Group 1 - The dealmaking market is experiencing significant growth, driven by a strong corporate merger backdrop, leading to higher pay packages on Wall Street [1][2] - Banks are competing for elite talent in anticipation of a busy 2026, with Goldman Sachs projecting the second biggest year in M&A history, having already advised on over a trillion dollars in activity this year [2][6] - Goldman Sachs CFO Denis Coleman emphasized the competitive compensation landscape for top performers, indicating a focus on pay-for-performance to retain talent [3][4] Group 2 - The formation of Goldman Sachs' Capital Solutions Group has facilitated more complex financings and opportunities for both institutional and wealth clients [4] - The recent earnings season has exceeded expectations, with Goldman’s advisory revenue increasing by 60% to $1.4 billion in Q3, while other major banks also reported double-digit gains in investment-banking fees [6][7] - There is a growing optimism among CEOs in the industry, with indications that a new "golden age" for corporate dealmaking may be emerging [8]

Group 1 - The article does not provide any specific content related to a company or industry [1]

Group 1 - The current consumer spending environment is showing early warning signs similar to those before the 2008 financial crisis, with Las Vegas gaming revenue acting as an economic cycle indicator [1] - Goldman Sachs analysts, led by Lizzie Dove, report that consumer trends in Las Vegas are declining, reflecting early signs of economic recession [1][4] - Despite a K-shaped recovery and a bifurcated spending environment, the early signals warrant close attention from the market until early 2026 [1][4] Group 2 - The research establishes an analytical framework to identify the transmission path of consumer pressure, based on the responses of the tourism and leisure industry during the 2008-2009 recession [2] - Las Vegas and the airline industry were the first sectors impacted during the 2008 global financial crisis, with gaming revenue declining as early as February to March 2008 and airline boarding numbers showing a drop by mid-2008 [2] - In contrast, the hotel and cruise industries experienced a lag in their downturn, with U.S. hotel revenue per available room (RevPAR) starting to decline in late 2008 and cruise industry net yields reaching their lowest point by mid-2009 [2] Group 3 - The emphasis on historical consumer behavior patterns is due to the current K-shaped recovery and differentiated spending environment signaling early warning signs [4] - Las Vegas trends indicate a downward trajectory, consistent with early signs of economic downturn, while the airline sector remains robust [4] - If airline demand begins to decline following Las Vegas, it would provide clearer evidence of broader economic weakness, potentially necessitating macroeconomic policy adjustments [4]

Core Insights - The trend of increasing interest in active management is expected to continue into 2026, with Goldman Sachs and MFS Investment Management leading the charge in the active ETF market [1][2] Demand Drivers and Active Management Benefits - Active ETFs provide portfolio managers with the flexibility to adjust holdings based on current market conditions, making them suitable for various market environments [3] - Investors are drawn to the benefits of active management while also appreciating the structural advantages of ETFs, especially in uncertain macroeconomic conditions [3] - Active management is seen as a risk mitigation strategy, allowing managers to avoid underperforming assets [5] Cost and Accessibility - Misconceptions about the cost of active strategies are being addressed, with efforts from firms like Goldman Sachs to reduce fees, making active ETFs more competitive with passive options [4] - The overall ETF marketplace is experiencing a reduction in fees for active funds, enhancing their accessibility [4] Investor Education and Awareness - There is a growing demand for investor education regarding active ETFs, with investors seeking to understand the range of products available [6] - Increased awareness of the benefits of active ETFs is contributing to their adoption [6] MFS Active ETF Offerings - MFS offers a variety of active ETFs across different asset classes, with core equities being the most popular choice among investors [7] - Recent additions to MFS's active ETF lineup include the MFS Blended Research Core Equity ETF (BRCE) and the MFS Blended Research International Equity ETF (BRIE), which utilize a disciplined, bottom-up investment approach [8] Goldman Sachs Active ETF Offerings - Goldman Sachs has developed its own suite of active ETFs, including the Goldman Sachs Small Cap Core ETF (GSC), which is positioned for potential growth as the market shifts [10] - The Goldman Sachs Ultra Short Bond ETF (GSST) is gaining traction for its ability to lock in yields amid changing interest rates, while the Goldman Sachs Corporate Bond ETF (GIGL) is benefiting from tighter credit spreads [11] - The Goldman Sachs MSCI World Private Equity Return Tracker ETF (GTPE) aims to deliver private-equity-like returns through public equities, addressing investor interest in private credit [11][12]

Thank you, Kelly, and thank you, Dennis. Uh 54% gains year-to- date. A lot of that based on optimism about the overall capital markets environment.You said on your presentation earlier today uh at the Goldman Sachs Financial Services Conference, where we're at right now, that the industry is expected to have its second biggest M&A year in history. How much of that upswing is Goldman capturing, and do you see it following through into 2026. >> Leslie, thank you very much for being here.This is our 36th uh fi ...

Core Insights - The industry is expected to have its second highest year for announced M&A volume, with $1.5 trillion of M&A activity year to date, driven by optimism in the capital markets environment [2][3] - There is a significant increase in sponsor activity, with a 40% uptick noted, as private equity firms are looking to monetize their portfolio assets due to favorable market conditions [5][6] - The outlook for 2026 is optimistic, with expectations that it could potentially be a record year for M&A activity, supported by a conducive macroeconomic backdrop and open financing markets [6][9] M&A Activity - The current year is projected to be the second largest for M&A, with a strong engagement from clients generating numerous strategic ideas [2][3] - The private equity community, which had been relatively quiet, is now more active, indicating a shift in market dynamics [4][5] - The favorable conditions include a supportive regulatory environment and a sense of optimism among companies regarding growth opportunities [8][9] Company Strategy - The company has recently made significant investments, including a $2 billion deal for Innovator Capital Management and a billion-dollar investment in T-Ro, indicating a strategic focus on growing durable revenue streams within asset and wealth management [10][11] - The firm aims to accelerate growth in its asset and wealth management business, leveraging opportunities to enhance capabilities and product offerings [11][12] - The company has been recognized as the number one M&A adviser for 20 years, positioning it as a trusted partner for clients seeking to execute their strategic ideas [9]

Group 1 - The focus is on income investing through common shares, preferred shares, or bonds, with occasional insights on the broader economy or specific company situations [1] - The author has a background in history/political science and an MBA specializing in Finance and Economics, indicating a strong analytical foundation [1] - The author has been investing since 2000 and currently serves as the CEO of an independent living retirement community in Illinois, suggesting practical experience in both investment and management [1] Group 2 - There are no disclosed stock, option, or derivative positions in any mentioned companies, indicating an unbiased perspective in the analysis [2] - The article expresses personal opinions and is not influenced by compensation from companies mentioned, ensuring independence in the analysis [2] - Seeking Alpha clarifies that past performance does not guarantee future results, emphasizing the need for individual assessment of investment suitability [3]

PresentationRichard RamsdenGoldman Sachs Group, Inc., Research Division It is 10 a.m., so we're going to move on to the next presentation. I am delighted to be joined by Denis Coleman. I don't think Denis needs any introduction, CFO of Goldman Sachs, been at the firm since 1996, CFO since 2022, regular attendee at the conference. Prior to the CFO role, Denis was Co-Head of the Global Financing Group, which was actually the predecessor to the Capital Solutions Group. Delighted for you to join us again this ...

Goldman Sachs says this year is on track to become the second-biggest in history for announced mergers and acquisitions industrywide, an encouraging sign for 2026, according to its finance chief Denis... ...

Group 1 - John Weinberg is the Chairman and CEO of Evercore, a position he has held for nearly 4 years [1] - Prior to his current role, he served as Co-Chairman of the Board and co-CEO since July 2020, overseeing significant growth at Evercore [1] - John Weinberg has a background as Vice Chairman of Goldman Sachs and Head of Investment Banking before joining Evercore in November 2016 [1]