Tech in Europe: Innovating Amidst Constraints

This episode is all about the London Interbank Offered Rate, or LIBOR as it's commonly called. Beth Hammack, Goldman Sachs' global treasurer, and Jason Granet, head of the firm's LIBOR transition efforts, discuss what LIBOR is, what went wrong with the interest rate and now why and how the financial industry is moving to an alternative rate. As far as what the shift away from LIBOR means for markets, Hammack says, "First and foremost I think the impact is going to be hopefully an improvement in safety and soundness." This podcast was recorded on September 27, 2018. 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. The recording 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. Copyright 2018 Goldman Sachs & Co. LLC. All rights reserved. Learn more about your ad choices. Visit megaphone.fm/adchoices

29 Loka 201825min

Poland is sometimes overshadowed by its European neighbors, but it's an important player within the region, according to Goldman Sachs' Artur Tomala and Brent Watson. In this episode, Tomala and Watson describe Poland's economic, business and political environment and why robust job opportunities are leading many Poland emigrates to return home. "We're starting to see people come back," Watson says. "And it's all based upon the fundamental principle of having quality work." br> This podcast was recorded on August 2, 2018. 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. The recording 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. Copyright 2018 Goldman Sachs & Co. LLLC. All rights reserved. Learn more about your ad choices. Visit megaphone.fm/adchoices

15 Loka 201822min

Europe's energy sector is undergoing a transformation toward sustainable energy sources, says Goldman Sachs Research's Alberto Gandolfi. In this episode, Gandolfi discusses why clean energy has started to undercut the cost of conventional generation. "In several regions of Europe right now, renewables are way, way cheaper than any other technology. So we think they're going to displace conventional generation over the next decade," Gandolfi says. This podcast was recorded on August 2, 2018. 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 a 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 therefor (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. Copyright 2018 Goldman Sachs & Co. LLC. All rights reserved. Learn more about your ad choices. Visit megaphone.fm/adchoices

1 Loka 201824min

International Goldman Sachs Asset Management CEO Sheila Patel joins us in the studio to discuss key trends facing investors, from where opportunities remain in emerging markets assets to the growth of ESG investing to sovereign wealth funds' shift towards transparency. "Across the board [with both legacy and new sovereign wealth funds] what you've seen go on is an increase in transparency, a realization that the level of concern about their actions or what they might be doing could lead to a potential distrust or a disruption of their activities." This podcast was recorded on August 2, 2018. The views and opinions expressed herein 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 its affiliates. This information may not be current and Goldman Sachs has 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 constituting the giving of investment advice by any Goldman Sachs entity. The portfolio risk management process includes an effort to monitor and manage risk but does not imply low risk. Copyright 2018 Goldman Sachs & Co. LLC. All rights reserved. Learn more about your ad choices. Visit megaphone.fm/adchoices

17 Syys 201824min

Europe's business environment is in focus as companies simplify their corporate structure, global trade tensions continue and the tech industry faces increased scrutiny. Marc Nachmann, co-head of the Goldman Sachs Investment Banking Division, joins us to talk through how these factors and more are shaping business decisions and M&A in Europe. "CEO confidence remains quite strong in light of strong U.S. GDP growth, European growth recovering, and a pretty good consumer environment almost everywhere," Nachmann says. "So business environment is pretty good, confidence is high, and as a result, everybody's pretty open-minded to consider strategic transactions." This podcast was recorded on August 2, 2018. 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. The recording 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. Copyright 2018 Goldman Sachs & Co. LLC. All rights reserved. Learn more about your ad choices. Visit megaphone.fm/adchoices

10 Syys 201820min

"The scale of deals we're seeing [in Asia] is something we've never seen before," says Alison Mass of the Goldman Sachs Investment Banking Division. While Mass has been traveling to Asia for more than twenty years to meet with private equity clients, her most recent business trip with colleague Brian DeCenzo felt different in terms of the industry's maturation and international sophistication. In this episode, Mass and DeCenzo explain why global private equity firms are raising multi-billion dollar funds in Asia, the impact of increased Chinese buyers in global auctions, how Asian companies are embracing innovation and more. This podcast was recorded on July 31, 2018. 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. The recording 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. Copyright 2018 Goldman Sachs & Co. LLC. All rights reserved. Learn more about your ad choices. Visit megaphone.fm/adchoices

23 Elo 201825min

Looking at investor returns, European equities are trailing U.S. peers while beating emerging-market stocks in 2018. As part of our closer look at emerging economic and market themes in Europe, Sharon Bell of Goldman Sachs Research discusses the factors that explain this performance, zeroing in on U.K., German and French stocks. Bell breaks down investors' preference for growth companies over value stocks that trade at cheaper prices, particularly against a backdrop of ongoing political uncertainty and a slower pace of economic growth in the region. As for her outlook for the rest of the year, Bell says European companies look poised to deliver decent earnings growth of around 10 percent in 2018 and equities' performance could improve if political concerns subside. This podcast was recorded on August 1, 2018. 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 a 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 therefor (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. Copyright 2018 Goldman Sachs & Co. LLC. All rights reserved. Learn more about your ad choices. Visit megaphone.fm/adchoices

17 Elo 201821min

Is there a bubble in technology? Goldman Sachs Research's Peter Oppenheimer doesn't think so. Despite the recent stumbles in some of tech's biggest names, the sector continues to dominate global stock indexes. "The thing that's really set apart [today's] technology revolution as we're seeing it expressed in the stock market since the financial crisis is that these companies have been very successful," says Oppenheimer. "They've been very dominant in terms of returns, but they've also been extraordinarily successful in terms of their earnings power, and their valuations have not become that extreme." Oppenheimer draws attention to just how large the tech sector has become by comparing tech companies' valuations to country GDPs and discusses the challenges facing today's most dominant players. This podcast was recorded on July 19, 2018. 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 a 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 therefor (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. Copyright 2018 Goldman Sachs & Co. LLC. All rights reserved. Learn more about your ad choices. Visit megaphone.fm/adchoices

7 Elo 201828min