we was part of a pipeline is take this data, and through like nine ninety nine hundred thousand simulations to understand the sensitivity of different variables on the performance of Your Business and If, you're starting out with starting that already large. Sort of a multiplying effect. On how much data the system is the old process? is you go through those different stages? And, can you tell me a little more detail? What would a typical spark job? Look like for a company that you're assessing. Yes, so first episode is ribbon. Our our financial didn't ingestion parts, so we download something on the order of you know forty fifty bytes of Tim's action data for for a company. We have to do all the work to interpret and understand what that means in reorganized that data in a way that are downstream analysis and primitives can. Make sense of and use for useful analysis so really the first step at this point job is is transformed the datum some it's useful, and then there's all the work on what are the clusters in order to machines and analysis in the computational. Resources needed to run simulations. You know not not just say local computer locally owned of fall over the only about thirty to sixty four gigabytes of Ram what league, so that's where workflow comes in creating easier faces into data, clusters and being. Should you know when you run a job? You know when it fails. You know it's done. You know when the team can't okay. This part of analysis done I had intermediate date asset to do more analysis on now get back to work is a lot of the time we spend developing internal tools to make. One other thing that'll mentioned that I think's important is. A lot of the underlying technology in our data pipeline it's no different than like what a tableau or you need. Traditional BI business would have access to, but what's fascinating when you have a vertically specific domain so financial data in our case you can make a lot of interpretations about the date of the let you do much more intelligent things, and so for example we. Don't have to make your own charts as a user of the capital machine. We make all the charts for you can of course. As a business we work with. Give us ideas for charts. You can mock up your own. We we basically have an interface for for business. The I team's to to write some code if they if they want to bought when you have clients who are thinking about financial risk, financial attribution across all of the companies that we see distilling that down into a series of indicators that are detailed, but generalize -able, and then publishing that back to all of the companies that use the capital machine to run their own capital, allocation, decisions and access, external fundraising and capital. Some pretty amazing things happen in so it's only with a vertical view. You actually having these we, we call our data scientists Kwan's, but but actually having these people who you know typically are graduate level economists, thinking for the first time about using transaction level data in their analysis, which is notoriously not not available to to normal economists that you get the kinds of insights and analysis the actionable for businesses, and then in terms of the data pipeline that then means we actually store a bunch of intermediate data that's opinionated in that way, and that makes it much faster to access much easier to benchmark much more useful across a network of companies, versus just that isolated excel model that. Explains only one business. One thing I'd like to ask you about. Capital intensity so there are kinds of businesses that are capital intensive for example where you have to pay upfront for a lot of ridesharing rides, and you know as Uber or lift. His has known in much detail. You allocate all this capital two things to subsidize rise because you try to win a market, there's all kinds of other capital intensive businesses. How does capital intensity change? What makes sense with regard to the equity financing the debt financing that you are shepherding for these companies? That is a great question and be because of where you focus in your audience. You totally get the most financiers don't so. The first point exactly like you said. Capital intensity means a business consumes a lot of capital. It doesn't mean a business has a physical factory or plant or railcars, so it is absolutely true exactly like you said that there are a lot of tech businesses that are incredibly capital intensive. If you are capital intensive business that means UNI especially if you're growing, you need to raise a lot of external capital, and so it is even more important that your capital or a big portion of your capital base is not dilutive. That's that's just essential. Table stakes because what you see with these businesses, the ride sharing companies are great. Example is by the time one of these things actually goes public the early owners in the business on a very very very miniscule. KEESA that business, still if you contrast that to company like Viva Systems which I think is one of the most capital capitol efficient businesses in venture history, I think that this race something like twelve or fifteen million dollars total before it went public in a at a multi billion dollar market cap. So capital intensity. Is a synonym for dilution your own way less. Than you think when you exit entities even more important that you figure out a way to raise capital non ludicrously upfront. Some broader questions zooming out in in getting your perspective. Do a thesis for what is going on in the economy right now where you look at. The fact that We have. Obvious pressures to. Reducing the size of the economy through the lack of tourism, the lack of social gatherings while the stock market climbs higher and higher, and it appears that the technology side of things is almost unaffected by Corona virus is there. Is there a thesis that you've arrived at or or their set of theses that through conversations with other people, you've found most compelling. Sure the most important thing to realize about the stock market is that it discounts all cash flows from all businesses in the stock market to infinity, and so the value, the stock market about eighty percent of the value. The stock market is. Pretty far into the future like more than three years from now, and so if you believe that the current economic crisis and this is why there's always a. At least in the Western, world, last two hundred fifty years after an economic crisis. If you believe the crisis will eventually revert, and there will be a recovery, then it only makes sense discount stock market assets by anywhere between ten and twenty five percent. If you believe businesses fundamentally going to go out of business because of this crisis, that's a different story, but that explains why something as terrible as Kobe nineteen and a pandemic. Only discount the stock market by by roughly thirty thirty five percent in a in March, but that's not what's actually going on today as you mentioned and so stock market prices now have completely recovered. That is something that we think is a little bit of out of sync with reality but I. I mention you know we're not. We don't spend too much time about the stock market beyond that we just look at you. Know Private Company fundamentals. We try to understand what's actually going on in individual businesses across all businesses that are network to see what you know what we can understand, and you know what kind of conclusions we can draw, and so if you take that Lens and you actually look at what's happening to businesses due to Cova nineteen, it's fascinating. Some businesses like think the food delivery space have gotten a lot more efficient, so those businesses lot like ridesharing businesses back twelve months ago, there was sort of a bloodbath between bunch of companies competing in local markets to acquire customers all all fighting Google and facebook console, and so forth you subsidies drivers, etc.. That's essentially stopped. These businesses incredibly profitable, the cost acquire customers has fallen by more than half a lot of cases. The channels were slot less competitive, and so if you're running one of those businesses. Now is a great time to be aggressively expanding. Weird things like commercial construction businesses. They're actually a handful businesses that we've seen do things like install windows and doors and commercial buildings whose businesses have accelerated because all of these buildings are closed down. Construction project timelines have gotten pulled up. All of these orders are coming. Do in they're you know sort of rapidly doing it solutions? There's obviously a bunch of other businesses have been that have been hurt by by the pandemic, but our general thesis are we've studied. Pretty detailed way the Spanish flu in nineteen eighteen, you know. These things eventually go away. There will be a vaccine. Economy will get back to normal, and as long as we can stay focused on working through this as as a society and of maintain our our fabric of of kind of economic progress then. DESAGUADERO values today will eventually make sense just sort of a question of of win for the stock market, and then if you're if you're actually running business in thinking about your own performance in isolation, really being clear about is now the time to invest and grow my business now the time to be very careful with my expenses interest, get through this for the next year or however long it takes for there to be a vaccine. So the way to think about your company, if I understand correctly if I was to to put in a nutshell, is that. I think of you as a data science middleman between large capital allocators, and and start ups deserving of capital, so the the sovereign wealth funds the banks the I guess. Funds of funds. These kinds of sources are essentially looking to you for guidance on where to direct the capital, and you're on the on the other side, absorbing data and creating opportunities from these startups to source the good directions of that capital. Just wrap up. Would you put any more color around that description or or refining anyway. Yeah I mean I. think that at the core of what capital is is where the. Core Technology Ambler of sort of. The private market if you think about public markets today, you've clearing-houses like the New York Stock Exchange, and you have companies that provide analysis on top of that like Bloomberg, you know we see a tremendous opportunity to shift the paradigm where you know the place where all the financial transactions happen. is also the place that collects the data improvise information for those making these decisions and yeah, so I think capitals really at the center of making a transparent technologically enabled financial marketplace. Guys. Thank you so much for coming on the show and discussing capital, and I guess one last question is. Do you have any predictions for how capital allocation for startups will look differently in five ten years? Sure so! The first prediction. And this is happening now. I mean the the infrastructure is. In place both within. And others. Most startups fairly early in their life. Think is equity only way to do this and. So. That's a cultural shift. That's that's already happened. People are starting to ask that question. The second prediction is. Seed and series a funding will be entirely unchanged. After series. There'll be a bifurcation between businesses that. Are Really. Capital intensive gigantic rnd projects think like SPACEX. The series, B. C. d. e. enough are really about building and launching a rocket. Those businesses will by and large not. Turn outside of equity to finance themselves, but there's very few of those businesses. Pretty much every other business businesses that you see raising a series B. Serie C. Will like any normal business in the entire rest of the economy raise maybe half of that capital nine allegedly either in the form of debt. Royalty financing factoring all of the other instruments that normal companies use to finance themselves in the void delusion that will happen roughly three years her. Now that'll that'll kind of we'll see obvious obvious signs of that from very early very early base, and then the final the final thing is. Steve Case talks a lot about this. With the rise of the rest, he's got this great venture fund that invests explicitly outside the coast, so kind of the rest of America and we've seen that there's there's a pretty dramatic distinction between being a coastal business non-coastal business from capital access perspective, but there's no distinction from an actual performance perspective, and so we'll start to see some of the regional. Differences in bias sees around where capital flows, go away. And so I would maybe put that on a five year timeline like raising capital is actually much more predictable, much less biased, and that's great back to the beginning of our conversation. That's great for the economy I mean every project or business that can convert capital, two products and services that people love should get finance. No questions asked doesn't mean it doesn't matter what the color of your skin is. What background you have whether you went to college didn't go to. College doesn't matter. You have a business with data that can prove whether people love it
Goldman 2Q profit tops forecast on strong trading revenue
"Boom Goldman Sachs that with a surprising 93% surge in second quarter revenue from stock and bond trading that just blew away the estimates. Married. Similar wind force by J. P. Morgan and Citigroup. Let's get over to New York and join Suki and has been tracking these bank earnings in suit. Goldman's trading gains. What's it like to know? A $1,000,000,000 more than Alice expected? Give us the low down. Yeah, And that's because training revenue almost doubled and underwriting fees for Goldman jumped to a record. The firm's earnings results show that it clearly made the very most of the historic rebound in the second quarter. This after the Fed cord that trillions of dollars of stimulus into the market that'll look at that. The few of the numbers that stand out the firm's fixed income treating a zine mentioned more than doubled toe 4.24 billion. That is the highest in nine years, and the equity unit had its best showing. In 11 years. These kind of gains combined propel Goldman's revenue for the second highest mark ever for the firm on that income rose to a slight surprise increase from a year ago. So let's take a look a profit. It came to point for two billion or $6.26 share on as mentioned not also blew away. Analysts estimate of $3.95 share. Let's go look at a couple others stand that areas for Goldman, a large investment portfolio also would rebound. It had taken a massive mark down in the 1st 3/4 of the year, but not now on the firm's commodity unit has been on a hot streak. They did not give specific spot. It is clear that oil traders at Goldman Road that unprecedented rise from oil when it was below zero, all the way back up to 40
Netflix stock finishes up 8% at record high
"Finished at a record high, jumping 8% after Goldman Sachs raved about the stock after
Netflix stock finishes up 8% at record high
"The stock market ended the week on a high note, with the Dow climbing 369 points, 1.4%. The SNP added 1% and the NASDAQ gain 10.6% to reach another record. High close. Netflix finished at a record high, jumping 8% after Goldman Sachs raved about the stock.
Netflix stock finishes up 8% at record high
"Finished at a record high, jumping 8% after Goldman Sachs raved about the stock. After
"goldman sachs" Discussed on Exchanges at Goldman Sachs
"For the euro. I would highlight three things. The first is that the euro is very cheap, so the dollar is expensive. The Euro is cheap. We put long run fair value for the euro dollar exchange rate around third so today one twelve. You are deeply undervalued, and we see that reflected in conventional things like the Europe, your areas large trade surplus, his otherwise strong balance of payments picture so the euro area. Seem to show the classic signs of very competitively valued exchange rate achieve exchange rate second. We think that the euro area is likely to have a steeper and smoother recovery from the corona virus recession than the United States in part that reflects the deep hole that Europe is coming from, but it also reflects better virus control. We've seen the reopening process. Proceed pretty steadily in Europe with limited effects on the outbreak, so it more successful reopening process we think may mean a little bit faster European growth over the coming quarters, lastly through the crisis, we have seen some important structural changes in Europe's fiscal architecture that I think are very important to. To recognize in particular, the recovery funded proposal from Europe from Germany and France is a big step forward to more fiscal risk-sharing, more burden-sharing across the euro area, which had been a feature that many observers had criticized many investors at pointed to as reasons to be reluctant to be long European assets on a structural set, so Europe's fiscal architecture is kind of coming together during the crisis, and we think that that's an important factor to remove tail risks for the common currency so cheap valuation more cynical, upside reduced tail risk I. You put those together in the euro area. Picture looks relatively attractive with more upside downside risk for the euro currency. So you've talked a lot of investors around these views, he getting any push back from active investors on your views on the euro versus the dollar. Yes I think that. These views do resonate to a degree with many investors, but we certainly get plenty of pushback as well and I would say that's primarily from equity investors. At this point, many equity investors look backward and see the really substantial US market outperformance US earnings growth outperformance compared to your over the last five or more years and questioned whether European companies really have the capacity to outperform on a sustained basis the US firms so that's really where a lot of the debate is among international investors at. At, the moment is whether European corporate earnings can keep pace or outperform US corporate earnings. We think that's a possibility and we've warmed up. Our equity strategists had warmed up on the case for European stocks relative to the US market, but I would say that's really where a lot of the pushback in debate is in currency markets today, so before Kobe head always talked about in these conversations was the US. Election that's stayed a little bit in significance for investors, but it is coming to. To the forefront again now as the risks around Kobe become at least clearer, how might the outcome of the US election affect turns markets? This is definitely getting more attention in currency markets. Today we would highlight a couple of specific policy proposals for trends that could affect the dollar or other currencies. The first is the corporate tax rate which is in focus across a lot of markets, including currency markets us, corporate tax rates. Go Up. Hold all else equal. That would make US shares A. A little bit less attractive on a relative basis to their international peers, and that could have some implications for the dollar. The dollar strength in late twenty seventeen, as the corporate tax bill was being passed moving towards passage in late two thousand seventeen, so we see the reverse of that over the coming years that could lead to some of these temporary dollar weakness on the back of that the second topic is really around tariffs. You know the disputes between the United States and China I. I? Don't think anybody thinks a really going away. In a longer term sense, but Vice President Biden does seem to have a lower appetite for using terrorists specifically then president trump, so we do think that in abided administration tariffs that have been imposed on China and maybe other tariffs as well could be rolled back, and that would tend to be a positive for the Chinese yuan relative to the dollar as well as other of China, sensitive currencies for example like the Taiwan dollar lastly I. I think one big picture. Point is worth mentioning you know. Currency markets are partly affected by the United States role in the world. The world holds a lot of dollars reflecting the United States is historical role in the world. If that's undergoing change that could have currency market implication so in recent years we have seen these efforts toward de-dollarisation, reflecting this trend countries trying to find a way to have fewer dollars. Their foreign exchange reserves your dollars in their crossborder trade, etc in second trump. Trump term where the US is pulling back from international institutions and changing the way that it's Ostra in the world we could see those efforts continue, and that may have some dollar implications in the long run, so we do think it'd be. Election is a potentially important factor for the US currency. In my view, the tariffs issue is probably the most direct and meaningful for ambassadors over the next couple of quarters are Zach well lots of talk of delegation over the years and yet never. Never seems to really get that. Much momentum was act. Thanks for joining us today. Saying discussion, thanks for having that concludes this episode of exchanges. Goldman Sachs thanks for listening, and if you enjoyed the show, we hope you subscribe Apple podcasts and leave a rating or comment, and please tune in Friday for a weekly markets update were leaders around the firm provided? Quick take on the latest in markets. This podcast was recorded on Tuesday June thirtieth, two thousand and twenty. Thanks for listening All price references and market forecasts correspond to the date of this recording. This podcast should not be copied distributed published reproduced in whole or in part, the information contained in this podcast constitute research or recommendation from any Goldman Sachs entity to the listener neither Goldman Sachs. 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 and respect of. Of direct, indirect or consequential loss or damage is expressly disclaimed the views expressed in this podcast or not necessarily those of Goldman Sachs and Goldman. Sachs is not providing any financial economic legal accounting or tax, advice or recommendations in this podcast. In addition, the receipt of this podcast by any listener is not to be taken as constituting the giving investment advice by Goldman Sachs to that listener, nor to constitute such person, a client of Goldman Sachs entity..
"goldman sachs" Discussed on Exchanges at Goldman Sachs
"The cusp of seeing a little bit of a change in millennial habits in terms of home by any changes. Come out of this crisis longer term difference in in those trends. I do ends MED. L. Point back to two thousand eight in two thousand eight saw large number if Americans decide that. No maybe borrowing a bunch of money and buying a house is not the best investment. I think you may see the opposite effect. This time around. I mean by that is. There's a view that this could be the catalyst that pushes a large number of millennials out of the city centers and into the suburbs. And I do think an additional accelerate of that trend is going to be in the fact that working from home has become easier and more accepted and therefore being in a city centre is less relevant. I would say the other trend. Expect to see more on the repair and remodel side. You've got a large number of folks who are spending more time in their homes than they ever used to and they're working around what they don't like what they may want to improve. So I expect the real spike and remodeling spending coming out of this crisis by one year of the home. Were that would be particularly acute. The outdoor living expenditure was a place that was already growing at more than overall repair amounts so another trend. Obviously pre-crisis was that we're seeing smart homes more technology and innovation in the building sector in the home we used to continue as a result of the crisis or may be accelerated. I do think it's going to continue and I think you're right. It could even accelerate in when you look across industrial and markets the real ubiquitous theme. We've seen over. The past. Twenty years has been increased technology in. You'll get your own car. I think that's probably the best example. How much incremental technologies in the car? More so than it was ten years ago. One laggard has really been construction and when I think about interesting innovation and technology around the all it's really all sorts of different things. It's material replacement so companies replacing traditional would use in decorative trim of a home with more environmentally-friendly durable materials. It's in-home technologies. One of my favorites is electric windows. Which are windows that automatically change in tent? Which dramatically changes the experience? The in terms of you don't need lions and that sort of thing and also changes just the energy efficiency of all and then lastly you're seeing changes in the way that homes are actually taking more of the construction moving it offsite making it more efficient taking some of the Labor out of it. I think you're GONNA see that. Trend really emerge. You brought something interesting. Add more specific. Which was the connected home. I think the connection homemade is quite interesting when I talked to my building products clients because consumer standpoint is exceptionally important. But it's really a trend. That's being driven by big tech like Amazon and Google to Walmart. Clients know that they have to play in that ecosystem and they have to be relevant the reticent to really try and lead that movement giving your competition seeks to be other building products manufactures and starts to be very large. Very well capitalized. So I'll see. How do you view your role? It's changed a little bit. There's as much emanate only on which which you roll now is sort of a deserter to clients today compared to normal state business when this crisis are started the focus was really distilling all of the information that was out there about the virus known about the implications of the virus into what was most relevant and most critical to our clients. The next stage was really on a client by client basis doing downside scenario planning understanding their liquidity and making sure that they were in the position to weather of could be very off downturn. Now that we're in a situation where I think we all have a much better understanding at least on the rage of awesome Outcomes of this crisis its return to more strategic dialogue and frankly more traditional doesn't make a log which is was issue of capital and the allocation of capital so appliance or still concern and they're still downside scenario. Planning we are going to have bigger discussions about. What should you be doing differently today than you were doing free crisis to make sure that you meet your strategic objectives lessons someone hopeful note? We like to close on. Aol Personal. I ask all I guess what they've been doing a little differently these days anything. You've been doing this little different than the way you're living before the crisis. So it's it's a good question. I been trying to keep a lot of my typical routine. One thing I added which was actually the recommendation of a client is. I've been reading. Warren Buffett shareholder letters dating back to nineteen fifty seven and working with them chronologically. And I think it's been. It's been interesting for two reasons. The first is that it's just a great history. Lesson hearing what was going on in the US economy generally in the market specifically from the perspective of someone who is experiencing them at the time. And then to it's a good reminder that while we haven't seen this unique set of facts before we have seen similar crises and we weather through. We've come out the other end stronger so it's also kind of a hopeful message that we will get through this as well. Yeah History repeat but it often rhymes. Thanks for joining us today. Turn is great conversation. Thank you so much. I really appreciate the time that concludes this episode Exchanges Kazaks. Thanks for listening. And if you enjoy the show we hope you subscribing apple podcasts and leave a rating or a comment in tune for a weekly market update. Friday morning where leaders around the firm provides their take on markets in. What's driving the new volatility? This podcast was recorded on April. Twenty twenty twenty nine All price references 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 damage is expressly disclaimed. The views expressed in this podcast or not necessarily those of Goldman Sachs and Goldman Sachs is not providing any financial economic legal accounting or tax advice or recommendations in this podcast. In addition the receipt of this podcast by any listener is not to be taken as constituting the giving of investment advice by Goldman Sachs to that listener nor to constitute such person a client of any Goldman Sachs entity..
"goldman sachs" Discussed on Exchanges at Goldman Sachs
"Hope. Yeah honestly a lot. I you know Catholic community. I actually think that there's a huge opportunity. Ultimately to streamline emergency food services you know if we can get excess food that was normally thrown in the trash directly to restaurants and have some of them you know produce catered meals for nonprofits at one could be an extra revenue source for restaurants which I know F- in New York City is is is more than needed. The quality of the food could go up and we real chance to change things for the better. So that's what keeps us going to rethink? That's what keeps us. Optimistic is that I think when the dust settles will actually be. It'll be really challenging but we're going to be locked with a more efficient a food system which had a lot of problems going into this thing. I now on our clothes with you. Where are you seeing some hopeful thoughts you know? I have to echo everything that was said by Aaron and Matt And at the end of the day it's you know. How do we define our community? I guess it for us. It's been The local you know people who are skier in wrapped around US everybody from our landlord who has been extremely helpful in terms of giving us a breather on grant. Our governor has worked really hard to keep as many businesses open as possible the customers who have been with us for years prue you can afford to buy their purchasing with us now and that support is huge and honestly the move we had to make in the last week to try and enter in entirely new business and deal with the registrations and everything else. I can't even tell you how many people have helped to this just network that we've been fortunate myself Lunde we've built this network of people over the years and now that we had to figure out. How can we repurpose ourself to keep our people employed by working on face shields? Everybody is jumped in to make a call to a hospital really. It is honestly that how many people have just jumped in to help and not the least of which truly has been Goldman Sachs where they've been in a tremendous resource for us where we said. We don't know who to talk to. How do we actually get set up with our FDA REGISTRATION? Where do we go to get going and make certain that if we're operating we're operating in a way that is going to be safe and sustainable as we head into the coming weeks to Kobe? And all I can is. These people have been incredibly helpful to us. Thank you earn. Thank you Ellen and Matt Thank you. All of us joining us today and best of luck because he continued to navigate with a very challenging environment. That concludes this episode of exchanges. Goldman Sachs thanks for listening and if you enjoyed this show we hope you subscribe at Apple podcasts. And leave a rating and comment but more importantly do what you can to support these small businesses today in tune in for a weekly markets update Friday morning. We're leaders around. The firm provide a quick take our markets. What's driving the car volatility? Thank you this. Podcast was recorded in two segments. On March thirtieth. Nato third twenty twenty all price references and market forecasts correspond to the date of this recording. This podcast should not be copied. Distributed published 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 damage is expressly disclaimed. The views expressed in this podcast or not necessarily those of Goldman Sachs and Goldman Sachs is not providing any financial economic legal accounting or tax advice or recommendations in this podcast. In addition the receipt of this podcast by any listener is not to be taken as constituting the giving of investment advice by Goldman Sachs to that listener nor to constitute such person client of any Goldman Sachs entity..
"goldman sachs" Discussed on Exchanges at Goldman Sachs
"This is exchanges. Goldman Sachs where we discussed developments curly shaping markets industries in the Global Economy Jake siewert global head of corporate communications at the firm today. We're talking about what it's like to be Goldman Sachs in turn and how employers are trying to keep up with what younger generations want from a work environment to do that. We're talking to college. Seniors who Internet Goldman Sachs's Sachs's past summer and we'll be returning fulltime analysts next year as well as owner very own head of human capital management Dane Homes Catherine Rebecca Ending deign welcome to the program so much so this is for everyone briefly introduce yourselves where you from. Where do you go to school or did you go to school Tom. In what part of the bank will you interning in this past summer dangerous. Give us a quick. Take on your role here at Goldman. Sachs so my name is Catherine Doar VIZSLA. I'm from about an hour north of the city in Putnam County. I'm a student at Brew College here in the city and I had the opportunity to intern in the Securities Division this summer rotating on a few different teams within prime services. My name is Rebecca Scheiner. I am a super senior issuing university which is here New York City where I'm double majoring in accounting and finance but I am from Chicago and this past summer I was interning on the Jess Bank Alyce team and the Control Division here at the firm. I'm dain homes as was mentioned a head of HR. I guess in the small world connections I was born in Chicago. I went to University of Columbia Columbia New York so I don't know we're all all connected one way or another and I'm responsible for over activities around people at the firm leadership development okay just to set some context. We collect a lot of insights from our interns when they're here of the summer. Why do we do that. And what did we get out of that experience of listening to our interns over the course of the summer when they're here yeah so obviously we use the old adage that you don't know what you don't know and I think in a people driven business. It's very normal to fall into the trap of saying Oh. I know what it was like. I was an intern. You might have been a long time ago. When you're using an abacus. It is really true that you don't. I don't know what you don't know so part of it is getting the information and what's Great. I think about the generation that we're seeing today and a lot of the people that were recruiting to the French the firm open and honest and very frank about how they're feeling about things and how they're looking at the world so it's all about being informed unfortunately if they're happy to share it with us the intern class it's the summer was the most diverse to date talk a little bit about how that classes a reflection of what we're thinking and how we're thinking around diversity inclusion here at the firm we think about diversity inclusion through a bunch of lenses one is just if you think about it from a pure where business had serves clients and whatever problem issue usually solving some problem for one of our clients dance with our we want we want a diverse set of us in the room as we try and tackle whatever that problem is and so some of that is a reflection of frankly just wanting to provide the best solutions to our clients. Another part is is that in our surveys with our interns we hear that they want a diverse population around them so part of it is reflecting the desire of what the most talented people out during the marketplace that type of environment that they wanna work in and then frankly we have a core principle that we think about which is mirrored crecy and it's hard to argue that you fully sled meritocracy talk rec- if you don't have diversity in the group of people that you're bringing in because we've obviously proven time and time again talent knows no boundary whether be gender race ethnicity sexual orientation tation so having a diverse class of me makes me feel very confident that meritocracy is alive and well one of the things we did learn from the surveys that eighty two percent of our entrance that it was important and to develop managers that foster that kind of inclusive work environment so how are we thinking about the forward strategy for diversity inclusion particularly comes to training managers. All of this starts with one caring about developing our people which means investing in them investing your time. You're knowledgeable energy. Were looking for our managers to do that. The other part is understanding understanding them and so we started this question with why do we survey. It's a little bit to understand what drives them what they're looking for and in a lot of ways that's prepare managers to deliver that to them as well so managers play play a critical role in developing people in attaching them to the firm and making them effective and the diverse population would you need to do you need to make sure that you understand all the diverse perspectives that the people have in where they come in and you frankly have to care care about what matters to them care about what they're looking to achieve and addressing that and so you know it's resulted in a lot of education. We've put a lot of investment into our learning activities to make sure people understand the different perspectives that are out there but we give people the base knowledge and then we got to make sure that they care and engage H. and invest in our people Catherine when you came here to work over the summer. Does it feel more less diverse than your schools. And what do you expect for managers in terms of how they can do a better job of making people like yourselves comfortable. Baru at least for me is a very diverse school but I would say that the difference here wasn't huge Goldman's. There's definitely making big strides in that direction and I think something interesting just to think about in terms of managers kind of enforcing or implementing more of that diversity within their team team kind of what Dana mentioned a little bit about different perspectives kind of coming in from those diverse experiences. I think is important to think about so when I think about diversity. I don't just think of race ethnicity the city religion. Maybe I'm thinking more about kind of what have those experiences taught a person. What skill sets have they brought from. There and I think that's an interesting thing to think about in the workplace given that different experiences will transfer into different skills in different ways that a person can add value at team so my experience with diversity at the firm is that the firm is much more diverse than my my school or university but that said I think that within the firm managers can best encourage and foster diversity and inclusion by using it as an invitation to conversation because I've always thought of diversity as something so much larger than simply checking off boxes like Catherine said I think you have something to learn from everybody around you and while may be easier or more natural to start that conversation with someone who seems more similar to you at the outset. I think it's equally if not more important to start those same conversations nations with the people who seemed different than you are because in my experience the more you speak to the people who seem to be different than you the more you realize that you have a lot in common and I find that you come away having learned something and I think there's something really really valuable not so both of US studying finance as you're thinking about how to choose the next step of your career after school over the things that led you to Goldman and what were the attributes you looking for in a future employer. I think for me it was really the people that was the first thing and then I was looking at so I had a wonderful experience with all of my interviewers and that was kind of the initial stop that made me realize that golden was going to be a fantastic place to work and I actually had the unique opportunity many of turning here for two summers in a row and that's exactly what I've experienced. The people are incredible overwhelmingly supportive and helpful. I've always found that there's something you can learn from from everyone sitting on either side of you and I think there's definitely something to be said about. Never being the smartest person in the room. There's always something you can learn from every single person Golden Sachs for sure in addition to studying finance. I'm also studying accounting so last summer interns in a public accounting firm and it just wasn't for me so coming into this past summer. I want want to try something a little new which is what led me to controllers actually long story how. I ended up here but I guess in some. I'm really here due to the alumni I from my school who really stopped off and became interest me and guided me this way and I'm so thankful to them but how I ended up Goldman Sachs I mean I think the name really speaks. Thanks for itself because it truly is synonymous with excellence and that was my experience over the summer. When ever I was asked come experience was going. I would explain that I felt challenged. Challenge all around challenge that I was applying the things that I learned in school to my work on a daily basis which is rewarding in and of itself challenged and that I was furthering during the things that I learned and realized how much more I had to learn and challenge because I was surrounded by the most impressive people and as incredible as has my team is at what they do they were equally as incredible as a welcoming me as part of the team and of teaching me about my role and what I needed to do in order to succeed and they really thought to it that I was successful and to me that meant a huge amount so dean when we talk about work life balance means different things to different people and this is one of the questions questions we asked the interns is interesting sixty two percent of the entrance associated with spending time with friends and family only seventeen percent associate with disconnecting at the end of the day when I was that age that's what I was connected so it's different. It's unique for each person can meet flexibility can time always helpful to understand it. What does it mean to you so I'm not surprised. Now I found the pure synergy between me and most interns for me. It's family and friends allowed to but what's interesting stain. I think for me when I think about flexibility around life. It's having the space to live your life intentionally around the things that matter to you and I know there's this this whole debate. Oh can you have an odd habit. All say to people who have a problem with saying oh you can have it on like what you're just not creative enough because there's a lot of things in the word all a- and so to me you know work like balance starts with my family. I'm a obviously a husband and father and my wife. I guess semi chose me my kids. It didn't so I have an obligation on. Yes unfair to them a burden. I have to live up to and I care a lot around my community particular ticket around African American boys. I also care a lot about a lot of the friends that I've had growing up and you know people go through challenges in your life so being able to be there when that matters an an investment. Those things is really really important and the part. That's been interesting for me. It'd been at the firm I've been able to intertwine some of that together where some of those investments with with my family or whether it being so my charitable activities have been amplified as a result of being the farm and so that's actually created a unique synergy we sometimes it can these things is one or the other but a lot of times. There's a little inter twining of the Tube but for me if I can look at architecture and design books. That's that was my made in college. I I can spend time with my kids teasing them as much as possible. Make my wife think I'm a major intelligent brilliant funny good looking delete that one takes the most work of all then then. I'm pretty good so how about for you what is work life balance mean when you think about entering the workforce full-time and and what could employers be doing better to support healthy lifestyles. I think for me I'm one of that seventeen percents I would definitely put a focus on being able to disconnect from worked just because I don't think it can be fully present with friends and family and kind of pursuing your different passions. If your mind is always at work and in order to make sure you're not burning out and you can kind of come into work the next day really add value.
"goldman sachs" Discussed on Exchanges at Goldman Sachs
"You also managed to travel light. You still see a lot of clients what international markets you most focus on right. Now I remember when I used to talk to Hank Paulson a lot about how he spent his time all the way back to when he was running banking and before he ran the firm and one of the things that he said to me that still sticks with me that I try to keep keeping my mind as I think about my travel schedule today. Is You have to look at where the big markets are where we can have a real impact because that's still the eighty twenty in the equation Asian of where you can really move the needle and that's still obviously the United States across the whole of the United States. It's clearly the UK it's clearly Germany France and the group of countries trees on the continent and the the major economies in Europe and increasingly it's China and Japan if I had to categorize where I'm spending the vast Madrid time it's the g seven and China at an essence. Most of my time is really spent trying to make sure our operations in the key countries are working. Well and our clients are feeling our presence and then I'm meeting eating the right people and I've got relationships with the key people that matter externally whether it's in the government or with corporations or private equity firms are large institutions and then the case of a country like China. It's really trying to figure out where we're going to go. And how are we going to build a business. And how are we GONNA get ourselves to be more important more relevant in that marketplace inside the country and then obviously connected to our clients globally connecting them back into China so you spent a lot of time at China both as someone running the Investment Bank but also as Presencio. What is is it that most business people and most Americans have a casual acquaintance of China miss when they're not spending enough time there. I think it's a multilayered country and I feel like you walk out of a meeting and they're real meeting happens after you leave when you walk into the meeting with a group of Chinese executives or government leaders and it's translated meeting and then you leave even then go have another meeting and that's the meaning you're not in and so you want to know about and so I think the key is to figure out how to know about what happened in that meeting which there's no substitute with for going there a lot and getting a sense for the nuance and building relationships where you can actually get some sense for what's happening when you're not in the room. What I experienced when I go to China is it's translated translated. It's very formal. There's not a lot of nuance to the meeting. It's a pretty staged environment and there's another set of discussions. That really is where the rubber rubber meets the road and so I think if you go there a few times you feel like oh I had a good meeting. Every meeting is a good meeting. You're not going to have a bad meeting in China because the Chinese don't like having bad meetings but there's plenty of things that happened in a meeting. That wouldn't be to your benefit if you didn't know about what was going to happen next and so I think the key is to get to a sense where a place where you've got enough of a relationship with somebody where they I can give you the nuance behind the scenes in the room. You're not in what major geopolitical issues you most focused on now. Obviously there's a lot going on in the world. It's very busy right now. But what do you think will have the biggest impact on Goldman over the longer term. If you think about the next five to ten years if you call that the longer term the U. S. China China relationship in the trade discussion but also more broadly just the broader relationship you know how it unfolds particularly given the trump administration's policy which is obviously a departure departure from prior. US policy towards China. I think that far and away has the most global implications for for Michael Sachs's implications for our business in China obviously but has implications for how multinational companies and governments react to that relationship if I had to pick one that would be it. The second is brexit which on the surface is not as big can issue but it has ramifications for the whole of the European Union where we have significant operations. We've obviously got six thousand or so people in the UK at a big presence on the continent. I think brexit is the beginning of a reset of the relationship. Rally in the European Union were thirty five percent of our business by most measures resides so that is very important to Goldman Sachs and I think to our clients I would say that'll be the second big geopolitical event that we're watching carefully so John and of course year banking career you became a counselor to some of the most successful CEOS really in the world do you misgivings kind of advisory is still get an opportunity to do it and does that background. Help help you in this current job. If I look back on my career the most fun that I've had is really sitting with CEOS and boards and chewing through difficult problems whether it's an emanate problem problem or a capital markets problem or in some cases personnel or other problem that doesn't relate to a transaction counseling clients really one of the great joys of this business and so yes. I don't get to do it as often as I used to. Do it and I do miss that aspect of it but one of the great benefits of this job by virtue of my position I actually get to interact with more CEOS and more presidents and more executives actives and important positions even I did in my prior job and so I still get to spend time counseling and now the counseling is a little bit different. It's not as much on transactions or deals roles. It's more on macro issues and things that the CEO or the executive is wrestling with it so I actually find some of those relations become even more intimate than they would have been when when I was more of an adviser on a transaction so that's been quite beneficial and sometimes I turn the tables now and I ask questions really picking their brains on how they run on their businesses so I've had numerous conversations with executives about how they run their human capital organization how they run their technology organization how they think about Silo Ization and their firms firms either think about brand how they think about technology disruption content etcetera. I found that the counseling I was doing is actually serve as a pretty good baseline flying for me too. Sometimes turn the tables and ask the questions that I know I was being asked my prior life is a banker people talk a lot about the culture of Goldman Sachs. It's hard to understand it less. You've worked here here but you've been outside the firm. Nabet inside the firm for a long time almost two decades. What are the things you're most proud of inside the culture. Where some places is that you think we need to change what I love about. Our culture is it's fundamentally grounded in respect lots of communication and a collaborative perspective people come to work here because they want to be surrounded by very very talented people that are desirous of doing important things in the world and they want to collaborate with those people to get better outcomes. We take that for granted because that's just the way Goldman Sachs's Ben for a lot of years. Most other firms have a hard time assimilating assembling that kind of culture so we've got tremendous advantages bandages. I think back to your question on silos ation and bringing the firm together one of the things that we've suffered from in the last ten twelve fifteen years. Maybe the crisis really accentuated this the notion that we had to play defense coming out of the crisis as we have gotten more balkanized we do operate in more individual units. The the firm has gotten bigger. It's more complex and more businesses. It's hard to bring people together. It's hard to tap into the vein of that collaborative ethos and actually pull it together there and go do the thing that I think everybody wants to do so. I think we have work to do there but we've got a lot of raw material to work with it. I think is great advantage. You Running Investment Bank for a while. You've made the transition now. What's been the biggest surprise going from the business investment banking division to the executive office investment banking things a great business and it's done very very well for a long period of time but the firm has a lot more complex in investment banking and so for me? The hardest part of this transition has undoubtedly Ben getting my arms around the complexity of the firm just the raw breadth of businesses that we're in of people that I have to get to know that I have to learn to both trust and have of them. Trust me you know it's just a very very broad complex firm and I'm getting my arms around it slowly but surely but it takes awhile I think you can't rush it and you have to just experience it that and you have to go through the paces and so I'm almost a year into that but I think in year two and three outfit even more comfortable than I feel today. That's far away the the toughest part of the transition. Yeah I think the thing that I've really been heartened by is I've yet to find a part of the firm where I don't see really high quality people and a really high quality organization. We've got balkanisation. We've got challenges. We've talked about in this discussion but we start with a base of extraordinary people you go all over the world you see people in every nook and cranny or any of the firm. It's a young energetic ambitious mobile group of people that want to work together to collaborate WanNa win and WanNa make Goldman Sachs as good as it can be and I want to be important in the world and relevant in the world and that again is a great advantage and we take it for granted but I think it's a great advantage when we talked about your career earlier. We started after College College but you've got a liberal arts education at one of the Great Liberal Arts Colleges in America talk about how the Liberal Arts education basically can be applied. I do a career and finances you have this feels like a plant that question because I'm a huge proponent of liberal arts education although I did say once air that if I could come back and what about an engineer that was authorized to say about that more spoke to my insecurity of not understanding all the platform that we're doing and not knowing the engineering walls I wish I did my view is you can and learn the technical stuff when you're in a job and you need to learn it. If you're smart you've got a good brain or willing to read and listen in and absorb..
"goldman sachs" Discussed on Exchanges at Goldman Sachs
"Welcome to exchanges. Goldman sachs. I'm Jake Siewert global head of corporate communications here at the firm today. I'm here with MandA hill. Lynn and Sandra Lawson to talk about a new report that you co wrote with some other women at the firm from the global markets institute or GMI called closing the gender gaps advancing women in corporate America GMI is the independent public policy and corporate advisory think-tank for Goldman Sachs. Amanda is chief operating officer for global investment research and the president GMI and Sandra is executive director of GMI, Sandra. Amanda walk into the program. Thanks for having us. Yes. Thanks for having us. So let's start at the beginning. Amanda, why did you decide to write on this topic? And was there a particular catalyst? There's no topic that is more front of mind today than gender equality and equality in general, it doesn't matter whether. Are you open your newspaper your Twitter feed your inbox? You talk to your friends you talk to clients colleagues. This is a topic that people are focused on and not only is it a topic that people are focused on but our clients in particular have begun to ask us questions around. How do they move the needle on the issue of gender equality and promote more women inside of their organizations and see better gender related outcomes. And so really for us from an advisory perspective the principal catalyst was demand from our clients. And then of course, it's something that we find personally interesting as well. And also happens to be one of the topics that is front of mind for our society at large today, those were really the fundamental underpinnings for the reason to write the report, Amanda, what kind of feedback gotten since you publish this report. It's funny. I think there is a view that this could potentially be controversial. And in fact, the feedback has been just the opposite. In other words. Most of our clients both on the institutional investing side and on the corporate side have said to us. Yes, we understand. We're facing these issues. Thank you for talking about them. We want actually be involved in a dialogue and debate. We don't wanna be uncomfortable. Having these discussions. There's no stigma associated with it. We should be out there in the dialogue. And if you're not part of the dialogue, you can't possibly understand what's going on. So for us. It was actually a lot less controversial in very well received by our client base so far. I'm just going to guess that some of the people thought it would be caught virtual or men, actually. No, no, no, no. It was actually quite mixed. Yeah. We've really wasn't just men. Yeah. Okay. It was quite mixed. Sometimes you have to talk about things that are slightly uncomfortable. And you have to talk about them. Because if you don't talk about them, you can't resolve problems. And sometimes when you go close to an issue and talk about things like downshifting, whether it's voluntary or in volunteer. Gary it's natural for people to just get a little bit uncomfortable around that. And so I think from our perspective we wanted to be very clear that we weren't trying to take view. We were never trying to say that women shouldn't feel like they can make choices in their lives. Of course, they showed in those choices should be respected. But we wanted to be part of the dialogue and demonstrate with numbers and facts, what some of the issues are that are outside in the world, and that are facing women, but these are not only women's issues their issues for society at large their issues for men, and they can't be viewed as only being women's issues. So I would say feedback overall has been really positive so turn to the report you talk a bit about this twenty percent wage gap, which gets a lot of attention in the national press in our conversations about this..
"goldman sachs" Discussed on Exchanges at Goldman Sachs
"Is helping. I mean, we've seen for the Italian banks, for example, non-performing loans have been coming down interest, Karsono cap, their kept lowering prefer European, allowing them to recover. So there's important reasons for this policy, but it does create risks as well. So barring unforeseen geopolitical events head is the rest of the year playing out in Europe, assuming you don't get these unforced it, even the foreseen wants the worried about once assuming that they don't get worse. It worse. We get through the Italian budget and it's relatively anoint from a modern electoral scale trade were we don't have the trade war and also that the Brexit debate comes up with a resolution, etc. All of that you would then see positive returns by European equities. Like I said so far today, it's not being dreadful from vested in Europe, but evenly had flapped performance. And I think earnings this year a lot to be non attempts and that's not too bad. It's not as impressive as the US and it's not boosted by the tax cuts. The US has had your doesn't benefit from ashtec sector. Does you don't have that pro-gross story going on, but. Temps and growth is not too bad for Europe. Next year, we expect on your about six percent earnings growth. But again, it's an environment which isn't too baffle investors. The other alternative few look at asset classes such as European bonds yields are very low. So that relative case fear equities is there if you don't see some of these risk vents come through, I think actually to do. Okay. So Sharon, how long have you been covering European equities? I don't know. I wasn't expecting that question. I should know that the easiest question twenty years or so while so how did you get interested in markets in the first place? When I did economics and economics gripe but user macroeconomics macroeconomic south, you think they'll, how can I use this in the real world? I liked the kind of fast paced environment of working at a Bank and thinking about how things could affect the company's sectors stocks, etc. That was a lot of fun. And of course, all these risks events. We talk about them in a negative sense, but they create opportunities to make life exciting. Exactly. Thanks for joining us to. That concludes this episode exchanges goldman-sachs we hope you join us again next time. This podcast was recorded on August first, two thousand eighteen. 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.
"goldman sachs" Discussed on Exchanges at Goldman Sachs
"But we'd rather not have daytoday resources on this we'd rather outsource to another firm so i think there's definitely been part of the reason why outsourcing has picked up in the last number of years all right mike thanks for joining me today covered a lot of ground thank you that concludes this episode of exchanges of goldman sachs i'm jake siewert thanks for listening and i hope you can join us again next time this podcast was recorded on april thirteenth two thousand eighteen abusing opinions expressed here in should not be construed as an offer to buy or sell any securities and such views and opinions may differ from those of goldman sachs global investment research or other departments or divisions of goldman sachs and it's affiliates this information may not be current and goldman sachs says no obligation to provide any updates or changes 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 damage is expressly disclaimed goldman sachs is not providing any financial economic legal accounting or tax advice in this podcast in addition the receipt of this podcast by any listener is not to be taken as close to tooting the giving of investment advice by any goldman sachs entity or individual to that listener nor to constitute such person a client of.
"goldman sachs" Discussed on Exchanges at Goldman Sachs
"Some of other being a startup there yeah i guess is why i say has side against should have surprise me because you get a budget smart people and we have some very good people in the region and you tell him to make money and you give them some rules i am the follow the rules but they also develop their own way of making money and there's no reason why needs to look like the way we do it in new york the way we do it in london but i'm a big believer that there's a reason why we had the position that we have in the markets where we operate and it comes down to the cultural the way we interact with our clients the way we interact with each other the way we think about our commitments what we do and what we don't do of procedures so you name it i couldn't really be more specific but after eighteen years in the firm i guess i know whether the goldman sachs ways and i'll be happy if at the end of my tenor latin america goma sacked latinamerica looks more like goldman sachs new yorker goldman sachs london because i'm sure longerterm is going to guarantee that we're going to be able to get to the position we want to get to stay there all right i'll thank you very much for joining us today pressure thank you for having me that concludes this episode of exchanges goldman sachs and jake siewert we hope you join us again next <music> this podcast was recorded on january seventeen two thousand eighteen <music> 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 recordings 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
"goldman sachs" Discussed on Exchanges at Goldman Sachs
"In the case of cybersecurity really important to enterprises on the earlier stage side artificial intelligence is by far the biggest area of focus there but i also mentioned robotics is another related area where you're seeing a lot of investment a lot of promise longerterm you're also seeing some real opportunities there and some of the earlier stage health care areas of focus even though those are you know in a lot of cases related to a in robotics but you've had nearly a five hundred percent increase in the amount of vc funding going into those fields and we simply never seen that much money that much new company creation go into an area and not produce some big meaningful companies longerterm all right he thanks for joining us today thanks year that's all for this episode of exchange the goldman sachs objects we hope you join us again next time this podcast was recorded on november 14th two thousand seventeen 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 in any liability therefore including in respect of direct indirect or consequential loss or damage is expressly disclaimed the views expressed in this podcast are not necessarily those of goldman sachs and goldman sachs is not providing any financial economic legal accounting or tax advice or recommendations in this podcast in addition the receipt of this podcast by any listener is not to be taken as constituting the giving of investment advice by goldman sachs to that listener nor to constitute such person a client of any goldman sachs entity.
"goldman sachs" Discussed on Exchanges at Goldman Sachs
"You can see if the banking system considerably what the banks have paranoid about quite rightly so is losing control of the payment system so if you think about one of the functions the banks really fulfill their really at the center of the payment system for any developed economy and not puts them in a very very valuable and unique position and that's something that they count afford to lose so as you start to see these technologies get adopted if they do get adopted on a widespread basis the banks have no option other than to making sure that they are fulfilling the needs that clients that a using cryptocurrencies need richard thanks for joining us today thank you very much for having me back and that's all through this episode of exchanges goldman sachs object stewart thanks for listening this podcasters recorded on december xi two thousand seventeen 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 in any liability therefore including in respect of direct indirect or consequential loss or damage is expressly disclaimed the views expressed in this podcast are not necessarily those of goldman sachs and goldman sachs is not providing any financial economic legal accounting or tax advice or recommendations in this podcast in addition the receipt of this podcast by any listener is not to be taken as constituting the giving of investment advice by goldman sachs to that listener nor to constitute such person a client of any goldman sachs entity.
"goldman sachs" Discussed on Exchanges at Goldman Sachs
"This is exchanges the goldman sachs i'm jake siewert global head of corporate communications here at the firm today will be discussing e s g an impact investing and we're lucky to have three very thoughtful practitioners with us he lost in helps lead goldman sachs asset management's client business in overseas both institutional clyde strategy and the divisions esg efforts scott brown is the ceo managing partner of new energy capital and elizabeth mcgovern is the program director for impact investing at the mcknight foundation thank you all for being here thinking thinking hugh your job here's the firm includes oversight of our environmental social and governance investing efforts in our asset management division that's e s chief for short and also called responsible or sustainable investing how is itchy investing different from quote unquote traditional investing in what kinds of asset classes are open to an investor utilizing this esg framework but frame it is really there are three approaches there's an approach that focuses on alignment that's where an investor asks is there a way to have greater degree of synchronicity between their values and objectives in what's represented in their portfolio the second way is integration that's where elections around the s g shoes is used to evaluate the forward prospects of usually a corporate issuer of debtforequity it's a lynn's as a portfolio manager thinks about advantageous prospects for a company and then the third dimension is impact that's generally associated with private markets where the proximity of the capital that you're providing took the corporate enterprises fairly close and your seeking a financial return but a measurable impact.
"goldman sachs" Discussed on Exchanges at Goldman Sachs
"Mm mm um this is exchanges goldman sachs objects you at global head of corporate communications here the firm today very glad to be joined by harvey schwartz harvey's the firm's president and khosi allow david solomon and before that he was our chief financial officer and before that coheaded scourge division harvey welcome to the program cheik great to be here so let's start harvey at the evolution of your careers very interesting story you want someone that people would necessarily peg as a future executive goldman sachs shows us a little bit about who you are growing up i grew up in new jersey and i definitely consider myself a jersey kid him huge fan of bruce springsteen and of course for any of my other fellow jersey folks southside johnny but you've got to be pretty deep in the weeds now the jersey bands you know like lots of kids i had my challenges while i was fourteen my mother passed away and you're in retrospect that was pretty to stabilising for me as a young person n after that my father and i both struggled and i would say overall i've found again like lots of kids my high school years were pretty difficult and the and i think it's fair to say i just wasn't the best high school system i think you would have said at the time pretty unlikely i'd be sitting here talking to you today jake that's for sure so how did you make it out of high school in onto college you ended up attending ractors how did that happen well after high school i didn't go to college right away i took off a year that wasn't some designed gap year that was basically because i done so poorly on high squat in applied any colleges.
"goldman sachs" Discussed on Exchanges at Goldman Sachs
"So to deal mostly we'd issues of compliance strictly speaking my first responsibilty as chairman there they are legally prescribed routes of its of course overall sharing the board of directors i tried to help achieve all the objectives we have strategically in the firm most globally and for goldman sachs international and having been in the government which rights a lot of the rules looking at it from the perspective of a company that is complying with all the rules in the infrastructure i compliance any initial thoughts after a year here in fact today there is a lot of attention more than i was expecting frankly to issues of compliance and tuitions of regulation to issues of accountability it's amazing the time energy debt goldman sachs devotes to those issues probably some people more on the business side will say it's too much i'm told by people that are in the phone for a long time that there was a change over time but in fact i have to say for meat is quite a surprise to see how much people at all levels of the firm both in london and also here in new york along they devote the energy the commitment to these issues of compliance accountability and integrity the issues of culture of the firm broadly speaking so obviously goldman sachs survey global company but our main offices tend to be in big cities that often times are more pro globalization and maybe more liberal than the rest of the world new york city london hong kong singapore how do you think the firm arthur think of its responsibilities at a citizen all of the markets where we operate or put another way when is it the right time for us to speak out as i said earlier it depends on the gravity of these sean to seriousness i think as such we are not and should not be seen as partisan.
"goldman sachs" Discussed on Exchanges at Goldman Sachs
"I think all the players cross the value trenches have to evolve an issue a debt to the everchanging consumer behaviour and technological innovation and dues will be the leaders of tomorrow all right thank you all for joining us lisa mark patrick it's great to have you here thank you thank you that includes this episode of exchanges goldman sachs objects you're we hope you join us again next on this podcast was recorded on june twenty seven two thousand seventeen 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 in any liability therefore including in respect of direct indirect or consequential loss or damage is expressly disclaimed the views expressed in this podcast or not necessarily those of goldman sachs and goldman sachs is not providing any financial economic legal accounting or tax advice or recommendations in this podcast in addition the receipt of this podcast by any listener is not to be taken as constituting the giving of investment advice by goldman sachs to that listener nor to constitute such person a client of any goldman sachs entity.