Goldman Sachs Managing Director Encouraging Clients to Take Advantage of Market Opportunities

Michael LaVere
  • Goldman Sachs managing director Silvia Ardagna says they can see light at the end of the tunnel.
  • Goldman is encouraging clients to take advantage of the dip in the equities market ahead of an expected rebound.

Goldman Sach’s Silvia Ardagna said they can see “light at the end of the tunnel” on the impact of the coronavirus pandemic which has devastated the global economy.

According to a report by Bloomberg, Ardagna, managing director in the investment strategy group for Goldman Sachs Private Wealth Management, told investors there is light at the end of the tunnel. 

She said in a phone interview, 

We see light at the end of the tunnel because we believe that sooner or later the medical community will make breakthroughs, and because the fiscal and monetary response around the world, especially in the U.S., where we’re overweight stocks, has been pretty aggressive and forceful.

Ardagna explained her group is encouraging private clients to take advantage of the dip in prices in equity markets, which she believes are positioned for a rebound. 

She said, 

Our own advice to clients is that right now is a good time to get back into markets and take advantage of the decline in equity markets to position for the rebound.

Goldman strategists anticipate a sharp near-term decline in the global economy, followed by a “v-shaped rebound” in the second half of the year. 

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Coinbase Preparing for Stock Market Listing as Early as This Year: Report

San Francisco-based cryptocurrency exchange Coinbase has reportedly started preparing for a stock market listing that could come as early as this year.

The move would make Coinbase the first major U.S.-based cryptocurrency exchange to go public, but the listing would require the U.S. Securities and Exchange Commission’s (SEC) blessing. According to Reuters, one source claimed the exchange is considering a direct listing instead of a traditional initial public offering (IPO).

While in an IPO new shares are created, underwritten and sold to the public, in a direct listing no new shares and created and only outstanding shares are sold, with no underwriters involved. Reuters quoted three people familiar with the matter, who requested anonymity because the listing preparations are reportedly confidential.

Coinbase has not yet registered its intention to go publish with the SEC, but has already reached out to investment banks and law firms. The cryptocurrency exchange was valued at $8 billion in its latest private fundraising round in 2018.

It was founded in 2012 and now has over 35 million users, allowing them to trade various cryptoassets both on its Coinbase platform and on the Coinbase Pro platform. It also has multiple other services, including Custody, Commerce, and Earn.

The San Francisco-based firm’s bitcoin holdings are estimated to now be over 1 million BTC, as users deposit funds on it over time. Last month Coinbase revealed it suffered outages after seeing its traffic spike significantly in a few minutes, as the price of most cryptocurrencies moved abruptly.

As CryptoGlobe reported, CryptoCompare’s June 2020 Exchange Review showed Coinbase was the third-largest top tier crypto exchange by trading volume in May, trading $6.86 billion worth of crypto throughout the month, falling behind OKEx and Binance.

Featured image via Unsplash.