Introduces David Solomon, CEO of Goldman Sachs, noting the firm's strong performance over eight years.
Joe
David Solomon
Acknowledges the journey and hard work of the Goldman Sachs team, highlighting growth in client franchise, market share, and earnings.
Asks about adapting to AI and the future, and how to steer Goldman Sachs.
Joe
David Solomon
Discusses organizational adaptation to change, emphasizing the evolving role of young talent and technology over decades.
Asks what 2026 looks like.
Joe
David Solomon
States the macro setup is quite good, citing strong fiscal stimulus in the US and most developed economies, a significant capital investment surge around AI, and a huge deregulatory swing in the US.
David Solomon
Expects more IPOs this year, potentially some very large ones of unprecedented size, but notes structural headwinds for smaller IPOs requiring more discount and patience.
Notes that smaller investors are left out as great Silicon Valley companies stay private until fully valued.
Joe
David Solomon
Agrees on the need for broader participation, mentions SEC Chair Gensler is focused on creating momentum for smaller IPOs, and emphasizes the importance of the US risk culture for capital markets.
Asks why the bond market isn't more agitated given CBO deficit projections, and if growth and policies can help grow out of the problem.
Joe
David Solomon
Expresses real concern about continued deficit spending and debt growth. Believes the only way to a better place is to run with higher growth for a period, which seems possible for the next couple of years.