Seth Klarman on finding value and maintaining discipline

What does it take to succeed on the world stage? In this Talks at GS session, Goldman Sachs Chairman and CEO David Solomon joins members of Team USA and the US Olympic and Paralympic Committee— Chuck Aoki, four-time Paralympic medalist for wheelchair rugby; Meghan Duggan, three-time Olympic medalist for ice hockey; and Gene Sykes, chair of the US Olympic and Paralympic Committee, and co-chair of Global Mergers & Acquisitions at Goldman Sachs. This session was recorded on June 11, 2025. 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. © 2025 Goldman Sachs. All rights reserved.  Learn more about your ad choices. Visit megaphone.fm/adchoices

Seth Klarman, CEO and portfolio manager of The Baupost Group, is known for his unwavering focus on value. In this conversation with Goldman Sachs President and COO John Waldron, Klarman discusses how his philosophy fits into the current market environment, and how his approach to leading Baupost has evolved in his long career as a fund manager.  This session was recorded on May 27, 2025. Learn more about your ad choices. Visit megaphone.fm/adchoices

Jim VandeHei is the founder of Axios and Politico – two companies that have emerged as household names in a crowded media landscape. He shares his insights on the evolution of the media industry, the importance of quality journalism, and the keys to building successful media businesses in this conversation with Tony Fratto, global head of corporate communications at Goldman Sachs.  This episode was recorded on April 9, 2025. Learn more about your ad choices. Visit megaphone.fm/adchoices

Nelly Korda is a world number 1 professional golfer and Olympic gold medalist, who has had 19 professional wins since she went pro in 2016. In this Talks at GS with Goldman Sachs chairman and CEO David Solomon, she discusses her journey from a family of athletes to her professional career, the importance of passion, and the mental and physical challenges of playing golf professionally. Nelly also shared her insights on the future of women’s golf and how her evolving technical skills have allowed her to stay on top. This episode was recorded on May 12, 2025. Learn more about your ad choices. Visit megaphone.fm/adchoices

Alnylam Pharmaceuticals has pioneered RNA interference therapeutics, or RNAi. This groundbreaking technology has increased the company’s success rates of bringing medicines through the clinical pipeline—leading to the approval and launch of six new medicines in just six years. Their CEO Dr. Yvonne Greenstreet spoke with Jerry Lee, head of biopharma banking in the global healthcare group, about the applications of Alnylam’s Nobel Prize-winning RNAi technology, her vision for the future of biotech, and the importance of a patient-focused and teamwork-oriented culture. Dr. Greenstreet also discussed her career journey and leadership philosophy —as one of the only women of color leading a major pharmaceutical company. This episode was recorded on April 23, 2025. Learn more about your ad choices. Visit megaphone.fm/adchoices

How can big data reveal the drivers of economic opportunity? Raj Chetty, the William A. Ackman Professor of Economics at Harvard University and director of Opportunity Insights, discusses what can be done to foster upward mobility, the factors that impact a child's chances of success, and the innovative solutions being developed to bridge the opportunity gap. He spoke with Goldman Sachs’ Greg Shell, partner and head of the Inclusive Growth strategy within Asset & Wealth Management, in this Talks at GS.  This Talks was recorded on March 12, 2025. Learn more about your ad choices. Visit megaphone.fm/adchoices

From being the first non-founding employee of Skype to co-founding international money transfer platform Wise, Taavet Hinrikus has been at the center of Europe’s technology ecosystem. Today at early-stage VC Plural, he focuses on funding European tech startups and supporting the next generation of founders. He spoke about the impacts of early exits, the importance of backing mission-driven entrepreneurs, and his optimism for Europe’s tech landscape with Clif Marriott, Goldman Sachs co-head of the Technology, Media and Telecommunications Group in EMEA. The conversation was filmed at Goldman Sachs’ Disruptive Technology Symposium in London on March 5, 2025. Learn more about your ad choices. Visit megaphone.fm/adchoices

Adena Friedman, Chair and CEO of Nasdaq, has expanded Nasdaq from an exchange operator to a global technology and insights platform. She spoke with Goldman Sachs COO and President John Waldron about how Nasdaq is utilizing AI and cloud technology to drive financial innovation, as well as the company’s vision for making public markets more attractive to companies. This episode was recorded on April 7, 2025. Learn more about your ad choices. Visit megaphone.fm/adchoices

OpenAI is at the forefront of the generative AI revolution. How did it get there, and what is the company doing to stay ahead of its competitors? Sarah Friar, chief financial officer of OpenAI and former head of technology equity research at Goldman Sachs, discusses the path to artificial general intelligence and the importance of capital in the AI race with Dan Dees, Goldman Sachs Global Banking & Markets co-head. The conversation was filmed at Goldman Sachs’ Disruptive Tech Summit in London on March 5, 2025. Learn more about your ad choices. Visit megaphone.fm/adchoices

Yasmin Green is the CEO of Jigsaw, the unit at Google that builds technology aimed at protecting open societies. She joined Goldman Sachs’ Sharmin Mossavar-Rahmani, head of the Investment Strategy Group and chief investment officer of Wealth Management, to share Jigsaw’s mission and the innovative tools they are building to harness AI for constructive communication. Learn more about your ad choices. Visit megaphone.fm/adchoices