In each episode of "Exchanges," people from the firm share their insights on developments shaping industries, markets and the global economy.
This podcast episode delves into the complexities of the US economy as signaled by the Sahm rule, with Claudia Sahm and experts like Bill Dudley and Rob Kaplan discussing the implications of rising unemployment and the Federal Reserve's high interest rates. While Sahm argues that despite the rule indicating a recession...
This podcast episode emphasizes the transformative impact of women in the workforce, tracing the evolution of female labor participation and leadership over the last two decades, notably through the lens of Cathy Matsui's "Womenomics." Experts Sharon Bell and Asahi Pompey shed light on the rising participation rates in...
This podcast episode delves into the dynamics of the yen carry trade, shedding light on its popularity amidst Japan's low interest rates and the impact of recent economic shifts. Experts Kamakshya Trivedi and Praneet Shah discuss how the unwinding of this trade, prompted by a narrowing interest rate differential and ma...
This podcast episode delves into the recent US jobs report and broader economic landscape through an analytical lens, featuring insights from Goldman Sachs' Chief US Economist David Mericle. While the jobs report showed significant weakness and spurred market unease, Mericle argues that investor fears are somewhat exag...
This podcast episode features Jon Winkelried, CEO of TPG, who shares insights from his extensive career in investment banking and private equity, discussing his transition from Goldman Sachs to TPG, the dynamics of the alternative investment market, and the significance of mentorship and personal relationships in leade...
This podcast episode delves into the unexpected resilience of the US consumer amid inflation and rising interest rates, discussing varied perspectives from economists and retail analysts on the situation's implications. Despite signs of consumer pressures, particularly among lower-income households, the experts maintai...
This podcast episode features a conversation with Mike Arougheti, co-founder and CEO of Ares Management, as he discusses the firm's rise as a leading player in private credit, the mechanics of direct lending, and his leadership philosophy. Arougheti emphasizes the importance of a values-driven approach focused on clien...
This podcast episode explores the economic implications and ongoing advancements in generative AI. It discusses the cost-effectiveness of AI automation, the potential impact on production processes, and the uncertainties surrounding the scaling capabilities of AI models. The episode also questions whether we are on a p...
This podcast episode explores the current state of the oil market and the future of oil demand. It discusses the ongoing tension between the transition to renewable energy and the persistent reliance on oil, highlighting the recent volatility in oil prices driven by geopolitical factors, inventory builds, and OPEC's ef...
This podcast episode discusses the remarkable rally in US equities, focused on the concentration of market gains in AI-associated stocks and the concerns about the ability of companies to deliver financial results from their AI investments. The upcoming earnings reports will provide insights on potential revenue gains ...
This podcast episode features an interview with Kathleen McCarragher, head of growth equity at Jennison Associates. Kathleen discusses her perspectives on investing through economic cycles, market concentration, and her advice on building and leading teams. She highlights Jennison's excellent track record and describes...
This podcast episode explores the contrasting market reactions to upcoming parliamentary elections in France and general elections in the UK. The French elections have generated market uncertainty and concerns over the country's debt situation, causing significant downturns in French assets. However, UK financial marke...
This podcast episode explores the bullish outlook for asset allocation and portfolio strategies in the second half of the year. The speakers discuss the macroeconomic backdrop, including concerns about positioning and sentiment, and the importance of considering valuations. They expect the second half to be more challe...
This podcast episode explores the growing demand for power driven by generative AI and the significant increase projected in data center power demand. The conversation highlights the need for new natural gas-fired and renewable power generation, the impact of AI on power demand and greenhouse gas emissions, and the rol...
This podcast episode explores the concept of central bank divergence and its impact on global economic conditions. The discussion covers various topics, including the current state of different economies, the potential for policy divergence among central banks, and the implications of such divergence. The speakers also...
This podcast episode explores the challenges faced by private equity firms in a higher rate environment, including the impact of higher interest rates on returns and the slower pace of deployment. It also delves into the challenges in fundraising and the under-allocation of retail investors to private markets. The epis...
This podcast episode explores the recent rebound of Chinese equities in the offshore and domestic Asian markets. The rebound can be attributed to better than expected economic growth, government sponsorship in equities, and policy initiatives. While there is optimism among investors, questions about the sustainability ...
This podcast episode explores the global management of over $2 trillion in assets through sustainable investment equity strategies, including ESG and impact investing. The speakers discuss the importance of returns in sustainable investing and highlight the potential of impact investing to address significant societal ...
This podcast episode explores the recent performance of the UK economy, discussing factors such as the energy crisis, inflation, and monetary policy. Despite the challenges, there are signs of recovery with first-quarter GDP growth at a strong 0.4%. The impact of inflation on purchasing power and consumption is also di...
This podcast episode explores the dynamics of Treasury auctions, focusing on the interplay between supply and demand. It discusses the bid-to-cover ratio and the tail as key metrics to assess the quality of an auction. The role of primary dealers in Treasury auctions is discussed, along with the recent increase in long...
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