In each episode of "Exchanges at Goldman Sachs," people from the firm share their insights on developments shaping industries, markets and the global economy.

Goldman Sachs’ Benny Adler, co-head of the Americas Franchise Trading team, explains the supply-and-demand dynamics behind the “unprecedented’ amount
of equity issuance.

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Exchanges at Goldman Sachs

What’s Behind the Record Level of Equity Issuance?

With fiscal stimulus and accommodative monetary policy buoying the U.S. economic recovery, prominent economists from former Treasury Secretary
Lawrence Summers to former IMF Chief Economist Olivier Blanchard have raised concerns that the U.S. economy could be headed for overheating and
inflation. In the latest episode of Exchanges at Goldman Sachs: Top of Mind, host Allison Nathan weighs these reflation risks in conversations with
the firm’s chief economist Jan Hatzius and GS Research’s senior markets strategist Dominic Wilson.

Top of Mind: Reflation Risk

With valuations and rising interest rates, Goldman Sachs' Brett Nelson, head of tactical asset allocation for the Investment Strategy Group, discusses
the outlook for U.S. equity markets.

Outlook for Equity Markets

A new report from Goldman Sachs Global Investment Research examines the history of financial bubbles and the qualifications for what defines one.
Peter Oppenheimer, chief global equity strategist, discusses how today’s strong equities performance may have elements that resemble a bubble, but
looks at other factors that argue against that assessment.

A Guide to Bubbles and Why We Are Not in One

As supply-chain disruptions cause delays and higher prices, Global Investment Research’s Joseph Briggs explains the impact on inflation and the rates
market.

How Supply-Chain Disruptions Are Impacting Inflation

In this special episode, four leaders across Goldman Sachs—Alec Phillips of Goldman Sachs Research, Amelia Garnett of Global Markets, Susie Scher of
the Investment Banking Division, and Ashish Shah of the Asset Management Division—discuss what the $1.9 trillion American Rescue Plan means for the
economy, markets, corporations and investors.
Recorded March 17, 18, and 22, 2021.

Special Episode: What the American Rescue Plan Means for the Economy, Markets, Corporations and Investors

Rising interest rates in 2021 have bolstered the funding status of corporate defined pension plans to their highest levels in years. Goldman Sachs
Asset Management’s Mike Moran explains how pensions plans have fared in 2020 in his latest report as well as his outlook for this year.

The State of U.S. Corporate Pensions

In this episode, Gizelle George-Joseph of Goldman Sachs Research discusses the staggering gaps Black women face across a range of economic
measures—including wealth, earnings, and access to healthcare—as outlined in her team’s recent Black Womenomics research report. Next, David Solomon,
Chairman and CEO of Goldman Sachs, and Margaret Anadu of the Asset Management Division discuss the firm’s new One Million Black Women initiative.
Then, Melissa Bradley of 1863 Ventures discusses how her work providing economic and networking opportunities for Black and brown entrepreneurs is
aligned with the One Million Black Women initiative.

The Case for Investing in Black Women

Marty Young of Goldman Sachs Research discusses his team’s new report on the US housing market, one of the most rate-sensitive sectors of the US
economy, and why he expects house price appreciation to continue to remain positive even in the event of an interest rate shock.

Higher Rates Unlikely to Derail the US Housing Market Strength

Diana Dieckman and Freddie Parker of Prime Service within Goldman Sachs’ Global Markets Division talk about the state of the hedge fund industry and
the current sentiment among fund managers and allocators.

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How Hedge Funds are Navigating a Volatile Market

Mathew McDermott, head of Digital Assets for Goldman Sachs’ Global Markets Division, discusses the cryptocurrency trading environment for
institutional investors.

Markets Update: Cryptocurrency Trading

The volatile start to 2021—with some heavily-shorted stocks unexpectedly skyrocketing in late January—seemed to have subsided. But with some of these
stocks again on the rise, we ask what factors caused this volatility, how likely it is to repeat, what could prevent this, and what it signals about,
or for, markets. Allison Nathan, creator and editor of the firm’s Top of Mind report, turns to former SEC Chair Arthur Levitt, Wellington’s Owen
Lamont, and Goldman Sachs’ co-head of Global Prime Services, Kevin Kelly, for answers.

The Short and Long of Recent Volatility

Paget MacColl, co-head of the Americas Institutional Client Business within Goldman Sachs Asset Management, shares takeaways from GSAM’s annual
healthcare diagnostic, which surveys CIOs of nonprofit healthcare organizations and hospital systems. MacColl is joined by Stefan Strein, chief
investment officer for the Cleveland Clinic, who talks about managing a portfolio through a public health crisis and why he’s particularly excited
about the investment opportunities in tech and ESG.

How Healthcare CIOs Are Investing Capital Through a Public Health Crisis

To start the episode, Joe Wall of Goldman Sachs’ Office of Government Affairs gives an overview of survey results from nearly 1,300 Goldman Sachs
Small Businesses participants who answered questions about PPP funding, access to capital, affordable healthcare, the personal toll of COVID-19, and
more. Then, two graduates of the Goldman Sachs 10,000 Small Businesses program, Brent Reaves of Smokey John’s Bar-B-Que in Texas and JoEllen
Hockenbrough of Providence Power Yoga in Rhode Island, share their personal stories about leading a business through a pandemic and how they’re
staying resilient and optimistic looking toward the future.

How Small Businesses Are Faring Entering Year Two of the Pandemic

Kash Rangan, lead software analyst for Goldman Sachs Research, talks about how the pandemic has accelerated investment in the software sector and the
key opportunities that lie ahead.