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Value Accelerator

portfolio companies

Advisory hours utilized by management teams YTD 

Putting capital to work is only half of the story for our investing strategy .

We are focused on investing with a management first strategy and have built a flexible model around the needs of our portfolio and the resources GS is best positioned to provide. Goldman's 150 year operating history and expansive global network enables us to partner distinguished operators and resources with portfolio companies to create outsized impact.

The Goldman Sachs Value Accelerator drives value for portfolio companies in 5 key areas:

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1 SCALING REVENUE

Introductions to a wealth of ideas to help you scale

Accelerate top line growth through new customers, new markets and new strategies including GTM and Pricing Analysis. 

  • Accelerated Growth
  • Sales & Marketing Excellence
  • Pricing Optimization
  • Customer Success   

2 OPERATIONAL EXCELLENCE

Building a reputation of flawless operational execution

Optimize quality and performance with automated and efficient processes to execute and scale.

  • Data-driven Management
  • Operating Model Effectiveness
  • Workflow and Automation
  • Procurement and Cost Effectiveness

3 TECHNICAL, DIGITAL, AND DATA TRANSFORMATION

Empowering Digital and Data Transformation

Harness the power of data & digital transformation to drive operating decisions and unlocked untapped value. 

  • Infrastructure Optimization
  • Data Strategy
  • Cyber Security
  • Dev & Testing Effectiveness  

4 TALENT & ORGANIZATIONAL STRATEGY

Bringing the best Talent and Organizational Strategy to our companies

Work with recognized experts to build outstanding management teams, optimal organization designs, and winning cultures. 

  • Executive Search
  • Organizational Effectiveness
  • Company Culture
  • Talent Assessment and Development  

5 ESG & RISK OPTIMIZATION

Making our companies more sustainable and risk optimized

Leverage the deep rooted history of Risk Management and ESG programs to empower and differentiate portfolio companies. 

  • Sustainability
  • Diversity, Equity & Inclusion
  • Corporate Governance
  • Risk Management
  • Health and Wellness Benefits  

Scaling Revenue

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Burt Podbere

CFO of Crowdstrike

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Jim Underhill

Former COO of MRC Global

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John Connolly

Former Head of Bain Capital Ventures Operating Team

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Chairman & CEO of Individual Foodservice

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Paul Albright

Multi-Time Software Industry Executive

Commerical Introductions: High quality client introductions from the expansive GS Network

OneGS: Access to the comprehensive financial services and advisory that GS provides clients to help support growth including AYCO, Wealth Management, Banking and Lending among others

Playbooks: Digital Marketing, Value Based Pricing playbooks with repeatable strategies & best practices

Tools: GS Research access for Market / Sector analysis

Training & Events: CEO & Founders Conference, topical events such as SPAC 101

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" We have engaged with the GS Operating Council in several key areas, most notably our Organic Growth strategies. This helped us double our rate of organic growth over the last twelve months. "

Operations Excellence

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Alex Niemeyer

Former Global Lead of McKinsey's Supply Chain practice

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Steve Schepps

Former KKR Head of Procurment for Americas

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Tania Howarth

Former CIO of Europe and Africa for The Coca Cola Company

GS Practitioners: Access to insights from Goldman's 150 year operating history and internal subject matter experts

Intra Portfolio Community: Connect with peers from the portfolio to discuss opportunities and challenges

Playbooks: Cost Take Out & Employee Benefits Review playbooks with repeatable strategies & best practices

Tools: Procurement Platform offering preferred benefits, and board deck & KPI templates

Training & Events: COO Round Table Discussions & topical events such as Back to Office Strategy

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" Goldman’s Value Accelerator resources supported our ERP implementation, dramatically reducing deployment time. "

Talent & Organizational Strategy

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Carol Roche

Founder & Director of CRA Human Capital Ltd.

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Morgan McKeown

Corporate Equity Talent Lead

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Growth Equity Talent Lead

Sourcing Network: Leveraging the GS Network to source talent from our Intra-Portfolio community, our alumni and extended external network

Playbooks: Leadership & Team Effectiveness playbooks with repeatable strategies & best practices

Tools: Comp Benchmarking for leadership roles & Agency / Search Recommendations

Training & Events: Leadership Coaching & topical events such as Managing through a Crisis

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" The GS team supported us through a leadership transition. We were able to secure better talent in significantly less time thanks to the team. "

Technical, Digital and Data Transformation

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Former Corporate VP of Cloud Business at Microsoft

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Franck Cohen

Former President of SAP Digital Core

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Lorie Buckingham

Former Chief Development Officer of The Coca-Cola Company

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Prerak Vohra

Digital Advisory Council Lead and Former McKinsey & Company's Transfomational Lead

Digital Edge: Curated access to a community of distinguished industry experts to help drive digital transformation and support companies in optimizing their unique Digital Edge

Playbooks: CDR Transformation & Cloud Migration playbooks with repeatable strategies & best practices

Tools: Vendor Database with feedback from previous engagements, and Cyber Assessments

Training & Events: CTO Forum & topical events such as Cyber Risks & Ransomware

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" Goldman Sachs provided us access to exceptional resources, which have been instrumental in accelerating the transformation of our company across talent, digital, procurement, and more. "

ESG & Risk Optimization

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Letitia Webster

Chief Sustainability Officer of AMD

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Tamika Curry Smith

Value Accelerator D&I Lead

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Deputy CISO of AMD

OneGS: Access to insights from Goldman's 150 year operating history and internal subject matter experts

OneGS: Access to firmwide personnel during times of market disruption including our Chief Medical Officer to address COVID related issues

            

Playbooks: Sustainability Whitepaper GS publication

Tools: ESG assessment for identifying the next step on each companies unique journey

Training & Events: Sustainability 101 & topical events such as Impacts of New ESG Regulation

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" Goldman has a lot of experience helping companies structure what I would call effective ESG strategies and an ESG process in the company. "

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Our Approach

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Market Insights & Sourcing  

Advisors and deal teams partner to discuss market trends and leverage deep connectivity into specialized domains to provide a channel for additional sourcing activity.

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Opportunity Identification & Diligence  

Experts provide a unique perspective in diligence and facilitate internal assessments to equip leadership with benchmarking insights and potential value creation opportunities.

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Value Creation Partnership  

Ongoing trusted Advisor partnerships and self-service resources / playbooks create opportunities for continued differentiated value creation results.

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Monetization  

Partnership and thoughtful planning throughout the path to exit helps to strongly position companies for success.

Meet the Team

Operating advisors.

Our Operating Advisors develop long term trusted relationships directly with portfolio companies to support their objectives and offer practitioner views and actionable insights across functional areas.  

Head of Value Accelerator

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Lou D'Ambrosio

Repeat Fortune 500 CEO fully dedicated to leading the Value Accelerator and partnering with leadership teams to unlock untapped opportunities.

Sector Experts

Our Sector Experts are an extended network of deep domain experts who partner on key elements of the investing lifecycle, and offer subject matter expertise to support investing verticals.  

Featured Advisor

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Meghan FitzGerald

Globally recognized healthcare strategist, investor, academic, and author. Instrumental on positioning GS in multiple competitive processes and advising healthcare CEOs on strategic matters.

Digital Advisory Council

Our Digital Advisory Council is a proprietary group that partners our digital experts and GS engineers with companies to drive value creation leveraging data and digital tooling.  

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Previously serving as McKinsey & Co.'s Transformation Lead, Prerak currently leads DAC and partners with portfolio companies to help each discover their unique "Digital Edge".

Core GS Team

Our Core GS Team is a group of fully dedicated GS employees to help identify opportunities, facilitate engagements, and build out the suite of available resources.

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Sarah Shenton

COO & Internal Lead of the Goldman Sachs Value Accelerator, Sarah is an experienced GS Growth Investor and GS Operator dedicated to scaling the accelerator, building out new capabilities and advising Enterprise & FinTech companies.

Tap Into Value Creation

The Value Accelerator is bringing on new advisors, and launching new resources and programs regularly to benefit the portfolio. Additionally, this year a new digital portal will be released to empower companies to access GS resources directly for even more scalable impact.

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GS Research Portal

Access to exclusive GS research and industry insights through a secure login.  

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Talent Sourcing

Leadership searches and high-po candidates directly from the GS network.  

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Intra Portfolio Community

Connect with peers from the portfolio to discuss opportunities and challenges.  

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Access to GS Services

Financial services & advisory that GS provides companies to grow their business.  

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Playbook & Template Library

Best practices and self assessments to expedite discovery and evaluate solutions.  

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Events & Thought Leadership

Monthly programming and events including webinars and in-person seminars.

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Value Accelerator Digital Portal

  • Concierge digital access to GS resources and programs to drive innovation and actionable insights that create scalable value for our Portfolio Companies.
  • Collaboration platform for portfolio companies, investors and advisors to partner on value creation engagements.
  • Connect with other executives within the portfolio.
  • Register for exclusive access to our upcoming events.

Featured GS Research

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Carbonomics: Introducing the GS Net Zero Carbon Models and Sector Frameworks

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Black Womenomics: Investing in the Underinvested

Case studies.

Hear from portfolio companies about their experiences, and how they harnessed the power of GS through the Value Accelerator to drive meaningful outcomes for their businesses.

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Aston Lark Limited operates as an insurance broker. The company offers commercial, estates, family offices, cars and sport vehicles, business protection, jewelry, and other insurance products.

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Founded in 2001, MyEyeDr. is the largest consolidator of independent optometry practices in the US spanning over 550 offices in 18 states.

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Navico manufactures and markets marine electronics for the recreational boating segment.

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SIMON is a digital platform that enables financial advisors to better understand, purchase, and manage risk managed solutions.

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Synagro provides biosolids solutions to customers across North America, managing 14mm tons of wastewater biosolids per year.

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True Blue Car Wash owns and operates more than 40 express car wash locations in the Southwest, Midwest, and Northeast U.S.

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Unqork is a no-code application platform that helps large enterprises build complex custom software faster, with higher quality, and lower costs than conventional approaches.

Meet the Portfolio

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NOTE REGARDING PORTFOLIO COMPANIES LISTED ABOVE: The portfolio companies shown represent substantially all of our active portfolio companies with an invested cost of at least $20 million as of January 31, 2021. The material provided herein is for informational purposes only and should not be considered a recommendation to purchase or sell any particular security and should not be relied upon in whole or in part in making an investment decision or evaluating an investment or for any other purpose. Furthermore, it does not constitute a direct or indirect offering or placement of units or shares under the Alternative Investment Fund Managers Directive (“AIFMD”) in any Goldman Sachs & Co. LLC  product or any products of its affiliates (whether now existing or hereafter formed) to any investor in any jurisdiction, including any investor domiciled or with a registered office in the European Economic Area (“EEA”).  Any such offering will be made only in accordance with the terms and conditions set forth in a private placement memorandum (the “Private Placement Memorandum”) pertaining to such products. Investment in a private investment product is suitable only for sophisticated investors for whom such investment does not constitute a complete investment program and who fully understand, and are willing to assume, the risks involved in such product.  Private equity investments, by their nature, involve a substantial degree of risk, including the risk of total loss of an investor’s capital.  Nothing contained on this website shall be relied upon as a promise or representation regarding the historic, current or future position or performance of any Goldman Sachs product or any investment referenced herein.  In particular, no representation or warranty is made with respect to the reasonableness of any estimates, forecasts, prospects or returns, which should be regarded as illustrative only, or that any profits will be realized.  Past performance is not a guide to future performance and the value of investments and the income derived from those investments can go down as well as up.  Future returns are not guaranteed and a total loss of principal may occur.  This information discusses general market activity, industry or sector trends, or other broad-based economic, market or political conditions and should not be construed as research or investment advice.  Economic and market forecasts presented herein reflect our judgment as of a particular point in time and are subject to change without notice.  These forecasts are subject to high levels of uncertainty that may affect actual performance.  Accordingly, these forecasts should be viewed as merely representative of a broad range of possible outcomes.  These forecasts are estimated, based on assumptions, and are subject to significant revision and may change materially as economic and market conditions change.  Goldman Sachs has no obligation to provide updates or changes to these forecasts.  Goldman Sachs does not provide legal, tax, or regulatory advice to prospective investors in any product and each prospective investor is urged to discuss any prospective investment in a product with its legal, tax, and regulatory advisers in order to make an independent determination of the suitability and consequences of such an investment.  Prospective investors should inform themselves and take appropriate advice as to any applicable legal requirements and any applicable taxation and exchange control regulations in the countries of their citizenship, residence or domicile which might be relevant to the subscription, purchase, holding, exchange, redemption or disposal of any investments.  The site is operated and controlled by Goldman Sachs in the United States and the content is, unless otherwise specified, directed at residents of the United States.  Despite the global nature of the internet, Goldman Sachs makes no claims or representations that the site is appropriate or may be viewed or used outside the United States.  Access to the site from countries or territories where such access is illegal is prohibited.  Goldman Sachs makes no representations that the transactions, products or services discussed on or accessible through this site are available or appropriate for sale or use in all jurisdictions or by all users.  Those who access the site from outside the United States do so on their own initiative and are responsible for compliance with local laws, rules and regulations.

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Evolution of Growth Investing in Europe

February 09, 2022

How is the growth equity landscape evolving in Europe? The heads of our Growth Equity team shared their views at a recent Alternative Investment Forum.       

November 22, 2021

The US Department of Labor recently announced a proposed rule that would make it easier for retirement plan fiduciaries to consider climate change and other ESG factors when selecting investments. These proposed “rules of the road” are designed to guide Employee Retirement Income Security Act (ERISA) fiduciaries who are considering ESG incorporation within their investment process.

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  • Asia Economics Analyst

Ten questions for 2023

Questions for 2023.

We wish our readers a happy and healthy new year. In our first Asia Economics Analyst of the year, we offer our answers to ten economic and market questions for the Asia-Pacific region and individual countries in 2023. We also review our questions and answers from one year ago.

China's reopening should result in a burst of growth over the coming year (we estimate 7.2% GDP growth on a Q4/Q4 basis) and benefit regional economies, with Hong Kong and Thailand likely to see significant boosts from mainland tourists. While domestic inflation pressures are likely to increase, we do not think they will constrain the PBOC significantly this year.

Asia-Pacific manufacturing and trade should bottom out in early- to mid-2023; along with China's reopening this should help regional growth in the back half of the year.

Inflation is peaking, in our view, though it will remain high in many economies (particularly smaller open economies) through mid-2023. Strong growth and resilient core inflation in India could push the central bank to tighten more than markets expect in H1. Very late in the year, with pressures having eased, we think the Bank of Korea could be among the first to cut rates. The Bank of Japan may tweak policy further, but we think yield curve control could stay in place this year.

With our global view of Fed hikes ending in H1 and the US narrowly avoiding recession, and regional growth improving later in the year, we think many regional currencies—including the CNY and JPY—could rally further against the USD.

While the majority of our 2022 answers worked out broadly as anticipated, we underestimated the inflationary pressure that would hit the region—exacerbated by Russia's invasion of Ukraine in late February—and the extent of the policy tightening that would result in some countries. We also were surprised by the extent of CNY weakness—reflecting an even worse economic outcome in China than our below-consensus view to start the year, as well as rapid USD appreciation on the back of the fastest pace of Fed hikes in decades.

In our first Asia Economics Analyst of the year, we offer our answers to ten economic and market questions for the Asia-Pacific region and individual countries in 2023. These highlight some of our key macroeconomic views—for more detail on our outlooks across the region and globally, please see the 2023 outlook page on our research portal.

1. Will China grow strongly above-trend after exiting zero-Covid policy in 2023?

Yes. China's abrupt U-turn on Covid policy has led to a large wave of infections in recent weeks and a drop in mobility and economic activity . We retain a below-consensus forecast of -4% annualized for Q4 GDP growth (and +2.6% for full-year 2022). Looking forward, though, it appears the peak in daily cases is already past, based on news reports as well as related information such as Internet search frequency for virus-related topics, and there is evidence that mobility is beginning to recover ( Exhibit 1 ). This adds to our conviction that economic activity should rebound in coming months. Policymakers also look to be very focused on reviving economic activity in 2023. We forecast moderate sequential growth in Q1, given what appears to be still-weak activity in early January, and a sharp rebound in Q2 ( Exhibit 2 ), driving full-year 2023 GDP growth to 5.2% (and Q4 2023 GDP growth to 7.2% yoy, far above the 5% forecast of the limited sample of Bloomberg consensus contributors). Signs that activity is picking up sharply soon after Chinese New Year could potentially pull some of this boost forward into Q1.

Exhibit 1 : In China, mobility appears to be increasing again from low levels

Exhibit 2 : our 2023 china gdp forecast features a weak q1 but a strong q2-q4 compared to market consensus.

graph

Source: Wind, Goldman Sachs Global Investment Research

Source: Bloomberg, Goldman Sachs Global Investment Research

2. Which regional economies will benefit most from China's reopening?

Hong Kong and Thailand should see sharp increases in inbound tourism and spending as mainland Chinese tourists resume outbound travel. We expect to see meaningfully higher growth in both economies in coming quarters. Exhibit 3 shows our estimates of the potential cumulative impact on regional activity from China's reopening across three channels: 1) goods trade, 2) tourism, and 3) energy prices. While goods trade should rise, the biggest potential positive impact is from cross-border tourist spending, particularly in Hong Kong (given its proximity) and Thailand (given its large tourism sector). Thailand's current account deteriorated sharply during the pandemic, with the plunge in tourism a key driver ( Exhibit 4 ). Other southeast Asian economies should benefit materially from a resumption in Chinese tourism to some degree as well. The rise in China's energy demand from the resumption in travel could push up global oil prices meaningfully, offsetting part of the positive effect on regional growth.

Exhibit 3 : We estimate a significant potential boost should Chinese tourism return to pre-Covid levels

Exhibit 4 : thailand took the largest current account hit during the pandemic.

graph

Source: Goldman Sachs Global Investment Research

Source: Haver Analytics, Goldman Sachs Global Investment Research

3. Can regional trade and growth bottom out in 2023?

Yes. Regional goods trade decelerated significantly in the second half of 2022 ( Exhibit 5 ). This reflected 1) a rotation in global demand back towards services as economies reopened, 2) the general deceleration in global growth in recent months, 3) inventory building in key DM customer economies e.g. the US, 4) weakness in tech sectors in particular. We expect the inventory overhang to be worked off in H1 2023 and the negative FCI impulse for many DM economies to fade, allowing exports and manufacturing to pick up modestly later in the year.

Exhibit 5 : North Asia export growth has decelerated

graph

Source: Haver Analytics, CEIC, Goldman Sachs Global Investment Research

4. Will inflation peak in the region by the end of Q1?

Yes. Median CPI inflation in the region has surged from near-zero in the early days of the pandemic to almost 6% yoy in recent months ( Exhibit 6 ), and core CPI inflation is above central bank targets in most economies ( Exhibit 7 ). Furthermore, there is risk that China's reopening could boost commodity (especially energy) demand and prices, contributing to regional inflation pressures. But sequential inflation has slowed a little in late 2022, with supply chain pressures having eased considerably. So we expect year-over-year CPI inflation to moderate over the first half of 2023, even if it remains uncomfortably high for a number of central bankers (particularly in smaller open economies).

Exhibit 6 : Regional inflation appears to be peaking

Exhibit 7 : underlying inflation remains above targets across the region (ex-china/hk).

graph

5. Where is inflation pressure likely to remain particularly sticky?

We expect core inflation to remain uncomfortably high in India through at least the first half of 2023. While headline CPI inflation has eased somewhat in recent months, core ex-petrol/diesel/gold/silver has been grinding higher since early in the pandemic ( Exhibit 8 ). Core services inflation appears likely to remain resilient. Recent PMI data also suggest that economic momentum is holding up well, with the December manufacturing and services surveys both improving to near decade highs, which should keep pressure on from the demand side. Given that regional rate hikes have been highly correlated with inflation overshoots ( Exhibit 9 ), we continue to forecast a slightly higher terminal rate for the RBI (6.75%) than consensus.

Exhibit 8 : Underlying inflation continues to grind higher in India

Exhibit 9 : rate hikes have been broadly correlated with inflation overshoots.

graph

Source: Goldman Sachs Global Investment Research, Haver Analytics, RBI

6. Will China's reopening generate a significant inflation problem in China (or outside it)?

No. Clearly, reopening has been associated with higher inflation in many countries. A cocktail of supply-side disruptions both in domestic economies and from abroad, alongside an abrupt rebound in demand and stimulative policy, led to large inflation surprises in 2022. However, only some of these elements are likely to be present in China in 2023. Supply-side bottlenecks in production and transportation appear to have eased, and China's policymakers are not enforcing significant quarantines or absence from work for those afflicted by Covid. Externally, we do not anticipate a repeat of the Russia-Ukraine commodity price shock in 2023. On the policy front, while macro settings are clearly supportive, we do not expect a consumer-focused stimulus of the sort that contributed to the overshoot in US goods demand. Finally, inflation is starting from a very low level in China, with the CPI ex-food and energy up just 0.6% yoy.

We expect both headline and core CPI inflation to accelerate meaningfully in China this year—the latter by more than a percentage point (to 1.9% yoy in Q4)—but with a likely CPI inflation target of 3% (really a ceiling in practice), we don't think inflation will be a major constraint on PBOC policy in 2023. Similarly, we expect China's reopening to boost commodity—particularly energy—demand and thus spill over into higher global inflation. For example, a return to normal travel and transportation behavior in China could boost oil consumption by 1.5-2m bpd. But against a backdrop of somewhat slower growth in many economies, we do not anticipate oil prices to regain their 2022 highs.

7. Will the Bank of Japan exit ‘yield curve control’?

No, though we could see further tweaks to monetary policy settings. At the Monetary Policy Meeting (MPM) on December 20, the Bank of Japan (BOJ) surprised the market by widening the 10-year yield band to ±0.5%, from ±0.25% previously. By widening the 10-year yield band the BOJ has responded to government concerns that its lack of flexibility in managing yield curve control (YCC) has amplified yen depreciation. Coming ahead of an imminent (March-April) transition of the top three officials at the Bank of Japan, this action has fanned market speculation that even more fundamental changes could be in store in 2023. That said, we do not think the government viewed this as signaling the imminent start of a more fundamental shift in the BOJ's easing stance—government officials have strong concerns about a global economic slowdown during 2023, and wage growth seems likely to fall short of levels desired by the government and the BOJ ( Exhibit 10 ). A key issue for the BOJ is the sustainability of YCC in an environment where the US Federal Reserve is still hiking rates; strong pressure could potentially force an exit in coming months, but once the Fed has paused, upward pressure on Japanese yields might recede. In our view, further tweaks to the YCC band or NIRP are a possibility, but we do not expect a complete exit from YCC in 2023.

Exhibit 10 : Real wage growth remains very weak in Japan

graph

Source: Ministry of Health, Labour and Welfare

8. How many Asia-Pacific central banks will be able to cut rates in 2023?

Very few. As noted, while inflation should recede somewhat, we expect underlying inflation pressures (core/trimmed inflation) to remain above central bank targets through much of the year. This will also be occurring against a backdrop—in our view—of relatively high and sustained policy rates from the US Federal Reserve. So, while we expect tightening cycles to conclude in the first half, we currently forecast only two central banks to cut in Q4 ( Exhibit 11 shows a diffusion index of hikers/cutters across the Asia-Pacific region). The Bank of Korea looks most plausible to us, as it started its hiking cycle relatively early and quickly, and we anticipate inflation pressures to ease significantly in 2023 ( Exhibit 12 ). It's also possible we could see cuts in south/southeast Asia or ANZ, though at the moment we have penciled in only one cut from RBI at its last meeting of the year.

Exhibit 11 : Very few APAC central banks are likely to cut in 2023

Exhibit 12 : korean inflation should fall significantly in 2023.

graph

9. Where are rates most mispriced in Southeast Asia?

We think that the market is underestimating terminal rates in Thailand and that Singapore’s rate differential vis-a-vis global rates has more room to decline. Bank of Thailand policy rates are currently at 1.25%, up only 75bp from the lows during the COVID pandemic. The market is pricing another 50-75bp more hikes this year to a terminal rate of 1.75% to 2%. However, we think that BoT could hike policy rates more significantly to 2.50% in 2023, as markets may be underestimating the impulse to GDP growth and core inflation from rebounding international tourism and a more favorable external impulse. In Singapore, we previously highlighted that SGD rates typically trade below global rates (as proxied by a basket), given that the SGD is generally on an appreciation path vs. its SGD NEER basket. However, in 2022, SGD rates were trading above global rates due to an exceptionally strong USD in tandem with tightening global financial conditions. Going into 2023, with the MAS SGD NEER appreciation slope likely to stay at around 1.5%/annum, we think SGD rates will continue to outperform global rates as the weakening dollar loosens Singapore interbank liquidity conditions.

Exhibit 13 : Singapore rates look mispriced

Exhibit 14 : regional currencies have rallied against the usd over the past two months.

graph

10. Will regional currencies rally in 2023?

Yes. Asia-Pacific currencies have already come back significantly from their 2022 lows ( Exhibit 14 ). In the short run, we think the USD could strengthen modestly if the Fed delivers more rate hikes than the market is currently pricing (we expect three, to a terminal rate of 5-5.25%). But after the Fed finishes its hiking cycle, we expect to see further broad USD depreciation. We expect both the CNY and JPY, among other regional currencies, to end the year stronger against the US dollar.

A brief recap of our questions and answers from 2022

While the majority of our questions and answers worked out broadly as anticipated, we underestimated the inflationary pressure that would hit the region—exacerbated by Russia's invasion of Ukraine in late February.

1. Will the Covid-19 Omicron variant prompt a wave of restrictions across the region similar to the Delta variant?

Our answer: No .

Verdict: Correct. Most regional economies reopened in the first half of the year, declining to tighten significantly despite significant Omicron waves.

2. Will Asia still see a positive export impulse in 2022?

Our answer: Yes.

Verdict: Technically correct -- global growth and trade weakened more than we expected this year, but given a strong start goods exports still ended up in the low single digits in volume terms.

3. Which economies can outperform on the growth front in 2022?

Our answer: We expect the “late reopeners” in South and Southeast Asia to grow fastest in coming quarters.

Verdict: Correct. ASEAN economies were the notable outperformers in the region in 2022, with India also posting very solid growth.

4. Will inflation pressures accelerate significantly further?

Our answer: No.

Verdict: Incorrect. Headline inflation in particular rose more than we anticipated outside China.

5. How many regional central banks will tighten in 2022?

Our answer: We expect a large majority (about two-thirds) to hike this year.

Verdict: Correct. Indeed, hiking was slightly broader than we expected, though Japan kept monetary policy on hold and China eased modestly.

6. Can the Reserve Bank of Australia really stay on hold in 2022?

Verdict: Incorrect. As per question 4, inflation pressures built much more than we anticipated and we abandoned our dovish RBA call early in the year.

7. When will China remove quarantine requirements on travelers arriving from abroad?

Our answer: Not before Q4, and quite possibly not in 2022.

Verdict: Correct. Though China has signaled an imminent reopening of international borders, quarantine requirements for international travelers remained throughout 2022.

8. How much macro stimulus will China's policymakers deliver, and will this be enough to avoid a "hard landing" in the property sector?

Our answer: We expect easing focused on credit and fiscal measures that cushions but does not fully absorb the downturn in housing.

Verdict: Partly correct. The housing downturn clearly dragged on growth, but somewhat more than we anticipated. While the composition of easing was broadly as we anticipated, the augmented fiscal deficit widened even more than we expected.

9. Will the RMB depreciate significantly in 2022?

Verdict: Incorrect. Ultimately, deteriorating growth/rate differentials overwhelmed a still-strong current account and the CNY depreciated significantly, initially vs the USD (alongside broad USD strength) and later on a trade-weighted basis.

10. Will global reflation lift the Japanese economy and assets in 2022?

Verdict: Partly correct. Japan does appear to have grown above trend (current tracking: 1.2% for 2022 GDP growth), but not as fast as we anticipated. Equities were flattish and the yen depreciated significantly.

Exhibit 15 : Our 2023 growth forecasts are above consensus in China, Japan, and the US

graph

Exhibit 16 : We expect CPI inflation to decline in 2023 but remain relatively high in many economies

graph

Source: Central banks, Bloomberg, Goldman Sachs Global Investment Research

Exhibit 17 : We expect most regional central banks to hike further in the first half of 2023

graph

Source: Haver Analytics, Wind, Goldman Sachs Global Investment Research

Investors should consider this report as only a single factor in making their investment decision. For Reg AC certification and other important disclosures, see the Disclosure Appendix , or go to www.gs.com/research/hedge.html .

Disclosure Appendix

We, Andrew Tilton, Naohiko Baba, Andrew Boak, CFA, Goohoon Kwon, CFA, Hui Shan, Danny Suwanapruti, Santanu Sengupta and Jonathan Sequeira, hereby certify that all of the views expressed in this report accurately reflect our personal views, which have not been influenced by considerations of the firm's business or client relationships.

Unless otherwise stated, the individuals listed on the cover page of this report are analysts in Goldman Sachs' Global Investment Research division.

Disclosures

Regulatory disclosures, disclosures required by united states laws and regulations.

See company-specific regulatory disclosures above for any of the following disclosures required as to companies referred to in this report: manager or co-manager in a pending transaction; 1% or other ownership; compensation for certain services; types of client relationships; managed/co-managed public offerings in prior periods; directorships; for equity securities, market making and/or specialist role. Goldman Sachs trades or may trade as a principal in debt securities (or in related derivatives) of issuers discussed in this report.

The following are additional required disclosures: Ownership and material conflicts of interest:  Goldman Sachs policy prohibits its analysts, professionals reporting to analysts and members of their households from owning securities of any company in the analyst's area of coverage.   Analyst compensation:  Analysts are paid in part based on the profitability of Goldman Sachs, which includes investment banking revenues.  Analyst as officer or director:  Goldman Sachs policy generally prohibits its analysts, persons reporting to analysts or members of their households from serving as an officer, director or advisor of any company in the analyst's area of coverage.   Non-U.S. Analysts:  Non-U.S. analysts may not be associated persons of Goldman Sachs & Co. LLC and therefore may not be subject to FINRA Rule 2241 or FINRA Rule 2242 restrictions on communications with subject company, public appearances and trading securities held by the analysts. 

Additional disclosures required under the laws and regulations of jurisdictions other than the United States

The following disclosures are those required by the jurisdiction indicated, except to the extent already made above pursuant to United States laws and regulations. Australia:  Goldman Sachs Australia Pty Ltd and its affiliates are not authorised deposit-taking institutions (as that term is defined in the Banking Act 1959 (Cth)) in Australia and do not provide banking services, nor carry on a banking business, in Australia. This research, and any access to it, is intended only for "wholesale clients" within the meaning of the Australian Corporations Act, unless otherwise agreed by Goldman Sachs. In producing research reports, members of the Global Investment Research Division of Goldman Sachs Australia may attend site visits and other meetings hosted by the companies and other entities which are the subject of its research reports. In some instances the costs of such site visits or meetings may be met in part or in whole by the issuers concerned if Goldman Sachs Australia considers it is appropriate and reasonable in the specific circumstances relating to the site visit or meeting. To the extent that the contents of this document contains any financial product advice, it is general advice only and has been prepared by Goldman Sachs without taking into account a client's objectives, financial situation or needs. A client should, before acting on any such advice, consider the appropriateness of the advice having regard to the client's own objectives, financial situation and needs. A copy of certain Goldman Sachs Australia and New Zealand disclosure of interests and a copy of Goldman Sachs’ Australian Sell-Side Research Independence Policy Statement are available at: https://www.goldmansachs.com/disclosures/australia-new-zealand/index.html .  Brazil:  Disclosure information in relation to CVM Resolution n. 20 is available at https://www.gs.com/worldwide/brazil/area/gir/index.html . Where applicable, the Brazil-registered analyst primarily responsible for the content of this research report, as defined in Article 20 of CVM Resolution n. 20, is the first author named at the beginning of this report, unless indicated otherwise at the end of the text.  Canada:  This information is being provided to you for information purposes only and is not, and under no circumstances should be construed as, an advertisement, offering or solicitation by Goldman Sachs & Co. LLC for purchasers of securities in Canada to trade in any Canadian security. Goldman Sachs & Co. LLC is not registered as a dealer in any jurisdiction in Canada under applicable Canadian securities laws and generally is not permitted to trade in Canadian securities and may be prohibited from selling certain securities and products in certain jurisdictions in Canada. If you wish to trade in any Canadian securities or other products in Canada please contact Goldman Sachs Canada Inc., an affiliate of The Goldman Sachs Group Inc., or another registered Canadian dealer.  Hong Kong:  Further information on the securities of covered companies referred to in this research may be obtained on request from Goldman Sachs (Asia) L.L.C.  India:  Further information on the subject company or companies referred to in this research may be obtained from Goldman Sachs (India) Securities Private Limited, Research Analyst - SEBI Registration Number INH000001493, 951-A, Rational House, Appasaheb Marathe Marg, Prabhadevi, Mumbai 400 025, India, Corporate Identity Number U74140MH2006FTC160634, Phone +91 22 6616 9000, Fax +91 22 6616 9001. Goldman Sachs may beneficially own 1% or more of the securities (as such term is defined in clause 2 (h) the Indian Securities Contracts (Regulation) Act, 1956) of the subject company or companies referred to in this research report.  Japan:  See below.  Korea:  This research, and any access to it, is intended only for "professional investors" within the meaning of the Financial Services and Capital Markets Act, unless otherwise agreed by Goldman Sachs. Further information on the subject company or companies referred to in this research may be obtained from Goldman Sachs (Asia) L.L.C., Seoul Branch.  New Zealand:  Goldman Sachs New Zealand Limited and its affiliates are neither "registered banks" nor "deposit takers" (as defined in the Reserve Bank of New Zealand Act 1989) in New Zealand. This research, and any access to it, is intended for "wholesale clients" (as defined in the Financial Advisers Act 2008) unless otherwise agreed by Goldman Sachs. A copy of certain Goldman Sachs Australia and New Zealand disclosure of interests is available at: https://www.goldmansachs.com/disclosures/australia-new-zealand/index.html .  Russia:  Research reports distributed in the Russian Federation are not advertising as defined in the Russian legislation, but are information and analysis not having product promotion as their main purpose and do not provide appraisal within the meaning of the Russian legislation on appraisal activity. Research reports do not constitute a personalized investment recommendation as defined in Russian laws and regulations, are not addressed to a specific client, and are prepared without analyzing the financial circumstances, investment profiles or risk profiles of clients. Goldman Sachs assumes no responsibility for any investment decisions that may be taken by a client or any other person based on this research report.  Singapore:  Goldman Sachs (Singapore) Pte. (Company Number: 198602165W), which is regulated by the Monetary Authority of Singapore, accepts legal responsibility for this research, and should be contacted with respect to any matters arising from, or in connection with, this research.  Taiwan:  This material is for reference only and must not be reprinted without permission. Investors should carefully consider their own investment risk. Investment results are the responsibility of the individual investor.  United Kingdom:  Persons who would be categorized as retail clients in the United Kingdom, as such term is defined in the rules of the Financial Conduct Authority, should read this research in conjunction with prior Goldman Sachs research on the covered companies referred to herein and should refer to the risk warnings that have been sent to them by Goldman Sachs International. A copy of these risks warnings, and a glossary of certain financial terms used in this report, are available from Goldman Sachs International on request. 

European Union and United Kingdom:  Disclosure information in relation to Article 6 (2) of the European Commission Delegated Regulation (EU) (2016/958) supplementing Regulation (EU) No 596/2014 of the European Parliament and of the Council (including as that Delegated Regulation is implemented into United Kingdom domestic law and regulation following the United Kingdom’s departure from the European Union and the European Economic Area) with regard to regulatory technical standards for the technical arrangements for objective presentation of investment recommendations or other information recommending or suggesting an investment strategy and for disclosure of particular interests or indications of conflicts of interest is available at https://www.gs.com/disclosures/europeanpolicy.html which states the European Policy for Managing Conflicts of Interest in Connection with Investment Research. 

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Global product; distributing entities

The Global Investment Research Division of Goldman Sachs produces and distributes research products for clients of Goldman Sachs on a global basis. Analysts based in Goldman Sachs offices around the world produce research on industries and companies, and research on macroeconomics, currencies, commodities and portfolio strategy. This research is disseminated in Australia by Goldman Sachs Australia Pty Ltd (ABN 21 006 797 897); in Brazil by Goldman Sachs do Brasil Corretora de Títulos e Valores Mobiliários S.A.; Public Communication Channel Goldman Sachs Brazil: 0800 727 5764 and / or [email protected]. Available Weekdays (except holidays), from 9am to 6pm. Canal de Comunicação com o Público Goldman Sachs Brasil: 0800 727 5764 e/ou [email protected]. Horário de funcionamento: segunda-feira à sexta-feira (exceto feriados), das 9h às 18h; in Canada by Goldman Sachs & Co. LLC; in Hong Kong by Goldman Sachs (Asia) L.L.C.; in India by Goldman Sachs (India) Securities Private Ltd.; in Japan by Goldman Sachs Japan Co., Ltd.; in the Republic of Korea by Goldman Sachs (Asia) L.L.C., Seoul Branch; in New Zealand by Goldman Sachs New Zealand Limited; in Russia by OOO Goldman Sachs; in Singapore by Goldman Sachs (Singapore) Pte. (Company Number: 198602165W); and in the United States of America by Goldman Sachs & Co. LLC. Goldman Sachs International has approved this research in connection with its distribution in the United Kingdom.

Effective from the date of the United Kingdom’s departure from the European Union and the European Economic Area (“Brexit Day”) the following information with respect to distributing entities will apply:

Goldman Sachs International (“GSI”), authorised by the Prudential Regulation Authority (“PRA”) and regulated by the Financial Conduct Authority (“FCA”) and the PRA, has approved this research in connection with its distribution in the United Kingdom.

European Economic Area: GSI, authorised by the PRA and regulated by the FCA and the PRA, disseminates research in the following jurisdictions within the European Economic Area: the Grand Duchy of Luxembourg, Italy, the Kingdom of Belgium, the Kingdom of Denmark, the Kingdom of Norway, the Republic of Finland, the Republic of Cyprus and the Republic of Ireland; GS -Succursale de Paris (Paris branch) which, from Brexit Day, will be authorised by the French Autorité de contrôle prudentiel et de resolution (“ACPR”) and regulated by the Autorité de contrôle prudentiel et de resolution and the Autorité des marches financiers (“AMF”) disseminates research in France; GSI - Sucursal en España (Madrid branch) authorized in Spain by the Comisión Nacional del Mercado de Valores disseminates research in the Kingdom of Spain; GSI - Sweden Bankfilial (Stockholm branch) is authorized by the SFSA as a “third country branch” in accordance with Chapter 4, Section 4 of the Swedish Securities and Market Act (Sw. lag (2007:528) om värdepappersmarknaden) disseminates research in the Kingdom of Sweden; Goldman Sachs Bank Europe SE (“GSBE”) is a credit institution incorporated in Germany and, within the Single Supervisory Mechanism, subject to direct prudential supervision by the European Central Bank and in other respects supervised by German Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht, BaFin) and Deutsche Bundesbank and disseminates research in the Federal Republic of Germany and those jurisdictions within the European Economic Area where GSI is not authorised to disseminate research and additionally, GSBE, Copenhagen Branch filial af GSBE, Tyskland, supervised by the Danish Financial Authority disseminates research in the Kingdom of Denmark; GSBE - Sucursal en España (Madrid branch) subject (to a limited extent) to local supervision by the Bank of Spain disseminates research in the Kingdom of Spain; GSBE - Succursale Italia (Milan branch) to the relevant applicable extent, subject to local supervision by the Bank of Italy (Banca d’Italia) and the Italian Companies and Exchange Commission (Commissione Nazionale per le Società e la Borsa “Consob”) disseminates research in Italy; GSBE - Succursale de Paris (Paris branch), supervised by the AMF and by the ACPR disseminates research in France; and GSBE - Sweden Bankfilial (Stockholm branch), to a limited extent, subject to local supervision by the Swedish Financial Supervisory Authority (Finansinpektionen) disseminates research in the Kingdom of Sweden.

General disclosures

This research is for our clients only. Other than disclosures relating to Goldman Sachs, this research is based on current public information that we consider reliable, but we do not represent it is accurate or complete, and it should not be relied on as such. The information, opinions, estimates and forecasts contained herein are as of the date hereof and are subject to change without prior notification. We seek to update our research as appropriate, but various regulations may prevent us from doing so. Other than certain industry reports published on a periodic basis, the large majority of reports are published at irregular intervals as appropriate in the analyst's judgment.

Goldman Sachs conducts a global full-service, integrated investment banking, investment management, and brokerage business. We have investment banking and other business relationships with a substantial percentage of the companies covered by our Global Investment Research Division. Goldman Sachs & Co. LLC, the United States broker dealer, is a member of SIPC ( https://www.sipc.org ).

Our salespeople, traders, and other professionals may provide oral or written market commentary or trading strategies to our clients and principal trading desks that reflect opinions that are contrary to the opinions expressed in this research. Our asset management area, principal trading desks and investing businesses may make investment decisions that are inconsistent with the recommendations or views expressed in this research.

We and our affiliates, officers, directors, and employees, will from time to time have long or short positions in, act as principal in, and buy or sell, the securities or derivatives, if any, referred to in this research, unless otherwise prohibited by regulation or Goldman Sachs policy.

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Certain transactions, including those involving futures, options, and other derivatives, give rise to substantial risk and are not suitable for all investors. Investors should review current options and futures disclosure documents which are available from Goldman Sachs sales representatives or at https://www.theocc.com/about/publications/character-risks.jsp and https://www.fiadocumentation.org/fia/regulatory-disclosures_1/fia-uniform-futures-and-options-on-futures-risk-disclosures-booklet-pdf-version-2018 . Transaction costs may be significant in option strategies calling for multiple purchase and sales of options such as spreads. Supporting documentation will be supplied upon request.

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© 2023 Goldman Sachs.

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What the Options Market Tells Us About Goldman Sachs Gr

Whales with a lot of money to spend have taken a noticeably bullish stance on Goldman Sachs Gr .

Looking at options history for Goldman Sachs Gr GS we detected 9 trades.

If we consider the specifics of each trade, it is accurate to state that 55% of the investors opened trades with bullish expectations and 22% with bearish.

From the overall spotted trades, 3 are puts, for a total amount of $275,695 and 6, calls, for a total amount of $465,950.

Projected Price Targets

Analyzing the Volume and Open Interest in these contracts, it seems that the big players have been eyeing a price window from $190.0 to $700.0 for Goldman Sachs Gr during the past quarter.

Volume & Open Interest Development

In terms of liquidity and interest, the mean open interest for Goldman Sachs Gr options trades today is 644.71 with a total volume of 317.00.

In the following chart, we are able to follow the development of volume and open interest of call and put options for Goldman Sachs Gr's big money trades within a strike price range of $190.0 to $700.0 over the last 30 days.

Goldman Sachs Gr Option Activity Analysis: Last 30 Days

goldman sachs research portal

Noteworthy Options Activity:

About goldman sachs gr.

Goldman Sachs is a leading global investment banking and asset management firm. Approximately 20% of its revenue comes from investment banking, 45% from trading, 20% from asset management and 15% from wealth management and retail financial services. Around 60% of the company's net revenue is generated in the Americas, 15% in Asia, and 25% in Europe, the Middle East, and Africa.

Following our analysis of the options activities associated with Goldman Sachs Gr, we pivot to a closer look at the company's own performance.

Where Is Goldman Sachs Gr Standing Right Now?

  • Currently trading with a volume of 182,582, the GS's price is down by -0.53%, now at $454.08.
  • RSI readings suggest the stock is currently may be approaching overbought.
  • Anticipated earnings release is in 44 days.

Expert Opinions on Goldman Sachs Gr

A total of 1 professional analysts have given their take on this stock in the last 30 days, setting an average price target of $504.0.

  • Maintaining their stance, an analyst from Wells Fargo continues to hold a Overweight rating for Goldman Sachs Gr, targeting a price of $504.

Options are a riskier asset compared to just trading the stock, but they have higher profit potential. Serious options traders manage this risk by educating themselves daily, scaling in and out of trades, following more than one indicator, and following the markets closely.

If you want to stay updated on the latest options trades for Goldman Sachs Gr, Benzinga Pro gives you real-time options trades alerts.

© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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A Message From the Dean: June

Dean Anuj Mehrotra and David Solomon, CEO of Goldman Sachs

Dean Anuj Mehrotra and David Solomon, CEO of Goldman Sachs

Dear Scheller Community,  

As we welcome the renewing energy of summer, I’m excited to share some updates and accomplishments from our College. This past month has been a testament to the power of experiential learning, corporate connections, and innovation that distinguish our community. 

First, we successfully launched a new AI for Business Executive Education course . This course, designed to equip executives with the tools to leverage artificial intelligence in their business strategy, has received outstanding feedback from participants. Registration opens soon for the September 2024 session. 

In another example of the power of practice-based learning, a group of talented Equity Research Boutique students led by Professor Mike Messner launched a Stock Valuation Research Portal . This platform not only showcases the technical and analytical skills of our students, but also provides a valuable resource for the broader business community. It’s inspiring to see our students applying their knowledge in ways that have a real-world impact.  

This last month also saw us concluding our inaugural season of Tech Talks Business , with enlightening conversations featuring Carol B. Tomé, CEO of UPS, and David Solomon, CEO of Goldman Sachs, hosted by Michael Bloomberg and Bloomberg Philanthropies. The engagement and participation in our Spring 2024 events have been phenomenal, and we look forward to bringing more inspiring leaders to the Scheller community in the fall.  

I want to take a moment to acknowledge 14 of our esteemed faculty members who have been recognized for their outstanding teaching through the Spring 2024 CIOS Honor Roll . I hope you'll join me in congratulating these individuals for their dedication to educational impact and student success: Ryan Blunck , Andre Calmon , Jonathan Clarke , Saba Colakoglu , Deven Desai , Jacqueline Garner , Tim Halloran , Satyajit Karnik , Mingfeng Lin , Dong Liu , Florin Niculescu , Dori Pap , Frank Rothaermel , and Ravi Subramanian .  

As we continue to build on these successes, I am reaching out to you, our valued community, for your transformational ideas. We have had the fortune of receiving innovative suggestions from stakeholders throughout our community. Please continue to share ideas we could pursue as a College. You can submit your ideas through the Scheller Initiatives page or email them to [email protected]

Thank you for your continued support and dedication to the Scheller College of Business. It's exhilarating to be doing great things together! 

Anuj Mehrotra   Dean and Stephen P. Zelnak Jr. Chair   Professor of Operations Management   Georgia Tech Scheller College of Business 

P.S. - Alumni, we are looking forward to seeing you at the upcoming Scheller-Goizueta GOLD Alumni Summer Mixer on Thursday, July 18! This event promises to be a fantastic opportunity to connect with Scheller and Goizueta alumni from the Class of 2014 to 2024.  

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Stock GS

The Goldman Sachs Group, Inc.

Us38141g1040, investment banking & brokerage services, citadel securities hires goldman's esposito as president, source says.

May 30 (Reuters) - Market maker Citadel Securities has tapped former Goldman Sachs executive Jim Esposito as its president, according to a source familiar with the matter. (Reporting by Saeed Azhar in New York and Niket Nishant in Bengaluru)

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Alexandra Steiger to Join SAP as Global Head of Investor Relations

Alexandra Steiger to Join SAP as Global Head of Investor Relations

WALLDORF —  SAP SE (NYSE: SAP) today announced that Alexandra Steiger will join SAP as new global head of Investor Relations on July 1, 2024, reporting to Dominik Asam, member of the Executive Board and CFO of SAP SE.

With over a decade of experience in the finance industry, Steiger has held roles at renowned institutions such as Goldman Sachs and UBS. She currently serves as executive director within Global Investment Research at Goldman Sachs, focusing on the U.S. Internet sector, including companies such as Alphabet, Meta and Amazon.

“I am very happy Alexandra is joining SAP,” said Asam. “We will benefit from her leadership and the wealth of expertise she brings from her previous responsibilities. In her new role, she can build on the strong foundation laid by Anthony Coletta and the entire Investor Relations team.”

Prior to her assignment at Goldman Sachs, Steiger was an executive director within UBS Equity Research, covering select U.S. Internet and Interactive Entertainment companies. She received a bachelor’s degree in International Business Administration from the University of Maastricht and a master’s degree in International Management CEMS from the Erasmus University Rotterdam and University of St. Gallen.

Visit the  SAP News Center . Follow SAP at  @SAPNews .

Media Contacts: Joellen Perry, +1 (626) 265-0370, [email protected] , PT Daniel Reinhardt, SAP, +49 6227-7-40201, [email protected] , CET SAP Press Room ;  [email protected]

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This document contains forward-looking statements, which are predictions, projections, or other statements about future events. These statements are based on current expectations, forecasts, and assumptions that are subject to risks and uncertainties that could cause actual results and outcomes to materially differ.  Additional information regarding these risks and uncertainties may be found in our filings with the Securities and Exchange Commission, including but not limited to the risk factors section of SAP’s 2023 Annual Report on Form 20-F. © 2024 SAP SE. All rights reserved. SAP and other SAP products and services mentioned herein as well as their respective logos are trademarks or registered trademarks of SAP SE in Germany and other countries. Please see  https://www.sap.com/copyright  for additional trademark information and notices.

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No pension, no problem: Goldman Sachs report shows how younger generations are becoming more retirement-ready than boomers

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Millennials and Gen Zers are famously on their own when it comes to retirement savings, with virtually no access to pensions, and muted expectations of being able to rely on Social Security . Ironically, that pessimism actually may be helping them.

That’s according to a new report from Goldman Sachs Asset Management, which surveyed over 5,200 working and retired individuals across generations. The report, which examined various obstacles in saving for retirement among baby boomers, Generation X, millennials, and Generation Z, found that younger generations were far more confident in their ability to reach their goals.

Around 45% of Gen Xers said they’re behind schedule when it comes to saving for retirement . With the introduction of 401(k)s, that generation (and the youngest boomers) became the first to begin saving primarily on their own , which led to a dearth of savings ; Goldman calls them the “401(k) experiment” generation. The report notes that some Gen Xers—the oldest will turn 60 next year—are retiring earlier than expected, not because they have the funds but because of their health or family caregiving needs .

Baby boomers, too, aren’t as confident about having saved enough for retirement as might be expected given the headlines about their unprecedented wealth . Currently aged 60 to 78, they also report retiring later than the generations before them , a trend previous research backs up . Some simply need to work longer for a paycheck, while others, buoyed by good health and longer life expectancy, want to stay in the workforce as long as possible .

“The 401(k) transition looms large for Gen X and working baby boomers, and many working Americans have taken a long time to adapt to the new retirement system—some too long,” Goldman’s report notes. “Many may lack coherent strategies for how much to save, how to invest, and when they can afford to retire.”

A different report recently noted how over 50% of so-called peak boomers—those reaching traditional retirement age—have accumulated $250,000 or less, meaning it’s likely they’ll burn through whatever assets they’ve accumulated and be dependent on Social Security. Women in that generation are faring worse than men, holding about 30% less in savings, and Hispanic and Black boomers hold far less wealth than white retirees.

‘Be mindful’

Younger generations, meanwhile, are under no illusion they can simply rely on outside contributions to bolster their retirements . So they’ve started saving on their own , and at a younger age than the generations before them : Gen Z, born between 1997 and 2012, has median retirement savings of $29,000 , and 68% believe they’re on track , a far higher share than Gen X or boomers, according to Goldman.

That’s promising news. The report details what a substantial difference the first decade of savings can make in the total size of someone’s nest egg. Assuming a $50,000 starting salary with 2% wage increases each year, 5% contributions from both the employee and employer, and a 6% annual return, saving during the first 10 years of one’s career can lead to 67% higher savings compared with someone who waited longer to invest, per Goldman’s calculations.

Still, some perspective might be needed. The report found once again that a large share of Gen Z wants to retire early: 44% said they want to leave the workforce before age 60, and 14% said they plan to retire between 65 and 69. But that’s a goal that could prove difficult in today’s economy —particularly given increases in life expectancy that could extend retirement periods by a decade or more.

“Gen Zers should be mindful that if they underprepare early in their career, it may be too difficult to catch up,” the report reads.

‘Financial vortex’

The oldest millennials, now approaching middle age, are facing a confluence of factors Goldman dubs the “financial vortex”: Combinations of student loan payments , credit card debt , childcare costs, home buying , and caring for elderly parents or family members are cutting into potential retirement savings . (Notably, Gen Z isn’t far behind.)

Still, millennials remain the most confident generation in their ability to retire: 69% said they’re on track or ahead of schedule with their savings, and 43% are very confident they’ll meet their goal, compared with 25% of Gen X and 22% of working boomers.

That’s impressive for a generation that has dealt with financial setback after financial setback , as well as increased costs for necessities like housing and childcare . Recent research from the Federal Reserve has found that millennials—at least the wealthiest ones—are making significant gains in wealth accumulation.

In a few respects, it has been easier for some of them: They’ve learned from older generations, but they’ve also had more and better options to save for retirement, such as automatic enrollment, Chris Ceder, a senior retirement strategist with Goldman Sachs Asset Management, told Fortune .

“These generations are being more proactive planning for their retirement and taking advantages of the resources available to them,” Ceder added.

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