Finding the Right Problems: How Sutter Hill Ventures’ Mike Speiser Creates Great Companies

Emerging market economies are showing early signs of stabilization, according to Kevin Daly of Goldman Sachs Research, and a number of the factors that contributed to the weakness of EM economies last year have now been reversed. "There has already been the beginnings of a recovery from the lows pasted in September-October last year," he says. Also in the episode, Daly discusses the outlook for his core focus area, CEEMEA – Central and Eastern Europe, Middle East and Africa – and explains the impact of Turkey's economic turmoil. "We expect the recovery in Turkey to be very slow…but nevertheless, we do seem to be past the worst point of Turkish growth" he says. He argues that the long-term growth outlook for the region is positive. This podcast was recorded on March 6, 2019. 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 2019 Goldman Sachs & Co. LLC. All rights reserved. Learn more about your ad choices. Visit megaphone.fm/adchoices

11 Apr 201918min

Technology is changing the physical layout of cities, says Jim Garman, who runs real estate investing for Goldman Sachs' Merchant Banking Division in Europe. For instance, while e-commerce is driving down demand for brick-and-mortar storefronts, it's accelerating demand for warehouses and other logistical assets. "Logistics has become a very in-favor asset class for investors," Garman says. "Whereas retail has become a very out-of-favor asset class at the moment." Also in the episode, Garman discusses the change in office buildings, student housing, and more. This podcast was recorded on March 6, 2019. 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. The views and opinions expressed herein should not be construed as an offer to buy or sell any securities and such views/opinions may differ from those of Goldman Sachs Global Investment Research or other departments or divisions of Goldman Sachs and its affiliates. 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 2019 Goldman Sachs & Co. LLC. All rights reserved. Learn more about your ad choices. Visit megaphone.fm/adchoices

1 Apr 201925min

Integrating ESG - environmental and social governance - into asset managers' portfolios is becoming a "business imperative," says Richard Manley, head of Environmental Social Governance Research in Goldman Sachs Research. In this episode, Manley explains the business case for ESG, why Europe is leading other regions and what households can do to lower their carbon footprint. This podcast was recorded on February 1, 2019. 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 2019 Goldman Sachs & Co. LLC. All rights reserved. Learn more about your ad choices. Visit megaphone.fm/adchoices

25 Mars 201942min

From our office in London, this episode is all about Europe's investing environment, including how investors are preparing for possible Brexit scenarios, drivers of the region's economic slowdown and where clients are finding alpha. "The number one issue that clients in Europe are facing is how do we get returns," says Andrew Wilson, CEO of Goldman Sachs Asset Management for Europe, the Middle East and Africa, who explains how both macro and political uncertainties are weighing on investors' minds. This podcast was recorded on March 5, 2019. 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 2019 Goldman Sachs & Co. LLC. All rights reserved. Learn more about your ad choices. Visit megaphone.fm/adchoices

18 Mars 201920min

A Goldman Sachs Research study of the last 100 years suggests US recessions can be boiled down to five major causes - and several (like industrial and oil supply shocks) look structurally less threatening today. But among those that still bear close watching are the financial balances of households and corporations, which GS Research's Chief Credit Strategist Lotfi Karoui says aren't showing signs of a private sector living beyond its means. Outstanding mortgage debt has declined drastically and consumer credit growth has slowed to a four-cycle low, while on the corporate side, strong profitability and debt-servicing capacity are providing a buffer for rising net leverage. That said, there are several pockets of risk - including the growth in leveraged loans, direct lending, and delinquencies in the subprime auto loan market - but Karoui thinks it's unlikely we'll see them drag the broader economy into a downturn. This podcast was recorded on February 26, 2019. 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 2019 Goldman Sachs & Co. LLC. All rights reserved. Learn more about your ad choices. Visit megaphone.fm/adchoices

11 Mars 201926min

In France, Goldman Sachs Investment Banking clients are focused on key three risk factors, according to Goldman Sachs' Pierre Hudry: geopolitical outlook, market stability and rising shareholder activism. Amid the uncertainty, however, French management teams remain focused on scaling businesses to compete on the global stage. "Achieving scale and being able to compete notably with the US players, which are massively consolidating and the Chinese players, who are benefitting from the whole market is really top of mind for these corporates," Hudry says. This podcast was recorded on February 1, 2019. 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 2019 Goldman Sachs & Co. LLC. All rights reserved. Learn more about your ad choices. Visit megaphone.fm/adchoices

25 Feb 201921min

This episode is all about Europe's technology sector, from the pace of tech disruption and the growth of AI, to how companies are innovating in the face of political and regulatory constraints and more. Jo Hannaford of Goldman Sachs' Technology Division, points to Europe's geography as a key driver for development and innovation in technology in the region. "You feel like [in] Europe that [the countries'] physical distance doesn't really stop people being able to really...come together and communicate." This podcast was recorded on February 1, 2019. This podcast should not be copied, distributed, published or reproduced, in whole or in part. The information contained in this podcast is not financial research nor a product of Goldman Sachs Global Investment Research. 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 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 2019 Goldman Sachs & Co. LLC. All rights reserved. Learn more about your ad choices. Visit megaphone.fm/adchoices

19 Feb 201931min

The bumpy deceleration underway in China will be met with additional economic policy easing, albeit with some notable differences to previous stimulus, says Goldman Sachs Research's Andrew Tilton. He expects a slightly smaller and later stimulus relative to other slowdowns, leveraging not only Chinese policymakers' typical favored tools like infrastructure spending but also a tax cut. This podcast was recorded on February 1, 2019. 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 2019 Goldman Sachs & Co. LLC. All rights reserved. Learn more about your ad choices. Visit megaphone.fm/adchoices

11 Feb 201920min