7 Burst results for "Jan Roth"
"jan roth" Discussed on Exchanges at Goldman Sachs
"Welcome to our exchanges at goldman sachs market update for friday april. Twenty thirty tweet. We check them leader across the firm to get a quick take. What they're watching in marks this week we're looking at how emerging markets or. Em have been faring in the throes of the pandemic and a nascent recovery jake siewert global head of corporate communications affirm. And today i'm joined once again by jan roth. Jen manages thick global currencies in emerging markets sales more americans and a whole bunch of other stuff too but jen welcome back to the program jake. It's great to see you as always. I'm sad this is one of our last podcast. But i'm glad to be here on one of your last week's aright. Well me to jan. Last time he did a webcast podcast in mid january. We discuss clients having a pretty constructive. You on emma's nasa class for twenty twenty one. You know sitting here in late april that assessment. Look here unfortunately no. That conversation was far from correct in the first quarter of the external index. Down four point. Seven four percent in the local index was down six point six seven percent. This looks even worse. Given the s. and p. five point seven seven percent. He performance was really challenged by number of factors that were set into motion after the georgia elections. The market reprise expectations for fiscal rose inflation. Which fed through the rates market higher rates lead to a stronger dollar and renewed talk of you as exceptional vision. Turn lead to material repricing. Risk premia Amasses with rate-sensitive parks really taking the biggest hit. The interesting part is that the weakness union was not about. Em percent if you look at us credit fair to just as poorly. What happened was more of a broad-based pricey of global fixed income and assets were caught right in the middle. You using credit events in places like turkey. Brazil which could adapt broncos performance. Also so vaccines are rolling out in the us and domestic economic forecasts. Pretty bright right now. Is that having an impact on how investors just thinking about merging market economies or. Not you know as with a lot of things are really depends on who you ask with two predominant abuse in the market right now. The first is that this was exceptionalism will be extended as data princeton. Remain strong over next month or so basically until we see p growth in the us us. Acid should outperform effectively cabinet. Doozy azam around ninety s. It's like yeah the other. Is that this material. Bump higher in west growth in the back of this phone. Seeds is already well priced in the market. The opportunities outside the us is finally becoming more interesting. This would benefit. Yeah specifically the hari countries like mexico brazil which had participated in the rally. So we're seeing slightly stronger. Us dollar what affected that have on emerging markets when it comes to things like commodities so we love the feedback loop is startling has been really clear. A weaker dollars fuel stronger commodity price. Which is like the period to the amount of formats. This time should necessarily be different but for the time being there does seem to be. Some disconnect is commodity. Price shrank demand. No longer be driven by young players. Like china act but rather by developed countries like the us given the strength isn't am driven. The asset class may only benefits once it becomes clear that they will also experienced strong economic activity which we haven't seen yet. The data so kobe rates seem to have stabilized and come down quite a bit in developed economies. But there have been a spate of infections playing outs ma'am countries. Some pretty serious ones howard. Investors thinking about the new variants that could slow immunity progress there so variance in south african rozelle. Now indiana i'm sure you start numbers today. They were pretty bad. Have led to periods of volatility and respective markets given economic impact these neurons hat and unfortunately will continue to have these markets. Even the lockdowns have fallen out of favor. Politically the is still expected to d'ambra timothy that being said even in countries with new variants are peaks of infections which after which things side markets become more sanguine the real challenge. There is not at the country level but given what we know about infections really started global. Okay given all of that longer term. How do you see the rest of twenty. Twenty one shaping up for emerging markets to look as we learn from our conversation january two very difficult year to forecast the m returns especially when they're still considerable uncertainties around the viruses and growth outside the us. Vamping said all attempt to put a framework around. How about the class for the rest of the year. As the us rates martin's become were fairly priced. The scope for an abrupt steeper. tantrum rates. Really has decreased so they should bode well or at least better for. em resigned. She walked the challenge. Is going to be providing a true value proposition for the ask is can either be in a form of significant carrier better yet in countries. Finally start to grow. If this happens the skies will become much clearer which would see more interest in the asset class not just dedicated but also crossover investors origen. Boys appreciate hearing your point of view. It was great to chat with you. Us while thanks. For the time that concludes this of exchanges goldman sachs. Thank you very much for listening. And if you enjoyed the show you hope. You subscribe on apple podcasts. And lebron waiting or a comment. This podcast was recorded on thursday april. Twenty second twenty twenty one which just happens we d. 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 in any liability therefore including in respect of direct indirect or consequential loss or damage is expressly disclaimed. The views expressed in this podcast.
"jan roth" Discussed on Metal Mantra Podcast
"What are your top three metal albums in twenty twenty top three mental albums and twenty twenty eight year. He has a lot of ideas. My first one. The mon wizards. Because you know i love the user and like garden and we waited for. I think. Thirteen year so listen. this album. Fencer often of ovation and the other one. I repeated repeated a lot of times and mathoma throw of courses oceans of slumber. You know that's cool. You know ocean of his lover is also in my top. Three altogether with hinder by Paint so vision. Fantastic phenomenal album as well and i would have to include Ocean rise by colleague colleague. Horse which is a great weird frog released from last year. And what would be your top three metal albums. Twenty twenty. I listen to. I was all over the place. I guess a lot of a lot of listening album release so my own album. The fact counts awkward. And then it'll i. I definitely dabbled in a lot of kind of other generous. This this last year Let's see i know. Mark lanigan don't know of he and album necessarily out this year now i. I'm not sure if they had all but eight counts counts know something. You're into for for while kimmy. Can you hear us you. your screen went lack. Yeah okay no probe level. Just make sure you can hear us. That's a podcast. So filling scheffer texas f automating t instantly celtics speedy bone addi- shows through the flow. You'd have qualified. Today's isn't couples. Mice foul you might follow. It's almost as we think it costs a bunch of maine to commute for. His brunettes was moving. She cami gilbert do oceans of the slumber cami be welcome on the podcast high s. Thank you for having a applauded for us g zell. The who's been talking to for a while. i can tell you man. She's a serious candidate for a keg. Gilbreath number one fan in brazil. I can tell her that they're probably number one in kiel sony's the number two. Give him Let us on this a little bit more about your career with his lovers. Is lumber before singing at ocean. I we work somewhere. You had the opportunity to be an opening act for ocean of slumber on another phase of the band. Help her to understand is a little bit how they work south you open for dam and then afterwards you were hired what happened yes so there was a benefit show here in houston and i was just kind of been a little thrown together ban and they needed someone to open the show They had a band drop off so they needed a kind of just an opening slot. And there's a jamboree downtown that most a good portion of the metal bands in houston share and so oceans. Lumber room is right next to ours and they asked me to come Or the asked the band with to open A friend of they're not oceans so when we got there i was a little bit nervous because it wasn't a metal band is kind of a post rock band. I'm lightens the the metal show or not metal band. I don't know how about doing this but we did it anyway. And oceans dubber and. Everyone was there and they're like okay. Well she is really awesome voice. Let's let's see if she wants to be like do do do it or do something on the on the new album coming out and so There singer just had a lot of kind of personal issues and things to handle and while the album winter was being recorded. He kind of left And it's kinda hard to track down so they're like well we need to figure out you know something to do and i had been there into their like. Would you like to re record the album and be be on the album and help us can finish it up and so i was like sure and so then from there. I stayed in the band that started as a gag became a full time job. That best ever. Yeah absolutely rumored and when it comes to found sounds capes. Oceans of slumber is nothing conventional. And how you build the notion of slumber while it's we we do a lot of listening. We love music and we're always exploring new music exploring the music that we love very deeply and it sort of sits with dober- and sits with the the guys and he kind of gives a theme or an idea or sort of an atmosphere that we're going for an everyone kind of contributes. What they feel like fits. That dollar matches it up together. You know works it out or the have different writing sessions and songs. We come together from there You know with with such a diverse background with what we like what we listen to. It's kind of you know just organic that we have these different utilities to of pull from and what we choose to put together actually Here on one. I do review. I've met them review every morning. Six am from monday to friday. And because of that. I even several different jan roth and that gives me this background where i can listen to now. An pretty much understand how they they wrote that that wound that specifically song. We've only a journey. That was an cognitive. Because i have to listen to it and tried to figure it out. how much of that comes from your influence. And how much of that come from.
"jan roth" Discussed on Biz Talk Radio
"Maybe everyone so on But you know, I just don't I don't Don't have any credit card dead because I just use it and pay it off every month, but So you could say, I'm I live in a cash is I haven't been in the bank. I can't remember the last time I was in the body. I do all my banking Elektronik Lee. S o. You know, we're almost there. I mean, we're probably more than halfway there right now. So don't But don't think that the cash was society is something that the Federal Reserve is pushing. No, it's the Bitcoin. People that are pushing the Federal Reserve and I would suspect that all the federal where it's got to initiate Bitcoin. Is going to have to initiate through a central bank somewhere. And I I suspect though this isn't a central bank, but I suspect the I M F is where it's going to begin. All right. Let me go to mark in Texas as well. Hey, Mark. Hey, good to hear from you. Can you hear me? Yep. Gotcha. Great. So my question is A couple of weeks ago. You're talking about IRA Jan Roth IRAs and how they can be, um, converted into other types of saving. Uh, Identity but not have that government attachment to them. Did I hear you wrong Or are there really other ways of holding our money without being tied to an IRA or rock are right. Well, Yeah, there's just a regular old investment account their savings accounts, their CDs. I mean, there's a lot of things you can do outside of an IRA or can't firing without the penalty. So can I get that? My question? I've got two right now. 11 that's a rock. And once it's a regular IRA, and when I When I go to convert, I see that 10% pretty no consequence. I'm kind of thinking. Well, if you know I need to make a decision, so I just keep it the way that it is, and it's still very container. Yeah, so If you're under 59, a half which you are Then this year, you can convert anything you want without any penalty. I don't believe that's going to carry through the next year. But you've got you know, 20 days you can convert whatever you want with no penalty. You still have to pay the tax. But you don't have to pay the penalty. So because a covert they allowed people to do that. Now that we will, you know, literally and will not be completed An IRA or Roth IRA, Even if I just I mean, if I I don't understand. I can convert it into mutual funds and stop But it's still under the blanket of an IRA. No, no, no, no. So it's a distribution. You now have to pay tax on that money. Mm hmm. When you move it over to our brokerage account. But you you're always gonna have to pay tax on it. There's nothing you can do to avoid the tax the income tax I'm talking about, but the penalty So right now, last year if you move $10,000 out of your IRA, and you put it over into your brokerage account, or into CDs or something outside of an IRA account, you would have to pay a 10% penalty and the taxes Now you only have to pay the taxes. No penalty. S so, um, you can. You can move any amount of money out of qualified money and only pay the taxes, not the penalty. But that's that may not be and is not likely to be the case next year, and you still have to think about will do in my position well enough to pay the taxes. And not be pushed into a higher tax bracket. Because, remember that move is gonna create larger income for you this year when you file and that larger income could push you into a higher tax brackets. We gotta look at that as well. Right. So do you still consider IRAs, Roth IRA states, Uh, containers. Wait. I mean, yeah, probably for the next couple months anyway. I mean, I don't do I think they're you know, I've been talking about this is 2000 and nine and three years ago four years ago, I did a special video presentation on this. Um And nothing has happened yet. But it's a safe until The government decides they aren't safe. I mean, and I don't know what that looks like, so that The baby boomer generation. My generation we control most of the wealth in this nation and its somewhere upwards of $17 trillion Most of that is unqualified money. If the government needs a huge, huge influx of money, we listen. We've got a lot of debt and the debt is getting worse and worse, Andre, we're going to reach the point of no return. The government can do something because they think they own.
"jan roth" Discussed on Exchanges at Goldman Sachs
"Welcome to our exchanges Goldman Sachs market subdued for Friday September twenty fifth each week we check them in the leader across the firm to get a quick take on what they're watching markets. I'm Jay would global head of corporate communications here at the firm joining us today, we have a frequent guest of the program Jan Roth who heads emerging markets, international sales, and our global markets division. Gen. Welcome back to the program thanks Jenkins. Great to see you as always with China turn is always you lose large when we talk about these markets, the economy. There's rebounding pretty quickly a lot quicker than many expected after the pandemic and a lot faster. The most developed economies, what's driving the growth there and what's the outlook? Yes. There are three key reasons by China's economy has really rebounded a lot more quickly on the pandemic. The biggest reason is simply that China was left relatively unscathed giving it a much lower Kobe caseload early on and we're much shutting down their economy is allow them to restart their economy a lot more quickly, which is reflecting very clearly in the recent strong data prince we've seen. In. Addition they've had the ability to implement fiscal stimulus directly ineffective infrastructure bill doubt, and finally the world's recovered a lot more quickly than the dire forecast a few months ago, which is really benefited China's export sector. So beyond China some of the other emerging market economies or generally lagging behind the developed nations, why is that? So I mean the impact of Cobaine has been much more significant from a health perspective and most other countries there has been really continues to be a much larger caseload in places, like Brazil, India Mexico Indonesia just to name a few which is really hampered the government's ability to reopen their economies as quickly and rapidly as China's. So we find when there's an emerging market crisis. That countries have fewer policy levers. They can hold to get their economies going back again, explain that dynamic in how we see that play out during the pandemic here. Yeah J. Look. That's absolutely right in regards to 'em countries having a more limited toolkit developed market countries, and we've really seen an interesting phenomenon in this particular crisis compared to previous crises with em central banks, really allowing their currencies to depreciate and use monetary policy to stimulate their economies. The question really is going to be in that. We're watching closely at this policy. Next Gen poorly managed countries experiencing large fiscal crisis is an increased political unrest. As you mentioned, a lot of them are using fiscal stimulus, which means they're piling on debt. The implications for that running up data in the US and Japan can do something like that. If almost no pain is at the moment but what happens in any the country? That's a little leveraged look I mean moving forward we're probably going to see a lot more down rating. The rating agencies will raise funding costs, these countries, and have a material impact on growth, which really could become a vicious cycle. Let's take Brazil as an example public spending increase in debt to GDP is close to eighty five percent, even post code, but it's GonNa be really hard to reverse, which was meant to be temporary spending and will really raise questions about their long-term debt sustainability. Based on what you're doing compliance has the emerging markets investment. These been fundamentally changed by the pandemic or is this just a a sort of pause? You look I mean even though we discussed some of these concerns around the AM Barilla's the view that we could be on the precipice of an incredibly friendly macro environment for em acids once we get past the macro ball until the the next six to eight weeks Yuba. Market. That's flush with Central Bank provided liquidity, and you have the potential for material pickup in growth into twenty, twenty one and given their place in the world left with yield em's really benefit even unto mentally some of these countries won't really look assaulted. We like em fx is a way to play on this theme and select your high-yielding credits but just to reiterate, we do think the next six to eight weeks will be very. Bumpy from a markets perspective and price action. So with all the dynamics, you describe Gen our clients sitting still or is there a lot of activity in markets right now, our clients repositioning we have a lot of macro risk over the next six day weeks the US election where there's a lot of uncertainty around that we also have the potential for some vaccine related news. So because of that a lot of our investors actually. Staying. Pretty close to home and looking for better opportunities to get involved waiting for some of this fall tells subside before they get a lot more active in the markets origin or is interesting perspective. Thanks for joining us today. Great to beer as always. Thanks so much, Jake. That's all for this week's markets update on exchanges of Goldman Sachs, and in case you missed it check out our first miniseries which came out earlier this week. Exchanges, deep dive the battle. I is a four part look at the future of entertainment work social media and Tech Policy Thank you for listening and hope everyone has a great weekend. This podcast was recorded on Wednesday September twenty, third, two, thousand and twenty. 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..
"jan roth" Discussed on Reality Life with Kate Casey
"A least. Lunen and Greenwich Paltrow Sean and Oprah and myself and Natalie door and. The editor. Jan Roth, I'm not like everybody had to fight for that show. To. Habits survive and have it actually be released Donald Ladoga, netflixing fought for US champions for that particular episode and in walking away from it it obviously, that's what the whole series was about right like it was about the idea that these types of things can't generally hacking on television, and so here we are to be able to have this discussion out in the open, but it was look I was. A little bit. I don't WanNa say embarrassed but like I definitely said to the team at one point like I can't believe my mom and my sister, we're GONNA watch this. but they wouldn't. It. But your sister older model going to look at them. No, we're GONNA look at them after right. Point Yeah. Well, no no absolutely. That's actually the point of this thing and again like we made an episode about. Female pleasure and basically talking about that there is no place to see a female orgasm like you wanna see male orgasm. There are hundreds of thousands of porn site. True. But if you actually want to see us, there's no place to see how a woman even know how would a man even know what it looks like right like and. So it was so important to finish that conversation with showing. You couldn't you couldn't talk about how it can't be seen in the night continue that it's not seen, and so it was a real fight to do that and really important and and the people who worked on it. I think share that that reflection upon it. Then it's probably one of the more important things that we've done in our in our respective careers. So outdone. I have spent my adult life learning about interesting people in interesting places around the world and my collaborators have helped. Point me in the right direction. So had I never met David Gelb after he had produced after he had directed jour-jour Sushi I don't know I you know I I'd still be sort of I'd have a far more narrow view of the world but gave it open that aperture for me a little bit and said, let's tell these stories about extraordinary people who are creating around the world and then in the way that we did that. you know even if you look at the ones that I directed early on like I had little babies. I wanted to stay close to home directed to in Los Angeles one in San Francisco like I was very. Comfortable in my bubble and then you know I directed one in Paris and Hong Kong then I directed one in Bangkok and and so it's been an experience of sort of broadening my horizons and then sharing with people what we have found along the way, and so the fact that it all feels very personal and intimate if I may synthesize what you're saying is because that's actually what it is like. We go we bed with these people we gain a trust through their vulnerability through our observing of what they're doing, and we're trying to capture in it in its most authentic form, and so if you're feeling that, then we're doing something right. My last question is, what is the one story in the last few years from one of your series that stays with you most that you think of them often like you're brushing your teeth and you're thinking either I'm so glad that we told that person story or I hope that. I hope that you know I can finish their story. Somebody that you felt an enormous connection to through the process of filming them. that is also a great question. You know I, have I have a few different answers to that. So I'm just going to pick one because there are lots of people who I feel very close to and and there's a huge responsibility in. You know once you've told somebody story. In, on a Netflix show or any of the other big distributors that we work with but I'll use NETFLIX's the example like once you tell somebody story on a Netflix show that is their story and it lasts forever. Right like when I sit down with a chef and I started chefs table episode and similar to the work that I've done in theater. I say like you know what you do is a very specific thing. You create something it exists for the people who were there to experience it that day or that night, and then you have to do it all over again the next day you have to create again it it. It lasts for a very short moment lasts only for the people who are there what? I do a filmmaker is the exact opposite. I'M GONNA spend a couple of weeks with you. Then I'm going to go in and edit room for a few you know for a couple of months and what what we make were last forever, your grandkids will watch it whatever device they watch on and their kids were watching like. So there's a responsibility of the story exists. Now. That I've now that. I've. Put or now that we have put form to it, that is now who you are, what Greg Howe However Greg Ray has defined jerry or Monica or Morgan. That's who they are. Now that depiction is is how they exist for so many people. So it's a huge responsibility. but. Personally. There's connection that I feel Christina. Tosi. That is you know her episode is not the saddest were the most dramatic or anything else I just there is joy in what she's doing and the way that she tells her story and there's inspiration to people the fact that Christina. Tosi who is making cookies and cakes, and you know seemingly frivolous things. Can Be on a chef's table episode can tell her story alongside Maas Tura and Nancy silver team. There's Nancy Silverton and Domini Cran and you know. All of the wonderful chefs on that show that that. that. Christina Tosi belongs in that series and Can, sort of inspire people who? Have a little bit of a different path in front of them and a little bit of a different way of accomplishing their.
"jan roth" Discussed on Exchanges at Goldman Sachs
"This is exchanges Goldman Sachs were discussed developments. Kelvin's currently shaping markets industries in the global economy. I'm Jake siewert global head of corporate communications here at the firm today. We'll be talking to Stephen Shir. CFO of Goldman Sachs. Stephen played a big role in our first ever investor day the first one hundred and fifty years which took place here at New York headquarters just this week. We're going to be talking about the day Stevens. Tom Goldman Sachs and where the firm goes from here. But before that we're here with Jen Roth of our global markets division for a quick markets update on the five number. She's watching right now John. Welcome to the program. Thanks much good morning. Everyone as Jake said. My Name's Jan Roth. I manage the global currencies in emerging markets business in the Securities Division and. I'm ready to talk about these five numbers. What's the biggest number? You've been looking at thirty three billion as the number that I've been closely watching. That is the number of inflows we've seen into emerging market funds in two thousand and one thousand nine hundred and I'm closely watching to see if we're able to replicate that in twenty twenty thus far we've had eight billion inflows so clearly a very strong year but given that you're not going to have the support from core rates that you had last year we want to see if that can be replicated in in this year. Okay so what's the number of the skating a lot of attention attention but doesn't really tell us exactly what we need to know for the past couple of minds the number that everyone is focused on his global. PM is pretty much. There's a huge focus was on growth. After last year's monetary policy easing from both developed market and emerging market central banks on average the. PM is have been above fifty shows where an expansionary territory where I number below. Oh fifty shows wearing contractionary territory but a yo in my mind. These are more of a gauge of expectations as opposed to hard data and we should be focusing more on expert data and see is as opposed posted global. PM is the current activity in this sense. Right okay so what's a number that has moved a lot or hasn't moved at all that's caught your eye for me. One year. Your overall is really what is super surprising to me at all time lows in Eurodollar volatility ball. We actually hit below five. which as I said has all time lows and you look at that? And that's the same phenomenon. Cross currency pairs given all of the uncertainties in the market whether it's the US elections whether it's a newfound concerns around corona virus and the fact the stretch levels across risk risk assets. I think there should be more ball premium in this curve. So what's your theory on. Why vaults remain so low whether a couple of reasons the main two reasons is really the perception option that developed markets? Central banks are not going to play this year and we've had continue systematic selling evolve which is really depressed. The ball curves okay so a number. You're thinking about for the future. I would say that number would be three and those are the number of days into the Iowa caucuses as we know the races incredibly tight between the four leading Democratic candidates. Whoever wins Iowa will most likely Egli get five to ten point boost into New Hampshire? Currently Senator Sanders is doing quite well in both Iowa New Hampshire and really allowed the other Super Tuesday states so if he wins the first to the momentum could carry them to the nomination. The market is pricing very little risk involved markets around the potential of him being the nominee with dollar-yen pricing only thirty basis points of gap. Brisker Iowa. which is only three days away at this point all right and how about another number in the news? That's caught your eye so something I've been watching very closely. It's the number of confirmed corona virus cases in the US as of now on the market is pretty much been paralyzed with uncertainty around broad-based implications of this particular virus on growth and. Obviously there are significant health concerns so I'm closely watching to see this number. It's larger and has bigger implications for growth within the US as well as as well as outside in all right. Thanks JEN now. Over to our next segment segment with our Goldman Sachs. CFO Stephen Shirt Stephen. Welcome to the program. Thank you very much. So we're coming off a landmark event Goldman's first investor day and one hundred fifty years. I congratulations are getting through that. Thank you very much. You're still alive. Tell us a little bit of the day and in what do you think the investors and others in the audience picked adop- about Goldman that they didn't already know. Yeah so the day was an interesting one. I mean when when we said we opened the firm we literally opened the firm and so the front doors were open and four or five hundred people came marching in and and I think I think they came away with a view that the firm was quite genuine in its intent to be more transparent and engaging with them and we were that was our intention and I think they came away with a better understanding understanding not just of targets in facts and figures but I equally think they came away with a more general sense or a better sense of who we. We are depth of talent. WHO's running the firm in in a broader sense equally? I think they came away with view about our technology given what we had on on display and so I think I think the firm showed well In the context of opening its doors and letting people in for the first time and giving them a sense of what what the firms about where it's going so I was the idea was to You know to sort of explain the firm to an external audience but talk about the internal dynamic what went into preparing it. And what did we learn. Learn by going through the process of setting these targets and putting out the goals there. Yeah I I would have to say that I think the investor relations team led by Heather Minor. Did an extraordinary jar At putting this together what went into this at the beginning was a view that David John and I had which was we wanted to run the firm in no more transparent way meaning. The firm needed to open itself up and explain to people why it was worthy of engaging with the firm either has an investor or frankly speaking to you engage us you know in business and I also say that I think for many of the forty thousand people who work at the firm. This was an exercise equally at exposing firm to them in ways we hadn't before the foundation to all of this was a three or model that we started to develop which frankly hadn't had for one hundred and fifty years either and so we started to plan and and that's not to say that you can predict what the markets look like a year two years three years from now but you need to start to plan and set up a medium or long-term plan given the investments that we're making and so that was the foundation of it was a three year business plan for the firm and off of that. We looked at targets that we could articulate need at the enterprise level and some at certain businesses as to what people should expect and hold us accountable for Stephen. You spent time yesterday with investors investors after the session and and beyond that. What was the most interesting piece of feedback you got and and and you know what really what really broke through for you? Yeah so I did spend quite a bit of time after the event With our investors. And you know people were fielding range of different questions but but someone came up to me and in giving me feedback gave in a very succinct way. Would I thought was the most profound that I had heard. which is he felt that? The firm rendered itself more investable table on the back of the investor day meaning. We gave the community. The investor community quite a bit to digest and to think about in terms terms of what the forward proposition was for the firm. And I think in looking back putting aside the bill of particulars on the targets. I think what people saw was quite impressive. I mean I think they just go through the segments for a moment they saw firm that has an investment bank that is beyond formidable in terms of its position. Listen but still strives to achieve evermore. Notwithstanding its commanding position competitively it saw global markets division that recognizes recognizes where it sits at an inflection point in the market not particular to Goldman but to the market and I think rendered a very candid and clear eyed assessment of what their challenges are equally the direction they're going to meet them including building platforms staying Edgy Acknowledging Shing where they fell short and having a very clear view about where they're going and I think that you know is a is quite a formidable sort of picture to be drawn they saw on asset management business. That is bigger broader deeper more durable than they had imagined. And I think you know opening that lenses you and I talked talked about. I think it was a very big deal in the context of the investor day. I'd I'd audio is the most successful at accumulating new long-term fear no correct of the asset. Mirages correct I mean we knew it and assumed others in new it as well but in point of fact they didn't and I think opening that window onto that business gave investors ever more to chew on about the fourth proposition of the firm. I think we show them a consumer and Wealth Management Division. You know that on one hand historically owned a very enviable business in terms of its ultra high net worth but I think showed considerable promise at being what we want. which is an edgy aggressive growing forward-looking digital consumer bank that spans a range of different well strata and I think that was a very forward forward and positive view on the firm and then I think as a general matter you know? We showed ourselves to carry kind of Ford Engineering Prowess to put at the business us which is now organized and very clear eyed about where it's going and being led by a group of people who come with considerable history Dan Pedigree and so. The person said to me that you know you showed Goldman to be a more investable proposition. I think was reflecting on all elements that I went through businesses. Mrs that are edgy. Commanding market share very self aware of where they are or opening up a window onto a profile of the business. Not known all of that. I oh I think is even more significant than putting out specific targets themselves because again people are now going to look at us in a different light and think about the Ford of the firm which I think colds old enormous promise and importantly I think they do as well so one of the targets the put out there is a minimum thirteen percent. Are we in the in the medium-term which we discuss defined as three years for those who weren't necessarily absorbing everything that went on that day or didn't know or weren't there what's going to drive. Those higher returns. Well I think the drivers of those returns are GonNa be several things one just in our base core incumbent businesses businesses that have defined Goldman in sacks for the better part of our history. Those businesses have room to grow and areas in which they can expand and so they will whether that's investment banking or the securities business or investment spend management or. Like all of them have opportunity for growth in will harvest that growth in the context of building some momentum around increasing our we I think the second piece are the the newer businesses were in so think of Marcus and the consumer business or apple cart or transaction banking where over three year period. They will start to reach a level of maturity you know where they will start to throw off incremental revenue and do that on a higher marginal margin now the interesting bit about that component of it is a three year window for those businesses doesn't in my mind really reflect the true potential of what those businesses can produce both to the returns of the firm arm over the longer term. So call it five years or more. Because these are businesses that will still be on the upward slope to get to their maturity level. All and we will still be investing heavily in them and so the returns from those businesses within a three year period is more muted than I think what. They will demonstrate over the longer term arm which is why we equally said in addition to setting greater than thirteen percent..
"jan roth" Discussed on Science Friday
"Brings to a close space rock tale this evening thanks to actually wide for sharing her story with us tonight and let's thank big brand of applause tour actors jim jan roth taylor musical direct mary mahoney and our whole rachel think was great weren't they great this is science friday from wnyc studios that's about all the time we have our heartfelt thanks to wbz's podcast passport series for hosting us tyler green simon train is he's smith cassie stevenson murray oleo and everyone else at the station for making us feel so welcome thank you all and thanks to the amazing staff here at the harris theater for making this wonderful evening possible and also to jim hosting actually wadhwa for their meteorite smarts and to alexandra solomon and the team at curious city and i cannot leave out are terrific science friday staff at takes a lot of people behind the scenes to run this ship thanks to all of them mathematician pianist eugenia chang will play out the show with a piece in chicago i'm my replay toe thanks i'm gonna play a little goofy cute little piece by cooled minstrels which he wrote when he was in england and he had just finished writing i think he had just finished writing lama which is a very serious luscious amazing grand piece of music and this is a little vignette and it's called minstrels because he saw some musicians on the seafront and you might say he's making fun of them but i think he's just making fun of all of us because i think that often musicians we take those two seriously we shouldn't take seriously it's kind of a ridiculous thing to be doing i'm playing cough tree thing with metal inside all his stock when i'm hitting it's not like singing which is a really natural thing to do and i think that mathematician sometimes take themselves too seriously as well that we should just know take us oh seriously so wants to share this with you it's a it's sort of making fun of selves i think that's just my opinion