Farallon Capital's Nicolas Giauque on Investing for the Long Term

Exchanges

Goldman Sachs

Business

4.3 • 1.1K Ratings

🗓️ 22 April 2026

⏱️ 20 minutes

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Summary

Managing Partner and CIO Nicolas Giauque of Farallon Capital—a multi-strategy firm founded 40 years ago—talks about the investing opportunities he sees today and his view of the current market environment. This episode was recorded on April 9, 2026. The opinions and views expressed herein are as of the date of publication, subject to change without notice, and may not necessarily reflect the institutional views of Goldman Sachs or its affiliates. The material provided is intended for informational purposes only, and does not constitute investment advice, a recommendation from any Goldman Sachs entity to take any particular action, or an offer or solicitation to purchase or sell any securities or financial products. This material may contain forward-looking statements. Past performance is not indicative of future results. Neither Goldman Sachs nor any of its affiliates make any representations or warranties, express or implied, as to the accuracy or completeness of the statements or information contained herein and disclaim any liability whatsoever for reliance on such information for any purpose. Each name of a third-party organization mentioned is the property of the company to which it relates, is used here strictly for informational and identification purposes only and is not used to imply any ownership or license rights between any such company and Goldman Sachs. A transcript is provided for convenience and may differ from the original video or audio content. Goldman Sachs is not responsible for any errors in the transcript. This material should not be copied, distributed, published, or reproduced in whole or in part or disclosed by any recipient to any other person without the express written consent of Goldman Sachs. Disclosures applicable to research with respect to issuers, if any, mentioned herein are available through your Goldman Sachs representative or at http://www.gs.com/research/hedge.html Goldman Sachs does not endorse any candidate or any political party. The views expressed herein may not necessarily reflect the institutional views of Farallon Capital Management, L.L.C. or its affiliates. This content is for informational purposes only and does not constitute investment advice or an offer to purchase or sell any securities. Past performance is not indicative of future results. © 2026 Goldman Sachs. All rights reserved. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Our initial strategies of merger arbitraris that I've mentioned has really seen a new light of day effectively in the recent years with a much easier regulatory path to approval of deals and probably a very short window for corporations to do strategically transformative deals.
0:23.6	Welcome to another episode of Goldman Sachs Exchanges, great investors. I'm Tony Pascarello,
0:29.5	global head of hedge fund coverage and our global banking and markets division. Today, I'm
0:33.9	excited to be sitting down with Nicholas Giac, the managing partner and chief investment
0:38.5	officer of Farallon Capital.
0:40.6	Farallon is a multi-strategy firm, a 40-year track record, and $44 billion in capital
0:46.1	under management.
0:47.8	Nicholas actually spent four years here at Goldman Sachs before joining Farallon in 1998, he became sole CIO and managing partner within
0:57.0	the last two years. I'm excited to talk to him about his career, the opportunity set he
1:01.8	sees today, and of course his view of this chaotic market environment.
1:07.0	Nicholas, welcome to great investors. Thank you, Tony. It's a pleasure to be here. Farallon has
1:12.0	an incredible track record. I think you've had only one down year since the firm was founded in
1:17.4	1986, which is remarkable. Tell us about the overall approach and how do you avoid serious
1:24.8	drawdowns. Our focus has been 40 years now with just one mission, just extraordinary risk-adjusted
1:30.5	return.
1:31.5	So I think this intense focus on just this one simple mission is what has gotten us through
1:38.2	all those 40 years with the performance that we've had.
1:41.2	We certainly are very focused on generating performance, but also focus on capital
1:46.7	preservation. We know the role that we fit in our investors' portfolio. And so I think that
1:52.8	mission, a strong culture, which is based on excellence, integrity, and humility, has also allowed
2:00.0	us to achieve this with multiple CIOs. I'm now the third
2:03.9	CIO and managing partner of the firm, so we've been able to do this consistently over time.
	...

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