Exchanges

Chinese exports are surging worldwide—and particularly in emerging markets, says Trina Chen, co-head of Greater China Equity Research. In the Goldman Sachs Exchanges podcast, Chen also explains which sectors face the biggest challenge from growing Chinese competition.

Key takeaways:

In emerging markets, revenue growth for Chinese companies may be increasing 15-times that of the local market: Goldman Sachs Research’s analysis of more than 10 sectors across industries reveals Chinese product market share has probably reached 24% in emerging markets.

Chinese exports are not always cheaper: The perception that Chinese exports are gaining market share because they are cheaper may be true when they first enter the market, but prices in some cases rise over time. Improvements in product quality, for example, can close the price gap between the Chinese export and the local product.

Domestic stock prices tend to respond rapidly when companies lose market share: Market capitalization can shrink by 50% or more when Chinese competition causes a company’s revenue to fall 10%-15%.

Date of recording: October 7, 2026

The opinions and views expressed herein are as of the date of publication, subject to change without notice, and may not necessarily reflect the institutional views of Goldman Sachs or its affiliates. The material provided is intended for informational purposes only, and does not constitute investment advice, a recommendation from any Goldman Sachs entity to
take any particular action, or an offer or solicitation to purchase or sell any
securities or financial products. This material may contain forward-looking
statements. Past performance is not indicative of future results. Neither
Goldman Sachs nor any of its affiliates make any representations or warranties, express or implied, as to the accuracy or completeness of the statements or information contained herein and disclaim any liability whatsoever for reliance on such information for any purpose. Each name of a third-party organization mentioned is the property of the company to which it relates, is used here strictly for informational and identification purposes only and is not used to imply any ownership or license rights between any such company and Goldman Sachs.

A transcript is provided for convenience and may differ from the original video or audio content. Goldman Sachs is not responsible for any errors in the transcript. This material should not be copied, distributed, published, or reproduced in whole or in part or disclosed by any recipient to any other person without the express written consent of Goldman Sachs. ⁠

Disclosures applicable to research with respect to issuers, if any, mentioned herein are available through your Goldman
Sachs representative or at http://www.gs.com/research/hedge.html

© 2026 Goldman Sachs. All rights reserved.
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As liquidity in venture capital declines, the secondary market is increasingly important for investors and companies, says Hans Swildens, partner in Goldman Sachs Asset & Wealth Management, on Goldman Sachs Exchanges: Great Investors. Swildens explains why companies are staying private longer and how artificial intelligence is creating opportunities as well as headwinds for portfolios. In this conversation with Michael Brandmeyer, global head and chief investment officer of the External Investing Group within Goldman Sachs Asset Management, Swildens also discusses the strategic rationale behind agreeing to sell his firm, Industry Ventures, to Goldman Sachs in January 2026.

This episode was recorded on September 8, 2026.

The opinions and views expressed herein are as of the date of publication, subject to change without notice, and may not necessarily reflect the institutional views of Goldman Sachs or its affiliates. The material provided is intended for informational purposes only, and does not constitute investment, legal, or tax advice, a recommendation from any Goldman Sachs entity to take any particular action or be used as a basis for any other investment decision, or an offer or solicitation to purchase or sell any securities or financial products. Any forward-looking statements, case studies, computations or examples set forth herein are for illustrative purposes only. Past performance is not indicative of future results. Neither Goldman Sachs nor any of its affiliates make any representations or warranties, express or implied, as to the accuracy or completeness of the statements or information contained herein and disclaim any liability whatsoever for reliance on such information for any purpose. Each name of a third-party organization mentioned is the property of the company to which it relates, is used here strictly for informational and identification purposes only and is not used to imply any sponsorship, affiliation, endorsement, ownership or license rights between any such company and Goldman Sachs. This material should not be copied, distributed, published, or reproduced in whole or in part or disclosed by any recipient to any other person without the express written consent of Goldman Sachs.

A transcript is provided for convenience and may differ from the original video or audio content. Goldman Sachs is not responsible for any errors in the transcript.

© 2026 Goldman Sachs.

All rights reserved.
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Companies with significant family ownership generate roughly 70% of global economic output and 60% of the world’s jobs. However, only three in 10 survive to a second generation. In this episode of Goldman Sachs Exchanges, FX de Mallmann, chairman of Goldman Sachs EMEA and chairman of Investment Banking, and Tucker York, chairman of global Wealth Management, discuss why succession is so difficult, how enduring enterprises structure governance, and the mindset shift required after a sale or IPO.

Key Takeaways

Succession is a two-part decision: Founders must separate management continuity from asset ownership transfer. This process yields the best results when initiated early and built with operational flexibility.

There are multiple paths to business success: Company success has come from both founders who diversified ownership and brought in professional management, and founders who kept the business family-controlled and managed.

Wealth creation demands a mindset shift: Through a sale or IPO, founders go from operating a concentrated business to holding liquid wealth and trying to understand what to do with this.

For more insights, read Goldman Sachs’ new report, Honoring
Legacy and Positioning for the Future: A Modern Playbook for Family-Owned Businesses.

Date of recording: September 8, 2026

The opinions and views expressed herein are as of the date of publication, subject to change without notice, and may not necessarily reflect the institutional views of Goldman Sachs or its affiliates. The material provided is intended for informational purposes only, and does not constitute investment, legal, or tax advice, a recommendation from any Goldman Sachs entity to take any particular action or be used as a basis for any other investment decision, or an offer or solicitation to purchase or sell any securities or financial products. Any forward-looking statements, case studies, computations or examples set forth herein are for illustrative purposes only. Past performance is not indicative of future results. Neither Goldman Sachs nor any of its affiliates make any representations or warranties, express or implied, as to the accuracy or completeness of the statements or information contained herein and disclaim any liability whatsoever for reliance on such information for any purpose. Each name of a third-party organization mentioned is the property of the company to which it relates, is used here strictly for informational and identification purposes only and is not used to imply any sponsorship, affiliation, endorsement, ownership or license rights between any such company and Goldman Sachs. This material should not be copied, distributed, published, or reproduced in whole or in part or disclosed by any recipient to any other person without the express written consent of Goldman Sachs.

A transcript is provided for convenience and may differ from the original video or audio content. Goldman Sachs is not responsible for any errors in the transcript.

© 2026 Goldman Sachs.
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Markets may be pricing in more tightening by the Federal Reserve than is warranted due to a divergence playing out in the economy, according to Goldman Sachs Vice Chairman and former Dallas Fed President Rob Kaplan. In the Goldman Sachs Exchanges podcast, Kaplan notes that while artificial intelligence (AI) infrastructure and defense spending are continuing to boom, interest-rate sensitive parts of the economy, such as housing and autos, are already straining under higher rates. Taken together, these crosscurrents are creating a more muted response from the Fed.

Key takeaways:

The Fed may still hike, but not much: Kaplan expects the Fed to raise rates one more time to bring rates to roughly 4%–4.25%, then pause to reassess. The markets, however, are pricing in more hikes, which Kaplans attributes to a risk premium from investors that may be related to uncertainties over oil prices and how Fed Chairman Warsh would adjust policy in reaction to economic data.

The neutral rate still matters: Kaplan says this policy rate, while not the “be all,” is still relevant. Kaplan thinks another rate hike would probably push Fed policy above the neutral rate and be “slightly restrictive” for the economy.

A shock without a playbook: Kaplan describes an economy with a "low fire, low hire" labor market where tariffs, immigration-driven labor constraints, and an oil shock are coinciding with a historic capex boom—a supply-side setup with no textbook precedent. That shock is forcing the Fed to focus on containing the "bleed" of inflation into other goods, he says.

Date of recording: September 22, 2026

The opinions and views expressed herein are as of the date of publication, subject to change without notice, and may not necessarily reflect the institutional views of Goldman Sachs or its affiliates. The material provided is intended for informational purposes only, and does not constitute investment, legal, or tax advice, a recommendation from any Goldman Sachs entity to take any particular action or be used as a basis for any other investment decision, or an offer or solicitation to purchase or sell any securities or financial products. Any forward-looking statements, case studies, computations or examples set forth herein are for illustrative purposes only. Past performance is not indicative of future results. Neither Goldman Sachs nor any of its affiliates make any representations or warranties, express or implied, as to the accuracy or completeness of the statements or information contained herein and disclaim any liability whatsoever for reliance on such information for any purpose. Each name of a third-party organization mentioned is the property of the company to which it relates, is used here strictly for informational and identification purposes only and is not used to imply any sponsorship, affiliation, endorsement, ownership or license rights between any such company and Goldman Sachs. This material should not be copied, distributed, published, or reproduced in whole or in part or disclosed by any recipient to any other person without the express written consent of Goldman Sachs.

A transcript is provided for convenience and may differ from the original video or audio content. Goldman Sachs is not responsible for any errors in the transcript.

© 2026 Goldman Sachs. All rights reserved.
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Rich Friedman, chairman of Goldman Sachs Asset Management, says there are still plenty of investment opportunities in private equity, even as private markets have grown far larger than he would have imagined a few decades ago. In this conversation with Alison Mass, chairman of Investment Banking in Goldman Sachs Global Banking & Markets, on Goldman Sachs Exchanges: Great Investors, he explains why he expects the payoff in artificial intelligence to arrive later than the market assumes, and how the discipline he used to build the firm's merchant banking business over 45 years shapes where he is investing now.

 This episode was recorded on July 28, 2026.

The opinions and views expressed herein are as of the date of publication, subject to change without notice, and may not necessarily reflect the institutional views of Goldman Sachs or its affiliates. The material provided is intended for informational purposes only, and does not constitute investment, legal, or tax advice, a recommendation from any Goldman Sachs entity to take any particular action or be used as a basis for any other investment decision, or an offer or solicitation to purchase or sell any securities or financial products. Any forward-looking statements, case studies, computations or examples set forth herein are for illustrative purposes only. Past performance is not indicative of future results. Neither Goldman Sachs nor any of its affiliates make any representations or warranties, express or implied, as to the accuracy or completeness of the statements or information contained herein and disclaim any liability whatsoever for reliance on such information for any purpose. Each name of a third-party organization mentioned is the property of the company to which it relates, is used here strictly for informational and identification purposes only and is not used to imply any sponsorship, affiliation, endorsement, ownership or license rights between any such company and Goldman Sachs. This material should not be copied, distributed, published, or reproduced in whole or in part or disclosed by any recipient to any other person without the express written consent of Goldman Sachs.

A transcript is provided for convenience and may differ from the original video or audio content. Goldman Sachs is not responsible for any errors in the transcript.

© 2026 Goldman Sachs.

All rights reserved.
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