In the end what we are looking to create are thoughtful portfolios that seek to address our clients' investment objectives.". "We do not currently invest with solely dedicated currency managers, rather most of the exposure we have to FX is through global macro managers," Pinnavaia adds. The super start-ups take a lot of the capital these days, but still FoF companies have to find a way of identifying and working with emerging hedge fund managers. Just as commodity markets have been dominated by the dollar in 2022, Goldman Sachs Commodities analysts expect them to be shaped by underinvestment in 2023. Share this event on: Twitter. Rome Italy. We gave them capital, they subsequently recovered and continued to generate exceptional returns and we have a great relationship with them," says Ms. Pinnavaia. 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. He . Pro Picks: Watch all of Friday's big stock calls on CNBC, This half-century old fund seeks out global value and has Warren Buffett's style all over it, This tech CEO bought $10 million of his own stock for the first time since 2017. 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. Jeff Currie, global head of commodities research, explains why commodity markets will be shaped by underinvestment in 2023. We want to hear from you. A group of hedge funds' favorite stocks staged a fierce comeback in the new year with a double-digit return, according to Goldman Sachs. In a higher rate environment with economic weakness, significant revaluations of private securities may be necessary. Its a delicate balance, but there are several reasons that it could be more achievable than in the past, according to economists at Goldman Sachs. by David Rothnie 13 October 2022 3 minute read. "So we have been investors of natural resource strategies for a while. Goldman Sachs' latest Hedge Fund Monitor, aptly named "Holding Pattern", makes some interesting points supported by reams of data. "For certain sorts of investors there are issues of admissibility of the assets, and the Goldman Sachs Dynamic Opportunities Limited is one solution for them. In 1991, Leon Cooperman founded Omega Advisors, a roughly $3.4 billion hedge fund based in New York City. Listed hedge fund vehicles offer liquidity that would not be available otherwise. The recent project on India is a case in point. Goldmans Sachs Research economists maintain their long-held view that the energy crisis will push the European economy into recession this winter, as surveys and production data point to a sizeable slowing in energy-intensive industries, and high inflation will reduce real household incomes. The U.S. will probably stick a soft landing next year: the worlds largest economy is forecast to narrowly avoid a recession as inflation fades and unemployment nudges up slightly, according to Goldman Sachs Research. 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. What makes the US likely to avoid recession in 2023? In July this year Goldman Sachs Asset Management launched the Goldman Sachs Dynamic Opportunities Limited ("GSDO"), a closed-ended, fund of hedge funds which trades on the London Stock Exchange. In this episode of Exchanges at Goldman Sachs, Jeffrey Currie, global head of Commodities Research in Goldman Sachs Research, discusses why he believes commodities are entering a supercycle and how the current geopolitical landscape is shaping commodity markets. Past performance does not guarantee future results. - No Bank Guarantee This rotation through the sub-strategies of event-driven illustrates another tenet of GSHFS. One of the effects has been that a low or lower-risk mindset had become predominant amongst funds of hedge funds. Performance - The average hedge fund has returned -5 percent YTD amid a tough market for both alpha and beta. NEW YORK - November 17, 2022 - Blackstone (NYSE:BX) announced today that Stephen Schwarzman, Chairman, CEO and Co-Founder, is scheduled to present at the Goldman Sachs 2022 US Financial Services Conference on Wednesday, December 7, 2022 at 12:20pm ET. Hedge funds ramped up bets on megacap US tech stocks and whittled down overall holdings to focus on favored names last quarter, with conviction climbing back to levels seen at the . . Ms. Pinnavaia is Head of Hedge Fund Strategies, Europe and Asia. The mid to late 1990s saw an evolution in derivative products; new structures being created and asset allocation being implemented more efficiently through use of derivatives. Goldman's hedge fund "VIP" basket is comprised of the 50 stocks that appear most often among the top 10 holdings of fundamental hedge funds, which have roughly $1.5 trillion worth of long. 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 . Goldman Sachs' Secrets Spill Out in New Book by a Former Managing Director. They continue to expect the FOMC to hike three more times at a gradual once-per-quarter pace in 2023Q1-Q3 and to reach the same terminal rate of 2.5-2.75%, but earlier. "In terms of strategy we won't necessarily be looking only for a straight forward long/short strategy within India," discloses Pinnavaia. Legends4Legends Charity Conference 2022 Hyper . The factor risk analysis undertaken is based on several factors which are quite typical for FoF managers to use. 6 0 obj He spent around three years at the bank, covering US stocks including railways and media, the. Tesla Investors Arent Impressed With Elon Musk. Outlook 2022: The Long Road to Higher Rates. See the chart below. For example GSHFS had a positive view of the opportunities for managers in the distressed debt area from 2002 on. We are also reflective on past performance. Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds. A Division of NBCUniversal. The moves comes as US regulators are looking into the communications between banks and hedge funds engaged in the trading of large blocks of stock. To ensure success, we need the intellectual capital to understand the changes that are taking place in markets, and the appropriate expertise to identify the managers that can execute well in that strategy. The 2022 SEM Conference was back and in-person again for the first time in three years. "Our differentiating factor as a fund of hedge funds is the Goldman network," she states. Amongst the top most hedge fund conferences is the Alpha Hedge West Conference, which will hold its 20 th annual session this year. Hedge Funds Real Estate Infrastructure Managed Futures View All Variable Insurance Funds U.S. Equity International & Global Equity Emerging Markets Equity Taxable Fixed Income Multi-Asset Global Listed Real Assets Investment Ideas Why Calvert ETFs 1GT: Climate Investing Reinvented Ashbridge Strategy There are some 250 energy managers clustered around Texas, and we feel we have the resources to commit to identifying unique talent in the arena. "Now we establish vehicles which are essentially separate accounts for managers. (with the manager).". See the chart below. Goldman Sachs latest Hedge Fund Monitor, aptly named Holding Pattern. To some extent this is reflected in Fig.1. Matthew Sidman, Three Bays Capital . The Index is designed to . We once funded a manager whilst they were in a significant drawdown. Goldman Sachs Hedge Fund Strategies (GSHFS) grew out of Commodities Corporation. As these headwinds fade and Chinas reopening gets underway, they expect growth to reaccelerate. In looking at the sizing of allocations to managers within funds of funds, GSHFS considers the risk and return characteristics of each manager, including the average expected volatility of returns, drawdown patterns and liquidity and leverage characteristics as well as their asset capacity limits and constraints. . 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. On September 6th Goldman Sachs said it would float a new investment vehicle, called Petershill Partners, which will hold 19 minority stakes in private-equity groups and hedge-fund managers that . Goldman analyzed 786 hedge funds with $2.3T of gross equity positions and 548 mutual funds with $2.5T of AUM at the start of 4Q 2022. <> Send. Global Business and Financial News, Stock Quotes, and Market Data and Analysis. The environment ahead may be more challenging for holders of long-only equity. 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. The growth of the industry has presented some challenges to funds of funds. The fund of funds unit is leveraging the knowledge base and best operating practices of the parent to the apparent benefit of the client. Goldman precedent hints at further cuts and zero bonuses in Hong Kong. As an example, we recently identified and funded a manager investing in the alternative energy supply space. Garvan specialises in alternatives, including hedge fund and private market investments, where he primarily focusses on the alternative allocations for discretionary client accounts. Stephen Burbage, JP Morgan. Goldman Sachs Group Inc. has asked clients not to attend a hedge fund conference due next month in person and join virtually instead. Recomend this page. It was also perceived to be a place of work which was somewhat Ivy League and preppy in atmosphere and style, reflecting that it was founded by a Nobel Laureate in Economics (Paul Samuelson) and someone with a Ph.D. from MIT (Helmut Weymar). 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. Goldman noted that hedge funds' selling of tech stocks is driven almost entirely by long sales, in contrast to mainly short sales seen in the last two months of 2021. We may choose a manager that has a long equity market bias, or one that has a more neutral or balanced market exposure, depending upon the style and talent of the manager and the underlying opportunity set. 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. Will Boston Scientific Stock See Higher Levels? I cover transformation in asset management, investing, and ESG. 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. In this columnists opinion, one of the biggest risks to 2023 is the potential dislocation from valuations of less-liquid assetssuch as private equity and private debt and real estatewhich have done far fewer write-downs on their portfolios. He is a Visiting Professor at IESE Business School, and a Finance Lecturer at the Haas School of Business, University of . The following questions will help us determine the right team for you. Fig.2 shows this. Richard Blond, Credit Suisse. 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. Can the Federal Reserve slow the U.S. economy enough to bring down inflation without causing a recession? GSHFS also examines the organisational infrastructure, including the quality of the investment professionals and staff, the types and application of internal controls, and any potential for conflicts of interest. Banks are often seen as a leading indicator for the economyso what are they telling us now about the picture in the US? Goldman Sachs Research says the fastest pace of the recovery now lies behind us, but there are reasons for optimism on global growth heading into 2022. "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. Be that as it may, hedge funds, as always, remain heavily invested in most of the market's biggest and bluest of blue . Investors must discern between those funds that can justify such extensions and those that can't. Will Congress pass any reconciliation package this year? At our longest standing flagship conference in the region, we convene a select group of notable speakers and Goldman Sachs investment professionals to feature the best of Asia's thought leadership through topical and thematic discussions. 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. Goldman Sachs Jan Hatzius and Dominic Wilson examine whats in store for 2022. As such there have been many opportunities in the Event Driven arena. The Wall Street bank's unit that lends money and. Plentiful natural gas supplies and mild weather across Europe are creating optimism that the continent may be able to avoid shortages and blackouts this winter. Organiser: ION Analytics. 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 . 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. The second big trend is a new demand for niche and opportunistic investments." 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. Meta rebounded to number three on the list after falling out of the top five last quarter for the first time since 2014. co-chairs and members of our host committee for the 2022 Conference: 2022 Co-Chairs. 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. Intelligence People Goldman Sachs's head of emerging markets rates Amir Fais trading has announced he is leaving the firm after 15 years to start a 'new part' of his career, which will reportedly see him take a up a role with a hedge fund, according to a report by eFinancial Careers. "For fixed income managers we prefer managers that go beyond arbitrage, or playing yield curve shifts. Is It Time to Switch from Stocks to Bonds? 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. The US Economy Is Poised to Slow as the Fed Taps the Brakes, The Case for Commodities: Super-Backwardation, Structural Demand and Inventory Shortages, Piloting Through: Why Investors Should Stay the Course, US Economics Analyst: 10 Questions on the Political and Policy Outlook for 2022, European Economics Analyst: 10 Questions for 2022, Asia Economics Analyst: Ten questions for 2022, David Solomon on the Firms Performance, the Global Economy and What to Expect in 2022, Investment Strategy Group's Outlook 2022: Piloting Through. 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. 5 0 obj This material is intended for educational purposes only and is provided solely on the basis that it will not constitute investment advice and will not form a primary basis for any personal or plans investment decisions. Hedge Fund Conferences. endstream The selling was driven. 08 May 09 . Prior to assuming her current role, Ms. Pinnavaia was Co-Head, Hedge Fund Strategies, Europe, responsible for hedge fund manager selection across Europe and Asia, with a particular focus on Equity Long/Short managers. October 13-14, 2022. . x}Z[%)/ha'?z1~Uc?oO/$y19kiJ)H90kyj'e~l3 r ooMS^PFhf{Zoc>197ZO~FH`xr ig7Sgcdjtc-5*75)B" 1O56YBA"x_;CGuKBDNs qT*F1MAR"wdrKQzDH. Merrill Lynch and Goldman Sachs where he managed money in equity and fixed income markets as well as advised hedge funds in a variety of strategies. During the conference, we convene a select group of external speakers and Goldman Sachs investment professionals to feature the best of the Firm's thought leadership through topical and . This is the answer to the key question of how GSHFS flourishes within the context of the bank. A recent trip was carried out by the hedge fund analysts and other specialists within the firm. Goldman Sachs notes that in the past, the capital formation process for companies has been pretty clear, with each stage having its own set of funders. 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. Partner together to navigate this year and many years ahead. Goldman Sachs recently published its analysis of hedge fund and mutual fund positions, noting that equity exposure is still low but has rebounded. 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. Got a confidential news tip? The way they have gone about it says a lot about their way of operating. Financial. These criteria include portfolio management experience, strategy, style, historical performance, including risk profile and drawdown patterns, risk management philosophy and the ability to absorb an increase in assets under management without a diminution in returns. As a group the clients that enjoy what has been termed "single stock wealth" (this was the time of the tech bubble after all) have been backers of hedge funds for some time, and are the original providers of capital to the industry. A group of hedge funds' favorite stocks staged a fierce comeback in the new year with a double-digit return, according to Goldman Sachs. "We like looking for markets undergoing change" explains Ms. Pinnavaia. NVIDIA Corp. NVDA. ", Ms. Pinnavaia, given a "week off" between finishing her Ph.D. and commencing work, started out in equity derivatives in the London office. ", GSHFS has been a commercial success and is now amongst the largest fund of funds in the world. Commodities Corp. was a company where some of today's best traders began their careers traders like Ed Seykota, Michael Marcus, Paul Tudor Jones, Bruce Kovner and Louis Bacon all began at CC. Whats Ahead for Economies and Markets in 2023? "We still invest with only 143 funds, and we can match the increased appetite for risk that our clients are now demanding through customisation, and our efforts to identify and work with niche and opportunistic strategies. 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. 11 JAN 2023 Exchanges at Goldman Sachs What's Ahead for Economies and Markets in 2023? "To be clear, we don't try to time markets, but try and work with the cycles of the strategies." ; Event School Category Audience Graduation Year Division Date Location/City Global economies and markets are facing a more complicated landscape amid rising rates, slowing growth and shifting monetary and fiscal policies. 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.