Podcast · 80 episodes
Exchanges
by Goldman Sachs · English
In each episode of "Exchanges," people from the firm share their insights on developments shaping industries, markets and the global economy.
Latest episodes
How Family Businesses Should Plan for Generational SuccessWhy family businesses struggle with generational succession, and what planning, governance, and capital-structure decisions help them reach the next generation.29 Sep 2026 · 23 min
Why Markets May Be Pricing in Too Many Fed Rate HikesAfter the Fed’s first rate hike in three years, the episode argues markets may be pricing too many additional hikes.23 Sep 2026 · 18 min
Rich Friedman on the Rise of Private Markets and AI InvestingRich Friedman discusses the evolution of private markets/merchant banking at Goldman Sachs, how they built the principal investing business, and what he sees as today’s opportunity set amid PE…18 Sep 2026 · 42 min
All episodes
How Family Businesses Should Plan for Generational SuccessWhy family businesses struggle with generational succession, and what planning, governance, and capital-structure decisions help them reach the next generation.29 Sep 2026 · 23 min · 10 chapters
Why Markets May Be Pricing in Too Many Fed Rate HikesAfter the Fed’s first rate hike in three years, the episode argues markets may be pricing too many additional hikes.23 Sep 2026 · 18 min · 6 chapters
Rich Friedman on the Rise of Private Markets and AI InvestingRich Friedman discusses the evolution of private markets/merchant banking at Goldman Sachs, how they built the principal investing business, and what he sees as today’s opportunity set amid PE…18 Sep 2026 · 42 min · 22 chapters
Why Global Bond Yields Are SurgingGlobal government bond yields are rising broadly and hitting multi-decade highs, prompting debate over whether this is a new higher-rate “normal” or a temporary dislocation.15 Sep 2026 · 25 min · 13 chapters
How Will Less Fed Transparency Affect Markets and the Economy?The episode debates how a less transparent Federal Reserve—shorter post-meeting statements, reduced forward guidance, and a smaller role for projections—would affect market pricing, volatility,…9 Sep 2026 · 22 min · 8 chapters
Dipan Patel on Permira’s ‘Artisanal’ Approach to Private EquityDipan Patel (Permira co-CEO/co-managing partner) explains Permira’s “artisanal” private equity approach, how AI changes the investment landscape, and how the firm manages liquidity/exit performance…4 Sep 2026 · 34 min · 21 chapters
The Outlook for Data Center Power Demand as AI Token Use GrowsAI-driven data center growth and the resulting U.S. power demand outlook, plus whether electricity supply, grid connections, and physical constraints (turbines/transformers, labor, cooling water) can…1 Sep 2026 · 32 min · 14 chapters
Building AI Systems for Capital MarketsBuilding AI systems for capital markets—how Goldman’s Marquee platform layers GenAI into the investment workflow, and how to make outputs trustworthy (grounded, auditable, low hallucination) despite…24 Aug 2026 · 27 min · 14 chapters
Wellington’s Jean Hynes on the Art of Investing and Finding New MarketsJean Hynes, CEO of Wellington Management, discusses “the art of equity investing” as imagining transformational potential, Wellington’s evolution from value equities to global multi-asset and…18 Aug 2026 · 44 min · 19 chapters
What the US-Japan Currency Intervention Means for the Yen, Rates, and the DollarUS-Japan coordinated FX intervention to stabilize the yen after 40-year lows; effects on yen, US dollar volatility, and interest-rate expectations.13 Aug 2026 · 27 min · 14 chapters
Steven Tananbaum: The Evolution of Credit Investing and AI OpportunitiesSteven Tananbaum (GoldenTree Asset Management) discusses how credit investing is evolving amid AI-driven financing, why dispersion may increase even with tight spreads, and his firm’s…7 Aug 2026 · 29 min · 13 chapters
How AI Debt Is Reshaping Credit MarketsAI-related debt issuance is becoming the dominant force in investment-grade credit markets, reshaping supply, investor demand, and where risk is taken.5 Aug 2026 · 25 min · 9 chapters
What the Surge in IPOs Means for InvestorsWhether the 2026 surge in U.S. IPO activity is a late-cycle warning sign and whether markets can absorb new supply.28 Jul 2026 · 20 min · 9 chapters
US Midyear Outlook: Geopolitical Shocks, the New Fed Era, and GrowthGoldman Sachs Chief U.S. Economist David Mericle discusses the July U.S.21 Jul 2026 · 18 min · 8 chapters
The Growth of the Space IndustryThe episode explains what’s driving growth in the space industry, what the economy includes (telecom, Earth observation, stations, lunar/Mars), how investors should evaluate early-stage companies,…15 Jul 2026 · 17 min · 7 chapters
Ken Griffin on US-China Tensions and AIKen Griffin (Citadel founder/CEO) discusses AI’s real economic impact vs hype, hedging and stress-testing portfolios, hedge-fund competition and returns, US energy/data-center needs, and US-China…9 Jul 2026 · 29 min · 17 chapters
How Will AI Affect Jobs?Whether AI will cause a “job apocalypse,” and how many jobs/tasks could be displaced vs. created.2 Jul 2026 · 29 min · 9 chapters
What the IPO Boom Tells UsThe episode debates whether the renewed IPO boom signals healthy market strength or a bubble peak, and how IPO supply may affect U.S. equities through 2027.23 Jun 2026 · 10 min · 5 chapters
How the US-Iran Deal Could Affect Oil PricesHow a US-Iran interim deal to end conflict and reopen the Strait of Hormuz could change Middle East oil flows and global oil prices, with upside/downside scenarios and demand/supply lessons.17 Jun 2026 · 11 min · 5 chapters
Maverick Capital Co-CIOs on Finding the AI WinnersHow Maverick Capital’s co-CIOs (Ben Silver, David Tykocinski) find “AI winners” and manage risk, plus views on AI capex sustainability, healthcare/life-science tools, and key macro/geopolitical risks.12 Jun 2026 · 23 min · 10 chapters
Private Markets at an Inflection PointWhether private markets are at an inflection point amid elevated rates, tightening liquidity, and “gummed up” private equity distributions—plus what that means for investors and companies seeking…10 Jun 2026 · 25 min · 12 chapters
The AI Investment Boom: When Will It Pay Off?The AI investment boom and whether the massive capex will pay off, focusing on enterprise adoption, ROI economics, and who captures value across the supply chain (semiconductors, hyperscalers, model…2 Jun 2026 · 24 min · 14 chapters
‘Complexity is Our Friend’: James Brocklebank on Advent's Private Equity StrategyJames Brocklebank, co-chair of Advent and co-head of Europe, explains why “complexity is our friend” in European private equity, how Advent structures for Europe/U.S., what deal types they target…26 May 2026 · 32 min · 18 chapters
Can the Asia Equity Rally Continue?Whether North Asia’s equity rally can continue, amid U.S.-China tensions, China’s uneven market performance, AI-driven semiconductors, and Middle East energy risks.20 May 2026 · 22 min · 10 chapters