YouSaid · the spoken record

Anthony Noto

lines on the record: 39
first: 2020-04-29
most recent: 2020-04-29
sittings or episodes: 1
sources: podcast

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“This health crisis and then the economics will follow from there, maybe not in a direct line, but certainly there's a close relationship. We wanted to thank on behalf of me and Anthony all of you for joining this call today, for being such great clients of the firm. It's in moments like these that we really understand and value and cherish the relationships that we've got with all of you. And so every time that you pick up the phone and call us to ask us for advice on anything, it's something that we are really, really excited about and willing to and eager to jump on. So hope everybody has a great week and stay safe.”
2020-04-29 · Goldman Sachs Exchanges · Client Call: CFO Perspectives · IDENTIFIED FROM THE TRANSCRIPT
“Well, thanks, Jan, for that thorough walkthrough. And I think much of what you articulated, I think many of us on the phone hope plays itself out. What we really wanted to do on this call for the clients is come at you from the perspective of our own CFO who's struggling with many of the same issues that all of you are, opportunities and challenges, I would say, then talk a bit about the markets upon which we know that you are reliant to fund your businesses and why we're seeing what we're seeing there. And thankfully, that's a better picture than it was several weeks ago. And then really just to finish with the view of our top economic person to kind of try to prognosticate a little bit about what this might look like. And I think all of us can agree that the path of this depends very much on the medicine and how quickly we all get our arms around”
2020-04-29 · Goldman Sachs Exchanges · Client Call: CFO Perspectives · IDENTIFIED FROM THE TRANSCRIPT
“Really solid companies take a view on liquidity and capital to let these businesses function. So those are just a few examples and to the extent any of you are in those having those types of discussions be more than happy to help you understand what options might be available to you. But with that, I'll maybe turn it back over to Susie quickly and then on to Johnny. Thanks, everyone.”
2020-04-29 · Goldman Sachs Exchanges · Client Call: CFO Perspectives · IDENTIFIED FROM THE TRANSCRIPT
“Occurs in the world of high yield. So, this isn't just about accessing equity markets to de-risk your capital structure. There's a Blackstone-owned portfolio company in single B space by the name of Merlin. It's an operator of theme parks where only nine of their 130 locations are actually open. So very, very difficult circumstances, yet they were able to go to the market, raise over half a billion euros of high-yield debt at 7%, and basically extend out the duration so they could return to operations. And investors basically saw it as an opportunity to come and put money to work for a substantially good company, which was befallen difficult times, but generate a premium yield for extending credit at this sort of uncertainty. And our dialogue is just replete with investors around the world cross-asset classes, debt, equity, and more structured transactions where they're willing to step in and support.”
2020-04-29 · Goldman Sachs Exchanges · Client Call: CFO Perspectives · IDENTIFIED FROM THE TRANSCRIPT
“Going to debt and equity investors. I'll take the example of Informa, which is Invents Operator, which raised a billion pounds of common equity alongside loans, demonstrating it at access to capital and liquidity, investors embraced the offering. They supported a substantial upsize of the total transaction size because they could see that it provided that much more cushion and runway for the company, a company that was a fundamentally good, solid company, an investable company with a good solid track record, just very much impacted by the events. That transaction”
2020-04-29 · Goldman Sachs Exchanges · Client Call: CFO Perspectives · IDENTIFIED FROM THE TRANSCRIPT
“And that you could have confidence that on most days, even as we see volatility on the screens, we see even negative news about the virus, you can have confidence that you can access the liquidity you need to sort of defend your balance sheet. The second point is that these deals are performing very, very well in the secondary market. So while they come at somewhat elevated concessions to either equity or debt, they perform after the fact, and that allows the next issuer to come to market with confidence. I close and hand it over to Dennis by saying, as we all find room to exhale and hopefully move out of this sort of chaos phase into the defensive phase, we hope some of you will turn to offense as you resume thinking about strategic opportunities in your sector.”
2020-04-29 · Goldman Sachs Exchanges · Client Call: CFO Perspectives · IDENTIFIED FROM THE TRANSCRIPT
“Small relatives $105 billion high yield issuance, but a normal April for converts is about $2 billion. And while that market has seen a lot of issuance by technology and healthcare companies, which tend to be the most active, we've also funded for companies in the travel industry, in the retail industry. The important transaction in the market that I'd focus on was $2 billion convert for Carnival that cruise lines which came side by side with a common equity deal and $4 billion of secured bonds. And so that's what I'm talking about, this integrated market, the integration of the markets providing either rescue capital or defensive capital side by side. For all of you who have to raise money in any market, the most important takeaway number one is just that markets are open. All markets are open.”
2020-04-29 · Goldman Sachs Exchanges · Client Call: CFO Perspectives · IDENTIFIED FROM THE TRANSCRIPT
“We saw Double B Cedar Fair. We saw Gap, Netflix, MGM. We even did a successful deal for B-Borld Park. And this incredible function in the market to tell you something that something is that, and Dennis is going to talk a little bit more about the investor side and how all securities are performing on the back of these transactions. But what it means is people think and hope that we will come out of this at some time, maybe not soon, but in time to recover. The other market we should talk about that has been a bright spot in also providing defensive liquidity for a range of issuers is the convert market. Since that market reopened in April, we've seen about 10 billion of issuance across 17 deals. Now, I know that sounds”
2020-04-29 · Goldman Sachs Exchanges · Client Call: CFO Perspectives · IDENTIFIED FROM THE TRANSCRIPT
“Weeks into this for me, I think of it as a six week crisis because I think of it, when did I go to work from home, six degree field last Friday? We did our first high-yield bond deal for Young Browns. It was a $600 million transaction. And we were so excited that the High Yield market had opened that we posted all the way up to Steven and John Waldron and David Solomon. There was actually a high five email when we led young brands deal. Since then, we've seen $105 billion of high yield bond issuance. That's a 53% year-to-date. Last week, we saw board recently downgraded to Double B, actually pre-COVID take $8 billion out of the market in a single day. Well, coupons remain elevated, we've seen some double the companies raise money at stub 5% coupons. And last week,”
2020-04-29 · Goldman Sachs Exchanges · Client Call: CFO Perspectives · IDENTIFIED FROM THE TRANSCRIPT
“Thanks, Anthony and Matt. Thanks for having us today on the call. I thought I'd start by trying to give you all a sense of what's transpired over the last six weeks in the financing market as we've seen quite an incredible transformation. And one thing that you should take away from our discussion is how interconnected all of the markets are. Normally when companies are looking to raise equity or debt, be it investment grade or high yield, they're thinking with sort of a single product focus. How am I going to raise this capital I need? And I don't think there's ever been a time where markets were more interconnected and intertwined. I'll fast forward through the beginning, but I think it's important to remember that the first couple of weeks of this crisis were characterized by incredible volatility and the speed of which that volatility in purely”
2020-04-29 · Goldman Sachs Exchanges · Client Call: CFO Perspectives · IDENTIFIED FROM THE TRANSCRIPT
“Of ask ourselves are we running with and does this cause us to reassess our overall footprint, size of our employee base? Have we really pressured tested exchange fees and processing costs? And have we really run to sort of higher levels of tolerance, the way in which our operations group processes trades and the like? And so I think events like the one where we're living through cause us to put a keener focus on that, which we otherwise and in a sort of human nature ignore over the recent past, and this causes us to turn to it. And I think every CFO on this call would have a list of things that they knew they could or should have been looking at, myself included. And now we, you know, we're compelled to take a look at them. And I think in some respects, that's a healthy exercise to go through.”
2020-04-29 · Goldman Sachs Exchanges · Client Call: CFO Perspectives · IDENTIFIED FROM THE TRANSCRIPT
“I think the last several years and kind of the Benign economy has led us all to get potentially distracted from focusing on certain cost elements in all of our businesses. You're not pressed to look at it until you're pressed to look at it. And I think that it's moments like these that you start to look hard at your cost base. at least ask yourself the question if not you're asked by others why didn't you look at this or that before and and so there's a natural you know pivot to focus on that which you otherwise ignored and i think you know just speaking for our own organization you know we look at you know the extent to which we carry variable cost we look at certain fixed costs we look at our real estate footprint apropos of the prior question and kind of”
2020-04-29 · Goldman Sachs Exchanges · Client Call: CFO Perspectives · IDENTIFIED FROM THE TRANSCRIPT
“One final question. One thing we touched on a bit, Stephen, as we go through this, but I haven't got into in detail is cost base. It's been interesting, as all of us have observed in the last few weeks, that people are thinking about their cost base in a different way. They're thinking about what levers are appropriate to pull in this type of a crisis. Obviously, the societal elements of ESG are coming to the fore. How are you thinking about managing the cost base? How do you think EFSO should be thinking about managing cost base against the backdrop of both the financial dynamics of this market, but also these broader themes?”
2020-04-29 · Goldman Sachs Exchanges · Client Call: CFO Perspectives · IDENTIFIED FROM THE TRANSCRIPT
“The burden of debt and the leverage that's set on balance sheet in an interest rate environment other than the one we've been in could prove different. Now, I'm not suggesting for a moment that we're in for higher interest rates very quickly, but I think that will change more, that will alter kind of the balance sheet profile of many companies more than I think the pandemic itself. And I think, you know, to the extent that, again, in the near term, perhaps more than the long term, balance sheet strength, liquidity, market share and the like will be near term drivers. And that may lead people to sort of run with a more conservative bias to balance sheet than not.”
2020-04-29 · Goldman Sachs Exchanges · Client Call: CFO Perspectives · IDENTIFIED FROM THE TRANSCRIPT
“it's prudent insurance to carry the cost of excess liquidity that's there. I think the balance sheets of firms will remain in a way that from a bank point of view, they have all been elevated, certainly relative to where we were a decade ago. And I think they're healthy and they have provided sufficient buffer for banks to comport themselves the way they have. I think that as for corporates, non-financial institutions, I would say that the pivot will be an interesting one in terms of what sort of debt stock you should hold and the like because we have been in a very benign interest rate environment and the cost of carrying elevated leverage was less. And so as a consequence, you're in a position to carry that. Depending on the long term and where rates go and the like, I think that could change.”
2020-04-29 · Goldman Sachs Exchanges · Client Call: CFO Perspectives · IDENTIFIED FROM THE TRANSCRIPT
“Is a key element here, but I do think it sheds some light on geography and real estate and where we need to be and perhaps all don't need to be collected in locations like London or New York and can be more spread out. But truthfully, this firm was going in that direction before. I think from a balance sheet and liquidity point of view, this has opened our eyes to at least from a financial services perspective to risk of operational challenge and what that means in terms of liquidity and perhaps sets us up for more elevated buffers as the longer you move away from crisis, the less you feel compelled to maintain elevated levels of liquidity. And this may be a way of correcting this back to ensure that”
2020-04-29 · Goldman Sachs Exchanges · Client Call: CFO Perspectives · IDENTIFIED FROM THE TRANSCRIPT
“Well, I mean, you know, it's an interesting question. I mean, you know, as you can tell in the way I responded to the prior question, I'm less in the camp that we will experience seismic shifts, either in the way people value or look at companies over the long term or, frankly speaking, the way in which we will all comport ourselves from a balance sheet point of view or even for that matter, fundamental shift in the way in which we work. Now, that's not to suggest that I don't think change will come. It certainly will. But I think, you know, in terms of the manner and form with which we work, this firm is running exceptionally well with 98% of our people working at home. I don't think that's either long-term sustainable or frankly desirable in that I think social engagement and interaction is”
2020-04-29 · Goldman Sachs Exchanges · Client Call: CFO Perspectives · IDENTIFIED FROM THE TRANSCRIPT
“Great, Stephen. Got it. Let me just do two more questions before we hand over to Susie and Dennis. One of them is, look, while we're still obviously in the middle of this crisis, it's clear that over the last few weeks, people have started to pivot towards what life may feel like and look like on the other side of this. Have you given some thought to once we get into a, if you like, a more normalized period, whatever that may look like, what longer term optimization of balance sheet strategy is, what is the right liquidity ratio, what is the right capital ratio, and without being unduly prescriptive, but just interested in how you're thinking about that in a new world.”
2020-04-29 · Goldman Sachs Exchanges · Client Call: CFO Perspectives · IDENTIFIED FROM THE TRANSCRIPT
“And I think that's a risk that the market is wrestling with at the moment, not just as to the efficacy of those programs, but their ability to be implemented in a way that solves what the objective is. And so to answer your question just succinctly, I think central banks and governments have done quite a bit. I think the central bank exercise was successful at calming the markets. I think the jury's out a bit. though I would be more positively inclined than not in terms of implementation of fiscal policy.”
2020-04-29 · Goldman Sachs Exchanges · Client Call: CFO Perspectives · IDENTIFIED FROM THE TRANSCRIPT
“The month of April, and it is in my view only by virtue of the Fed stepping in to sort of calm those markets and give rise and give way for that to happen. Now on the fiscal side, I think we have the PPP and various other programs that are in place that are meant to in effect bridge certainly the US economy, if not global economies, and avoid kind of calamitous unemployment and so forth. I think we are seeing and will continue to see some noise. You know, moving from policy to implementation is a hard pivot. And policy may have been enough. That is the announcement of programs by the Fed, notwithstanding the depth of implementation, policy may have been enough, but I think when you turn to the fiscal, it's more than policy. It is implementation.”
2020-04-29 · Goldman Sachs Exchanges · Client Call: CFO Perspectives · IDENTIFIED FROM THE TRANSCRIPT
“As kind of a beachhead to the balance of the system. That is, if they pulled some of the tension away from commercial paper, they would relax some of the eventual progression into backup facilities and more formidable financing and term financing. And so they address commercial paper and then started to address the investment grade market and then to some extent the high yield market. And in each of those, I think the mere announcement of certain of those programs, never mind their execution, was in certain circumstances enough to sort of calm the market down such that companies like those that are represented on this phone call were in a position to get back into the market. And that's why we saw the just the sheer volume of investment grade and even below investment grade funding that went on over the course of”
2020-04-29 · Goldman Sachs Exchanges · Client Call: CFO Perspectives · IDENTIFIED FROM THE TRANSCRIPT
“Well, I mean, this runs a little bit to the comment I made as the distinguish between Technicals in the market and fundamentals. I think that, and Jan can speak to this when you turn to him later on in this call, but as a question of policy, I think the Fed, along with the ECB and the Bank of England, did an extraordinary job at reacting quickly to sort of pull seizure away from the marketplace. And I think they did it in kind of an interesting progression. They first began to ensure that banks could serve as the vessel, if you will, or as a partner with central banks in delivering liquidity and credit into the market. And so in establishing term financing through the window, the Fed window or establishing a similar facility for primary dealers, and then moving away from the entities and starting to move to sort of asset classes. And so I think they first looked at commercial pay.”
2020-04-29 · Goldman Sachs Exchanges · Client Call: CFO Perspectives · IDENTIFIED FROM THE TRANSCRIPT
“Move from March and April and into May and further into June and deeper into the second quarter, I think people will rightfully start to question fundamentals, that is credit fundamentals among companies. And that's where I think in the near term, people will focus on balance sheet and liquidity and sanctity of dividend and so forth. But ultimately over the longer term, we'll revert back to sort of a more conventional set of metrics.”
2020-04-29 · Goldman Sachs Exchanges · Client Call: CFO Perspectives · IDENTIFIED FROM THE TRANSCRIPT
“Balance sheet strength, more immediate market position in a set of variables that express themselves amidst the pandemic will be the winning ticket, if you will, in the context of it. But I think over the longer term, the market will tend to hone back to kind of fundamentals. In a conversation I had with one of our traders in fixed income, he made a comment to me which has stuck with me, which is that at the moment, the market is rather bullish on technicals in the market and rather bearish on fundamentals, meaning the Fed, the Fed has taken actions, as have other central banks, to sort of underwrite, to technical variables in the market that were very uncertain and anxiety-provoking particularly in the month of March. And so people have grown bullish around the technicals in the market. But I think as we”
2020-04-29 · Goldman Sachs Exchanges · Client Call: CFO Perspectives · IDENTIFIED FROM THE TRANSCRIPT
“You know what? I think that in my own experience, and I know many of the CFOs on this call and have worked with them over the years when I was in investment banking, the market tends to have, just in my experience, a shorter memory than not. And so I think that in the near term, there will be a changing disposition among investors where they will be quicker to reward stronger balance sheet. They will reward companies that in the near term will have dominance in a given sort of market segment by virtue of the pandemic. But I think over the longer term, fundamentals around how people value companies will hone more to the norm than not. And so I'm just drawing the distinction between the near term and the long term. I think liquidity position”
2020-04-29 · Goldman Sachs Exchanges · Client Call: CFO Perspectives · IDENTIFIED FROM THE TRANSCRIPT
“And we talked about the difficulty of prognosticating, but I'm going to ask you to prognosticate just for one second. In terms of the way investors value companies, and you think back over the last ten years and This crisis will change how investors value certain types of companies. For example, will more emphasis be put on earnings versus cash flow or vice versa, more emphasis on business fundamentals versus short-term metrics, more obviously emphasis on liquidity than it was before.”
2020-04-29 · Goldman Sachs Exchanges · Client Call: CFO Perspectives · IDENTIFIED FROM THE TRANSCRIPT
“those that kind of hone to sort of the logical conclusion. I would also say that I try to resist in a population of forty thousand, forty thousand experts who have a view about what our risk parameters ought to be. At the end of the day, my team and I need to manage to kind of the reasonable outer bounds, not the unreasonable, but the reasonable and hold liquidity and hold capital such the organization can remain safe in what is a fat tail in a series of scenarios right now.”
2020-04-29 · Goldman Sachs Exchanges · Client Call: CFO Perspectives · IDENTIFIED FROM THE TRANSCRIPT
“What's the risk that the demand side doesn't develop for a particular product or service? And I think on our case, we're dealing with what is our credit exposure to a variety of different asset classes. What happens if the market moves up or down in elements of 10 or 20 or 50 percent? How do we manage liquidity risk? And by the way, I'd be remiss if I didn't mention the inherent risk of our people and how many can you have in the office or not? How many can you have on your factory floor or not? So in the development of our own internal modeling, which guides the level of liquidity buffer or the level of capital that I hold the bank to, you know, all of that is premised on a series of risk variables and you try to assemble”
2020-04-29 · Goldman Sachs Exchanges · Client Call: CFO Perspectives · IDENTIFIED FROM THE TRANSCRIPT
“Well, I think the first distinction I would make is that we all have our internal plans, and then there is an external plan. Now, the latter is keyed off of a judgment at the right time, and this may not be the one, where you develop an internal plan with a level of confidence that you're prepared to go out and talk about publicly. You never stop. We never stop developing internal scenarios. They just multiply. And they are attached to a variety of different variables around which you play out. At the end of the day, all of us are risk managers in one form or another, and we're meant to manage the liquidity risk, in some cases, the credit risk and the forecasting risk that's embedded in our business. And each of us carries a range of risks that are different one to the next. What's the risk of your supply chain getting stopped or slowed?”
2020-04-29 · Goldman Sachs Exchanges · Client Call: CFO Perspectives · IDENTIFIED FROM THE TRANSCRIPT
“Is your expectation of product and demand development look like over the next quarter? For us, it is a view as what's going to play out in terms of your credit exposure and where will your reserves be and the like and all of those are questions that are pointed at an investor or a questioner trying to assemble a kind of broad view. And best I could, I would resist it. I don't think that Now's the time for any of us to sort of play the blind hero and run down kind of that dark tunnel when your ability to forecast and many of you have formally withdrawn your forward forecast are in a position to do it. And instead, I would just speak to what you see at the moment and perhaps talk to as we did what elements would you need to see in the market for a scenario A or a scenario B to play out? But I wouldn't”
2020-04-29 · Goldman Sachs Exchanges · Client Call: CFO Perspectives · IDENTIFIED FROM THE TRANSCRIPT
“On the economy, then maybe even more that we are providers of forward guidance on our company. And there are many more voyers who are out there who are not necessarily interested in what your company is guiding to in so much as what you are guiding to as an indication of the broader market. And obviously you're going to hear from Jan Hatius, our chief economist on this phone call, who will give you his view on the forward. But I think it's against that backdrop that people look to us as chief financial officers as taking that economic backdrop and trying to translate it into actionable investment ideas, if you will, in terms of where companies are going and what the market is expressing. And I think that's an almost impossible task in the context of where they are. So for some of you, they'll ask what's your backlog look like?”
2020-04-29 · Goldman Sachs Exchanges · Client Call: CFO Perspectives · IDENTIFIED FROM THE TRANSCRIPT
“We stayed true to kind of medium and long-term guidance that we had delivered in a January Investor Day. So think three and five year forward views about where we were going and what happened over the prior seven weeks doesn't really change the objective of trying to hit those metrics. I think that it becomes a bit of folly to try to stick to near-term guidance, especially in a moment when your financial forecasting ability is very limited. And I think it's seen that way by most of your shareholders and those that will be on the phone. I will say that in the course of the Q&A on our earnings call, I suspect it'll happen for most everybody on this call. And in my discussion with investors after, more people are looking for all of us as an indicator of forward guidance.”
2020-04-29 · Goldman Sachs Exchanges · Client Call: CFO Perspectives · IDENTIFIED FROM THE TRANSCRIPT
“So, you know, I would say that I tried to prepare for the earnings call in as much of a familiar way as I typically have. Now, mind you, like many of you, we in our teams are all working from home. And so the task of preparing in kind of the normal course is tested by just that. I try to sort of hone to the pattern that we had. Unlike many industrial companies, we have never been one to try to give quarter on quarter guidance. And so the pivot for us was not as dramatic as it might be for a number of corporates CFOs on this call in that we didn't provide guidance in the same way as they do and therefore the pivot around is not nearly as dramatic. But I think that while”
2020-04-29 · Goldman Sachs Exchanges · Client Call: CFO Perspectives · IDENTIFIED FROM THE TRANSCRIPT
“While we were ramping up into our Q1 earnings call, which took place two weeks ago, and a lot of the CFOs on the phone either have just had theirs or even many more than that are getting ready to have their earnings calls. So maybe just spend a minute. How did you approach that in terms of preparing for investor questions, providing guidance and talking about the future and what is at a minimum a very uncertain macro outlook”
2020-04-29 · Goldman Sachs Exchanges · Client Call: CFO Perspectives · IDENTIFIED FROM THE TRANSCRIPT
“Operational fixes and fundraising of our own brought us back to a much more acceptable level of buffer such that we could carry out business and obviously the market over time started to experience less of a seized state than it did in March. But for us, it was a dramatic acceleration of what was otherwise planned over the course of the balance of the year.”
2020-04-29 · Goldman Sachs Exchanges · Client Call: CFO Perspectives · IDENTIFIED FROM THE TRANSCRIPT
“To be followed by the logical action on the part of CFOs and treasurers like yourselves, some of whom felt it appropriate to draw down on backup liquidity facilities. So together, that created a sudden and fairly significant draw on liquidity. What that meant in terms of our own planning, it was to really take what we were going to do over the course of the year and advance it into the first quarter. And so we did quite a bit of fundraising in the wholesale market. We obviously had the benefit of an acceleration in our new retail deposit platform. And we obviously turned to our operational teams to look to tighten down and clear through in a cooperative vein with other banks that which was otherwise causing friction and draining liquidity. And so a combination of”
2020-04-29 · Goldman Sachs Exchanges · Client Call: CFO Perspectives · IDENTIFIED FROM THE TRANSCRIPT
“And we saw fairly dramatic draws on liquidity. And I would say that wasn't peculiar to Goldman Sachs, but was true of most banks in the financial system. And what brought that about was not so much the sudden draw or petition for liquidity by our client set, though that did come, but rather operational challenges in the financial plumbing of the system. So given the seizure of the market, what we saw in the first and second week of March was sort of extraordinarily elevated levels of activity. We saw settlement fails. We saw trading fails. We saw asymmetry of margin call where we found ourselves posting but not getting posted to. And that was an experience being felt by all banks across the system. And so that operational friction drew considerable liquidity out of the system, including from us only thereafter.”
2020-04-29 · Goldman Sachs Exchanges · Client Call: CFO Perspectives · IDENTIFIED FROM THE TRANSCRIPT
“Modeled outflow, meaning we looked across various potential draws on liquidity and hold liquidity sufficient to meet those modeled outflows. So those include, for example, in the event that there was excessive draws on backup lines, and that's not limited to corporates, but it's equally around our private wealth management business and the like. And so we maintain an adequate buffer to meet those predicted outflows. And I would say that like most of you, we chart a course over the course of a year where we look at maturing debt and obligations that are there and sort of set sights on what our fundraising would be for the year. What happened here, obviously in the beginning of March, was an extraordinarily sudden and dramatic kind of seizure of the market.”
2020-04-29 · Goldman Sachs Exchanges · Client Call: CFO Perspectives · IDENTIFIED FROM THE TRANSCRIPT
“Sure. Thank you, Matt. Thanks for hosting the call, and I appreciate all of you being on the phone, as all of us as CFOs of companies perhaps didn't recognize they were signing up to be CFOs in the midst of a pandemic, but the challenges in front of us all. In the normal course, Goldman Stacks does its own liquidity planning. In the context of events and predictable draws on liquidity throughout the year. So there are certain times of the year, there are certain businesses, there are certain actions like rebalancing and other activity that go on in the equity or the credit markets that predictably draw liquidity from the firm. And we tend to manage our liquidity with adequate buffers to meet those excesses as they are, in fact, predictable. And we equally operate with a”
2020-04-29 · Goldman Sachs Exchanges · Client Call: CFO Perspectives · IDENTIFIED FROM THE TRANSCRIPT