Goldman Sachs latest Hedge Fund Monitor, aptly named Holding Pattern, makes some interesting points supported by reams of data. Ms. Pinnavaia is Head of Hedge Fund Strategies, Europe and Asia. But GSHFS staff members also do the other things that single out Goldman Sachs as a place to work the willingness of senior employees to give time to juniors, and the time given to training. Jeff Currie, global head of commodities research, explains why commodity markets will be shaped by underinvestment in 2023. Where things are hard to do in terms of a market environment or trading strategy, we view that as a great hunting ground to find interesting and unique managers". GSHFS used to operate a dedicated fund investing in new managers, Ms. Pinnavaia says. Activision Blizzard also appeared on the VIP list. Amazon.com Inc. Decisions Conference June 2, 2022 John Waldron President and Chief Operating Officer. The group runs both sector specific and multi strategy funds which represent a research and investment effort spanning the entire universe of hedge fund strategies. The development of staff is clearly a corporate goal. Ms. Pinnavaia joined Goldman Sachs in 1995 where she worked within the Equity Derivatives group, responsible for the development of the derivatives business involving UK and Italian institutions. We don't just take the views of managers as our only input on markets or instruments.". It is not that there is no demand for the broad, diversified, multi-strategy fund of hedge funds that make up the vast majority of assets in the fund of funds industry. He joined Mercer in 2003, where he worked on the investment consulting team advising institutional investors on investment strategy and manager selection. Our Chief Economist Jan Hatzius says there are two opposing forces at play, one positive and one negative and the positive one should prove stronger. Popular longs have outperformed the most concentrated shorts in most sectors but lagged the broad market. Goldman Sachs economists and strategists share insights on macro trends shaping the global economy. Fig.2 shows this. 08 May 09 . Goldman Sachs CEO David Solomon on the Economy, Markets and the Firms Performance, Investors Expect Equity Capital Markets Activity to Double This Year, Chinas Reopening is Poised to Boost Global Growth, A Deal on the Debt Limit is Likelybut Not Without a Lot of Uncertainty, Frances 2023 Outlook Hinges on Energy, Inflation, and Government Reforms, The Global Economy in 2075: Growth Slows as Asia Rises. <> 5 0 obj endobj "At the time I finished my undergraduate course, I knew I wanted to go into finance," she says, "but then I undertook my Ph.D. so it didn't happen until later, I met with numerous banks on the milk-round, including Goldman Sachs. Looking forward, the economic cycle will continue to mature and those specific opportunity sets will shift again. 29, $ billion. Chinas reopening from Covid-19 restrictions will not only accelerate the countrys economic recovery, but it will also boost global economic growth, according to Goldman Sachs Research. In this episode of Exchanges at Goldman Sachs, Sharmin Mossavar-Rahmani, head of the Investment Strategy Group and chief investment officer for the Consumer and Wealth Management Division discusses the investment themes outlined in ISGs 14th annual investment outlook, Outlook 2022: Piloting Through, and explains why investors should continue to stay invested. Sub-sector. Aps dois anos sem ser realizado devido pandemia, o evento do Goldman Sachs reuniu aproximadamente 700 pessoas, sendo 60 gestores de hedge fund e diversos alocadores, como endowments, fundos . 50 Leading Women in Hedge Funds 2022 (The Hedge Fund Journal) The Hedge Fund Journal | 20 Dec 2022. Influential people and institutions across the globe rely on Goldman Sachs to support them in all they do. She joined Goldman Sachs as a vice president in 2018 and was named managing director in 2021. Following the strong CPI print on February 10th, Goldman Sachs Research is raising their Fed forecast to include seven consecutive 25bp rate hikes at each of the remaining FOMC meetings in 2022 (vs. five hikes in 2022 previously). This did not impair our judgement. All Rights Reserved. The French economy was able to keep growing for a large part of 2022 despite a number of challenges. If it is exceeded then our discipline is to typically redeem. That large basic salary comes with an expectation of serious continued performance, and every year some partners are selected to be consciously uncoupled . As these traders left to form their own firms, CC began investing in the spin off entities. How policymakers navigate these risks, and their growth and market consequences, are Top of Mind. While the basket underperformed last year, it does have a long track record of beating the market. Banks are often seen as a leading indicator for the economyso what are they telling us now about the picture in the US? Invalid input parameters. Leon Cooperman started life as the son of a plumber living in the South Bronx. Say within credit hedge funds, a manager can be security selection focussed, resulting in a more credit neutral approach or they may be focussed on security selection with a long credit bias. One of the effects has been that a low or lower-risk mindset had become predominant amongst funds of hedge funds. The growth of the industry has presented some challenges to funds of funds. 1. Goldman Sachs Stephan Feldgoise and Mark Sorrell, co-heads of the global mergers and acquisition business in the Investment Banking Division, explain the drivers behind the deal-making activity and the outlook for 2022. Goldman Sachs recently published its analysis of hedge fund and mutual fund positions, noting that equity exposure is still low but has rebounded. Please refresh the page and try again. 2022 Advanced Topics in Hedge Fund Practices Conference 2022 Advanced Topics in Hedge Fund Practices Conference Manager and Investor Perspectives Now in its 15th year, the series will cover current topics that are important to managers of hedge funds and investors in hedge funds. Find Your Alpha Dmitri Alexeev, Ph.D. on LinkedIn: Goldman Sachs Hedge Fund VIP ETF 2022 Review Rome Italy. Tomorrow, Simon & Schuster will release a new book by Jamie Fiore Higgins, a woman who worked her entire Wall Street career at one firm. Concentration - Hedge fund portfolio concentration continued to rise in 3Q 2022 and is near a record high, exceeded only by 4Q 2018. Is it Time to Invest in Emerging Markets? Listed hedge fund vehicles offer liquidity that would not be available otherwise. "We have seen managers extending their illiquidity. Economic growth is likely to start 2023 on the weak side across most of the Asia-Pacific, according to Goldman Sachs Research economists, as a fading reopening boost, slowing global manufacturing cycle, and past monetary tightening weigh on activity. We see an interesting balance of risk and reward in hybrid debt and equity strategies, such as mezzanine capital," states Ms. Pinnavaia. Can the Federal Reserve slow the U.S. economy enough to bring down inflation without causing a recession? This should give some longevity to the relationships provided there are not too many clients to nurture. This material is not an offer or solicitation with respect to the purchase or sale of any security in any jurisdiction. With over 20,000 white papers, Savvy Investor is the world's leading research network for institutional investors. NVIDIA Corp. NVDA. So what can we expect in 2023? Print. Bloomberg suggests that the traders in question are based in Goldman's commodities division, which generated $2.2bn in revenues in 2021, up from just $300m at its nadir in 2017. We have access to and use the models that analyse risk across and for the whole company. INVESTMENT OBJECTIVE The Goldman Sachs Hedge IndustryVIP ETF (the "Fund") seeks to provide investment results that closely correspond, before . The Swiss and London Stock Exchanges have had listed funds of funds available for some years. Ms. Pinna-vaia became a managing director in 2004. Together, GCM Grosvenor and industry colleagues worked towards the conference's mission of Expanding Alternatives by educating and training the next generation of small and emerging managers, while providing institutional investors and consultants access to these managers. (with the manager).". Value of short interest as of Jul. Anthony Annino, RiverRock Funds. I cover transformation in asset management, investing, and ESG. Pure arbitrage in the true sense is hard to come by, so naturally these strategies today deploy more directional risks, whether they be duration, credit or volatility as an example.". "For the legacy managers we must understand how they themselves allocate to strategies," explains Ms. Pinnavaia", but their flexibility and potential to act quickly is very useful. There is no attempt to micro-manage the residual or cumulative factor risk contributed across all the managers. 6 0 obj A Division of NBCUniversal. By 1981 CC had a professional staff of 40 of whom 8 were Ph.D.s. Assumed fee . "In terms of strategy we won't necessarily be looking only for a straight forward long/short strategy within India," discloses Pinnavaia. "We tap into the embedded knowledge of the whole company in what we do. Goldman Sachs is not a fiduciary with respect to any person or plan by reason of providing the material herein, information and opinions expressed by individuals other than Goldman Sachs employees do not necessarily reflect the view of Goldman Sachs. At the moment GSHFS has a number of areas under the microscope. Learn more about us, our purpose and our commitment to clients. 12 Sep 2022 Goldman Sachs Presentation at the Barclays 20th Annual Global Financial Services Conference 18 Jul 2022 Goldman Sachs Global Head of Investor Relations Carey Halio on 2022 Second Quarter Earnings 18 Jul 2022 Goldman Sachs Conference Call on 2022 Second Quarter Results "For an emerging manager we have to make a decision after a year to graduate them to a core position, or not." Thank you for subscribing to BRIEFINGS: a newsletter from Goldman Sachs about trends shaping markets, industries and the global economy. In this episode of Exchanges at Goldman Sachs, Goldman Sachs Researchs Samantha Dart, a senior energy strategist who focuses on the natural gas markets, and Jari Stehn, our chief European economist, discuss the state of Europes energy crisis and its impact on the broader European economy. In the end what we are looking to create are thoughtful portfolios that seek to address our clients' investment objectives.". He is a Visiting Professor at IESE Business School, and a Finance Lecturer at the Haas School of Business, University of . In June 1997, the Goldman Sachs Group, Inc. acquired the assets and business of CC, which the firm subsequently renamed Goldman Sachs Hedge Fund Strategies LLC in December 2004. REUTERS/Mike Blake Goldman saw a rough end to 2022 with profits down a whopping 69% in Q4 amid a serious decline in deal-making revenues, pressured by a weakening economic backdrop. Explore Goldman Sachs Asset Management's key themes of 2022 and the potential sources of attractive returns they could create. Hedge Fund Strategies is currently invested with only one volatility trading fund, and generally avoids short option strategies. Fireside chat with the CFO; Contacts Glossary System requirements. What are the long-term trends shaping the global economy? Goldman Sachs Research analysts expect global growth of just 1.8% in 2023, as US resilience contrasts with a European recession and a bumpy reopening in China. Yet there is still a fog of uncertainty facing investors. The Investment Strategy Group within Goldman Sachs Wealth Management expects 2023 to be less turbulent for markets, with inflation moderating and major central banks approaching the end of their tightening cycles. Funds of funds vary in how they react to a fund in which they are invested making losses. Spending time in hedging and structuring equity derivatives is also a very good background for a professional in the fund of hedge funds business. On the other hand, Goldman's Hedge Fund VIP basket, which tracks the most popular long positions of hedge funds, was down by over 29% year-to-date, lagging the S&P 500 by 13 percentage. "We haven't run into problems because of our size," asserts Ms. Pinnavaia. Data is a real-time snapshot *Data is delayed at least 15 minutes. In the latest episode of Exchanges at Goldman Sachs, Goldman Sachs Researchs Christian Mueller-Glissmann, who heads asset allocation research, breaks down what investors should keep in mind when building portfolios in 2023. Investor Forum. As of December 31, 2022, total investments in our portfolio were $3.5 billion at fair value, comprised of 97.6% senior secured loans, including 89.3% in first lien, 3.3% first lien last-out unit. "In terms of managing the portfolio of hedge funds, we see the key to success as the ability to move capital to unique opportunity sets," states Ms. Pinnavaia. Different geographies also give rise to diverse opportunities, with opportunities in Europe different to those in Asia or the US. As 2022 continues to unfold, two major growth risks loom large against a backdrop of alarmingly high inflationthe prospect of a Fed policy mistake, and of a sizable disruption in the Euro area's energy flows. A report from Goldman Sachs Research predicts the country will experience a period of weakness but narrowly avert a recession. Here are the top 10 stocks with the largest short positions: Company. In addition the construction of funds of hedge funds requires a facility with the higher moments of returns/distributions. Matthew Sidman, Three Bays Capital . Global Business and Financial News, Stock Quotes, and Market Data and Analysis. Over the years, CC gained a reputation for identifying and cultivating some of the best trading talent in the industry including Paul Tudor Jones and Bruce Kovner. More recently, corporates, now possessors of healthy balance sheets, are helping to fuel other opportunities such as M&A transactions and buybacks. Prior to joining the firm, she earned a Ph.D. in Quantum Chemistry from St. Catharine's College, Cambridge University in 1994, and her Bachelor of Science in Chemistry from King's College, London in 1991. If the managers are sticking to a style and we can anticipate a recovery of the losses then we may look at the situation differently. But they now see a shallower recession as the hard data have remained surprisingly resilient, the rebalancing of the gas market has reduced the risk of energy rationing and governments have provided significant fiscal support. Whilst trading by trend following was widely practised then and now, it was taken to new levels of sophisti-cation at CC. "We see a couple of major trends within the industry," explains Ms. Pinnavaia. And two important effects of the market action this year were the positioning in momentum trades allowed to run for gains, and the quick cutting of troubled positions to protect performance. The small group visited hedge fund managers, private equity managers and long-only managers in India. Goldman Sachs latest Hedge Fund Monitor, aptly named Holding Pattern. Rishi Sunak, the new UK prime minister, once worked as a junior analyst at Goldman Sachs in London. The struggles represent a setback for Goldman Sachs Asset Management, which has amassed more than $30 billion in hedge funds over the years and generated more than $1 billion in fees in the second . Outlook 2022: The Long Road to Higher Rates. Global growth slowed through 2022 on a diminishing reopening boost, fiscal and monetary tightening, Chinas Covid restrictions and property slump, and the Russia-Ukraine war. Could 0DTE Options Be The Cause Of The Next Market Meltdown. The environment ahead may be more challenging for holders of long-only equity. That is no longer the case, and the industry has evolved. While our Goldman Sachs Research economists expect Japans real GDP growth to slow to 1.3% in 2023, from 1.5% in 2022, they look for growth to continue to outpace its potential. Shares of the social media giant have rebounded 23% in the new year after the company reported fourth-quarter revenue that topped estimates and announced a $40 billion stock buyback. In the latest episode of Exchanges at Goldman Sachs, Kay Haigh, co-CIO of Fixed Income, and Hiren Dasani, co-head of emerging markets equity, within Goldman Sachs Asset & Wealth Management, discuss the recent rally in emerging markets and the outlook for 2023. What makes the US likely to avoid recession in 2023? After seeing record outflows in 2022, Asia-focused hedge funds posted a 5.3% gain in a January rally to mark their best monthly performance in years, bolstered mainly by a rebound in Chinese share . Ms. Pinnavaia neatly captures the phenomenon. Recomend this page. y//PkU3xc`m-+ S'n5xwWtS This material may not, without Goldman Sachs prior written consent, be (i) copied, photocopied or duplicated in any form, by any means, or (ii) distributed to any person that is not an employee, officer, director, or authorized agent of the recipient. To register and view more events, please go to My GS Events. While most of our economists GDP forecasts are a little below consensus for 2023 as a whole, they are more positive on second-half growth, particularly in China. It was not just a futures trading house, but was more of a mini-version of Engelhard or Cargill trading in futures and the underlying physicals in their various forms, such as cocoa beans, cocoa powder, cocoa butter and press cake. This one-day event will explore a wealth of topics, including: We would like to take an exposure with a manager that looks at special sits or is engaged in more structured types of transactions in India right now. Accordingly, equity hedge fund returns are having their smallest beta to the broad equity market in years. We gave them capital, they subsequently recovered and continued to generate exceptional returns and we have a great relationship with them," says Ms. Pinnavaia. As the global economic backdrop continues to improve, is it time to invest in emerging markets? In the latest Exchanges at Goldman Sachs episode, Goldman Sachs Allison Nathan speaks with Mohamed El-Erian, President of Queens College, Cambridge University, and Chief Economic Advisor at Allianz, and Jan Hatzius, Goldman Sachs Chief Economist and head of Goldman Sachs Research, for their views on where inflation goes from hereand what that means for the economy, monetary policy, interest rates and assets. We review GVIP ETF performance for 2022 to find the answer using AlphaBot. Hedge Fund Strategies is part of Goldman Sachs Asset Management (GSAM), which is the asset management arm of The Goldman Sachs Group, Inc. GSAM managed $549.4 billion as of 30 June 2006. Hedge Fund Conferences. This is the first closed-ended, exchange-listed investment company launched by GSAM. After soaring to record levels in 2021, the global M&A market slowed in 2022 against a challenging economic environment. "We've found that it is smaller institutional investors that are particularly keen to have a readily realisable exposure to hedge funds," notes Ms. Pinnavaia. In a higher rate environment with economic weakness, significant revaluations of private securities may be necessary. Share. Goldman Sachs is severing its business association with Islet Management, Joseph Samuel's block trading hedge fund, according to a report by Bloomberg. If we like a new, emerging manager we may fund them in this way." Goldman Sachs & Co. Ed Shapiro. A well-rounded view of volatility (traded and realised or historic) also emerges from time spent in equity derivatives this is particularly pertinent for an understanding of convertible bond arbitrage, and obviously the newer strategy of volatility trading. - No Bank Guarantee "The quality of the people I have to work with is the best thing about the job," declares the enthusiastic Ms.Pinnavaia. The key macroeconomic question of the year has been whether inflationary overheating can be reversed without a recession. "Hedge funds and mutual funds are overweight cyclical sectors . If there is expertise we can use elsewhere in the group, we can usually get access to it.". Whats Ahead for Global Economies and Markets in 2022? GSHFS is also prepared to invest with long-biased managers. What countries are likely to power global growth in the decades to come? Even if most managers stay within their style boxes (no style drift) there are components of the FoF which may not be readily viewed or readily assessed in this way. Whats Ahead for Economies and Markets in 2023? Ticker. "We like looking for markets undergoing change" explains Ms. Pinnavaia. Goldman Sachs Annual European Financials Conference 2022. After a very challenging 2022, Goldman Sachs Research economists expect China GDP growth to accelerate from 3.0% this year to 4.5% next year on the back of Chinas potential exit from its zero-Covid policy, which they assume will start shortly after the Two Sessions in March. Yes, the famously elongated assessment of candidates goes on at GSHFS as elsewhere in Goldman Sachs. Garvan specialises in alternatives, including hedge fund and private market investments, where he primarily focusses on the alternative allocations for discretionary client accounts. We estimate the maximum drawdown for the individual manager. This effort is supported by 63 professionals including a 33 person investment team, incorporating sector specialists, sector dedicated portfolio managers, a senior investment committee as well as fully integrated risk manage-ment and operational due diligence teams. A group of hedge funds' favorite stocks staged a fierce comeback in the new year with a double-digit return, according to Goldman Sachs. The multi-currency offering raised US$507 million in aggregate, making it thelargest initial public offering to date of a fund of hedge funds listed on the London Stock Exchange. If GSHFS likes the way it has gone it can add further capital, and if not the vehicle will be closed, because GSHFS will know after that length of time whether they have a long term relationship in prospect. You may opt-out by. And it's the net increase which determines the overall number of Goldman partners, not the gross. Location: Sydney, Australia. A wide range of investors think activity in equity capital markets will double in 2023 from the year before, when markets were beset by volatility, according to Goldman Sachs Annual Equity Capital Markets Investor Survey. Legends4Legends Charity Conference 2022 Hyper . These hedge fund darlings have rebounded more than 10% year to date as technology stocks rebounded from steep losses, the firm said. He spent around three years at the bank, covering US stocks including railways and media, the. Goldman Sachs Hedge Fund Strategies (GSHFS) grew out of Commodities Corporation. In 2021, the US economy showed its resilience and US equities outperformed once again, supporting the Investment Strategy Groups long-held tenets of US Preeminence and Staying Invested. "While the concentration of the most popular positions in growth stocks and the Info Tech sector has been a headwind for most of the last two years, those tilts have been boons so far this year alongside a sharp momentum reversal," Ben Snider, equity strategist at Goldman, said in a note. The early evidence is good, as that part of the client base that were early movers into hedge funds are using GSHFS to implement the evolution away from broad diversified products into customisation and niche investments. While risks have risen, we expect a favorable economic backdrop to continue to support equities this year. Analysis from Goldman Sachs Research economists suggests that the answer is yesan extended period of below-potential growth can gradually reverse labor market overheating and bring down wage growth and ultimately inflation, providing a feasible if challenging path to a soft landing. While it is based on information believed to be reliable, no warranty is given as to its accuracy or completeness and it should not be relied upon as such. By Pam Martens and Russ Martens: August 29, 2022 ~. A bunch of hedge funds' favourite shares staged a fierce comeback within the new yr with a double-digit return, based on Goldman Sachs. Today Goldman Sachs Hedge Fund Strate-gies has investment offices in New York, Princeton, London and Tokyo, and the group is one if the largest and most deeply resourced, globally deployed fund of hedge fund investment houses, allocating over $15bn to over 140 external hedge fund managers. From private equity and venture capital funds, to superannuation and sovereign wealth funds, private wealth advisors and family offices, since 2003 the AVCJ Forum is where the community. stream As central banks ratchet up interest rates to contain inflation, high-grade bonds are starting to give stocks a run for their money, according to Goldman Sachs Researchs 2023 Outlook for Asset Allocation. Below you will find a directory of events for hedge fund investors and hedge fund professionals. With the recent sell-off some of our managers are looking closely at valuations within the large caps, but as an example, we also see a role in the European arena for someone with short-term trading ability," imparts Ms. Pinnavaia. Is UnitedHealth Stock A Better Pick Over This Healthcare Facility Company? Find Your Alpha Goldman Sachs Hedge Fund VIP ETF 2022 Review - Dmitri Alexeev, Ph.D. sa LinkedIn The difference between the size of 2022 class and the 2018 one is precisely eleven names. These factors include Equity Market Risk (the MSCI World Index), Yield Curve Flattening, Credit, Volatility (of markets, using VIX as proxy), a Foreign Exchange factor, Commodity exposure, and exposure to High Yield. Microsoft and Amazon remained the two most popular hedge fund long positions last quarter. Chief Economist Jan Hatzius discusses the Omicron variant's effect on the economic outlook for 2022, and how persistent inflationary pressures could modify the Feds schedule for hikes and balance sheet normalization. For GSHFS, with a history of early allocations to managers now considered titans of the industry, the legacy managers have tended to evolve into large multi-strategy managers. Some error occurred. The 2023 conference will contain asset class specific content to help managers meet the challenge of working with institutional investors, as well as gain industry-leading insights and best practices. Although the renewed surge in Covid infections is likely to weigh on services activity over the winter, Goldman Sachs Research expects a more manageable hit to European economic activity than last year. Growth stocks bore the brunt of the sell-off last year amid rising interest rates. Goldman Sachs Presentation at the 2023 Credit Suisse Financial Services Forum, Goldman Sachs Global Head of Investor Relations and Chief Strategy Officer Carey Halio on 2022 Full Year and Fourth Quarter Earnings, Goldman Sachs Conference Call on 2022 Full Year and Fourth Quarter Results, David Solomon to Provide Remarks at the Goldman Sachs U.S. Financial Services Conference, Goldman Sachs Global Head of Investor Relations Carey Halio on 2022 Third Quarter Earnings, Goldman Sachs Conference Call on 2022 Third Quarter Results, Goldman Sachs Presentation at the Barclays 20th Annual Global Financial Services Conference, Goldman Sachs Global Head of Investor Relations Carey Halio on 2022 Second Quarter Earnings, Goldman Sachs Conference Call on 2022 Second Quarter Results, Goldman Sachs Presentation at Bernsteins 38th Annual Strategic Decisions Conference, Goldman Sachs Fixed Income Investor Conference Call, Goldman Sachs Global Head of Investor Relations Carey Halio on 2022 First Quarter Earnings, Goldman Sachs Conference Call on 2022 First Quarter Results, Goldman Sachs to Present at the Wolfe FinTech Forum 2022, Goldman Sachs Presentation at the 2022 Credit Suisse Financial Services Forum, Goldman Sachs Global Head of Investor Relations Carey Halio on 2021 Fourth Quarter Earnings, Goldman Sachs Conference Call on 2021 Full Year and Fourth Quarter Results, Goldman Sachs Global Head of Investor Relations Carey Halio on 2021 Third Quarter Earnings, Goldman Sachs Conference Call on Third Quarter 2021 Results, Goldman Sachs Global Head of Investor Relations Carey Halio on 2021 Second Quarter Earnings, Goldman Sachs Conference Call on Second Quarter 2021 Results, Goldman Sachs Presentation at Bernsteins 37th Annual Strategic Decisions Conference, Goldman Sachs Global Head of Investor Relations Heather Kennedy Miner on 2021 First Quarter Earnings, Goldman Sachs Conference Call on First Quarter 2021 Results, Goldman Sachs to Present at the Wolfe Virtual FinTech Forum, Goldman Sachs to Present at the RBC Global Financial Institutions Conference 2021, Goldman Sachs Presentation at the 2021 Credit Suisse Financial Services Forum, Goldman Sachs Conference Call on Full Year and Fourth Quarter 2020 Earnings Results and Update on Strategic Plan, Goldman Sachs Global Head of Investor Relations Heather Kennedy Miner on Full Year and Fourth Quarter 2020 Earnings Results, Goldman Sachs Presentation at the Bank of America Merrill Lynch Future of Financials 2020 Conference, Goldman Sachs to Present at the BancAnalysts Association of Boston Conference, Goldman Sachs Global Head of Investor Relations Heather Kennedy Miner on 2020 Third Quarter Earnings, Goldman Sachs Conference Call on 2020 Third Quarter Results, Goldman Sachs Global Head of Investor Relations Heather Kennedy Miner on 2020 Second Quarter Earnings, Rebroadcast of Goldman Sachs Conference Call on 2020 Second Quarter Results, Goldman Sachs Presentation at Bernsteins 36th Annual Strategic Decisions Conference, Goldman Sachs Conference Call on 2020 First Quarter Results, Goldman Sachs Global Head of Investor Relations Heather Kennedy Miner on 2020 First Quarter Earnings, Goldman Sachs Presentation at the 2020 Wolfe Research FinTech Forum, Goldman Sachs Presentation at the 2020 Credit Suisse Financial Services Forum, Full Year and Fourth Quarter 2019 Earnings Results, Goldman Sachs Global Head of Investor Relations Heather Kennedy Miner on 2019 Performance, Goldman Sachs Presentation at the Bank of America Merrill Lynch Future of Financials 2019 Conference, Goldman Sachs Global Head of Investor Relations Heather Kennedy Miner on 2019 Third Quarter Earnings, Goldman Sachs Global Head of Investor Relations Heather Kennedy Miner on 2019 Second Quarter Earnings, Goldman Sachs Presentation at Sanford C. Bernstein's 2019 Annual Strategic Decisions Conference, Goldman Sachs Presentation at the 2019 Credit Suisse Financial Services Forum, 2018 Full Year and Fourth Quarter Results, Goldman Sachs Presentation at the Bank of America Merrill Lynch Future of Financials 2018 Conference, Goldman Sachs Presentation at Sanford C. Bernstein's 2018 Annual Strategic Decisions Conference, Goldman Sachs Presentation at the 2018 Credit Suisse Financial Services Forum, Goldman Sachs Presentation at the Bank of America Merrill Lynch Future of Financials 2017 Conference, Goldman Sachs Presentation at the Barclays Global Financial Services Conference, Goldman Sachs to Present at the Deutsche Bank Global Financial Services Conference, Goldman Sachs Presentation at the 2017 Credit Suisse Financial Services Forum, Goldman Sachs Presentation at the Bank of America Merrill Lynch Future of Financials 2016 Conference, Goldman Sachs Presented at the Deutsche Bank Global Financial Services Conference, Goldman Sachs Presentation at the 2016 Credit Suisse Financial Services Forum, Rebroadcast of Goldman Sachs Conference Call to Announce 2015 Annual and Fourth Quarter Results, Goldman Sachs Presentation at the Bank of America Merrill Lynch 2015 Banking and Financial Services Conference, Rebroadcast of Goldman Sachs Conference Call to Announce 2015 Third Quarter Results, Rebroadcast of Goldman Sachs Conference Call to Announce 2015 Second Quarter Results, Goldman Sachs Presented at the Deutsche Bank Global Financial Services Investor Conference, Rebroadcast of Goldman Sachs Conference Call to Announce 2015 First Quarter Results, Goldman Sachs Presentation at the 2015 Credit Suisse Financial Services Forum, Rebroadcast of Goldman Sachs Conference Call to Announce 2014 Annual and Fourth Quarter Results, Goldman Sachs Presentation at the Bank of America Merrill Lynch 2014 Banking and Financial Services Conference, Rebroadcast of Goldman Sachs Conference Call to Announce 2014 Third Quarter Results, Rebroadcast of Goldman Sachs Conference Call to Announce 2014 Second Quarter Results, Broadcast of Goldman Sachs Conference Call to Announce 2014 Second Quarter Results, Goldman Sachs Presentation at Sanford C. Bernstein's Strategic Decisions Conference 2014, Rebroadcast of Goldman Sachs Conference Call to Announce 2014 First Quarter Results, Rebroadcast of Goldman Sachs Conference Call to Announce 2013 Annual and Fourth Quarter Results, Goldman Sachs Presented at the Bank of America Merrill Lynch 2013 Banking and Financial Services Conference, Rebroadcast of Goldman Sachs Conference Call to Announce 2013 Third Quarter Earnings, Rebroadcast of Goldman Sachs Conference Call to Announce 2013 Second Quarter Earnings, Goldman Sachs Presentation at Sanford C. Bernstein's Strategic Decisions Conference 2013, Rebroadcast of Goldman Sachs Conference Call to Announce 2013 First Quarter Earnings, Goldman Sachs Presentation at the Credit Suisse 2013 Financial Services Forum, Rebroadcast of Goldman Sachs Conference Call to Announce 2012 Annual and Fourth Quarter Results, Goldman Sachs Presentation at the Bank of America Merrill Lynch 2012 Banking and Financial Services Conference, Rebroadcast of Goldman Sachs Conference Call to Announce 2012 Third Quarter Earnings, Rebroadcast of Goldman Sachs Conference Call to Announce 2012 Second Quarter Earnings, Goldman Sachs Presentation at Sanford C. Bernstein Strategic Decisions Conference 2012, Rebroadcast of Goldman Sachs Conference Call to Announce 2012 First Quarter Earnings, Goldman Sachs Presentation at the Credit Suisse 2012 Financial Services Forum, Rebroadcast of Goldman Sachs Conference Call to Announce 2011 Annual and Fourth Quarter Earnings, Goldman Sachs Presentation at the Bank of America Merrill Lynch 2011 Banking and Financial Services Conference, Rebroadcast of Goldman Sachs Conference Call to Announce 2011 Third Quarter Results, Rebroadcast of Goldman Sachs Conference Call to Announce 2011 Second Quarter Earnings, Goldman Sachs Presentation at Sanford C. Bernstein's Twenty-Seventh Annual Strategic Decisions Conference 2011, Rebroadcast of Goldman Sachs Conference Call to Announce 2011 First Quarter Earnings, Goldman Sachs Presentation at the Credit Suisse 2011 Financial Services Forum, Rebroadcast of Goldman Sachs Conference Call to Announce 2010 Annual and Fourth Quarter Earnings, Goldman Sachs Presentation at the Bank of America Merrill Lynch 2010 Banking and Financial Services Conference, Rebroadcast of Goldman Sachs Conference Call to Announce 2010 Third Quarter Earnings, Rebroadcast of Goldman Sachs Conference Call to Announce 2010 Second Quarter Earnings, Goldman Sachs Presentation at the UBS 2010 Global Financial Services Conference, Rebroadcast of Goldman Sachs Conference Call to Announce 2010 First Quarter Results, Goldman Sachs Presentation at the Credit Suisse 2010 Financial Services Conference, Rebroadcast of Goldman Sachs Conference Call to Announce 2009 Annual and Fourth Quarter Results, Goldman Sachs Presentation at the Bank of America/Merrill Lynch 2009 Banking and Financial Services Conference, Rebroadcast of Goldman Sachs Conference Call to Announce 2009 Third Quarter Results, Rebroadcast of Goldman Sachs Conference Call to Announce 2009 Second Quarter Results, Rebroadcast of Goldman Sachs Conference Call to Announce 2009 First Quarter Results, Goldman Sachs Presentation at the Credit Suisse 2009 Financial Services Conference, Rebroadcast of Goldman Sachs Conference Call to Announce 2008 Annual and Fourth Quarter Results, Goldman Sachs Presentation at the 2008 Merrill Lynch Banking and Financial Services Investor Conference, Rebroadcast of Goldman Sachs Conference Call to Announce 2008 Third Quarter Results, Rebroadcast of Goldman Sachs Conference Call to Announce 2008 Second Quarter Results, Goldman Sachs Presentation at the Credit Suisse 2008 Financial Services Conference, Rebroadcast of Goldman Sachs Conference Call to Announce 2007 Annual and Fourth Quarter Results, Rebroadcast of Goldman Sachs Conference Call to Announce 2007 Third Quarter Results, Rebroadcast of Goldman Sachs Conference Call to Announce 2007 Second Quarter Results, Rebroadcast of Goldman Sachs Conference Call to Announce 2007 First Quarter Results.