The sharpest insights, timely analysis, and out-of-consensus thinking from Goldman Sachs. Founded in 1869, our firm delivers world-class execution for clients across our leading Global Banking & Markets and Asset & Wealth Management businesses. We aspire to be the world’s most exceptional financial institution, united by our shared values of partnership, client service, integrity, and excellence.
Recent CPI and PPI data have triggered market volatility, yet the broader economic narrative remains anchored by the AI growth story. Despite concerns over inflation and rising interest rates, corporate credit markets show remarkable resilience, with spreads remaining tight by historical standards. Investors continue t...
Chinese companies are aggressively expanding their global footprint, particularly in emerging markets where they achieve revenue growth 15 times higher than local organic rates. Contrary to the common perception that this success stems solely from price deflation, Chinese firms often enter with initial discounts that s...
The U.S. equity market demonstrates remarkable resilience despite rising interest rates, primarily driven by robust earnings from large-cap technology stocks and sustained artificial intelligence enthusiasm. While market breadth has narrowed to levels not seen since the dot-com bubble, the investment narrative is shift...
European markets face significant headwinds from rising interest rates and energy price shocks, leading to a regime shift characterized by a negative 70% correlation between Euro Stoxx and 10-year bond yields. Mark Wilson, Head of European equities franchise sales at Goldman Sachs, highlights that while Europe remains ...
Sharmin Mossavar-Rahmani, the retiring Chief Investment Officer of Wealth Management at Goldman Sachs, reflects on three decades of market evolution and the enduring principles of successful investing. While the financial landscape has grown increasingly complex through the proliferation of ETFs, RIAs, and sophisticate...
Goldman Sachs Chief Economist Jan Hatzius argues that the Federal Reserve likely requires minimal additional monetary tightening, suggesting the market is currently over-discounting the necessity of future rate hikes. While the Fed has signaled a potential move in December, Hatzius posits that ongoing "friendly" inflat...
Family-owned businesses drive 70% of global economic output and 60% of jobs, yet only 10% successfully transition to a third generation. These enterprises often outperform non-family counterparts by maintaining a long-term orientation, disciplined capital allocation, and prudent leverage. Succession planning remains th...
Medical knowledge currently suffers from a 17-year "bench-to-bedside" lag, creating dangerous variance in patient care and preventing physicians from accessing the latest breakthroughs. Dr. Daniel Nadler, CEO of OpenEvidence, addresses this by building an AI-powered "MRI of medical knowledge" that functions as a specia...
The Federal Reserve’s shift toward a hawkish tightening cycle, characterized by persistent inflation and robust GDP growth, has fundamentally altered market expectations compared to the previous year. While the bond market currently poses the most significant risk to equities, the massive capital expenditure cycle driv...
The Federal Reserve’s recent decision to raise interest rates marks a necessary shift in response to persistent month-over-month inflation, despite a muted outlook in the latest dot plot. Robert Kaplan, former Dallas Fed President, supports this move, noting that while the AI infrastructure boom and defense spending re...
The Federal Reserve’s current hiking cycle remains a focal point, with market expectations of four rate hikes likely overshooting reality; two or three increases appear more probable. High real yields in the bond market reflect a structural shift, offering attractive long-term valuations despite ongoing fiscal and infl...
Global bond yields have reached multi-decade highs, driven by a confluence of structural and cyclical factors rather than a single market driver. Significant fiscal deficits, increased competition for capital due to AI-related capital expenditure, and volatile energy prices are collectively pushing interest rates highe...
Market participants face a critical inflection point as recent CPI data signals a likely rate hike at the upcoming FOMC meeting to prevent losing control of the back end of the rate curve. Despite near-term volatility and negative momentum, the equity market remains supported by strong earnings growth and significant c...
Federal Reserve Chairman Kevin Warsh’s shift toward reduced transparency and limited forward guidance marks a significant departure from the central banking norms of the past quarter-century. Jan Hatzius, Goldman Sachs’ chief economist, contends that obscuring the Fed’s reaction function hinders efficient policy transm...
AI investment currently contributes only about 0.1% to US GDP growth, significantly less than the narrative suggesting it drives half of recent economic expansion. Much of the capital expenditure on AI equipment, such as imported semiconductors, fails to register in domestic GDP calculations due to accounting treatment...
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