YouSaid · the spoken record

Jake Siewert

lines on the record: 21
first: 2020-08-04
most recent: 2020-08-04
sittings or episodes: 1
sources: podcast

Every line below is reproduced as it was said and linked to the record it came from. Nothing here is summarised or generated. Directory · Search · Corrections

“Months, then I think I had over weeknight dinners, I should say, because we was together on the weekends than I think I had in the previous 20 years. And I love wandering down to the kitchen to forage through the refrigerator and like, you know, seeing them in the middle of the day and talking about what I might be going on. And that's been like a real blessing to be a more present parent. And I think coming out of this, like that's one of my own personal assignments is to stay as present as I can be because despite working more harder than I've ever worked in my life since I was young, my connection with my kids has just been amazing. So I'll leave you with that.”
2020-08-04 · Goldman Sachs Exchanges · How Companies Are Meeting Their Financing Needs · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, listen, for me, the silver lining is two things. One work and one family. The work thing I just mentioned, I've been at the firm for 23 years. I'm close to a lot of people. I've gotten close to more people in a really cool way. I didn't always know everybody's kids' names. I certainly didn't know where they lived. And so I really do feel, and I wouldn't know if they were going through something earth-shattering in their lives, but I might not have known just how they were feeling and I think just talking about some of the stuff that's going on in the world, whether that's the pandemic or systemic racism in like an intimate way, that's been a huge benefit. And then for me, I have four kids, 20, 18, 11, and 8. And I've loved all the time I've had with them. And I'm not like ashamed to say that. I've had more dinners with my four kids in the past five.”
2020-08-04 · Goldman Sachs Exchanges · How Companies Are Meeting Their Financing Needs · IDENTIFIED FROM THE TRANSCRIPT
“While I'm trying to build this model, and it'll be like you're sitting there side by side, so find new ways to connect using the technology you have. It won't be as good as it is when we're all in the office together because that's like, that's the essence of Goldman Sachs. That's the best way to interact. But we can find a second best way to interact that I would make the argument is pretty darn good.”
2020-08-04 · Goldman Sachs Exchanges · How Companies Are Meeting Their Financing Needs · IDENTIFIED FROM THE TRANSCRIPT
“Even though this is a podcast, you and I are sitting here on Zoom. I like your red t shirt. I hope you like that I wore my fresh white t-shirt. You had no idea that I wore my hair in a ponytail, but now you do. Maybe my kid, Zoom bombs are called. And so for the interns, don't be afraid to create personal connection and intimacy with the people that you're meeting. In terms of the learning, that'll come from creating that because guess what? Once you've established your Zoom intimacy with your analyst buddy in healthcare investment banking, when you want to ping her in two weeks because you're having a hard time building your model, you'll text her, which is a great instant gratification way of connecting somebody. And you'll say, hey, Susie, can we hop on the phone or can we FaceTime?”
2020-08-04 · Goldman Sachs Exchanges · How Companies Are Meeting Their Financing Needs · IDENTIFIED FROM THE TRANSCRIPT
“So, I think it's important to connect with as many people as possible. And I actually really love the live connection. And Zoom is as close as we get to live right now. And so, or Zoom or even FaceTime. And so for interns, they need to find like a new way to interact. So we tend to default to just calling people, but there's something about seeing each other as humans that not only has we think we needed it, but it's also become, I think, intimate in a way that it wasn't before. And so interns should understand that and make that happen. So if you have a buddy, assigned mentor or assigned coach, don't be afraid to get on the phone. I like seeing somebody actually in their home environment. I like that Jake.”
2020-08-04 · Goldman Sachs Exchanges · How Companies Are Meeting Their Financing Needs · IDENTIFIED FROM THE TRANSCRIPT
“On this, and somebody should calculate the number of hours I spend on Zoom calls this summer. The number one email I get after I have a Zoom call with our interns is like, wow, how did somebody like you, you know, succeed in this business and make it at Goldman Sachs? And it actually has nothing to do with me. It has to do with the environment.”
2020-08-04 · Goldman Sachs Exchanges · How Companies Are Meeting Their Financing Needs · IDENTIFIED FROM THE TRANSCRIPT
“For workforce ever. So, what we can do to attract diverse individuals, first of all, is just make people understand that this is a great place to work because we believe in the wisdom of crowds and the success of diverse folks and think in a very expansive way about what it might take to be successful at Goldman. And then once we've hired black people, Latinx people, LGBT folks into the firm, it is important also to think expansively about what somebody might not just look like, but seem like relative to what our expectation is of the middle part of the curve for the way people act. So I think we need to create an environment where people come in understanding that all different types of people can succeed. And I think one of the reasons I spend so much time”
2020-08-04 · Goldman Sachs Exchanges · How Companies Are Meeting Their Financing Needs · IDENTIFIED FROM THE TRANSCRIPT
“So, one of the things we've been talking about a lot this summer, and I like this phrase, is we've been talking about avoiding thinking traps. See, what I started out in the business, we had a perception of what the person that we thought somebody who could be successful looked like. And that no offense, Jake, was a straight white man. And while you can still be phenomenally successful in investment banking, if you're white and you're straight and you're male, I have been the beneficiary of the fact that we now understand not only can we be successful if we're women, as I am, or openly gay as I am, or black or Latinx, but that having a diverse group of folks makes us even better. And I don't think it's a coincidence that we're having some of our best performance ever at the firm with our most diverse sales force.”
2020-08-04 · Goldman Sachs Exchanges · How Companies Are Meeting Their Financing Needs · IDENTIFIED FROM THE TRANSCRIPT
“You wanted to do a debt IPO, you could call and say, We want to do a debt IPO, you could do it in a few weeks. Equity IPOs take much, much longer. And so right now we might be working on IPOs for first quarter 2021 anecdotally over the last number of weeks, we've had many CEOs and CFOs called to say how quickly can we accelerate for those that were slated to be third quarter of 2020, we'll see some people come in August and for those who are slated to be first quarter 2021, we see some folks trying to get into the market pre-election, which is pretty fascinating. So I don't think there's going to be any break for our equity capital markets team.”
2020-08-04 · Goldman Sachs Exchanges · How Companies Are Meeting Their Financing Needs · IDENTIFIED FROM THE TRANSCRIPT
“So you can do a podcast with him next. I won't dig into that. And in addition, from a deal count perspective, the week of July 13th was the biggest week for IPOs since the start of the pandemic. And overall, risk appetite from the buy side has been notable spanning a really diverse set of institutions, including mutual funds, pensions, sovereign wealth funds, longshore hedge funds, and the IPO activity, as you would expect, is coming in the sectors that we talked about that have been less affected by COVID. So largely tech driven, certain sectors of healthcare. And I think that continues. And just anecdotally, the IPOs have as a debt girl, I've learned a lot about the equity markets over the past couple of years. I mean, the financing group, you can call your bank Tuesday night and say that you want to do a debt deal on Wednesday morning.”
2020-08-04 · Goldman Sachs Exchanges · How Companies Are Meeting Their Financing Needs · IDENTIFIED FROM THE TRANSCRIPT
“Seen a huge uptick in IPOs really since the start of July, so about a month into it. And just for context, comparing the first half of 2019 with the first half of 2020, IPO issuance volumes for U.S. listed companies was down just 8% year over year, which is pretty incredible if you think about the situation we're in. Now U.S. listed IPO volumes are up 18% versus 2019 at 52 billion with 16 billion pricing in July alone across 35 offerings. So that's 31% of 2020 year-to-date IPOs priced in July. The word of the day or the acronym of the day is SPACs of the 35 offerings, fully 14, 40% have been spaced totaling 8.8 billion. And David Costin just published a report.”
2020-08-04 · Goldman Sachs Exchanges · How Companies Are Meeting Their Financing Needs · IDENTIFIED FROM THE TRANSCRIPT
“Think that'll benefit all sectors of the markets. But we will still sell, I think, bonds and stocks in an analog way using voices, using discussants, using what we would call salespeople. But I think we'll be able to do it a lot more efficiently. And I think people will probably spend a lot more time sort of at their desks rather than traveling around to talk to each other, especially during execution phase, which might be very good for the markets, right? If you don't have to go to a roadshow lunch, but you can do a Zoom roadshow, you can do more research on the securities you want to buy. You can sell and trade more securities. So I think we all, I hope we'll all be a beneficiary from what we've learned.”
2020-08-04 · Goldman Sachs Exchanges · How Companies Are Meeting Their Financing Needs · IDENTIFIED FROM THE TRANSCRIPT
“I think there's a lot that will have changed forever about the capital markets. And most of it will revolve around the use of technology and therefore making markets more efficient. So for example, we can now do an IPO completely virtually. Nobody's meeting in person. And that means we have had full virtual road shows. We make documents that we used to make available in paper virtually. I think having better work from home setups, you know, more frequent usage with no stigma attached will be a big part of the capital markets, greater use of VC technology, including hybrid meetings, meaning maybe you'll go to see some investors, but not all investors. And I think the biggest beneficiary will be this workflow concept. So we'll be able to do a lot more electronically.”
2020-08-04 · Goldman Sachs Exchanges · How Companies Are Meeting Their Financing Needs · IDENTIFIED FROM THE TRANSCRIPT
“The GS Global Health Risk Cyclicals Custom Equity Baskets are down 27% year to date, and then flat year to date respectively. And that's in the equity markets. In the bond markets, any company with investment grade ratings has strong access. So when you see haves and have-nots, that's really in the leverage finance market. So subsectors with COVID tailwinds like streaming services, packaged food, as well as more insulated and acyclical players like insurance brokerage, automation and security software have outperformed. And then same for the leverage market, anybody, especially companies either have big negative effects from COVID. This is obvious, like airlines cruise lines, gaming leisure, their access will turn on and off depending on what's going on with the virus.”
2020-08-04 · Goldman Sachs Exchanges · How Companies Are Meeting Their Financing Needs · IDENTIFIED FROM THE TRANSCRIPT
“So starting with access to the equity markets in terms of easier, I think high growth companies with strong balance sheets, so sectors like tech, telecom, and subsectors within healthcare and consumer, have been insulated from the direct impact of pandemic. So for contacts, both the Goldman Sachs secular growth and stay-at-home custom equity baskets are up 50% year to date. So those are the companies that can access easily access the equity markets. The more challenged credits, or I mean, it's fairly obvious, but cyclical, lower growth, highly levered assets, so sectors like energy, particularly given under performance of oil, levered industrials, and any company impacted directly by the pandemic that can't provide a clear path forward given ongoing uncertainties.”
2020-08-04 · Goldman Sachs Exchanges · How Companies Are Meeting Their Financing Needs · IDENTIFIED FROM THE TRANSCRIPT
“Available to fallen angels. Ford was able to raise, I think it was $8 or $9 billion of securities simply because the Fed had said if fallen angels need access, they can access the facilities. And so we just talked about a bit, the period from mid-March to mid-June represented the heaviest three-month period in investment grade financing market in history by almost a factor of two. And I don't think it's an understatement to say that Fed policy truly enabled a very broad range of companies to build a bridge to a reopened economy and substantially fortify their balance sheets.”
2020-08-04 · Goldman Sachs Exchanges · How Companies Are Meeting Their Financing Needs · IDENTIFIED FROM THE TRANSCRIPT
“Those programs have been phenomenally successful. And in fact, probably most critical part of the policies that have impacted capital markets have been the programs by the US Fed. You know, if you remember prior to the March 23rd credit facilities announcement, only the highest quality investment grade corporate borrowers had access to the market. So in those first couple of weeks, we saw the Disney's and the Walmarts of the world borrow. And we saw spreads gap out in a sharply negative feedback loop. But just by announcing the corporate credit facilities, this is even before they were enacted. They were literally just announced by policymakers. We saw a rapid expansion of market access to the full range of investment grade companies. And then shortly followed by broad access and high yields. And in fact, even though they didn't tap the credit facility,”
2020-08-04 · Goldman Sachs Exchanges · How Companies Are Meeting Their Financing Needs · IDENTIFIED FROM THE TRANSCRIPT
“Optimistic that we will continue to see companies who want to play offense have access to play offense capital in the debt and equity markets. And then as the pandemic and the health crisis and the economic crisis drags on, which I think we all believe it will until we have a vaccine, companies will have access to if they need it more crisis capital. And I think I'll pause there and see what I haven't said that you're interested in talking about.”
2020-08-04 · Goldman Sachs Exchanges · How Companies Are Meeting Their Financing Needs · IDENTIFIED FROM THE TRANSCRIPT
“Because the virus is still out there, the economy is still quite fragile. But companies for now have taken all the capital and liquidity they needed. And so what's going on in the markets today is that companies are starting to take what I would call play offense capital. And so in the debt markets, there are some companies that are financing, for example, AT&T last week who had already financed in the debt markets in a huge way. They're financing to take capital for what comes next. In the equity markets, and we can talk about this in a little bit in more detail, we've started to see the IPO market rebound because companies are saying, gee, maybe this is the time to create public currency for myself to set myself up to grow or grow through M&A. And so I think the back half of the year, I'm cautiously”
2020-08-04 · Goldman Sachs Exchanges · How Companies Are Meeting Their Financing Needs · IDENTIFIED FROM THE TRANSCRIPT
“Provide support in an underpinning to the markets so that investors would be comfortable buying the securities that companies were selling because they were backstopped by both fiscal underpinning and monetary underpinning. And so that's sort of the story of what happened. And so in the period of March through, call it May into June, companies took, first they took crisis capital, both from the debt markets and the equity markets in the form of loans, in the form of bonds, in the form of common equity converts, pipes from alternative investors in private format into public companies. And that gave this kind of underpinning into the market. Now, what has changed is the question you ask me, and what's the outlook? Really, what's changed is that companies, I don't want to say they've taken all the liquidity they needed.”
2020-08-04 · Goldman Sachs Exchanges · How Companies Are Meeting Their Financing Needs · IDENTIFIED FROM THE TRANSCRIPT
“Jake, it has been incredible. I mean, if you told me when I left the office on or about March 15th that sitting here in the first week of August, we would have had the biggest issuance years in a quarter, in investment grade, in equities, a reopening of the high yield market. I would have told you that you were insane. And what's happened and what's changed is that as we rapidly moved into a global pandemic, so a global health crisis, a global economic crisis, companies realized that they needed to raise capital quickly. They needed to raise a lot of capital. And this is really the beautiful part. Governments around the world, both the fiscal government and central banks, realize they need it to.”
2020-08-04 · Goldman Sachs Exchanges · How Companies Are Meeting Their Financing Needs · IDENTIFIED FROM THE TRANSCRIPT