Goldman Sachs
also referred to as: goldman
includes Goldman Sachs Asset Management, Goldman Sachs PIA, Goldman Sachs Prime Brokerage, Goldman Sachs VIP List
78 statements across 44 episodes · 25 bullish · 10 bearish · 43 people on the record · first statement Apr 20, 2017 by Brett Barth · said 732 times in 162 episodes since 2017 · across every show →
Mentions by year, the whole family
brought up most by Ted Seides (223), Adam Shapiro (17), Tom Steyer (16), Tony Davis (15), Frank Brosens (15), Brett Barth (15), Gregg Lemkau (13), Peter Kraus (12)
tap a year for its mentions
2026 39 mentions in 13 episodes 3 per episode
- Rebuilding the NYU Endowment – Michelle Knudsen (EP.513)
- Hotel Investing at EOS – Jonathan Wang (EP.506)
- Gavin Baker – Truth-Seeking and Crossover Investing at Atreides (EP.489)
- Economic Growth, Governance, and Capital Allocation – Dambisa Moyo (EP.510)
- Jeremy Grantham – Bubbles, Value Investing, and the Long Game at GMO (EP.493)
- Lane MacDonald – Teamwork, Alignment, and Investing at the Highest Levels at SCS (EP.483)
- Mike Gitlin – The Century of Capital Group (EP.479)
- Contrarian Quality at GQG Partners – Rajiv Jain (EP.505)
- 5 more episodes that year, every mention in 2026 →
2025 74 mentions in 16 episodes 5 per episode
- Meghan Reynolds – Art of Capital Formation (EP.438)
- Striking Oil – CrownRock by Lime Rock Capital (EP.428)
- Josh Koplewicz – Flexible Capital and Creative Structures at Thayer Street (EP.451)
- Brett Barth and Evan Roth – Stewarding Family Wealth at BBR (EP.433)
- Year in Review 2025 (EP.478)
- Top 5 of 2025: #4: Alex Sacerdote
- Michael Sidgmore – Alternatives Go Mainstream (Private Wealth 1, EP.443)
- Michael Ovitz – Reinventing Talent and Building Momentum at Treville (EP.455)
- 8 more episodes that year, every mention in 2025 →
2024 64 mentions in 19 episodes 3 per episode
- Kristof Gleich – Boutique Managers and Active ETFs at Harbor Capital (EP.411)
- Jase Auby - Risk, Size, and Talent at Texas Teachers (EP.404)
- Brad Briner - Family Office to Public Service (EP.413)
- Cliff Asness - Simple Investing is Hard (EP.385)
- David Eichhorn - Serving Clients and Reducing Risk at NISA (EP.403)
- Matt Bank - "GEMs" of Risk, Asset Allocation, and Manager Selection (EP.419)
- Michael Leffell – Opening Doors to Niche Private Opportunities at 10 East (EP.373)
- Rahul Moodgal – Master Fund Raiser Returns (EP.408)
- 11 more episodes that year, every mention in 2024 →
2023 153 mentions in 21 episodes 7 per episode
- Gregg Lemkau - The Evolution of MSD (Capital Allocators, EP.291)
- Adam Shapiro – Post-Breeding Grounds for Rising Stars and Families (Capital Allocators, EP.319)
- Don Mullen –Single-Family Rentals at Pretium (Capital Allocators, EP.324)
- Tom Steyer – Investing to Save Humanity (Climate Solutions EP.1, Capital Allocators EP. 300)
- Aaron Sack – Branded Middle Market Investing at Morgan Stanley (Capital Allocators, EP.311)
- Gary Sernovitz - Inside the CIO Seat (EP.357)
- Ravi Viswanathan – Venture Secondaries and Growth Capital at NewView (EP.327)
- Tony Yoseloff – Forty Years of Davidson Kempner (Capital Allocators, EP.313)
- 13 more episodes that year, every mention in 2023 →
2022 86 mentions in 17 episodes 5 per episode
- Frank Brosens – Culture and Partnership at Taconic Capital (Capital Allocators, EP.282)
- Josh Friedman – Master Class in Credit Investing at Canyon (Capital Allocators, EP.263)
- Reade Griffith – Managing Assets and Partnerships at Tetragon (Capital Allocators, EP.276)
- Billy Libby – Disruptive Venture Funding at Upper90 (Capital Allocators, EP.251)
- John Barber – The Art of Co-Investing at Cohesive Capital (Manager Meetings, EP.31)
- SPECIAL ANNOUNCEMENT: Private Equity Deals Podcast
- Ashvin Chhabra – The Aspirational Investor (Capital Allocators, EP.260)
- Sahil Bloom – Creativity, Investing, and Engineered Serendipity (Capital Allocators, EP.249)
- 9 more episodes that year, every mention in 2022 →
2021 72 mentions in 24 episodes 3 per episode
- Private Equity Masters 8 – Chuck Davis – Stone Point Capital (Capital Allocators, EP.207)
- Barry Sternlicht – Masterclass in Real Estate in a Post-COVID World (Capital Allocators, EP.216)
- Friends Reunion – Five Allocators Riff on Investing (Capital Allocators, EP.215)
- Private Equity Masters: Paul Salem – Providence Equity Partners (Capital Allocators, EP.175)
- Will Cook - Sunriver Management (Manager Meetings, EP.22)
- Wylie Fernyhough – Private Equity Stakes (Capital Allocators, EP.208)
- Private Equity Masters 6 – Doug Ostrover – Blue Owl Capital (Capital Allocators, EP.205)
- Private Equity Masters 3: Robert F. Smith – Vista Equity Partners (Capital Allocators, EP.202)
- 16 more episodes that year, every mention in 2021 →
2020 90 mentions in 13 episodes 7 per episode
- Sustainable Investing 5: David Blood - Pioneering a Generation (Capital Allocators, EP.143)
- Peter Kraus - Widening the Aperture on Alpha (First Meeting, EP.14)
- Sustainable Investing 7: Tony Davis – Hedge Fund Perspective at Inherent Group (Capital Allocators, EP.145)
- Sustainable Investing 3: Bob Litterman – Pricing Climate Risk (Capital Allocators, EP.141)
- Morgan Housel – The Psychology of Money (Capital Allocators, EP.155)
- Mathieu Chabran – Good Deals Have No Wheels at Tikehau Capital (First Meeting, EP.23)
- Diversity, Equity & Inclusion 3: Shundrawn Thomas – Leading the Way (Capital Allocators, EP.153)
- Diversity, Equity & Inclusion 1: Jacob Walthour – A Blueprint for Diversity (Capital Allocators, EP.151)
- 5 more episodes that year, every mention in 2020 →
2019 63 mentions in 13 episodes 5 per episode
- Jon Hirtle – The Pioneer of OCIO (Capital Allocators, EP.98)
- Matt Levine – Money Stuff (Capital Allocators, EP.97)
- Steve Kuhn – Life After Hedge Funds (Capital Allocators, EP.85)
- Michael Novogratz – Galaxy Digital (First Meeting, EP.06)
- Jon Harris – Investing in People at AIM (Capital Allocators, EP.105)
- Martin Whittaker – JUST Capital (First Meeting, EP.02)
- Jen Prosek – Branding an Asset Management Firm (Capital Allocators, EP.81)
- Ash Williams – Florida SBA's Reigning Chief (Capital Allocator, EP.104)
- 5 more episodes that year, every mention in 2019 →
2018 32 mentions in 11 episodes 3 per episode
- Anthony Scaramucci – It's Called a Mooch (Capital Allocators, EP.60)
- Andrew Tsai – Catching a Theme on the Chalkstream (EP.73)
- Sarah Williamson – Focusing Capital on the Long-Term (Capital Allocators, EP.67)
- Kim Lew – The Carnegie Way (Capital Allocators, EP.52)
- Andy Redleaf - Evolution of Markets (Capital Allocators, EP.46)
- Mark Baumgartner – Luck, Risk and Uncertainty at the Institute for Advanced Study (Capital Allocators, EP.77)
- Michael Schwimer – Moneyball as an Investment Strategy (Capital Allocators, EP.72)
- Josh Wolfe – Seeing the Lux (Capital Allocators, EP.65)
- 3 more episodes that year, every mention in 2018 →
2017 59 mentions in 15 episodes 4 per episode
- Brett Barth – Asset Allocation for Families (Capital Allocators, EP.03)
- Tom Lenehan – Perpetual Thinking at Rockefeller University (Capital Allocators, EP.04)
- Adam Blitz – Inside Hedge Fund Allocation (Capital Allocators, EP.17)
- David "Bull" Gurfein - Interdisciplinary Lessons from the Marines (Capital Allocators, EP.10)
- Meredith Jenkins – A Path to Trinity (Capital Allocators, EP.31)
- Larry Kochard – Endowment Professor (Capital Allocators, EP.11)
- Deep Dive into Hedge Funds (Capital Allocators, EP.34)
- Ashby Monk – Asset Giant Futurist (Capital Allocators, EP.29)
- 7 more episodes that year, every mention in 2017 →
Everything said about Goldman Sachs, oldest first
Apr 20, 2017 positive
May 30, 2017 neutral
Solomon: Hedge funds evolved from 1980s Wall Street prop desk spinouts
“If you think about the way the hedge fund business evolved, it evolved from people who were on the prop desks, you know, Goldman Sachs, Lehman Brothers, you know, all these different places in the eighties, and they spun out and started their own firms Largely…”
Jun 12, 2017 positive
Kochard: Private partnerships ensure active crisis management through personal capital risk
“Goldman Sachs was still a partnership, and you saw what happened was that day, and partners at Goldman Sachs were always extremely hands-on, very talented, but you could see it firsthand where the senior people got on the desk and were actually actively involv…”
Aug 7, 2017 positive
Canadian pension governance structures insulate compensation from political control
“The Canadians really set up the model so they're paying market wages. They may not be able to pay as much as Goldman Sachs in Toronto, but they're pretty darn close. They also set it up so that pay doesn't, it's not one year thing, it's three or five year thin…”
Nov 13, 2017 bearish
Dec 18, 2017 neutral
Jun 11, 2018 neutral
Jul 9, 2018
Jul 9, 2018
Scaramucci: Rehired at Goldman Sachs in 1991 as interdepartmental transfer
“And on March 2819 91, I got rehired at Goldman Sachs. And now the best part of this story Is the personnel director for the division called me and said, hey, you know, you got really good news for you. You're never going to have to tell anybody you got fired. …”
Jul 30, 2018 neutral
Goldman Sachs did not distribute research notes to clients until 1964
“In fact, Goldman Sachs didn't start sending things out until 64 or five, and that was just one of the salesmen thought it might be an interesting idea to put Four sides of sheet of paper. Little information on four different possible investments. He was doing …”
Oct 15, 2018 neutral
Nov 26, 2018 bullish
Baumgartner: 2014–2018 equity returns doubled consensus forecasts while volatility halved
“Back in 2013, 20 14, you've got bears projecting low returns... You've got folks like Goldman and JP Morgan, and the folks who publish capital market expectations, and you see, eh, equities, seven percent annualized return, 15% vol... Now, you fast forward fiv…”
May 6, 2019 neutral
May 6, 2019 positive
R.K. Mellon's family office consistently outperformed Goldman Sachs in the 1980s
“The chief investment officer was a guy named Arthur Miltonberger, and I covered him as a broker, and what was interesting was that they were consistently outperforming us, so Arthur Who was based in leafy Ligonier, Pennsylvania, which is really a bucolic setti…”
May 6, 2019 positive
The 1980s era under Weinberg and Whitehead was Goldman's golden era
“I personally think, and I know they're more profitable today and so forth, but that that was a golden era for Goldman Sachs. It was run by John Weinberg and John Whitehead, but other leaders like Bill Gruber and Roy Zuckerberg and Richard Menchel and so forth.”
Jul 29, 2019 neutral
George Walker created Goldman Sachs's first outsourced CIO practice
“George Walker, who's now running Neuberger, had come up with this idea that I really described as the first outsource CIO at Goldman. We were over the wall working with large institutional families, a lot of times pre-transaction.”
Aug 12, 2019
Novogratz: Goldman desk made hundreds of millions on 1997 Asian crisis
“Goldman Sachs, Asia's blowing up, and we predicted it, had the foresight, and had some spectacularly highly leveraged bets that Asia would blow up that we were smart enough to figure out. It wasn't, I had so much courage that I took all this risk to make a for…”
Oct 7, 2019 negative
Feb 3, 2020 positive
Kraus: Goldman Sachs partners received equal compensation across different specialties
“What was really curious to me about Goldman Sachs was, Goldman Sachs allowed people to specialize, and they compensated the different specialties equally. So at the partnership level, I mean, if you became a partner, you could be a corporate finance specialist…”
Jun 15, 2020 neutral
Goldman Sachs hired Bob Litterman to monetize risk rather than reduce it.
“And when they asked me to be head of risk management, it wasn't because Goldman Sachs wanted to reduce its risk. They wanted to make more money from the risks that they were taking. And if we were taking risks that we weren't getting paid for, we should identi…”
Jun 22, 2020 neutral
Jun 22, 2020 neutral
Jun 22, 2020 neutral
Al Gore asked Goldman Sachs to advise on a $35M sustainability acquisition
“Phil had been approached by Al Gore about Goldman Sachs representing Gore in acquiring a company called Sustainable Asset Management. And it was a very small acquisition. I think it would have been thirty-five million dollars or something like that, an acquisi…”
Jun 29, 2020
Goldman promoted Davis to distressed desk because external hires cost 3x
“And in the end, they asked me and another guy to co-manage the distressed bond desk there. I think we were doing a reasonably good job, but I also found out after the fact that everyone else was asking three times what they were paying me to come in and take t…”
Jun 29, 2020 neutral
Feb 1, 2021 positive
Apr 26, 2021 neutral
Jul 5, 2021
Late-1990s private equity firms overlooked enterprise software for chips
“And I realized that none of them, like any in that period of time, none of them are really thinking about software as an area of investment. Some may have had one or two software investments, but they were thinking about technology broadly, and at that time, t…”
Jul 8, 2021 bullish
Grantham: Top graduates choose startups and VC over Goldman Sachs
“The really best and brightest don't go to Goldman Sachs, sorry, Goldman Sachs, anymore, like they did in the financial bubble. They want to get into the VC business, to be mixing with things that really matter, and many of them to be actually starting their ow…”
Nov 29, 2021 negative
Cocke: Wall Street cap intro pitches prioritize marketability over fund performance
“I started to realize, you know, what's happening is the Goldman Sachs and Morgan Stanley's of the world are getting these guys in their cap intro department and they're creating their presentations for them, which it occurred to me what that really meant is th…”
Jan 3, 2022 positive
May 23, 2022
Sep 15, 2022 positive
Nov 21, 2022 neutral
Brosens: Goldman Sachs was considered a 'middling firm' early in his career
“It was viewed as kind of a middling firm at the time. The big firms at the time were First Boston, Morgan Stanley. The banks really weren't players in the space. JP Morgan wasn't really considered a competitor. There were other smaller firms, Bear Stearns, et …”
Nov 21, 2022 positive
Brosens: Mid-career family sabbaticals operate as a 'career in reverse'
“I thought of it effectively as a career in reverse. Retiring and spending time with your family when they wanted to spend time with you with a view that I'd eventually go back into work and potentially try and find something that I would do forever.”
Nov 21, 2022 neutral
Nov 21, 2022
Brosens: Risk arb drove the lion's share of Goldman's risk in the 1980s
“Most of the risk at the time at Goldman Sachs was taken in the arbitrage area. There was very little risk being taken elsewhere in the firm. Jay Aaron had not yet been bought. They really didn't take an awful lot of risk in the fixed income side. The lion's sh…”
Nov 21, 2022
Nov 21, 2022 neutral
Nov 21, 2022 positive
Brosens: Managing partner capital drives tighter risk discipline than upside-only fees
“The second aspect of it, and I think this was really important and something that we tried to Bring to Taconic was the fact that at Goldman, it was the partner's capital. It wasn't other people's money. And that drove a very different philosophy with respect t…”
Nov 21, 2022
Brosens: Taconic has an 'anti-Goldman clause' diverting 30% to charity if sold
“So we put in a clause which has been Referred to by one of our investors as the anti-Goldman clause, where if the firm ends up either going public or selling at some point down the road, 30% of the economics effectively gets carved out and goes to Ken's and my…”
Nov 21, 2022 positive
Brosens: Robert Rubin's investment philosophy centered on managing uncertainty and downside risk
“Bob's philosophy was one of uncertainty. He wrote a book on it where you couldn't know things for sure. You had to know what could go wrong. You had to estimate the probability of that thing going wrong and effectively being humble about your confidence level …”
Jan 9, 2023 positive
Jan 9, 2023 positive
Playing four hours of golf reveals a person's temperament and ethics
“One, it teaches you someone's temperament because everyone hits a bad golf shot, so you see how they are. Two, it teaches you how they treat other people. How someone treats a caddy is very interesting and insightful. It's like how they treat a waiter. And thr…”
Jan 9, 2023 neutral
Investing businesses require strategic step-backs, unlike advisory market-share mindsets
“The classic investment banker mindset is do everything for anybody all the time, right? Solve their problems. Do more. There's an extra five minutes in the day. I can get one more client and actually trying to pull back from that natural temptation of being in…”
Jan 9, 2023 neutral
Jan 9, 2023 positive
Jan 9, 2023
Lemkau, Robert Smith, and Mark McMorris launched Goldman's West Coast tech M&A
“It was a guy named Mark McMorris, who went on to go work at General Atlantic for a long time, and then Robert Smith, who eventually went on to go found Vista Equity, and me, the three of us went out there, all the same associate class, like three musketeers st…”
Jan 9, 2023 positive
Persisting with hostile clients during financial crises builds enduring relationships
“Those early days of the financial crisis were scary, but it also ended up being incredibly character building because you go out there while you're probably the pariah to society and you go and build relationships with clients who are predisposed to not want t…”
Mar 6, 2023
Steyer: 10% of US wealth clients request ESG versus 90% in Europe
“In the United States, if you talk to the huge asset gatherers, the Black Rocks, the Goldmans, if they get a new investment client, so they come in and they're going to have an investment advisor, and they're going to allocate their portfolio, 10% of them want …”
Mar 6, 2023 neutral
Mar 6, 2023
Mar 6, 2023 negative
Mar 6, 2023 positive
Apr 27, 2023 neutral
Apr 27, 2023 neutral
Sack: Joining Goldman Sachs over dot-com startups was unpopular in early 2000
“Went back there after business school, which was very unpopular in March, February of 2000. You were really viewed quite negatively, and Unimaginatively, if you were going back into these, when you could be working at pets.com.”
Jun 5, 2023 positive
Goldman Special Situations achieved 20% unleveraged returns post-2001 by conservative pricing
“And what this group at Goldman was doing was buying portfolios of assets, which could be real estate, aircraft, financial assets like receivables, and this was now, 2001, 2002, Nasdaq bubble had burst, and so you could buy these portfolios and not use any leve…”
Jun 5, 2023 positive
Goldman occasionally closed distressed deals with immediate Day-1 value certainty
“And when I got to Goldman once in a while, we would make an investment and we'd celebrate as if we had already had a success. The money hadn't come back. We hadn't realized any profit, but we knew that what we had just invested in was worth more than we paid.”
Jun 5, 2023 neutral
Assessing spinouts from mega-funds like Goldman or Blackstone is uniquely difficult
“The irony is the stronger the firm, the harder that assessment is. So it's harder to assess people actually out of Goldman or Blackstone or some of the really great firms, because it's just harder to tell was it them or was it the firm. If somebody just did an…”
Jun 5, 2023 negative
Goldman Sachs habitually allows internal investment groups to overlap and compete
“Goldman has a habit of allowing different groups to play in the same areas. We started bumping into other groups within Goldman more and more, and possible investments I was working on, all of a sudden I would get a phone call that it was somebody else's area,…”
Jun 5, 2023 positive
Valuing assets via scrap and collateral creates asymmetric downside protection
“The use of structure and the fact that diversification could work in your favor, the way you could value assets, not just on EBITDA, but on a variety of things, which included collateral value, scrap value, or alternative use type of value.
And so that you cou…”
Jun 29, 2023 negative
Mullen: Goldman Sachs initially rejected him as a cultural misfit after 56 interviews
“I then spent, must have been 56 people or something crazy, A person who's pretty well known from Goldman Sachs reaches out to me and says, listen, after 56 interviews, we come to the conclusion you just don't fit here. You're culturally a bad fit. We think you…”
Jun 29, 2023 neutral
Jun 29, 2023
Nov 20, 2023 positive
May 13, 2024
Sep 9, 2024 negative
Sep 9, 2024 neutral
Sep 9, 2024 positive
Playing naive effectively deters unethical propositions at work, Auby advises
“Naivete is a great tool in an ethically challenged situation. So if someone's coming to you with something that's maybe ethically challenging, and if you ask why a lot, and you're like, well, why does this make sense? And why is this helpful? People just go aw…”
Oct 21, 2024 positive
Briner: Aspiring investors should skip banking and start directly in investing
“He said, well, it turns out the number one reason that people should study Latin was to be better at English. But you know what's even better to learn English? Studying English. So if you want to be an investor in the long run, why don't you go be an investor?”
Jan 20, 2025
Reynolds: In May 1997, Santa Fe's $1B IPO overshadowed Amazon's debut
“We had just taken public Santa Fe drilling, which was a billion dollar IPO that Goldman Sachs was the lead manager of. Two weeks prior, Amazon had gone public. No one paid attention to Amazon in May of 97. Everybody paid attention to Santa Fe.”
Jan 27, 2025 neutral
Feb 24, 2025 negative
Mar 31, 2025 neutral
Reynolds: Institutional PE/VC allocations grew from under 1% to 5-10%
“The exposure to Private equity and venture capital for most institutional investors when I started there was probably less than one percent on average, and by the time I left it was probably five or 10, so you can imagine the growth and the transformation that…”
May 5, 2025 neutral
Only roughly 200 evergreen funds existed in the US in late 2024
“Goldman had a report on evergreens in the fall of twenty-twenty-four, and there's really only in the U.S. At the time, there's like 200 evergreen funds. So there's not a lot of choices relative to the thousands of closed-end funds that people can invest in.”
Jun 12, 2025 negative
Post-GFC Bureaucracy at Goldman Sachs Made Small Deals Difficult
“Mine was a few years after the GFC. It just became really tough to do small deals. Number of committees had grown. There was more pressure to write checks that were larger, that were worth the Time and effort to justify the incremental bureaucracy and addition…”
Jun 12, 2025
Mar 23, 2026 negative
Grantham: Goldman and JPMorgan will never tell clients to exit overpriced markets
“You will never hit a Goldman Sachs or a JP Morgan Tell you to get out of the market because it's ludicrously overpriced. Everybody knows today it's ludicrously overpriced, but no one can tell you, and they never will.”