Squawk Pod — Goldman Sachs CEO David Solomon & Pershing Square’s Bill Ackman

Date: October 21, 2025
Podcast: Squawk Pod (CNBC)
Hosts: Joe Kernen, Becky Quick, Andrew Ross Sorkin
Guests: David Solomon (Goldman Sachs CEO), Bill Ackman (Pershing Square CEO)

Episode Overview

This episode features headline interviews with two major financial leaders: David Solomon, Chairman & CEO of Goldman Sachs, and Bill Ackman, CEO of Pershing Square. The conversation spans alternative investments, private credit markets, economic policy, and the high-stakes New York mayoral race—delivering exclusive perspectives on the financial markets, AI, and the political economy.

Key Segments & Timestamps

• [12:10] Goldman Sachs CEO David Solomon in studio: Insights on alternative investments, private credit, AI, and capital markets.
• [34:36] Pershing Square’s Bill Ackman: Deep dive on the upcoming New York mayoral election, urban policy, and the business climate.
• Ongoing: Hosts’ commentary on tech, markets, Apple, China, and more.

David Solomon: Alternative Assets, Private Credit, and the Economy

[12:10–32:45]

State of Alternative Investments

• Goldman Sachs is hosting its 24th Annual Alternative Summit, featuring top leaders and thinkers ([12:10]).

• Huge growth in alternative assets—private equity, private credit, infrastructure, real estate—now over $500 billion under Goldman management ([13:09]).

• Solomon emphasizes the “early innings” of private capital formation in the US, contrasting US risk-taking and retail investment with Europe ([13:09]).

  "The growth of private capital formation continues. And, candidly, I still think we're in the early innings… I think it's very constructive for markets."
  —David Solomon [13:09]

Retail Investors and Access to Alternatives

• Alternatives expanding beyond wealthy investors; Solomon supports some access for average retirement savers with long horizons, but urges caution over liquidity needs ([14:54]).
• Advises a 20–25% alternatives allocation for long-term retirement accounts ([14:54]).
• Warns of the need for education and regulation as more retail investors access these products ([15:50]).

Transparency, Valuation, and Guardrails

• Sorkin raises concerns about transparency and valuation: private market assets in 401ks might lack the rigorous disclosure of the public markets ([16:07]).

• Solomon acknowledges challenges in marking private assets, advocating for prudent, market-based valuations, especially when liquidity is offered ([16:53]).

  "I think generally speaking it's prudent to mark things for what they're worth and where they can be sold. There are others who would disagree strongly."
  —David Solomon [18:46]

Systemic Risks & Private Credit

• Discussion on recent regional bank troubles; Solomon downplays fears of a systemic crisis despite some idiosyncratic events ([21:34], [21:52]).
• Stresses the interconnectedness of regulated and unregulated credit markets: “It’s one system. It’s all interconnected.” ([23:32])
• Acknowledges pressure to deploy credit and some risk from late cycle behavior, but does not see a bubble or broad crisis ([23:43], [25:28]).

Quarterly vs. Semi-Annual Reporting

• On public company reporting, Solomon is open to six-month reporting instead of quarterly, arguing this supports longer-term strategy without significant loss of transparency ([20:10]).

AI, Technology, and Goldman Sachs

• AI is driving productivity at Goldman. New initiative "One Goldman Sachs 3.0" seeks to reimagine firm processes and increase efficiency with automation ([26:51]).

• Solomon is optimistic about AI’s impact but sees workforce shifts and “a possibility that there's a little bit more volatility or ... an unsettled transition" ([28:53], [29:10]).

• On acquisitions: highlights recent Industry Ventures deal to expand early-stage VC presence; sees asset and wealth management as avenue for further growth ([30:12]).

  "I can't find a CEO that… is not focused on how they can reimagine and automate processes in their business to create operating efficiency and productivity. And that’s a really good thing for economic growth."
  —David Solomon [28:19]

Long-Term Vision for Goldman Sachs

• Five-year outlook: Focused on two engines—banking/markets and asset/wealth management ([31:41]). Sees substantial runway for growth.

Bill Ackman: New York Mayoral Race, Economic Policy, and the National Stakes

[34:36–56:51]

New York Election Dynamics

• Ackman is vocal on social media, pushing for Curtis Sliwa to exit the mayoral contest to avoid splitting the vote against Zoran Mondami ([34:48], [35:23]).
• Explains the polling math: "If Sliwa voters vote for Andrew, Andrew wins. The key is Sliwa has to be out of the race." ([35:23])
• Advocates for voter mobilization, calling this "the most important New York City election we've had in 100 years" ([33:02], [44:50]).

Critique of Leading Candidate Zoran Mondami

• Ackman critiques Mondami’s policies on affordability and economics:

  • Blames high rent and utilities on anti-development regulations and over-stringent green policies ([37:41]).
  • Argues that Mondami is correct to cite affordability problems, but that "his policies are wrong ... his policies are going to explain why" ([39:07]).

• Cautions about the Democratic Socialists’ platform and potential leadership ([36:55], [37:09], [42:23]).

• Public safety and policing: Warns about “hostile relationship with the police” and notes police retirements already in anticipation ([39:41]).

  "[Mondami is] accurate in identifying the problems with the city, but his policies are going to explain why."
  —Bill Ackman [39:07]

Business and Policy Consequences

• Taxes: Higher city taxes could drive out high earners; "1% of New Yorkers pay 40% of the taxes in the city… they can take their tax revenues elsewhere" ([41:07]).
• Corporate taxes: Warns businesses may relocate if burden rises ([41:46]).
• Comparisons to Miami, Chicago: Hedge funds and high-income individuals increasingly mobile thanks to remote work ([47:02]).

National Political Implications

• Sees New York’s mayoral outcome as a referendum on the Democratic Party’s trajectory:

  “If Mondami is successful in New York, it’s going to inspire other DSA candidates at the state legislature in other states around the country. … If we destroy New York, it will be a sacrificial lamb to out the current state of the Democratic Party.”
  —Bill Ackman [42:48–43:10]

• Ackman claims a Mondami win would damage the city’s economic future and provide negative national symbolism ([44:00–44:39]).

Ackman’s Economic Outlook

• Overall US economic outlook: Ackman is positive on pro-business policies, infrastructure, AI investment, tax reform, declining rates ([49:17]).

• Praises President Trump’s business policies and negotiating skills, including on China ([50:44], [51:41]).

• Geopolitical risks, especially in the Middle East, are seen as receding ([51:25]).

  "We have the most pro business president we've had in a very long time… a lot of reasons to be optimistic about [the US economy]."
  —Bill Ackman [49:17], [50:44]

Industrial Policy and AI

• Ackman supports efforts to strengthen US industry against foreign dominance, but is wary of excessive government intervention or “picking winners and losers” ([53:00], [54:06]).
• Sees AI’s “lollapalooza Effect” as world-changing, comparable to the railroad and fiber build-outs ([54:33]).

Notable Quotes & Memorable Moments

• Solomon on market cycles:

  “One thing I know for sure is when we do have an economic slowdown, and we will, and we do have a recession ... we will go through a credit cycle and you certainly will see losses and pressure on those that lend and provide credit.”
  —David Solomon [10:15], [21:49]

• Hosts’ banter on Apple and consumer tech:

  "It's amazing how many times its demise has been greatly exaggerated... But who doesn't? I mean, you got a 17 already."
  —Joe Kernen [04:10]

• Ackman’s voter rallying cry:

  "All you need to do is get out of bed in the morning, okay? And show up at the poll. Vote, vote for safety in the city. Vote for sanity."
  —Bill Ackman [33:02], [44:50]

• Ackman on NYC’s fiscal reliance on high-earners:

  "1% of New Yorkers pay 40% of the taxes in the city... if you attack that 1%, those are the most mobile 1% of New Yorkers and they can take their tax revenues elsewhere."
  —Bill Ackman [41:07]

• Closing thought on the stakes for the Democratic Party:

  "If we destroy New York, it will be a sacrificial lamb to out the current state of the Democratic Party and where the geographic center is."
  —Bill Ackman [43:10]

Episode Tone & Takeaways

• The tone is fast-paced, policy-heavy, and at times urgent—especially around the New York mayoral race and national implications.
• Solomon is measured, analytical; Ackman is passionate, direct, at times alarmist about NYC’s direction.
• Throughout, Squawk Box’s signature banter softens deeply technical and political discussions.

Summary Table of Key Segments

| Time | Topic | Key Discussion / Quote | |-----------|--------------------------------------|-------------------------------------------| | 12:10 | Solomon on Alternatives/Private Credit| “Still…early innings of private capital formation…” | | 16:07 | Transparency & Marking Practices | “Prudent to mark things for what they’re worth…” | | 21:49 | Economic Cycles & Credit Risk | “We will go through a credit cycle …” | | 26:51 | AI at Goldman Sachs | “Reimagine these processes entirely…” | | 34:48 | Ackman on NYC Election | “Most important election in 100 years…” | | 41:07 | Taxes and NYC’s Wealthy | “1% pay 40% of taxes … can take them elsewhere”| | 44:50 | Mobilizing Voters | “Show up at the poll. Vote for safety…” | | 49:17 | Ackman on US Economy | “A lot of reasons to be optimistic…” |

For listeners interested in:

• The evolution and risk of private credit and alternatives
• How financial leaders view AI in practice
• The intersection of business, politics, and urban policy
  This episode delivers punchy, timely, and direct insights straight from the US’s financial and political front lines.