This is Exchanges of Goldman Sachs where we discuss developments currently shaping markets, industries, and the global

economy.

I'm Jake Seward, global head of corporate communications here at the firm.

For today's episode, we're going to share a recent conversation from Goldman Sachs Research 2020 Global Macro Conference in

Hong Kong.

The panel was entitled Global Market Shocks for the 1987 Crash to Brexit Lessons for Today.

Steve Strongen and Jan Hatzius of Goldman Sachs research sat down for discussion all about

connections.

Why economic cycles and market cycles are increasingly independent, why economic volatility

is declined, while market volatility has largely remained the same,

and how shocks like political surprises and climate change stand to radiate through each space.

Now, over to that conversation, hope you enjoy it.

It's now my great pleasure to... Now over to that conversation, hope you enjoy it.

It's now my great pleasure to introduce Steve Strongen,

the head of global investment research

and senior member of the firm's management committee.

Steve has been at Goldman Sachs for 25 years

and has run investment research since 2007 so really led us through the crisis and in the

turbulent aftermath and so really looking forward to Steve's insights about

market shocks, economic cycles. I'm going to ask him some questions and at the end we'll have some time for questions

from the audience.

Please do submit them through the app. But let me start with something that I've heard you say many times,

...