YouSaid · the spoken record

Bryon Lake

lines on the record: 81
first: 2025-06-05
most recent: 2025-06-05
sittings or episodes: 1
sources: podcast

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“Ultimately, it comes back to being a people business. You can have the best innovation, you can have the best product, you can do like the biggest marketing campaign, it's all about keeping the purpose at the center as your North Star of what you're doing, outcomes for investors. We talked about this. Help them achieve their financial goals, retire with dignity, pay for healthcare. Keeping that at the center and making sure that you're aligned with your purpose around the people I've been so fortunate, you know, you and I have been friends now for going on a decade, a little bit more probably others in the industry. It's the people that really make this thing go. I know that sounds kind of cliche, but 25 years ago when you're just trying to make it happen, maybe it's this next thing and it's really sitting down listening and connecting with people.”
2025-06-05 · Masters in Business · Transforming ETFs with Bryon Lake of Goldman Sachs Asset Management · IDENTIFIED FROM THE TRANSCRIPT · source
“We talked a little bit about this, but if you're more likely, if you're fresh out of college, you are rich in time. And potentially poor in life. And so that is a distinct advantage where you can take that time and invest in yourself, develop that stack that we talked about earlier. The other thing that I would say is I wouldn't be a Goldman if I didn't start at PowerShares years ago. And I had the opportunity to be a small fish in a small pond. And then I grew to be a medium-sized fish in a small pond. And then I had an opportunity to go to some of these other firms that I've been in and now ultimately got Goldman Sachs. And so I do think sometimes people look for the biggest pond and the biggest brand. And I think if you can get into a small pond, you get exposure to more skills in a slightly different way. And you can build that skill stack in a different way. You know, I often find people, you know, they want to start on the, you know, the analyst program and go, that's great. And firms like ours train people and they do an amazing job, but there are nonlinear ways to access some of these things.”
2025-06-05 · Masters in Business · Transforming ETFs with Bryon Lake of Goldman Sachs Asset Management · IDENTIFIED FROM THE TRANSCRIPT · source
“I'm definitely ending that to Your career. You know, so I mentioned my dad, I learned so much from him and he guided in that way. I was fortunate. My mom and dad, you know, very loving home. And we were great there. We talked about Ben Fulton. We talked about Bruce Bond to stick with the bees, Bobby Brooks. These are individuals that are in the industry that I've got the utmost respect for. I've also been fortunate to have some really good bosses throughout the years that I learned a little bit something different from each of them. You know, Bruce is an incredible entrepreneur, Ben's an incredible product person and entrepreneur. In the UK, I'd work with some people that had consulting backgrounds. And, you know, at the time I wasn't so sure, but the way that they think thoroughly and logically is a real differentiator. And then some of the client people that I've worked with over the way that they can connect with people and really build rapport and ultimately trust those. I've been very fortunate to have those people in my life.”
2025-06-05 · Masters in Business · Transforming ETFs with Bryon Lake of Goldman Sachs Asset Management · IDENTIFIED FROM THE TRANSCRIPT · source
“Ripping it onto the computer and throwing it onto Napster. And then it talks about the Sony executive sitting here in Midtown saying, oh my gosh, my revenues are down 40% this year because nobody's buying CDs anymore. And it informs this real life story of how the entire music industry got.”
2025-06-05 · Masters in Business · Transforming ETFs with Bryon Lake of Goldman Sachs Asset Management · IDENTIFIED FROM THE TRANSCRIPT · source
“How music got free. So to really bring all of this home for us today. So the MP3, in fact, the MP1, MP2, MP3, and MP4 are invented in Germany. What they discover is that the human ear can't understand the fidelity of the MP4, so they don't need that much information. So they drop it back down to an MP3. The MP3 then launches things like Napster, right? So now Napster is out there. And all of a sudden, the entire music industry, the bottom has fallen out on all of their revenues because instead of spending $18 to buy a CD, everybody is stealing music off of Napster. And this is the parallel to the conversation we were having earlier, the delivery mechanism. We're all listening to the same music. We're all listening to the same rock and roll. But this invention, so it tells the story of guys that are working at the pressing plan of the CD steaking out sneaking the major, what do they call them, the master, excuse me, right?”
2025-06-05 · Masters in Business · Transforming ETFs with Bryon Lake of Goldman Sachs Asset Management · IDENTIFIED FROM THE TRANSCRIPT · source
“The helmet will fit in. Just so the helmet would fit on that. Now, this is interesting, right? So Ferrari, independent auto shop in northern Italy, and then big Ford, they're telling this story of like a big corporate bureaucracy and all these things. And how do they compete? And then here's my last book for you, Barry. How music got free?”
2025-06-05 · Masters in Business · Transforming ETFs with Bryon Lake of Goldman Sachs Asset Management · IDENTIFIED FROM THE TRANSCRIPT · source
“SAS Rogue Warriors World War II, the UK builds an off-record kind of rogue warrior group, the original kind of SEAL Team Six. Think about them like this. And these guys, they start in North Africa and they would do secret missions overnight. They'd go on to German aircraft camps and blow up planes overnight or they'd really disrupt their fuel flow or they would do these things that were more targeted strikes to disrupt the flow. So SAS rogue warriors. I think that maybe is a BBC. It's more international you got to get one of these one of these other apps to watch that one those are the things I'm watching I like to listen to audiobooks so right now I'm listening like listening to Go Like Hell which was Ford versus Ferrari is the movie that you've seen but that was great it's based on this book and how”
2025-06-05 · Masters in Business · Transforming ETFs with Bryon Lake of Goldman Sachs Asset Management · IDENTIFIED FROM THE TRANSCRIPT · source
“That's even another meta thing for me as well. So there's this amazing creative juice. They're grinding it out. Both of them tell a story of like grinding it out. They create amazing music. And then it culminates with, hey, wait a second. Like, there's not high quality headphones out there for people. Okay, so that's one, the defiant ones. It's not on Netflix anymore, so you got to go to Amazon Prime and buy it and buy it there.”
2025-06-05 · Masters in Business · Transforming ETFs with Bryon Lake of Goldman Sachs Asset Management · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, you think about these two individuals, they basically have produced almost every artist that we've heard for the last 20 years, right? Oh, Tom Petty, what was it like when you were singing that song and Jimmy Ivine was in the studio with you, yelling at you and do it again in another cut or what about this? Or Dr. Dre when you were in Compton in LA early on, tell me about what the first record scratch on a hip-hop album sounded like, right? So they're talking about that. Now it culminates in the building of the beats headphones, which was, of course, acquired by App, right?”
2025-06-05 · Masters in Business · Transforming ETFs with Bryon Lake of Goldman Sachs Asset Management · IDENTIFIED FROM THE TRANSCRIPT · source
“Let's keep with the theme, and so a big thread that's pulled through our conversation is innovation and music. So the defiant ones You haven't seen it. I'm recognizing your face. No, I've”
2025-06-05 · Masters in Business · Transforming ETFs with Bryon Lake of Goldman Sachs Asset Management · IDENTIFIED FROM THE TRANSCRIPT · source
“I absolutely think it does. And I'll add to that, you build your talent stack over time. And I've referred to that a little bit throughout the conversation, but I had the good opportunity to have a lot of client conversations. Then I learned international. Then I learned, you know, how to work with people that think about things differently than you do. Like once you add up all these things, you can make connections and you can think about things in a way that maybe people that don't have the same talent stack haven't thought about.”
2025-06-05 · Masters in Business · Transforming ETFs with Bryon Lake of Goldman Sachs Asset Management · IDENTIFIED FROM THE TRANSCRIPT · source
“Wax on wax off, right? And of course, we want those outcomes for people. But if you get your mindset to the spot of, I want to deliver excellence, I want to do this job the best that I can. And whether that's just wrapping up the day's reports, whether that's taking your call notes, whether that's making sure that you're entering your CRM information correctly and accurately, there's all sorts of things that you can do excellently. And we see these people all the time, whether it's professional athletes or whether it's some of the great artists that we're aware of. These are people that want to be professionals and excellent at what they do. They're not doing the minimum to get promoted to the next thing. And so that to me is the dirty work. You got to do, you got to do the work and you got to be willing to push yourself to do that work, have the discipline, and carry through on that. You don't get the virtue if you haven't done the hard work. And so you have to put in the work to get the outcome that you want. And what you'll find is that those things increase, I found experts.”
2025-06-05 · Masters in Business · Transforming ETFs with Bryon Lake of Goldman Sachs Asset Management · IDENTIFIED FROM THE TRANSCRIPT · source
“Okay. You got to paint the fence. Mr. Miyagi told us, right? Like there was a method to the madness there. A lot of times I'll talk to people and it's, you know, they're, oh, what about this? I'm thinking about my career. And basically what they're asking me is, what's the minimum I can do to get promoted or get paid more money?”
2025-06-05 · Masters in Business · Transforming ETFs with Bryon Lake of Goldman Sachs Asset Management · IDENTIFIED FROM THE TRANSCRIPT · source
“The financial services company and their ivory tower had more information than you. And so Buyer Beware. Now it's the other way around. Investors have more information available to them than ever before. It's a bit like, you know, here in New York City, you go to a restaurant, you pull up, you know, your favorite app, and you won't go to a restaurant that's got less than four stars. It's got less than a thousand people that have rated it. You have that information as a consumer available to you. And that's true in the financial services industry as well. And so that's the thing that's really exciting to me is that the transparency that we're delivering to investors is helping them get that outcomes. And they're more aware of that than ever. And I think that's just going to continue to increase. We acknowledge that we need to be providing real-time information. We acknowledge that holdings need to be on the website on a real-time basis. If you want access to portfolio managers, they're more than willing to talk. That's the type of innovation that I think we're going to be seeing.”
2025-06-05 · Masters in Business · Transforming ETFs with Bryon Lake of Goldman Sachs Asset Management · IDENTIFIED FROM THE TRANSCRIPT · source
“I think the client experience is going to be a big part of that. How frequently can you get that information? You know, one of the hallmarks of ETFs, of the separately managed accounts that we've talked about, direct indexing, is transparency. It used to be buyer beware”
2025-06-05 · Masters in Business · Transforming ETFs with Bryon Lake of Goldman Sachs Asset Management · IDENTIFIED FROM THE TRANSCRIPT · source
“Direct indexing. Technology allows customization. And that's really what we're talking about there is there's a customization based on in that sense values driven and investing and that technology has unlocked that and because maybe one size doesn't fit all and so now that we have that technology you can develop specific strategies to drive the outcomes and the exposures that people are looking for so yeah”
2025-06-05 · Masters in Business · Transforming ETFs with Bryon Lake of Goldman Sachs Asset Management · IDENTIFIED FROM THE TRANSCRIPT · source
“Internationally, you know, direct indexing was a little bit more this customization thing. And we do still see that with some of our institutional accounts in the US, it's really a tax story internationally. It's a little bit more of a customization story.”
2025-06-05 · Masters in Business · Transforming ETFs with Bryon Lake of Goldman Sachs Asset Management · IDENTIFIED FROM THE TRANSCRIPT · source
“Being able Exactly. Really well put, and that's super clear. And so basically what happens is you manage it back to an index. So let's call it the S&P 500. And so the idea is we're trying to give you the S&P 500 outcome. But at any given point in time, some of the names in the S&P might be up. Some of the names might be down. And if you can trade and take some of the losses on the names that are down, you can offset some of the gains that are on the up stuff later on. Our technology we developed again in-house, we think it's a really modern and dynamic technology because it'll trade on a daily basis. This isn't a monthly thing or some set, rigid time. We can actually take advantage of some of the intraday volatility and intramonth volatility that we've been seeing lately.”
2025-06-05 · Masters in Business · Transforming ETFs with Bryon Lake of Goldman Sachs Asset Management · IDENTIFIED FROM THE TRANSCRIPT · source
“It benefits from these drawdowns because the way the technology can embed losses in your portfolio can help offset some of the gains that you're going to have at some point down the road. And so I think investors are starting to wake up to that fact as well. It's like, oh, hold on a second. Over time, as long as this thing continues to go up, this intramon, intraday volatility may actually benefit me in a way because now these different capabilities are available to me. And again, that's something that's a relatively new phenomenon that's been unlocked by technology that just didn't exist before.”
2025-06-05 · Masters in Business · Transforming ETFs with Bryon Lake of Goldman Sachs Asset Management · IDENTIFIED FROM THE TRANSCRIPT · source
“The day that the SP is down 1%, you're doing it at the wrong time. You're not in the right headspace to do that. You should have made that decision six months prior when you were thinking soundly about what was going to happen. And I do think that all these tools that are available, whether it's buffer ETFs or active Munis or some of the other strategies that we're delivering, those can benefit. Now, we think about direct indexing.”
2025-06-05 · Masters in Business · Transforming ETFs with Bryon Lake of Goldman Sachs Asset Management · IDENTIFIED FROM THE TRANSCRIPT · source
“Yes, this is the Warren Buffett near term voting machine, long-term weighing machine, right? The volatility, the markets intraday, that's just bouncing around based on the headlines. I think we're in an increasingly headline-driven marketplace. There's more information available than ever, whether you're on X, whether you're watching Bloomberg, whether you're listening to something. But at the same time, investors need to be reminded that just because they're more informed doesn't mean they need to make new decisions. You need to have a strategy. There's a lot of strategies that work, by the way, but you need to have a strategy and stick to that strategy. And if you do that and you keep an eye on your expenses and you rebalance on a regular basis, you and I both know the outcomes are going to be good. If you are panicked in a scenario where the market's drawn down 5%, you maybe weren't in the right strategy to begin with. And so these things are common. The market has a 10% drawdown pretty much every single year. So you should expect these things. And so to me, it's all about the preparation. If you're panicking making a decision,”
2025-06-05 · Masters in Business · Transforming ETFs with Bryon Lake of Goldman Sachs Asset Management · IDENTIFIED FROM THE TRANSCRIPT · source
“These can really play an interesting role. So buffers are great. You can get invested. A lot of people are nervous. There's uncertainty whether, you know, the headline risk of the day, right? Whatever that is. And you say, hey, these are designed to protect you to the downside, 5% to 10%, 15%. But you could still participate in the upside. So you can keep yourself in equities. And if that helps you sleep at night and it helps you stay invested, you are going to get a better outcome in the long run. And so they're a tool that investors can use along with the other tools. We launched three. They're designed to reset on a quarterly basis. And so there's some thoughtfulness around that. You know, at the beginning of each month, you've got one that's resetting.”
2025-06-05 · Masters in Business · Transforming ETFs with Bryon Lake of Goldman Sachs Asset Management · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, active media. I mean, you know, so if you're thinking about the high net worth or the ultra high net worth space, they think a lot about taxes. And so when you think about the Muni space right now, you get the tax benefits of owning those. When you can do all the things that we talked about earlier with fixed income ETFs and munis deliver, you have like a great combination. So we launched the different spectrum of those longer duration, shorter duration, high yield, et cetera, et cetera. And so those are those are really interesting things. On the buffer side, I think this is also a really fascinating space. Embedding options and strategies isn't a new thing. Sophistic investors, insurance companies have been doing this for years, covered call strategies. I used to work with financial advisors. They did that themselves on some of the names that were in the portfolios. But now that the industry has developed to the way that it has and you can deliver these ETFs the way that we do, you can start to give investors the outcomes that they're looking for. And when you put them into a big UMA or a broader portfolio.”
2025-06-05 · Masters in Business · Transforming ETFs with Bryon Lake of Goldman Sachs Asset Management · IDENTIFIED FROM THE TRANSCRIPT · source
“And understand what it is that they're trying to achieve. You know, the way I think about it at Goldman is, you know, to use our music analogy earlier, we make a lot of great rock and roll. We want to make sure that it's available in the MP3 wrapper, you know, the ETF wrapper. And so, you know, we launched Active Muni capabilities, which we think is a differentiator. We're leaders in that space. And then the active.”
2025-06-05 · Masters in Business · Transforming ETFs with Bryon Lake of Goldman Sachs Asset Management · IDENTIFIED FROM THE TRANSCRIPT · source
“I love it. And it's absolutely amazing. But he makes two important points. One is it's not like serendipity happens in lightning strikes. You got to grind it out. These artists that have made some of the most creative and best music, they're grinding it out. And sometimes it hits and sometimes you really got to work it. And he's asked, how do you put together an album of 12 hits? You write 20 songs. You pick the 12 best ones. And so that's something that comes to mind for me. I think really what you're trying to do is find the tension between innovation and solving an investor need. And you and I could dream up something crazy from an innovation standpoint. It wouldn't solve an investor need and be a waste of time and energy. There's also needs that are going unmet right now where people need to solve those. And so you're constantly looking for that tension between the two. And it really is a team sport. You work with investors that are experts at that. You work at, you look at the data, you talk to clients.”
2025-06-05 · Masters in Business · Transforming ETFs with Bryon Lake of Goldman Sachs Asset Management · IDENTIFIED FROM THE TRANSCRIPT · source
“It's great, right? And, you know, so the one that stuck out to me, and obviously he's famous for producing the Beastie Boys, which is, you know, great New York.”
2025-06-05 · Masters in Business · Transforming ETFs with Bryon Lake of Goldman Sachs Asset Management · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, I mean, this just continues on the spectrum as we think about innovation. So a quote comes to mind from Rick Rubin. I don't know if anybody's ever quoted Rick Rubin here, but how do you have?”
2025-06-05 · Masters in Business · Transforming ETFs with Bryon Lake of Goldman Sachs Asset Management · IDENTIFIED FROM THE TRANSCRIPT · source
“So separately managed account is an account where you as an individual can allocate to a strategy and you actually own the individual names and then they can trade it on behalf of you as an individual as opposed to owning a co-mingled vehicle like an ETF or a mutual fund.”
2025-06-05 · Masters in Business · Transforming ETFs with Bryon Lake of Goldman Sachs Asset Management · IDENTIFIED FROM THE TRANSCRIPT · source
“Some firms led, some firms are responding to that, but ultimately it's the investors that are leading that conversation. Now once we realize that stuff like an SMA or a direct index is the delivery mechanism, ETF is the delivery mechanism. And then what you put inside it is the investment capability, that actually becomes an interesting conversation. So many asset management firms using ETFs as the example are now saying, hey, we've got great investment capabilities. We just need to make those available in the ETF technology, which is how investors are trying to get that exposure.”
2025-06-05 · Masters in Business · Transforming ETFs with Bryon Lake of Goldman Sachs Asset Management · IDENTIFIED FROM THE TRANSCRIPT · source
“So investors have made it quite clear what they're trying to accomplish in their portfolio. So when you see things that are growing as fast as they are, like direct indexing, which is growing at a cagger of north of 20% a year, when you see things like SMAs that are growing at the rate that they're growing, when you see ETFs that are growing at that rate,”
2025-06-05 · Masters in Business · Transforming ETFs with Bryon Lake of Goldman Sachs Asset Management · IDENTIFIED FROM THE TRANSCRIPT · source
“I had early 70s in my head as well, not available in an ETF until 1983. So if that was the best investment, why did it take 70 years for it to be made available to investors? And what's telling us that we should stop that? So I'm a huge believer in innovation going forward. Great investments are being great investment strategies are being invented every day. I think investors are more and more aware of outcomes as opposed to inputs than they ever have been. And so all of these tools, and there's thousands of ETFs now, there's going to be, you know, there's going to be a lot of alternative capabilities. These are just, they're like the songs on our, you can put the perfect playlist together for yourself and you can combine all these things to get that playlist maybe for the workout, maybe for the commute, whatever that is. And so this optionality, it's great for investors. It's a good outcome. Yes, they need to wade through it a little bit more. I'm sure there's great songs that I haven't heard yet, but that's how that's, that's.”
2025-06-05 · Masters in Business · Transforming ETFs with Bryon Lake of Goldman Sachs Asset Management · IDENTIFIED FROM THE TRANSCRIPT · source
“They both play a role. There's a sliding scale where sometimes different asset classes should be more attractive on the passive side. Sometimes more on the active side. We had this with the Mag7 where you saw such concentration risk in some of those names on the indexes that investors maybe were managing risk by just going moving away intentionally from owning all those names. I like to remind people The S&P 500 was launched in 1923, had 233 stocks in it at the time. It didn't expand to 500 until the 50s. It didn't become an investable product until Vanguard and Bogo put it into basically a fund at the time.”
2025-06-05 · Masters in Business · Transforming ETFs with Bryon Lake of Goldman Sachs Asset Management · IDENTIFIED FROM THE TRANSCRIPT · source
“What's the gap? So you land in London Heathrow and you've got options to get to Midtown. You can take a taxi. You can take the Heathrow Express. You can now take the Elizabeth line. I suppose you could walk if you wanted to. The point being, there's a lot of different ways. And really the point is what outcome are you looking for? And I would say that investors now are saying the best portfolios have active and passive capabilities within them”
2025-06-05 · Masters in Business · Transforming ETFs with Bryon Lake of Goldman Sachs Asset Management · IDENTIFIED FROM THE TRANSCRIPT · source
“You raise an interesting point. Our world is increasingly global. Information increasingly travels globally. So there is a convergence that's happening where portfolios are starting to look more and more similar. You still do have some home bias things that play into portfolios that I think will always be the case. Some of that's just driven by currency. Some of that's driven by cultural differences. But there is a convergence. The conversations that I'm having around the world are on the institutional side. They're a little bit further ahead on the Alts thing. They've been using over there globally, I would say, globally. Institutions are closer to 20% of their portfolio and alternatives, whereas a typical retail investor is less than 5%.”
2025-06-05 · Masters in Business · Transforming ETFs with Bryon Lake of Goldman Sachs Asset Management · IDENTIFIED FROM THE TRANSCRIPT · source
“I remember the first time I listened to Masters in Business podcast. I was running through Battersea Park in London and thinking, wow, this is great. And wow, Barry always says his guests are extra special, man. It must feel really good. And I was watching him back. Everybody was wondering if I was going to get the extra special today or just the special or where that was going to go.”
2025-06-05 · Masters in Business · Transforming ETFs with Bryon Lake of Goldman Sachs Asset Management · IDENTIFIED FROM THE TRANSCRIPT · source
“Outcomes for clients are what they were intending to be. So there was a clear understanding of what they wanted to achieve and we were able to deliver that for them. Tying it back to this conversation, there's going to be some bumps in the road. There's going to be some turns that we need to make, getting as many of those right as we possibly can, educating well, making sure that we're communicating extremely clearly on what it is that we're delivering to investors. I might even stop there if we can. If investors are pleased with the outcome and we match their expectations on that and we get a couple of these tough calls right along the way, I think that would be success for us. I don't think we need to go deeper than that and wax lyrical about some of these other things. I think those are the things that we need to be focused on.”
2025-06-05 · Masters in Business · Transforming ETFs with Bryon Lake of Goldman Sachs Asset Management · IDENTIFIED FROM THE TRANSCRIPT · source
“You can do all sorts of things, but it took education for people to understand how that was going to work. And I think there's a really easy corollary there for the alternative space, which we need to continue to do that. I want to live in a good neighborhood. I respect a lot of the firms that we compete with that are also leaning in and trying to educate around this space. And so I think the industry needs to do a good job of coming together and making sure that we're educating. We need to be intentional about that. We can't just let it happen. We need to lean in and we need to invest and we need to make sure that we're educating people around that.”
2025-06-05 · Masters in Business · Transforming ETFs with Bryon Lake of Goldman Sachs Asset Management · IDENTIFIED FROM THE TRANSCRIPT · source
“There was years investors, like a bond isn't tradable on the exchange and there's a liquidity mismatch. So gosh, what do I do? Well, now what we know is that when you put fixed income in an ETF, you basically take an analog vehicle and make it digital. We've taken these clunky bonds and we've made them digital. Not only that, but we've diversified it. So you buy one ETF ticker that diversifies you across 100 bonds. Often those bonds will trade at a tighter spread than if you went and bought the basket of the bonds separately. So you've got this innovation effect that happens on the exchange. You can buy one share, sell one share, you're not buying big hundred thousand dollar bond at a time.”
2025-06-05 · Masters in Business · Transforming ETFs with Bryon Lake of Goldman Sachs Asset Management · IDENTIFIED FROM THE TRANSCRIPT · source
“Here's the benefits. Here's how it works. Here's how concerns that you should think about whether it's the liquidity or whether it's the return profile, the timings of those things, the cash flow. These are all things that people need to be educated on. But let's use active fixed income ETFs as a proxy.”
2025-06-05 · Masters in Business · Transforming ETFs with Bryon Lake of Goldman Sachs Asset Management · IDENTIFIED FROM THE TRANSCRIPT · source
“Education. And we've seen this play out use my past experience in ETFs. I can't tell you how many, oh, I don't know if I'm going to ever buy an ETF. Oh, I don't know if I'll ever buy a fixed income ETF. Come on. Like, you know, I used to keep a list of people that tell me they would never buy an ETF that eventually called, hey, Brian, could you come tell me a little bit more about those ETFs? And so this is always the early adopters, the mavericks, and then there's the bulk, and it kind of pulls through. And so, you know, I think it's incumbent upon folks like our firm Goldman, things like this where investors are educated about what's available to them. I know your firm does a lot of work around that as well.”
2025-06-05 · Masters in Business · Transforming ETFs with Bryon Lake of Goldman Sachs Asset Management · IDENTIFIED FROM THE TRANSCRIPT · source
“Like this could be a $20, $30 trillion space. Yeah. I mean, think about the companies, you know, there's a couple of companies that come to mind right now that are staying private that are huge trillion dollar companies are on the way to being multi-trillion, just a couple of companies, let alone the entire thing. And then when you pull in private credit into that and when you pull in some of these other areas, I think this would be massive. And 10 years is a really long time. And that's another thing that we've learned in this industry is that even when markets wobble a little bit, once you stretch out and look over the long haul, these things, it's barely registers on the chart. And so these things do grow in that way. And I'm bullish on markets. I'm bullish on innovation. And as technology unlocks these wealth capabilities for more and more investors, that is only going to be a positive thing to do.”
2025-06-05 · Masters in Business · Transforming ETFs with Bryon Lake of Goldman Sachs Asset Management · IDENTIFIED FROM THE TRANSCRIPT · source
“We talked about private equity. We talked about private credit. You've got infrastructure, real estate. You would use all of those in your portfolio for different outcomes Real estate and infrastructure, maybe a low correlation or increased yield. Private credit slightly increased yield off public credit. Private equity maybe gives you different upside opportunity versus public equities. And so you can use those in your portfolios. But again, it's just an innovation story. And these types of investments have been available to investors for decades, but not available to all investors and not available through the format that investors wanted to access that. And ETFs taught us not only the what, but the how. How do I get access to those ETFs unlocked that? And I think we're going to continue to see that on the alternative side as we have breakthroughs on technology, if we have breakthroughs on access, those will be becoming increasingly available to more and more investors so they can build more specific portfolios going back to the purpose of why we do all of this to get the outcomes that they're looking for. And if you can incorporate those into your portfolio to drive those outcomes, that”
2025-06-05 · Masters in Business · Transforming ETFs with Bryon Lake of Goldman Sachs Asset Management · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, no, I think it's one of our top priorities. So we've got decades experience in doing private investments. And I do want to be careful because a lot of times people talk alternatives writ large. And there's a lot of specifics in that.”
2025-06-05 · Masters in Business · Transforming ETFs with Bryon Lake of Goldman Sachs Asset Management · IDENTIFIED FROM THE TRANSCRIPT · source
“We built, we've been doing this for years, and this is one of the things that I think makes us unique is we've got a lot of these capabilities that were homegrown within Goldman. In house that we're now delivering to the marketplace. On the alt side, we've been doing that for three decades. Sometimes it was for Goldman's own balance sheet. Sometimes it was the proprietary thing. But now we've made that available to investors around the world. So it's really an access story there. And then, of course, ETFs are going to continue to grow. And as we think about public equities, ETF probably has the biggest addressable market and one of the largest caggers. You got to have all three of those. I really think those three. So those are the three that I really spend a lot of time thinking about. And when we think about the generational wealth,”
2025-06-05 · Masters in Business · Transforming ETFs with Bryon Lake of Goldman Sachs Asset Management · IDENTIFIED FROM THE TRANSCRIPT · source
“The whole gamut. Yeah, and you know better than I, but there's companies that are staying private for longer. There's companies that can access plenty of funding while staying private. So the impetus to go public isn't necessarily there anymore. But people want to own these world-class companies. And so that's an important thing. On the credit side, if you can enhance your yield a little bit. So, okay, so alternatives is portfolios that own both public and private is going to be a big thing. So alternatives is going to grow exceptionally. Sepally managed accounts and direct indexing. Again, now we're talking about investor outcomes. Am I getting a better tax outcome? Can we use technology to help improve my outcome on this? Direct indexing allows you to do that.”
2025-06-05 · Masters in Business · Transforming ETFs with Bryon Lake of Goldman Sachs Asset Management · IDENTIFIED FROM THE TRANSCRIPT · source
“So when I step back and think about what are the fast growing product areas of our industry. There's three that are worth calling out. So alternatives. There's going to be more alternatives in private investments in particularly retail portfolios. Going forward.”
2025-06-05 · Masters in Business · Transforming ETFs with Bryon Lake of Goldman Sachs Asset Management · IDENTIFIED FROM THE TRANSCRIPT · source
“He's an incredible investor. He's got a great story. And so working very closely with him and thinking about what types of strategies do we need to bring and so on and so forth. I mean, that's this cool thing about this title is it does give me some nice scope to execute across really the entire leadership team of the firm”
2025-06-05 · Masters in Business · Transforming ETFs with Bryon Lake of Goldman Sachs Asset Management · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, that's one of the beautiful things about my role is I can work across all four of those pillars. And so we've got incredible people on the upside that are thinking about the foundation, incredible people on the technology side that are thinking about, you know, the nervous system of the asset manager. Our product team is incredibly innovative. The investors, you've had some of the investors on here before. As youth was on, who's an incredible and he was great.”
2025-06-05 · Masters in Business · Transforming ETFs with Bryon Lake of Goldman Sachs Asset Management · IDENTIFIED FROM THE TRANSCRIPT · source
“Locking and tackling they need to have modern and innovative products. What you build on top of those, the investment outcomes for investors, performance needs to be exceptional. And we're fortunate at Goldman to have some incredible investors in some great areas that really help unlock that for us on the public and the private side. You need to have a way to deliver that to the marketplace. You need to talk to investors about that. So, you know, how you market, how you distribute that needs to come in because I've seen a lot of great product that nobody knew existed. And so it doesn't go anywhere. And then the fourth thing is you kind of have to have an operating rhythm. You need to know what your identity is as an asset manager. You need to know what your identity is as an executive at these firms and have a way to execute against that in a process oriented way. So those are the things that I really...”
2025-06-05 · Masters in Business · Transforming ETFs with Bryon Lake of Goldman Sachs Asset Management · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, no, that's exactly right. And to your point, if you're intentional about transforming your own business and making those tough decisions, you stay out in front of this. And so I got excited about that role, the platform, the organization is incredible. When I step back and think about world-class asset managers, they really have kind of four things that are kind of pillars that they need to be successful at. They need to have really good foundations. So operations, engineering, all the platform that it blocks.”
2025-06-05 · Masters in Business · Transforming ETFs with Bryon Lake of Goldman Sachs Asset Management · IDENTIFIED FROM THE TRANSCRIPT · source