40 Burst results for "goldman"
Fresh update on "goldman" discussed on Bloomberg Daybreak: Asia
"UK government. Millions of doses of the vaccine for the Corona virus get that story from Bloomberg's Susanna Palmer. The Sunday Times reports. It's a $624 million deal for 60 million vaccine doses. A UK government spokeswoman says the UK is engaging with a wide range of companies, both in the UK and abroad to negotiate access to vaccines and announcements will be made when the deal's air signed. In April Glaxo when Sanofi announced they would collaborate on developing a shot and said they had planned to have a treatment ready for clinical trials in the second half of this year, with a possible vaccine available in the second half of 2021. Sanofi suffered a setback this month when it's calves are a drug developed with Regeneron was ineffective in treating covert 19 and US trials and the study was ended. Susanna Palmer Bloomberg Daybreak Asia. Well. Economists at Goldman have revised down their estimates for US GDP in the third quarter. They expect the economy to grow 25% after previously predicting 33%. Projecting unemployment will be at 9% of the end of the CIA, down from the previous estimate of 9.5%. Semiconductor manufacturing International Chinese firms seeking to raise at least $6.55 billion in a Shanghai shares seal the sale could help China's top ship maker compete against global counterparts. Tail comes as the U. S tightens up restrictions on the sale of technology to China plans to sell the new shares on the side Tech Innovation Board better known as the Star market. The state controlled parents of Citic Securities and SC Seek Financial CSC financial Excuse me, uh, pushing back on the idea of emerge A last week we were told City Group, the parent of Citic Securities, would act as the main buyer of a stake in CSC Financial, But the companies say that they haven't had discussions to merge and the to the biggest investment banks in China. Let's take a look at the markets. Now we've been in Doug Christner. Doug, What are you seeing that stands out this morning, well, dollar stability. I guess we could say in a bit of a weaker yen here at one of 7 63 and that may be supportive of higher equity's in Tokyo right now, with the Nikkei pushing higher by about 3/10 of 1% generally speaking A lot of the focus continues to be on the global virus data. If you look at what we heard over the weekend from the World Health Organization, more than 200,000 cases were confirmed over a 24 hour period. That's a record and that may have been AA lot of what drove Goldman Sachs to reconsider the estimate for us third quarter GDP. You guys were unpacking that a short while ago. And then if you look at some of the other deal flow, we've got Berkshire Hathaway taking Basically all of Dominion energies, natural gas transmission and storage business. Thes assets really account for about 7700 miles off pipeline and about 20.8 billion cubic feet of transportation capacity. Per day. This deal has an enterprise value of about 9.7 billion. So was a part of that There's obviously debt here and then you look at this as well Parallel to that deal. We have Dominion and Duke energy, basically backing out canceling development of their Atlantic Coast pipeline. So that's the L N G story in terms of the crude oil story a little bit of weakness here Right now, With W T I down about 8/10 of 1% were trading 40 30 here in the electronics session. Later, we're going to get home. Com P M my data and we're also going to get in about an hour's time. The Australian report on job advertisements So that will be interesting to watch perhaps is a leading indicator of the employment market down under 10 year Treasury in the Tokyo session, is now yielding 67 basis points. I'm Doug prisoner at the Bloomberg Interactive Broker studio in New York, Julia Thank you, Doug. There's a lot of reaction to President Trump, saying over the weekend that Corbett, 19 is 99% homeless. Let's get to bed backstage. He has older global news in the Bloomberg 9 60 San Francisco newsroom edge. Yeah, Juliette Me. He definitely emphasized harmless first, it left his already booked on Sunday Talk show members of the cove. It Task force being forced to Dodger deflect or ignore the statement the best they could FDA commissioner Stephen Han on ABC. What I would say to the American people is Follow the guidance of the CDC. Follow the protocols of the local and state governments where a mask if you can't socially distance, Yeah, so at least a small break with the president masks but Former homeland security adviser, Tom Bossert on ABC very much more direct. We are now as a country adding a Wuhan a day. To the case. Totals of this world want collectively, cumulatively head as many cases in its entire history as this country posted on Wednesday in one day last week, and Miami Mayor Francis Suarez says the explosion of cases is definitely serious. It's clear that the growth is exponential. At this point, you know, we've been breaking record after record after record. All the last couple of weeks. We instituted off about a week ago, a mask in public rule and, as in Miami, UK, is looking very closely at the reopening of pubs and bars Health secretary Matt Hancock, but we just got.
New COVID-19 testing site opens at University of Dallas
"Dallas County sets a new record for the number of Corona virus cases. And deaths counties reporting 20 deaths in 601 new cases. Dallas County Judge Clay Jenkins says these numbers are one reason he wants the governor to put out a statewide order requiring face masks in public, according to Goldman Sachs. That would save our Texas economy for the whole state. $87 billion if he would simply do that one thing. He also wants more restrictions on businesses. businesses. Dallas Dallas County County is is opening opening up up a a new new Corona Corona virus virus testing testing site site at at the the University University of of Dallas Dallas in in Irving Irving tomorrow. tomorrow. They They say say it's it's going going to to provide provide results results more more quickly quickly than than the the site site that that they they have at the A. C in that site Shutdown today,
Fresh update on "goldman" discussed on Bloomberg Intelligence
"We're told it's worth $2.65 billion worth of uber shares, and it's expected to be announced as soon as Monday morning in the states. Drugmakers, GlaxoSmithKline and Sanofi are discussing a deal to supply the British government with a vaccine for covert 19. It could happen once their development is successful. Over the weekend, the World Health Organization said more than 200,000 cases were confirmed in a 24 hour period and that is a record economist at Goldman Sachs have revised down their estimate for US GDP in the current quarter forecast growth rate is now 25%. That's down from the previous prediction of a 33% rate. And strategist at J. P. Morgan's chase. A extremely loose monetary policy will be required for a long time to support growing debt levels worldwide and that will boy liquidity. Along with global equity and Bron prices. We checked markets every 15 minutes here on Bloomberg. Right now. Shanghai composite is up more than 3.3% Hank saying is up 2.2% in Tokyo. The Nikkei higher by wantedto have percent. The cost is up more than 1.3%. And in Sydney, the sex 200 is higher by 1/10 of 1%. Global news 24 hours a day and on Bloomberg quick take powered by more than 2700 journalists and analyst in more than 120 countries. I'm Doug prisoner. This is Bloomberg. These is Bloomberg intelligence with Alex Steel and falls on Bloomberg Radio will be here each and every week at this time tapping into our Bloomberg intelligence analyst covering some 2000 companies in 130 industries worldwide. So is trying to understand the impacts of covert on the economy. What's key to look at her transportation patterns, So joining us now is the class cow. Senior transportation analyst with Bloomberg Intelligence. Leave first off like one of the indicators that you look at everyday to tell you what's going on. Yeah, so I mean, generally speaking, it seems like the worst is really behind us with regards to great demand. You know, we're seeing the chucking market show signs of improvement as well. The reverend industry Elsa, you're saying so improvements and marine shipping as well. So you know, when I read my Keeley's I'm thinking that the worst is behind us. But the good news or the bad news is that we expect volatility to continue. As you know, there's fits and starts in terms of people opening or economies opening up geographically there regionally or nationally and globally. Slowly. I want to start with the global port. I know you and your team kind of look at that around the world in for a while there. At the peak of this, they're just ship's stacked up outside of ports, whether it was Singapore or Long Beach, California. Much everywhere. Is that traffic moving now? How's that? Look? Yeah. So you know what we've seen is you seen some improvement in terms of Chinese exports. Chinese exports are kind of on ly download single digits. But the important the United States are still down by double digits. First and foremost, That's really because the stuff that's left Asia hasn't gotten here yet, so we should expect the improvement and demand also, you're seeing kind of increasing demand for smaller vessels. They were able to get from Asia to the United States or Canada Quicker. And so that is really driving. Expedited free. And those air ships that have you know capacities like 4000 use versus the mega ships with 20,000 to use. In the liner industry. Generally speaking, you know they got a lot of capacity. During the downturn. They took out about 12 to 13% Capacities Idol and we have seen a ticking demand sequentially. But the liners has been kind of slow to bring that demand back switch should help rates. You know, when I say helps raise it's not going to make them highly profitable. It is chef should help it budge above breaking Make even levels for the lighter off operators. How quick can they adjust? And that I'm thinking about the Sunbelt in those days getting hit? Naturally, that's going to impact. A man, which will feed through the inventory will feed them to getting the products. How quickly doesn't respond. You know, across the supply chain, you could be pretty quick to bring capacity back. No most of that's called the 13% of vital capacity. It's kind of climbed, waiting to go. They just don't like turn it off. They have to keep you know the engine kind of maintain, so they're able to bring them back quickly. Railroads and truckers are also able to bring back the past the relatively quick.
The Fed has capped bank dividends and suspended buybacks after stress tests
"For the first time in the ten years of stress, testing banks are required to resubmit their capital plans later this year to reflect the current environment by chair Randall. Quarrels notes in a statement that there is quote material uncertainty about the trajectory for the economic recovery in its impact on banking organizations, and not all governors agreed to let the banks continue payouts even if If, they're limited fed governor Lael brainard said in a separate statement that she does not support giving the green light for large banks to deplete capital which raises the risk they will need to tighten credit or rebuilt capital during the recovery coverage, informing this decision by the Fed was a covert sensitivity overlay for their traditional stress tests where the test of the bank's viability under three hypothetical recessions in subsequent recoveries, v-shaped, u-shaped and w shaped. The Fed notes that there are scenarios are not predictions of the likely path of the economy in aggregate, though the Fed said loan losses for the thirty four banks tested amounted to five hundred and sixty billion to seven hundred billion dollars aggregate capital. Ratios declined from twelve. Twelve percent in the fourth quarter of two thousand nineteen to between nine point five to seven point seven percent in the hypothetical downside, they did not break out the results of the cove analysis on individual banks, but in the after hours investors have been drawing their own conclusions with mixed results depending on the bank mixed performance depending on the Bank Melissa all right Leslie, thank you Leslie picture with the results of the stress has a lot to think about. There are a lot to think about in terms of how it affects the bank trade, but there's also this to think about. Take a listen to what David Ellison of the Hennessy funds said on the closing bell just a few moments ago. There really inserting themselves, and and basically acting like they want to act in a sense that these companies are effectively nationalized. and. We're seeing the effect of that today. in what they're saying, so they're worried about the the appear to be more worried about the economy than the market is. Again heard Powell last week. Say that he was worried now. It seems like we're hearing that again. And this is going to be an ongoing thing. The banks are going to be battling this for the next couple years. So they are effectively nationalized according to this bank investor, guide me. What does this all mean for the bank trade? Yeah. It's interesting. I mean I. Don't know if I'd go that far that the bank should be but I I respected the the opinion on that. Know what it means for the bank trade I don't think the value proposition of the reason you were getting wanted to belong J. P. Morgan was because of the dividend or their stock. Buy Back. I mean I. Don't think that's why you're long the stock, but I understand the headline. This is somewhat shocking, although probably not all that. Surprising quite frankly, I think a lot of people probably saw this coming I think the bigger headline was the reason I thought. The market rally in the first place was a relaxation of the Volcker rule to a certain extent. I think that's why banks had the big run. Now you have to wonder if the timing was somewhat coincidental. I still would submit the following. Pretty steadfast on this you're looking for opportunities to by name like J. P. Morgan for that now second potential run up to one fifteen, and we've done the math for you. I mean one fifteen for J. P. Morgan is putting a one point eight multiple on sixty two dollars tangible book, and it makes a lot of sense. Go back and look where we traded up to a couple of weeks ago and that to me is where the market wants to go I. Don't think it's I. Don't think this is the reason to be bearish the broader market although you know I am. But I do think the headline is probably going to some people carrying. You've been a longtime investor in the bank specifically, certainly not for the dividends, certainly not for the share buybacks. Knew that they were gonNA suspend by back at least for this quarter. So how do you factor this into your investment thesis? So. I mean I guess it makes sense I that they say. Let's see how the year unfolds before we decide whether or not you're going to be allowed to to pay your dividend, or at what level you'll be allowed to pay your dividend, so that sort of makes sense to me i. think what is going to be more important I think is how bad are the provision for loan losses going to be in this quarter? And how bad are they going to be given that we are having difficulty reopening? How sustainable those losses to be going through the throughout the year, so I had thought that the first quarter and the second I'm sorry, the quarter ending in. June, and this next one I'm sorry. March marching, June would be the worst quarters of the year. Maybe there's another bad quarter here. It is interesting to me though that the Volcker rule did come out on the same day that I mean that's sort of like back to go go times. To? The stress tests. But I think the story hasn't really dramatically changed today we'll be. It'll be interesting when we see on Monday. Who is going to change their dividend? Would seem like Wells Fargo is maybe a likely candidate. For BANKAMERICA's city and JP Morgan. The big money centers I don't think they're moving much I. saw city up a little JP Morgan down a little and Bankamerica down. Little I don't think a whole lot has changed to me. It still comes down to how bad will the loss be? Yeah, Goldman after hours one of the biggest loser, if down two and a half percent, a wells Fargo's down one and. And a half percent.
Fresh update on "goldman" discussed on WBBM Programming
"Number 30 30 many companies air telling employees they can continue to work from home indefinitely. But the big banks want them safely back in the office. I'm Geoff Colvin of Fortune magazine with inside business. Don't tell Goldman Sachs that the era of the offices over speaking at a virtual conference recently, Goldman President and CEO John Waldron discussed the bank's plans for returning. It's US workforce to an office setting. Goldman has already begun efforts to bring its people back to their desks in Asia and Europe. JP Morgan Chase set up a return to the office Taskforce recently. Citigroup is reportedly considering short term leases on satellite offices in the suburbs around New York City. To help employees avoid public transportation and densely occupied urban office buildings. For now, this pension for the office starts at the top. Some of America's most powerful bank CEOs, including Goldman's David Solomon, Bank of America's Brian Moynihan and Morgan Stanley's James Gorman never stopped coming into the office, even as the pandemic escalated. Waldron notes, one particular reason why Goldman is still eager to get its employees back into the office and working among themselves. The company's culture, which he said emphasizes collaboration, mentorship and people development without direct interpersonal communication. He worries that the culture decays over time. Considerable research says he's right. Inside business. I'm Geoff Colvin for CBS News faces a place of helpful hardware folks.
Free Yourself From Conflict
"Thanks for joining today's Webinar, an optimal outcomes are host. Today is the founder and CEO. Alignment Strategies Group the near based consulting firm that advises CEOS in their executive teams on how to optimize organizational health and growth. She's the author of optimal outcomes for yourself from conflict at work at home in life, which was selected as the Financial Times Book of the month Jennifer is A. A keynote speaker at fortune, five hundred companies public institutions in innovative fast-growing startups, where she inspires audiences of all kinds including those Google Harvard in tax, and in her popular course at university, a former counter-terrorism research fellow with the US Department of Homeland Security, she is a graduate of Tufts. University and holds a PhD in social organizational psychology from Columbia. Please welcome Dr Jennifer Goldman wetzlar. These are trying times that we're in. We are in the midst right now. Two months into the global pandemic. Of Corona virus and we're facing a big tough global problem. The likes of which most of us have never seen in our lifetimes. I've spent my career studying and working with incredibly tough problems, none on this scale, but tough problems nonetheless. Typically the tougher the problem, the more likely it is to capture my interest, and the more likely I am to be helpful. This has been true for me since I was A. So I didn't want to solve just one or two sides of the Rubik's Cube I wanted to solve all six sides while Hula hooping. and. That's why today we're going to be talking about a tough problem of type of problem conflict. That comes back. No matter how many times you people have tried to resolve it. Will be talking about recurring conflicts. And what to do when your efforts to resolve those conflicts fail. So in a minute I'm going to be asking you to think of a conflict situation. You know about that. You can apply your situation well, so you can apply these practices to that situation. But I. WanNa give you an introduction to this work. In Nineteen, seventy, three one of my mentors, Dr Morton Deutsch widely considered father of conflict resolution, wrote a book called the resolution of conflict and in it he detailed research that he and his colleagues had done, which basically showed that conflict lead to more conflict and cooperation leads to more cooperation. When I learned that all I can think was well if that's true, how do we get out of this conflict loop? And how do we get on to the cooperation loop? Well I've now spent the last thirteen years trying to answer those questions and the answers are in the book that I've written optimal outcomes that we're talking about today. My research began with a fellowship from the US Department of Homeland Security in two thousand and two, and since then in my role as CEO and founder of Alignment Strategies Group I've worked with. Leaders. All kinds of different organizations from innovative fast-growing startups to Fortune five hundred companies to academic institutions to global nonprofits. And what I've done is helped them by using the optimal outcomes method to address the most challenging situations that they have faced. And I'd like to bring some of that work here for you today, so I'll be talking about a specific clans situation throughout today's Webinar. But I also want this presentation to be highly relevant to you so I'd like to take a moment now to ask you to think of a situation that you know about. It could be one from your own life, or it could be one that you're helping other people with, or it could be one that you know about simply from watching the news. And I'd like to ask you to answer two questions. What who first of all you're thinking about a conflict situation, but it may be one that you don't even necessarily think about as quote unquote conflict. It may be something that simply recurs over and over again. No matter how many times you or other people have tried to resolve, it could be the daily fight with your spouse about the dishes in the sink, or it could be how to track down that colleague. That's always been hard to reach a now that you're working remotely is even more difficult to find. Get the answers that you meet, or it could be about politics and elections in presidential elections, and how to have conversations about those without getting caught in a cycle of frustration with friends and colleagues and family.
Fresh update on "goldman" discussed on Bloomberg Daybreak: Asia
"Hong Kong and 9 30 AM here in Sydney. I'm Poland, and I'm, a prisoner at the Bloomberg Interactive Broker studio in New York. Top of the hour will get Equity trading in Tokyo, Sydney and Soul had a three day weekend here in the states, so not a lot in the way of tail winds, although to be fair, the NASDAQ composite Is at a record high. We'll talk more about that In a moment when we checked markets with Brian Curtis right now, A few of the hour's top isn't stories Paul The U. K government's looking to ban Huawei Technologies in the country's Helly Communications network, according to administer. The Sunday Telegraph reported that the Chinese company faces a band within months. Officials are now drawing up plans to speed up the removal of already installed kids from the Chinese telecom company. Well, drugmakers, GlaxoSmithKline and Sanofi are close to reaching a deal that would supply the UK government with millions of doses of vaccine for the Corona virus. We have more from Bloomberg, Susanna Palmer. The Sunday Times reports. It's a $624 million deal for 60 million vaccine doses. A UK government spokeswoman says the UK is engaging with a wide range of companies, both in the UK and abroad to negotiate access to vaccines and announcements will be made when the deal's air signed in April Glaxo when Sanofi announced they would collaborate on developing a shot and said they had planned to have a treatment ready for clinical trials in the second half of this year. With a possible vaccine available in the second half of 2021. Sanofi suffered a setback this month when it's calves are a drug developed with Regeneron was ineffective in treating covert 19 and US trials and the study was ended. Susanna Palmer Bloomberg Daybreak Asia. Second coffee Chairman Charles Genial Lou was ousted by shareholders days after surviving an effort by some directors to strip him of control. The news was reported by Chinese Web portal 163 dot com Three other board directors were also removed. During the meeting. The chain had already find its CEO and C o among other employees, May it came under investigation by Chinese and U. S regulators. It had come to light that fight transactions to boost sales had dated back to April 2019. Well in China Semiconductor Manufacturing International is looking to raise at least $6.55 billion in a share sale that would come out of Shanghai. This could help China's top chipmaker compete against global competitors, You know, it comes as the U. S. Is tightening restrictions on the sale of certain technology to China Semiconductor Manufacturing International is planning to sell these new shares on the side Tech Innovation Board. It's better known as the Star market. Paul. Okay, let's get a close up look at what's happening in financial markets, says we stand on the precipice of a new trading week in Asia, his Olympics Brian Curtis in Hong Kong brother. Well, thanks very much. Asian stocks look set for a mix session today as investors Fred over the increase of these cases worldwide cases of Corona virus. Goldman Sachs now expects a wider contraction in the U. S economy this year. Economists are now saying that the third quarter growth level will not be a strong as was predicted earlier. At the moment we do. C S and T. Many men ease up about 1/10 of 1%. Hank Sing Index futures down about 2/10 of a percent. China futures up a smidge and one of our bloggers is saying that China stocks are going vertical, and there doesn't seem to be much to stop them. Figures on manufacturing an industrial profits, the latest evidence that there is improvement from the virus setback in the Chinese economy. Even a torrid run last week has the C s I 300 only up 24% from March 23rd. That's much less than the 40 plus percent advance that we've seen in the S and P 500 I'll come by the way only up 17% since late March. Investors, by the way, have pulled more than $18 billion from China equity funds since the third week of April, according to MPF are global, and that's even with this surge in shares. So right now, New Zealand. The cash market is up and running. It's flat for the session. Australian futures it down 6/10 of 1%. And Nikkei futures pretty much flat. According Tio What we're seeing here at the moment Dalian one of 7 55 not much changed there, either. Bloomberg dollar spot index is also little changed. And right now, W T I crude is trading down 7/10 of a percent at $40.36. That is a look at markets. Paul back to you. Alright, thanks, Brian. Now there is a lot of reaction today to President Donald Trump, saying over the weekend that covert 19 is 19 9% harmless. Did. Baxter has global news? Yeah. One or two eyebrows raised. Paul, first left, has already booked on Sunday. Talk show members of the covert task force being forced to dodge or deflect or ignore the statement is the best they could. FDA Commissioner Stephen Han was on ABC. What I would say to the American people is Follow the guidance of the CDC follow the protocols.
FBI concludes that Bubba Wallace not victim of hate crime over noose incident
"Federal law enforcement officials say that the news founded the team garage used by NASCAR driver Bubba Wallace was not an attempt at racial intimidation Wallace the only black driver in NASCAR's top series a noose incident at delegate at at Talladega superspeedway in Alabama prompted a huge so overall show support around the country and peers Tom Goldman an FBI investigation found evidence the news had been there for months long before Bubba Wallace was assigned to that garage for the rate yes NASCAR president Steve Phelps says it's fantastic to hear Wallace wasn't a target of a hate crime this month Wallace led a successful push to ban the Confederate battle flag at NASCAR events Phelps says he'll always remember the overwhelming show of support for Wallace at Monday's race and that was a very powerful image in in not just the history of our sport but I think in all sports so since there still was a noose in a Talladega garage any says NASCAR will continue its investigation to determine
Fresh update on "goldman" discussed on Meet the Press
"Of the Union Man, Cade's. And I'm Susanna Palmer In the Bloomberg News Room. Governor Andrew Cuomo tweeting today. The latest figures show the number of new Corona virus cases in New York rose 1/10 of 1%. Less than the seven day average. Fewer than 1% of tests conducted were positive. There were eight deaths from covered 19 in the latest count in New York. Get ready for Phase three New York City enters the next phase of its reopening tomorrow. In phase three beauty businesses such as nail salon's tanning studios and tattoo parlors open up their doors to customers. Indoor dining will not resume as Mayor Bill de Blasio was taking a cautionary cue from other states. That have seen spikes in cases after their bars and restaurants opened up for indoor dining, spa facilities. Outdoor dog runs, They're going to be open and group gatherings of up to 25 people are allowed Facebook in the coming weeks will be confronting some of the civil rights complaints that it's been shrugging off. More on that from Bloomberg's Denise Pellegrini. Facebook CEO Mark Zuckerberg meets the day after tomorrow with leaders of the C P the Anti Defamation League and the color of change to talk about their concerns. That's after years of ignoring complaints. The social media giant doesn't do enough to combat racism, discrimination and voter suppression on its website. Advertisers, including Starbucks and Pepsico, have halted spending on the platform. Civil rights groups say Facebook promotes discriminatory advertising allows foreign adversaries to try to suppress the black vote and let's white supremacy groups organized rallies to Nisa Pellegrini Bloomberg radio. Goldman Sachs Group. Economists revised it down their estimates for the US economy this quarter, but they predicted it will be back on track in September. The Goldman economists led by young Hatzius Said they now expect the economy to grow 25% in the third quarter. Still, that would result in the economy slumping for 250.6% this year Global news 24 hours a day on air and on Bloomberg quick take powered by more than 2700 journalists and analysts in more than 120 countries. I'm Susanna Palmer. This is Bloomberg. This's Bloomberg BusinessWeek with Carol Master and Jason Kelly from Bloomberg Radio. Well, today we're bringing some of the most support. We hope informative conversations we had on our daily radio show this week. Bloomberg BusinessWeek. 2 to 6 PM Wall Street time just as a reminder, and we love talking with folks Carol, who have multiple lenses, multiple views into the economy, and business takes almost a couple minutes to just introduce him, But I love talking with him because, as you said, Jason, you can talk about real estate sports education. Travel David Edelman he see of campus apartments. He's also the vice chair of F s investment. That's an alternative investment fund manager think about 24 billion of assets under management and we caught up with him. You know, to just check in about where we are in terms of the investment and business environment. It's interesting. You know, you had the best quarter in 1987 for the Dow. So I guess you know, I don't think things were that good A month. Six weeks ago, when we were on the phone a lot of happened in the markets, I guess since then. And, you know, interesting time. Here we are. Yeah, this sort of divergent world that that we're living in David for sure. And we've been talking Ah lot about that. So let's start there. What do you make of it? I mean, you see investments across the spectrum from private to public. You see the public markets But you're also looking at startups. You're advising entrepreneurs like synthesize it for us Like, what do you make of the world? What's your view? It's interesting. I look, if I was betting against the market, I would have been really wrong. And you know, I didn't take into account how much capital the Fed would put into the economy to kind of prop it up, and it's done in unbelievable job because I think you know without that we wouldn't have a multi Mlle high where we are right now, in a great quarter in the markets, for sure on they've done a great job of taking, you know, horrible pandemic. And creating optimism, at least from the standpoint of the you know the capital markets. Well, D there you one of those who thinks there is a divergence between what's happening in the financial markets versus what is happening in the real economy. What are you seeing? You know, as you look at you different businesses and you're different investments. So it's interesting. You know, I also wouldn't have bet that you know, May in June had strong retail sales. This thing started opening, there was a pent up demand. And, you know, I didn't see that coming because you still have over. You know, 30 40 million unemployed people, which is just really sad, and we have to figure out a way to open up the economy and get those folks back to work and For those who've lost jobs in industry that you know might not might have gone away. We need to retrain them. And so that's the diversions of confusing to me is where we see the market's really doing. Well, you see retail spending going well, e commerce is moving. And then you start to figure out, you know, kind of the unemployment claims. David talk to us shifting gears a little bit about back to school. You're very involved with campus housing campus apartments Carol mentioned with CEO They're housing obviously is a key part of getting college kids back on campus. What's it going to look like? What are you seeing literally from the ground level. Yeah. So I think you know, one thing got really proven during the pandemic, and and I think I mentioned this last time over 65% up to 85% depending on where we were in the country of our residents actually quarantined in our apartments off, right kind of stayed in that environment, and it became very clear and the universities will acknowledge this at the online. Learning experience. You people didn't feel like value out of that. And so people are craving that, you know, kind of in person experience looking for the schools open, and the school's really realized from a business perspective by on the parent has got a high school senior. That's going to start as a freshman in the fall. If you're a college that doesn't open your child, you might lose that customer they might transfer to a school that is going to open. And so really important from the business perspective that they kind of provide a service to the customers. There was a great article actually today in the Wall Street Journal from the president of Cornell talking about how they're opening on why they're opening up. You know the covert testing they're going to do and you know, so I commend the schools because they really come out thoughtful plans. And you know, in the last three weeks, most of the other schools in the country you know, we're probably north of 90% of the schools have probably reported at this point, you know, with some sort of hybrid model, meaning?.
Airline Cash Flow
"All right our first story comes in from our Listener Linda. This is from one mile at a time surprising statistics about mileage, plus about united, mileage plus. In, we see that united has announced financing in the amount of five billion dollars secured through the airlines loyalty program. This is part of their to have seventeen billion dollars in liquidity by the end of September. Separately CNN reports that that's three times the cash. They normally have on hint. Of course all the airlines are. Struggling essentially with their cash flow situations and they they need to have. Cash on hand united is amongst them of course and It's it's an interesting strategy to take their mileage plus program and leverage off some financing based on that and the findings. He's GonNa come through Goldman Sachs Barclays. And Morgan Stanley and united will have seven years to repay that. These affinity programs like mileage plus our big business for the airlines united estimates that the value of their mileage plus program. If it was a standalone business, would be twenty billion dollars, so there's a lot of. A lot of revenue that changes hands here. We need Dan back as guest to explain all this 'cause. I tried to read how they mortgaged their frequent flyer program to raise five billion in my head started to hurt. Well I'm just thinking I I'm GonNa. Leave the show early right now because I'm GonNa, go start the airplane, Geeks, mileage plus program. I mean there's this is a twenty billion dollar business. We're wasting our time here, guys. I know it's It's pretty amazing so. The, the partners United Partners Pay United to award miles to their own customers, so says things like credit, cards and hotels when you earn united miles or mileage plus miles by reserving at a hotel or using a credit card. United gets a piece of that action and it adds up to quite a lot. So that large part of it comes from selling miles to other airline programs. I didn't see them call out specifically income from credit cards for example card I use most often still is the united mileage plus a credit card. I would imagine they must be earning. Some money from chaser manages that card. Even My my Hilton Program have the option the option of taking my awards, my my points, basically that I earned from staying at Hilton, properties and I, either get Hilton points which I can redeem for rooms, or I can get united, miles well Hilton. Kick something that United Four that for Hilton. There's value because it's you know. It's a service can offer its customers. If you look at the one mile at a time website. It gets down to break some of the stuff down. Like seventy one percent of the cat is offer twenty, one, thousand, nine hundred. Seventy one percent of the cash flow is from sales miles purchased by third party partners. But then when you look at how it was redeemed, ninety seven percent is redeemed by. using it on united. Right for travel, in yeah, only three percent of those milder redeemed for non travel rewards, it does make you start to wonder if the the planes are just kind of you know aside business. Instead they're making money off of mileage plus baggage fees. You wonder at some point Could this be one of these businesses where you know you give away the the razors for free, and you're making it all on selling razor blades. Absolutely I am particularly these days, but even you know even without the huge drop in air traffic is the result of the pandemic. Even before that the aircraft, just the promotional item Eb. Senses Yeah and in some in some way, so it's it's a really interesting business. It's not always what you What you think we also see here that you united his made an SEC filing an aide filing in in that filing. We learn a little bit more about the program. that united mileage. Plus program has over a hundred million members. And that fifty percent of United's flight revenue comes from mileage plus members. Which is that's? That's pretty high. Also the mileage plus program generated five point three billion in cash flow from sales in two thousand nineteen, and that's roughly twelve percent of United's overall revenue. So, Oh, another interesting The number here is it. The mileage plus program generated one point eight billion dollars in Eba, DA, which represents about twenty six percent of their total adjusted ebitda. That's. earnings before interest taxes depreciation and amortization. So that's that's sort of a A. Year of earnings from an operating standpoint, twenty six percent of united's basically operating earnings from this mileage plus
John Bolton warns against a second term for President Trump
"Former national security adviser John Bolton is speaking out on the eve of the release of his damning memoir of his time in the White House Goldman says he's speaking out now in parts to prevent president trump from winning a second term former national security adviser John Bolton said he doesn't think president trump is fit for office Bolton whose new book the room where it happened is out tomorrow spoke with ABC news in an interview that aired last night I don't think he has the confidence to carry out the job to Bolton alleges high profile meetings with north Korea's Kim Jong moon were for photo opportunities Bolton also insists the president linked to military aid to investigations into his political opponent the issue at the heart of the impeachment
Trump asked China's Xi for reelection help and told him to keep building concentration camps
"Donald J. trump you bring someone in he says they are the most qualified person it's another example of the shining administration how he only hires the bass the bass they leave more often than not they leave on their own then he fires them to look better even though they've already left and then he trashes them sometimes he trashes them right away sometimes he waits and sees what they say what was Donald give me all about many many things including I'm all about the military I'm all about generals I am all about America first and how tough are going to be how many generals to we have to cite now who have criticized him who watched him first hand Mattis Kelly I can go on tell get jumbled you don't get more Republican than John Bolton involves book is out many just flat out says he's unfit to be considered to be the president I'd states he's on set to me Dan and Adam the worst of all of he is when he's talking to president xi of China is that they are discussing what she has done putting Muslims in concentration camps I repeat concentration camps this is in forty years ago this is a hundred years ago this is now and the president of the United States according to John Bolton who's known as this voracious in detailed note taker says the president president's response because he was so intense on having this relationship with sheen and for it to be beneficial to him to win reelection in twenty twenty says regarding the leader of China putting Muslims in a concentration camp it's exactly right thing to do and encourage president xi to go ahead with building the camps this is some guy you see on Twitter or reddit or a Facebook comment this is our forty fifth president of the United States cool on some areas of trade stood up to China and some aspects of that I think it had merit it obviously would go all over the place depending on his mood and how beneficial it was to him but for the folks and you're totally up obviously entirely your views will get on me about Donald Trump of believing Donald Trump Donald Trump twenty twenty or so behind defend that are you just saying John Bolton is line and then why is jumbled lies you just making this up to celebrate but there's a pattern of what the president does it doesn't stop how many more people need to reveal this information what when the fake news does it it's fake news right how many times will the news report something and then it ends up corroborate again which she other revelations is all about getting money from the president from she just spend money for the farmers so he can look like both can look strong which I never think it's money to the farmers and continues to have success in those states Goldman Martha Raddatz interview talks about how Putin just is dismissive of trump just doesn't think he's not intelligent is just plain him in the book Bolton talks about how she makes strange bedfellows with dictators all about he is beneficial situation when I'm journalists trump called journalists
Why this Ex-Goldman Sachs Trader Started a Bitcoin Exchange w/ BTSE's Brian Wong
"Tell us a little bit about about how you got involved in Crypto in wide. You Start Building this exchange. Show so I came from a legacy market background I started off my career washroom. Actually was set Goldman in Essex Increasing Division. And I you know we were doing. Quantitative Trading Block imaging Trach shredders and then liaison got involved in a hedge fund in in China where I launch a monkey missing. To Trade. On shoal financial products like index futures, commodity futures trading like gold silver. Reba all sorts of things and then. I I heard about bitcoin around twenty thirteen. That was one at first bull market. kind of went might lessen under dollars a shot up to over a thousand dollars, and then in two thousand thirteen. Everyone's talking about bitcoin. Shanghai Shanghai outside. People were saying Oh, you know. MOMS and POPs are all getting into bitcoin and that got me interested in this. New Market. I guess I was coming from A. Point of view of flight. Oh, how can treat this? It seems like that is a lot of ginny stage to trade bitcoin, perhaps arbitrage yet so I started looking into it, and then back in the days, the opportunities were pretty crazy for trading. Like you could. Basically. In between the few exchanges static existed back in the days by hand. You don't even need a computer you don't need to connect by. You can literally just by becoming one exchange transferred over the blockchain to another exchange and then south, and they make a pretty hefty profit sometimes I might be this location couple. That's how I I learned about Bitcoin and then absence. Fascinated by the space by technology by the people involved in his face I would say it's I. Say in the Legacy Marcus I continue to. BOOT, trading systems. Trade and Ben in about twenty, seventeen, twenty, eight, my co-founders and I we were witnessing one of the greatest bull markets in history but at the time a lot of the other changes stay. Plate with issues like system move lows. Scale ability issues technology issues, so we decided that we wanna take a lot of the know how that we have how bill perpetrating system Avocados, scalable trading systems stable platforms. Michael Founder boat. Train system that will trade billions of dollars a day experience in technology side of thanks, so I'll go was really set about building an exchange that cope with the scale ability up the com- oppositionist site. We think bitcoins continued scalp. More people are GONNA put money into big time. More hedge funds more traditional pension funds. Pension funds to teachers, Pension Fund might allocate a portion of that you into become so the the space will continue to grow up. We need technology change that can cope with that skin. So that's how we set off to build bitsy change. We build the proper foundation, layer. Ossetia's highly scalable again. Cobra uses is very low latency and high performance. That's really awesome. I mean you. You come from a tremendous background, and this is you're right. That's exactly what we need. Even today we're seeing you know. Spikes in volume and coin basis crashing bit mexes crashing all these platforms that have a lot of the traffic. They can't handle it and you're right. We do need something can
Commissioner Rob Manfred says baseball season in jeopardy
"Major league baseball's return from a crowd of Irish shut down appears to be in jeopardy the commissioner and the players union trading angry words and accusing each other of bad faith as they try to figure out a possible shortened season NPR's Tom Goldman reports baseball commissioner rob Manfred said last week he was one hundred percent certain there'd be a twenty twenty season but then they go she Asians about how many games would be played in how much money players would make ended badly he told ESPN he understands the bad optics of the two sides fighting during a time of pandemic huge unemployment and social unrest it's just a disaster for our game it shouldn't be happening and it's important that we find a way to get past it and get the game back on the field for the benefit our finance Manfred says he's not confident that'll happen union head Tony Clark says players are disgusted that man for quote is now threatening to cancel the entire
Nasdaq closes above 10,000 for first time; Dow, S&P 500 end lower
"Johnson now joining us to wrap up the day on Wall Street what's the biggest surprise you today all the biggest prize it did that the the chairman of the fed was as dovish as he was I it was dovish beads lowered her free talk is beans get a higher interest rates he said he said you know we're not even thinking about raising interest rates there's zero now and they're probably going to be zero three two thousand twenty two well this is great news that day and the sense is they're going to continue to support you know the credit markets and all the right things so what had been about a hundred point sell off maybe a tutor board selloff turned slightly positive the Dow industrial average as he was giving those remarks but then we went to the Q. and a session and I don't know I didn't didn't just didn't play very well he was saying you know we we really don't know when all this is going to be over it's going to be you know when people feel comfortable going back out and doing all the stuff they used to do all this raised a little concerned and so by the end of the day they were selling into the rally so the Dow closed at the low point of the day down two hundred eighty two points there were twice as many stocks down is up you know could've been worse it's like four or five times as many down is up the S. and P. averaged out about a half percent down seventeen but man oh man there's the nasdaq again another new all time high it closed above ten thousand for the first time in history was up sixty six and a half and what do you do when you're worried about everything else you go buy yourself some Amazon and it was up forty seven apple was another new all time high of eight dollars and eighty five says Google was up nine Bucks Tesla back over a thousand up eighty four dollars and a thousand twenty five that's what they were buying what they were buying one of the banks Goldman Sachs and JP Morgan the components in the industrial average JP Morgan for a half box Goldman Sachs was down a little over four and a half so that's nine multiplied by six so there's you know sixty points taken away from the average the Boeing fell thirteen dollars a share today so that takes away the other seventy five or so and pretty soon you can see over the two hundred eighty two point selloff came
Setting The Record Straight On Colin Kaepernick As An NFL Quarterback
"The opinion to the national football league evolving along with the public's. The NFL is now saying it was wrong not to listen to its players concerns about Racism Commissioner Roger Goodell says the League now encourages the kind of peaceful protests that former quarterback Colin Kaepernick engaged in. No, mention though of Colin Kaepernick in yesterday's statement. We have the latest now from NPR. Sports correspondent Tom Goldman Tom. Thanks so much for being with us. Hi Scott. What do we know about that video statement from the Commissioner? Was it a response to the video that players released yesterday? Yeah, it certainly seems that way day nearly twenty players all African American, and some of the League's biggest stars, they made a powerful video that included some of the players were named of black victims names that have become rallying cries in the protest movement, and here's a bit of that. Brianna Tiempo. Him. To me right now, Scott, the players also called on the NFL to make several strong statements such as condemning racism and admitting it was wrong in silencing players from peaceful protesting. And what are the NFL do? Well, just what the players Astorg late yesterday. The NFL released video of Commissioner Goodell and here's some of that we the National Football League condemn racism in the systematic oppression of black people. We the National Football League emit. We were wrong for not listening to NFL players earlier. And encourage all speak out in peace league protests Tom what's the significance of those statements from the Commissioner? Well the NFL has a race problem around seventy percent of the league's players are African American, but twenty eight of the thirty two head coaches are white. Only two of thirty two general managers are people of Color, and of course Scott the NFL has a Colin. Kaepernick problem as well. You remember back in two thousand sixteen. He began kneeling during the national anthem before games to protest police treatment of minorities and social inequality a handful. Handful of players joined him, and they all endured a huge backlash. You know they were branded as unpatriotic against the flag and country into this day. Capper Knicks still doesn't have an NFL job, so forget del to say. The League was wrong for not listening to these players for him to condemn racism. That's significant Will we see Kaepernick get a job. Will we see more? Minority hires in important positions. That'll be even more significant. With Commissioner Goodell's statement and show many players. Speaking up and speaking openly now has has the landscape of professional football changed. You know it feels like it's changing. The drew brees story from this week. I think is an indication breeze is the star quarterback for the New Orleans Saints in an interview. He said he'll never agree with anybody disrespecting the flag, the same argument of course the
Women are perceived to become liabilities the moment they become mothers. And that's just not true
"You know I grew up in the Philippines. I had really strong female role models my mother my grandmothers. We had a female President Corazon Aquino when I was growing up and I grew up as an empowered girl you know part of the Ywca of Manila's one of their team leaders. When I was thirteen and a started organizing leadership conferences for girls when I was eighteen and then so when I left the Philippines to come to school I left Venus. This empowered girl and then I went to Mongolia College. Which is the first ever and oldest college for Women in America which has a strong tradition if educating female leaders that would change the world and right out of college and I was working at Goldman Sachs. I was sparked of launching the Investment Banking Women's Network for Goldman and so all of these experiences. Really you know allowed me to appreciate the importance of having strong female role models in women leaders all around. I think there's a surprising number of similarities. I also grew up with a very strong mother. Who set a wonderful example of how to work hard and achieve your dreams but also have a clear opinion and share that I also went to an all women's college so Wellesley and it was a really powerful example for me to see all the leadership roles filled by women because that was just the assumption. Why wouldn't the leadership refilled by a woman? I think couple of differences. I grew up in a lot of other countries. As well you came from the Philippines. I I grew up in China for three years in Japan in Ecuador and France and so seeing gender equality quite differently in all of those countries and comparing that to the United States was a real surprise for me it was it was so different from country to country in China for example. There's a saying that women hold up half the sky and that struck me as clearly women would would have half of the opportunities would be just as strong and through both school but then also work and now I have three young daughters six year old and almost four year old twin girls and so I care about gender equality even more But this has been with me from his as far as I can remember. We NEED TO ACCELERATE GENDER EQUALITY. So we can have it in your daughter's life exactly that quite a bit actually at the rate we're going. The whole world stands to benefit if women participate in the economy identically. Demand according to Quinlan's research at McKinsey it would boost the world's economy annually by twenty trillion dollars. That's the size of China and US economies combined. It's all countries align their gender equality efforts with the progress made by their most impressive neighbors. The world's economy could grow by eleven percent that's twelve trillion dollars. A remedy for inequality is a daunting task and it starts at home from the United States may seem like a developed nation but the United States for the last decade has been ranking in the twenties to thirties and the global gender gap report and so there is a lot of progress that needs to be achieved and one of these areas is an economic empowerment so the gender pay gap still persists here in the United States. The gap has narrowed since nineteen eighty. But it's been stable over the last fifteen years and as of last year on average women have earned only eighty five percent of what men earned and based on this estimate. This means it would take an extra thirty nine days of work for women to earn what men did. As of last year there is also the perception that this gender pay gap is imaginary. The latest survey shows that around half of the men believed that there is no gender pay gap so this is very much like half of the men are denying climate change. You know. It's the same principle of denying Ariel that exists which makes it even more problematic to solve when we think about the intersection of race and gender gap. It gets even worse with African American women getting paid the least on average a second area around economic empowerment for women as access to capital for women. Women receive less than ten percent of venture capital funding and ever ge US women are starting more and more companies access to capital is not as easy for women as it is for men. If you're a woman of color the probability that you'll get funding from a venture capitalist is less than one percent so there is a lot of work we need to do around economic empowerment women.
Analisa & Kweilin
"Has budged much over the last fifteen years. Globally women participate less in the workplace that men. They're more likely to work a low pay job and juggle their career with unpaid work as primary home caregivers. There are fewer women in politics and one in three women will experience domestic violence in her lifetime. Work needs to be done both internationally and at home and at least says and Queen Ellen groups are both trying to close the gap coiling is a senior partner at Mckinsey where she leads. Gender Equality Research. She advises Fortune Five. Hundred companies on how to improve WORKFORCE DIVERSITY. Annalisa is the CEO and founder of Women Spear a platform that boosts female leadership innovation and entrepreneurship. She serves as a commissioner of the women's Refugee Commission in this episode. The pair discussed why gender equality is not a zero sum game how we can encourage future. Generations of workers to champion women's empowerment and what companies can do to attract and maintain a diverse workplace. They are women. Dare you know I grew up in the Philippines. I had really strong female role models my mother my grandmothers. We had a female President Corazon Aquino when I was growing up and I grew up as an empowered girl you know part of the Ywca of Manila's one of their team leaders. When I was thirteen and a started organizing leadership conferences for girls when I was eighteen and then so when I left the Philippines to come to school I left Venus. This empowered girl and then I went to Mongolia College. Which is the first ever and oldest college for Women in America which has a strong tradition if educating female leaders that would change the world and right out of college and I was working at Goldman Sachs. I was sparked of launching the Investment Banking Women's Network for Goldman and so all of these experiences. Really you know allowed me to appreciate the importance of having strong female role models in women leaders all around. I think there's a surprising number of similarities. I also grew up with a very strong mother. Who set a wonderful example of how to work hard and achieve your dreams but also have a clear opinion and share that I also went to an all women's college so Wellesley and it was a really powerful example for me to see all the leadership roles filled by women because that was just the assumption. Why wouldn't the leadership refilled by a woman? I think couple of differences. I grew up in a lot of other countries. As well you came from the Philippines. I I grew up in China for three years in Japan in Ecuador and France and so seeing gender equality quite differently in all of those countries and comparing that to the United States was a real surprise for me it was it was so different from country to country in China for example. There's a saying that women hold up half the sky and that struck me as clearly women would would have half of the opportunities would be just as strong and through both school but then also work and now I have three young daughters six year old and almost four year old twin girls and so I care about gender equality even more But this has been with me from his as far as I can remember. We NEED TO ACCELERATE GENDER EQUALITY. So we can have it in your daughter's life exactly that quite a bit actually at the rate we're going.
Cardano My Trade Of The Month
"Well It was a very eventful will twenty four hours really and for all the right reasons if if you are not all ready Following may on Fi spoke on Youtube. The suggestion get across there and have a look at the video that stayed on the t x perpetual contracts of pain focusing on little to watch there for you guys and it's free so go and check out what. I want to show you this. I want to show you try that I took yesterday. I WanNa give you the reasoning behind it. I WANNA give you an entire understanding of what I'm looking for and why I'm looking for a thing. It's going to help already do. If you're a trade it will certainly help at least perspective. If you're not trading the I tried that's fine but I think it will give you a lovely to perspective is to try to Tom's and the power of cryptocurrency. Because look let's be honest. It can just flip so quick. It concerns a quick. You can make your money of the month in a single twenty four hour period and that's pretty much. What happened for me yesterday? So I'm very happy. I'm feeling very good and I wanNA talk through the market among because obviously you guys have made very aware that I've been talking about that ninety nine thousand eighteen. We broke up through that yesterday. I before. Sorry and then. We've we've seen that continuation push on through knuckles. Bitcoin did have a good day yesterday. You know another fall through full percent die before full percent To goodful percent days. That's really nice to say really really great stuff. Nothing knocking it out of the park but if you recall my said that little turn of trend at nine thousand I tain well. That guy is about roughly a thousand bucks to our resistance. Plenty of money. We made in that period time. So that's what's been going on and not only we say. Bitcoin move but we seen the rest of the market. Move very very well indeed. So I'm very happy with the way. Things are looking shopping at very very nicely. Does this mean bitcoin GonNa kick going? Higher probability was stuck more to the upside at the minute. But this is crypto. This is a mock can never know what's going to happen. All I can ever do is tried based off the probabilities that I have been using for years. That that's really all of somebody told me today. That some cow don was endorsed by Goldman Sachs. I haven't gone on proof that or anything like that MS site. Someone something that somebody told me that could have been move Kudzanai. But it wasn't what got man I go before that because I had a trade I got an opportunity can can technical analysis get it like you know. Tell you before these things no of course not but I can tell you this if you trading with the trend. You're usually going to be traveling in the direction that there's more than likely going to be used. That's that's what I found anyway and A my experience as a all we're trying to do is use a trading strategies to get us into the market and the market will do what the market does so very very good Currently we are down point seven ovalles percent on Bitcoin. A theory in right now is two hundred and twenty two dollars. Six ends up point seven percent yesterday. Fought point eight percent move. Really Nice moved once again. They by the theory pushing on through a level of resistance. That resistance was sitting running around that two hundred seventeen dollars on the daily now has an option once a guy with a high a high coming in yesterday and we push a little bit tonight as far as training opportunities for me right now. I'm waiting for pullbacks really am they're pulled back in the cradle on the four hour yesterday as well as on the two hour really. It'll pull bucks. But the problem was didn't have enough trended to be actually in the market trading that so I didn't take that that's what took took. Currently with exile paves slow slowing pay. Gee Whiz I wish it would do something. It's not done a lot for quite a while but that doesn't mean that a warrant do something still is except pay is still a big company that we currently down point up. Point one of a percent sitting Ronaldo's of twenty cents and that's kind of what we closed yesterday twenty cents. It was up one point three percent. It's got to push on. It's got to get above the high of twenty point eight. We get through that twenty point night will do have something of a stronger trend at that moment. Actually say some follow-through buying on Exa pave. The tank is pretty Pretty Flat Bitcoin. Cash has been quite messy on the daily. Now for what? Gee Whiz? That's April through. I land night to be fair. It really hasn't had that much major. It's not trended. Well is dropping. Look confused to be honest. It's up three percent yesterday. Closing at two hundred and fourteen. Dole's on the is up half percent today as I speak at two forty one fifteen but yes doesn't ask for Al Trendy but this better markets out there for modest and that's what I'm focusing more attention base vigorously also closed up early point one percent A closed the die at one ninety two spot eight five currently. We've pretty much flat on that number child. Let Him all that interesting. The moment eat up like going well yesterday. Up to eight percent closing a forty four spot. Seven five four hour here on this lot. Corn perpetual doesn't look too bad. It's just not really beautiful That I like to say when I am looking for that. Thank said the followed by the sixty now. There is an offshoot of the trend. There as I talked to you doing this. Podcast actually drawing in some levels. Because maybe we'll get a boost up. The answer is neither Lineup so it's really about just whiting. I'd I love that. Trend SAIMAA is up half percent forty five dollars on the noise. It's worth keeping an eye on though I will say that over the weekend. They us while had a pretty good die on a pretty good start today as well. Yesterday was only at one point five. We're already at one point five. Today we sitting at tweedle sixty five cents. A little bit with A little bit of momentum coming in to that and looking much better not the best child at their bonnets. Three point six percent Roy. Yesterday on the clause closing at seventeen dollars seven cents right now. It is not on my watch list. It does have some NAS momentum. I do WanNa see a four hour. Pullback that's the that's that Kaduna the big dog. The one that made me happy. Yesterday I guy in of seventeen point seven percent on the clothes closet. Six point four cents. Why Lightness Joe across the Youtube and watch the video. That's getting uploaded. It will be that when you get there because it will break down. Exactly why shows Donna? Revenue else Took took a tried during the day on. Donna took prophecy PERP on In the evening as well which I am currently now along any profit on Skylab Kaduna twice of locked in a big wedge of Prophet it cannot be lost now. It is a fantastic tried. It's definitely much trade all the wake now. Well what are waiting for now? Not a great deal. It's just run so hot and fast on. There's not much for me to do at the moment other than just manage the position that I still have running theorin. Classic has jumped out of the bolt. Today while broke through a bit of resistance carly today it's up four and a half percent at seven dollars marina seven dollars and eighteen cents yesterday closed. It's only at one point. Two percent yesterday closing at six dollars. Eighty six cents. That's a little bit of a one that got away because there was a lovely little breakout level. Again it's shining the trivia. It just didn't quite get the third tests that are needed to shine because if it had of fire off if it had would have had another prophet in but alas keep it in the list because there is a nostrand debt and I do like the look of this on IOS running at top ten. Hit Sean at half a percent today. Not much going on today. But yesterday. Three percent up closing at one point five one sense still crab will a bit tron. It's kind of looking in lock. What exile in in what I mean by that is not very interesting at the moment
Edited by Andr Naffis-Sahely The Heart of a Stranger: An Anthology of Exile Literature
"I'm going to be talking about an extraordinary book. It's called the heart of a stranger. It's an anthology of exile good richer. And you know once upon a time that was an inevitable subject when we were talking about Joseph Conrad who wrote in English when his native language was Polish or about a -demia Nabokov when he was an exiled Russian aristocrat native language Russian road I in German and then in English but here we have an anthology. I think it's one of the most remarkable anthologies I've ever read it takes us from the ancient Greeks up to the present and shown us how much of the world has been living in exile. Odysseus returned to Greece at the end of the Trojan. More is the story of a man going from an island to island exile. Sometimes the exiles in this book are like the Britishers in Africa. They're exiled in Paradise. They are really. What is the expression you found for this Andre Parasites parasites in Paradise Andrei Nafis a? He is the editor of this book. The heart of a stranger. He gathers essays letters diaries poetry from every continent. How many authors are there in this book? Do you think there's one hundred contributors. We're reading not just homer and the Old Testament and the new testament but all the way to Palestinian poetry. This editor is born of an Iranian father and Italian mother he was born in Abu Dhabi and he brings the travels around the world. He's Taunt in England. He's currently teaching classes both oxydental college and Ucla. Now I'm telling you my listeners. This is the book to read if you want to know what is happening in the literary. World Today. Who are the people were talking to us? Who were their predecessors people like Emma Goldman? How did the idea for the San Thaung G Begin Andrei? Well I thank you for having me on the program. It's really quite quite a privilege to be able to talk to you about this. You know the the first question I usually get asked a dealing with. This book is is why now and I think. A lot of people pointed to the fact that this seems to be a particularly good moment to talk about exile. Although of course there's never been a bad moment to talk about exile others sixty five million displaced people that we know of this year two major wars and of course right now. I'm living in Los Angeles which is a home of exiles. We tend to think of the the homeless here in Los Angeles is coming from somewhere else attracted by the Clement California weather but of course a lot of them are Californians. So there's that they mentioned of the book. The other one is personal while it took me roughly around three years to put the book together after I signed the contract. Publishers in reality of really being preparing for it my entire life my father as you mentioned. Israelian he was exiled from Iran in nineteen seventy nine for belonging to a French Communist group. He was forced the Liberals leave the country my grandfathers on both sides where economic `exiles of one kind or another and so. I think there was the intense personal history on the one hand and on the other the need to create a very modest platform for some of the writers that I think need wider exposure. Let's pretend that I have not seen the San Thaung achieve before. What is the literature of exile? I know it has many definitions and that's one of its definitions that it can't be defined of but what is it well. I think it's it's safe to say that. Especially these days. We tend to think of as a by product of civilization so we are continually exposed to headlines The talks about political exiles exhaustive war tax exile governments in exile. But I think it's quite clear to me. That exile is actually engine of civilization. So take the founding myth of the Israelites with an exodus. The reason promised land. The American republic was founded by themselves the European Union likewise the Europe the Italian renaissance fueled by Byzantine exile so the literature of exile. Is I see. It really is a record of the civilizational process because again without exile you cannot have civilization the very first story actually in the book is a a retelling of an ancient Egyptian myth by the fantastic novelist. Keep Foos who one of my favorite authors Name of win win a Nobel Prize. He did thus to date. He is the only middle-eastern Nobel laureate
Ariane Goldman, founder and CEO of HATCH: Building a brand that means something
"So in listening to you. It's very obvious like we both are smiling. When you're talking about growing up ambitious and kind of the natural hustle that you very clearly had an. I think like an authentic sense of confidence. I WanNa understand what your mindset was in the early days of hatch. Did you know that it was gonNA take off and it was going to take time? Did you have self-doubt around it? I'm curious kind of where you were from a head space standpoint. I went at it with nothing to lose so I let myself a few hundred thousand dollars from two birds to build the website and to get samples but I didn't know what I didn't know which was the blessing because if you understand what a big beast it is to build a business. I would have gotten started so the way I approach. Things was just to kind of build from ground up. I didn't have kind of an end goal because I don't know I didn't know how to grow at the time million dollar company a two million dollar company. I was just trying to get product in front of women who wanted it and so that's just day by day ground up and that's been my approach to growing hatch from the GECKO. I'm not necessarily trying to work backwards from this end goal. I'm trying to build a brand. That means something to women where they can look when you hear the word hatch smile because in someone's life we made a difference whether it's beauty or community or fashion. We mean something to people that to me is what it's like to build a brand so when you start that every day is different Challenge experience failure but because you're building from ground up. I was building kind of support underneath me every time I fall. I wouldn't fall too hard because there was nowhere to
Ariane Goldman, founder and CEO of HATCH
"Is it about your upbringing or the people around you you had or even your education that you think made you. WanNa take the leap into doing something different. You Know Amax is a beautiful organization. It was almost like golden handcuffs especially as entering your thirty s and potential motherhood. I mean they treat women so fantastically maternity care at the whole bit. I have a certain thirst for life and I've always. I was born ambitious after spending eight years growing growing on this journey. I wanted more and I needed to kind of use my hands to make something happen. I'm daughter of to entrepreneurs my parents work together my whole life so we would be at the javits center and I'd be kind of those booths with them and I just you know I would nowhere. Their factories were in India in New York and I kind of knew the language and the recipes there and I just a little claustrophobic in the corporate safety and you live once and I want to take risks and I was searching for a way to express my creative my creativity and I. It wasn't necessarily something I was able to do it Max so I went to Parsons at night to try and kind of cultivate something and I thought Interior design might be that and then I fell in love with a creative filmmaker. You didn't understand any of the ACRONYMS that was talking about American Express and he urged me to kind of really chase. My creative dreams and of us are born with talents and arts and some of us have to find it so I was searching for mine having a business school education and also kind of being savvy in the fashion front when I was getting married and realizing that nobody was kind of fitting that void of why do you have to hate your best friend for buying a bridesmaid's dress one like there should be a celebratory. You great you want to feel hot and sexy and awesome at your friend's wedding. Why do you have to suffer and spend money to do so so that that kind of light bulb and off? That's where I really knew that there was something there. And that's what kind of urged me to take the chance to jump ship. So let's talk about that moment. You went into what the idea was for two birds but you were experiencing a lot of changes kind of all at once getting married thinking about potentially leaving Amex. What was going through your mind. I was searching for something to hold onto to grasp onto something that gave me the momentum to kind of say. It's okay to take this chance. This risk my parents wanted me to stay safe. I remember talking to my mother-in-law. She said absolutely do not quit your day job area. You'd be nuts and yet it wasn't good enough for me because I couldn't imagine the next ten years of my life climbing this ladder higher and higher so for me. I was using the transition as time to ask the questions and kind of get comfortable with the change because my life was changing. So why not throw something else into the mix because if we're GONNA start a fresh really start afresh. But I wasn't that bold what I did was. I was fortunate enough to sign on with Amex a consultant. Which allowed me to get incoming. Y- dollars a paycheck while I was able to kind of build two birds and go to the factories. And do some of that stuff so I was able to. Kinda work both where it wasn't lacquer white all or nothing I want to understand. Can of your poached to side. Hustles. Especially right now. In a time where a lot of people need to be creative about thinking how to turn their side hustles into their main hustle. Choctaw US just a little bit about how you treated. Your Company Aside Hassle. I think anything that inspires you on the side like starting a business recreating something. That wasn't there if that passion is inside you and you can feed it daily somehow one way you know designing your logo putting it on a business card sending it to anything. That's kind of low lift to get that snowball rolling. I mean that's when it's building in. You're not necessarily doing a one eighty and shifting everything but if you can build something that has value enough to make that change Safer for you. My advice would be to do something every day. That just kind of drives that forward because before you know it you're going to build something really beautiful or you're gonNA ask your questions and find out the hard way that maybe it's not. It's not viable but at least you're doing it on the side where you're not you don't have everything on the
Florida governor willing to host teams for restart of sports
"Florida governor Ron DeSantis as professional sports teams are welcome to resume operations in his state this announcement follows a similar offer by the governor of Arizona as NPR's Tom Goldman reports professional leagues are discussing plans to restart following cobit nineteen related shutdowns pro sports actually got there first okay in Florida last month when the stable and professional wrestling to resume without fans in
"goldman" Discussed on Exchanges at Goldman Sachs
"Box of food kind of brightens their day kind of keeps the community connection alive. Another thing we've done is we've given out free face masks to the community. You know no purchase necessary. Just come by and get a face mask. Just one of many ways. We're trying to remain in touch back community this morning. We're actually giving away donation so local hospital to keep the community connection and on the flip side customers have really given us back that energy. They've all went online at Jimmy said and left nice messages sent us messages on Instagram. It's just been overwhelmed and love to hear that because that cycle of you. Guys Brining something. Nice than the cycle of them. It's sort of a little bit of a virtuous circle of kindness during this time. I hope it will all stay in a win win. We're back to work. I WanNa ask you a question about leadership you each run teams. What are you learning about? Leadership in crisis and where changes is constant. Perhaps the only constant. It'd be interesting to hear your flashes each of you lead teams Dina. So what I've learned is in L. ICAN and analogy as the leader of our team. We don't have the luxury to panic. So if a plane is going down and the people are screaming in the background. Oh my gosh right. You have to guide this ship the plane to a safe place right and so for me. It's been a matter of remembering that. I am an entrepreneur and so I have to make sure that you know with all that's going on. Yes my team is afraid. Yes I am afraid but I don't have time to cry. I need to have time. I need to get my people paid. Get my people protected and get my guest state and so in order to do that. I need to work and in order to work. I have to stay up. I have to be on webinars. I have to be on phone calls. I've applied over fourteen grants and three loans and a partridge in a pear tree. Right and so I don't you know people. Oh my God. I'm so bored and all my goodness I can't watch movie. What what movie as a as a leader of your team and crisis you have worked to. Do you have to steady the ship? I mean you know. We're we're you know we've business business-owners Right it is what it is right with Kobe. Nineteen it is what it is right. Second thing is we have to deal with it. Most of US business owners operate with a good noble purpose rematch. Trying to get over on people were not trying to take the hurt the community we're trying to provide a service or a product that helps and lastly get. Outta my way right. Get Out of my way Put my s on my chest. Put My Cape on and get to work and you lead your team by acknowledging what we've been through where we are now and you tell them. This is where we're going. This is your captain speaking. We're GONNA Land Bridge over there. Everybody takes them depress bright. That's IT I love it. It's fierce in fantastic. Might I might. We're slowly sullen burglary. We've got land. Felli data landing on us now. And we're cognizant that curry later shift. Us economies means that we're talking about numbers we're checking in. We're heading soon calls. Sm How they're doing not just WANNA professional level but also on a personal level the leadership also means to me personally. I'm not going to answer every single question. They may have correctly. But I'm GonNa give them the best answer. I have at the time of the information that I'm currently working with team members respected. They know when they come to myself for Michael Founder. My brother they're gonNA get the best information we have at the time. And we're GONNA help through any situation that we have so I would say just taking a leadership role and not feel like we have to happen. The right answer or make sure communicating information. We have to them in real time. Yeah genuine authentic Upfront Jenny yet. I mean so for for us agree with everything that was said but for us. It's sort of interesting. These were operating still kind of at half mast. And I'm operating as I said kind of you know with with limited time so this has become almost like a It's been incredibly important for me to understand. My role is a leader almost more than any other role that I normally play in my company because normally I'm trying to the jack-of-all-trades a little bit of this a little bit of that but right now what. I need to be as a leader. That's what I have time to be. And that's kind of boil down to us is three things team culture and communication and so. I'm right now prioritizing. Three things as leader within my company communicating with my co-founder. We have Co-founder breakfast typically once a week every Monday. And we're keeping those so every time I'm on a zoom call with Maria every week on Monday morning. Communication with our team and our team has pulled together in incredible way knowing that some people have been furloughed you know. But they're aligned in terms of what your Dana said work landing here together and it's GonNa be a good place. And thirdly we have shareholders in our company equity shareholders and communicating out to them. That were protecting the business. And we're going to get somewhere that we have to navigate through this and a plan so solid About maintaining culture for us all these cedar should tips have been great to hear in a particular. If like it's something that any entrepreneur listening any business owner any person listening critique away about managing through crisis with humility and honesty true leadership with balance and so. I wanted to thank each of you for joining us today. I WanNa thank you for your resilience for your entrepreneurial spirit. I know that were inspired by by you. I feel energized on the back of this conversation. And so thank you still dairy very much. Yes thank you for having US. Thank you thank you. So much that concludes this episode of Exchanges Goldman Sachs. Thanks for listening and if you enjoyed it we hope you subscribe at Apple podcasts. And leave a rating or a comment in tune in for our weekly markets update Friday morning. We'RE LEADERS AROUND. The firm provided quick take on markets. And what's going on in the economy? This podcast was recorded on. May Eight two thousand 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 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" Discussed on Exchanges at Goldman Sachs
"March we all time record of two hundred sixty billion and Eur Issue is and we do expect that trend to continue in the market appetite. They're in high yield. There's much cigarettes. The FEDS SUPPORT. Put a recent fallen. Angels in there. That did not that. The Fed did is the companies have to maintain a credit rating of double B. Might Effectively what the Fed is doing is? They're supporting the upper end of high yield companies. And they're doing that so long. As companies you know their balance sheets deteriorate further market participants are forecasting that were in a C- a pretty wide range default. So anywhere from five to twenty five percent is where I say. Investors ARE ASKING FOR HIGH YIELD. This year we are asking. Thirteen PERCENT IS BASE CASE. Assuming our current. Gdp numbers a lot of already priced into the market but unlike investment grade. Where we get to say you're not going to retest the lows. We do. Think that high yield spreads to widen from here that being said there's a silver lining here. The silver lining is just like it was in the equity market into credit markets. There's a significant amount of Dr Crowder in the private credit markets alone. We think that somewhere to the tune of two hundred forty billion in addition to that also got interest from non dyke in cut investors private equity firms while firms family offices and this is allowing companies to come to mark yet just this week alone. We had eleven deals price in the secondary market ideals came last week and these are multiple times oversubscribed but they are humming at levels that are wider to secondary market. It's causing a little bit of a repricing Activity and you're seeing more investor. Demand is is definitely more secured and for shorter term structures going forward. I do think that companies will continue to have avenues by taking raise capital. And it's just gonNA depend on Western. Most cost effective for any wear investor. Interest is in so quickly TOGGLE FOR BRIDGE BETWEEN CREDIT. Adverts pipes just given the market dynamic is on any given week also say that it's worth keeping an eye on preferred market. This market is relatively thoroughly valued right now. It is an area of interest or Arctic clients Just given it's a income producing asset in the dividends tend to be or the yield tends to be given all fighting council extra-base that I work with a lot of interests trading fairly valued right while which is giving the amount of volatility. We do see Corey. Large dislocations from time to time perferred effectively senior to comments junior to senior debt. Most of these birds are US. Dance and unlike the financial crisis using that banks are much better position to whether the recession and to be able to sustain those Virginia a month ago we talked about all these markets without spending a lot of time talking about the presidential election now. The Democratic primary was a bit more endowed at that point Nixon. Now now are earn victories at all thinking that the election typically in a presidential year and that would be A major overhaul to the markets. How your investors thinking about that right now your client. It's not top of mind right now but it's it's worth keeping in this session second quarter. Gdp levels historically have been one of the most predictors real action. And as I mentioned before we now expected to be down. Three percent given the current dynamic data points likely not going to be as relevant as it's done in the past and so we do need. Investors will look to approval ratings which have also been a strong predictor in the administration's response to the virus resulted in a short term increase to president trump's approval ratings. But they had fallen since then and they might be under further pressure if unemployment numbers increases as stacks. So we do find that immeasurable. Service issuing or intentional comes under a democratic administration and unlike a few months ago where probably been more chatter about increasing the corporate tax rates. We think that there's probably going to be more focused on New Public. Health Insurance options engaged. General Care will mean that. Thanks for covering a obliged swath of the market before we close. What's one uplifting nonfinancial story that you've heard this week? You know I wouldn't say that there's this one piece of news in general everything that I've been around people coming together and really running into that fire with candle to help relieve. The pain is just really inspiring in so whether that's woman increasing. Our efforts are charitable contributions donating masks. There's a number of other companies that are doing that. Using their industrial operations to create tools will help others in an also in healthcare front. You know there's people that are in the medical field that are coming out of retirement at any read. There's doctors at our retraining help with Kobe. Nineteen patients and also just recently seen talk of medical students which actually graduated early to get on the front lines. So I think it's just really amazing. How many people were just running into fire to do their heart and try to help with what's going on here. Thanks for joining us today. Meena thanks for having me. That's all for this week's markets update on exchanges of Goldman. Sachs in case you missed it. Check out our other episode this week with a stroke. Vahran Cohen of Global Markets Division. On how the sales and trading roles have changed over the past month and take away from the first quarter earnings. And how that division before. Thanks for listening and everyone is staying healthy and save this. Podcast was recorded April sixteenth. Two thousand 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 Any liability therefore including in respect of direct indirect or consequential loss or damage is expressly disclaimed. The views expressed in this podcast. 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" 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" Discussed on Exchanges at Goldman Sachs
"To your team every single day. It's important to find that time to disconnect at the end of the day in order to kind of foster that sort of environment making sure that there is a work life balance important important for managers to kind of just be on the lookout for is there somebody who's constantly working really late hours or coming in on weekends working from home every day and kind of identifying that before there might it'd be a case of burnout for example just to make sure that every person on the team really does have that time to themselves to disconnect and to pursue their passions and what's important to the employees say go home doc get out of here. I've been known to do that. I similarly in part of that seventeen in percent that answered that work life balance means to be able to disconnect at the end of the day because I've you work life balance as being able to maintain your priorities but not neglecting yourself in the process one of the things I like to do for pleasure and I won't let myself do that unless I finished reading my text books for the day so being able to read for pleasure at the end of the day says to me like you did it right but besides that you know artistic so I like to draw I like to Crochet. I also cook and I love having friends over and my friends all know that and they take advantage so you know weekend's classes in my room has already been rebranded into hotel to you see but those are all things that are important to me so when I approach my day I try to make sure to weave. Those both ends so that again I'm maintaining my priorities without neglecting myself in the process and I think that managers should encourage that among their teams as well. Everyone has the things that they're passionate. What about so I explain what those are in my case for other people might be you know playing on a sports team for example. Anything manager should encourage people to pursue those things that are important to them. Katherine said that you don't find yourself with a case of burnout because when you feel the best I think you perform the bat with a funny thing. Is this conversation so now I feel like them so maybe I'm like seventeen percent or that is director of sixty two but one thing that I found in it's one of the amazing things which you all reference about a lot of the people who work here Goldman Sachs when I think of disconnect I think of non movement and my guess is you crochet like a world class crocheter and a and when you cook you cook a mean meal and when you're with your family your with your family intensely and so that's the one thing that I found is people definitely have passions and things away from the office so in that sense. I really agree with disconnecting. Certainly I do but what I've found which has been one of the interesting things in connecting with a lot of people especially some of the younger generation to from when I ask them. What are they doing when the wave from their officer doing something else passionately they're not sitting back and hanging out there kind of doers which is inspired? It makes me feel like I need to do more. We all do more one of the interesting things in the service entrance a brand loyalty much more important than product loyalty okay so the very conscious of brands and impact brands have in the world. How does that change. That kind of evolution of consumer behavior changed the way we think about recruiting people ed how we approach campuses differently. If I were to use different language in it from a recruiting perspective I would say product loyalties like role responsibility. You come into this job right. That's like the product and brand is I'm hiring you to this firm and part of the importance is what does that brand stand for that brand. Iran mean and certainly for us. There's a lot around what our purpose at our impact in society is as one of the questions that we've done that so when we think about how a recruiting today were much more trying to help people see where their alignment of their skill set is to potential jobs within the firm and were often presenting it as there's not just one there can be multiple so you're joining a firm. You're not just joining a role and we spend a lot of time talking to them about what the impact is that the firm has in the broader society society as a hey. I want to attach myself to that brand and what that brand means and the impact and the positive results drives in the world and I think that's fundamentally different from where retreating was before which was some version of. Let me tell you what position I'm hiring for and let me tell you what you're GonNa do in the first six months and the second six months which is very kind of product. It certainly has changed how we approach it. Is that a fair characterization of the way you think about the choices that you're making definitely agree. I know that if something were to happen and my team let's disappears in the next year. I know that I still WanNa work at Goldman Sachs. I wasn't here specifically for the one team. Although I do love my team and very excited and let the record reflect there's definitely something to be said about kind of the strength of the name. Goldman Sachs and the people and kind of just the quality quality of working in a place like Goldman Sachs. I think kind of going back to that brand versus product loyalty. I can definitely say that. I'm one of those people who focus is a little bit more on the brand loyalty and I think it's important to kind of know who you're working with know who you're dealing with Rebecca as it relates to you know my habits is a consumer. I can't say that I identify with product loyalty guilty or brand loyalty and it's so interesting because I'm taking a marketing class this semester and the first topic that we've actually started discussing is the economics of brand loyalty but the more I thought about it the more I realized that for me it comes down to price and quality more than it comes down to a specific brands or specific product because I could think of examples in my life where I lean toward brands. I can think of examples in my life where lean toward a product and I can think of examples in my life where I lean toward one. It's not intentional at all when you have three kids like myself. If you lean towards whatever it's GonNa make them think you're cool. That's all that's all. Your definition is called yeah. I know a new day is coming to so one of the things our interns spotlight they thought. Ai Artificial intelligence is going to have the most profound global impact of any trends. We're seeing over the next ten years. It's interesting because a lot of times that's sort of seen as a display of some work in case but how's it shaping the future of our business in how we think about it. If you take a step back and think about as being a tool just like the internet was a tool or cars were or television and by the fax machine which.
"goldman" 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" 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" Discussed on 10 Things That Scare Me
"Here we got ready. Number one. That no one will love me. Group hall says if you don't love yourself how the hell anybody else. I'm not a huge fan of myself to be honest. Number two. Failing at my job. Number three. Fear being a success. Number four. Failing at being a parent. I am from a family where at least with my parents, we went through very rocky time. I've two siblings. Don't really talk to either of them. May younger sister, and I never live together, and never had much of a relationship, and my older brother, and I did live together. And we fought all the time and I'm afraid that I'm going to somehow do the same thing to my family and have children. Don't wanna talk to me or children. Don't wanna talk to one another. So I just kind of marinate in that fear. Number five. Being selfish. There's a part of me that has a hard time recognizing things outside of myself. And I know it, I see it in myself like I don't want to, you know, do the cat litter ever. I don't want to do the laundry ever, I don't wanna be the one who has to take the kids to the park. I don't wanna be the one who has to shop for groceries. I want to like half my own time. Number six. Let me think here. What else am I? Well, I'm desperately. Being. I afraid of being alone, definitely. In my adult life, I have lived without a roommate once for about two months and hated it. I have been a serial monogamist before. I got married in every relationship I was in. I would always say okay, I'm pretty unhappy right now in this relationship, but this is the last person who will ever be interested in me. So I have to commit to this, no matter how bad it gets. This is only deserve and I'm not going to get anything better. Number seven. That the world will be consumed by fire and unsustainable. Ecological disaster. All right. I've got to go maybe two and a half. Eight. I am a fear that I don't matter. And if I if I could throw in a bonus one, I have a few that my best days are behind me. All the exciting stuff. I've done is over with everything is in the past now. Number nine. I would say that, honestly, I have a fear of confrontation. Number ten. I have a fear that no one actually respects me. I feel like the more I've moved into a career that I actually care about. It's felt more that way. Lemme tell you something being a landscaper was the greatest job. There was no stress. I'd listen to music all day I was in great shape. Spend the whole day outdoors it paid terribly. God was an enjoyable job. It was great. It was great. And then in the wintertime, it segue into putting up Christmas lights for people. My name is Alex Goldman. And these are ten things that scare me. Alex, Goldman is the co host of reply all from Gimblett media. If he liked ten things that scare me, Tele friend and leave us a review on your podcast app. Let scares me. Giant waves. Of nausea. What are you scared of tell us at ten things podcasts
"goldman" 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" 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" 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" 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" 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" 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" 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" Discussed on Exchanges at Goldman Sachs
"Hundreds and hundreds of friends that the really in touch with every day they know everything that's going on in each other's life did get a promotion did he get fired did you have good dad you give a bad date how much you making did you get a raised there's so much transparency and so much more visibility on the opportunities that exist and in the context of that if you want to as an organization retain people you have to have an experience that in this transparent competitive world is a really topquality experience and so yes they've got to work hard but yes they have to be learning you have to invest in their learning in their development you have to give them options for movement and change and you've got to create an atmosphere where people can work hard but they also opportunities to have a life to play hard and to have some balance and all that and it's not an easy thing to get right but i think it's our job to figure out how to do that and so we've done a lot in terms of trying to set some boundaries to try to communicate better is to what's expected to try to think about programs that we have that investing continuing education and continuing personal development and also i think people kind of look at the way the leaders in this organization are living and they want to look up and say hey do i want to be like that do i want to live like that and so i think it's important for all of us as leaders across the organization the opel with people about what we do outside a work and how we live and show people that you can work hard and you can achieve a lot professionally but you can do a lot outside of work and actually one of the great things about goldman sachs is goldman sachs a great platform for you to have opportunities to get involved at all sorts of really interesting things.
"goldman" 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" 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.