Is the influence of retail investors on stocks shrinking?

The work-from-home movement inspired a boom in retail trading

and day traders helped push equity markets to new heights.

But today's some signs in the market suggest retail investors are losing steam.

There's been a very dramatic reversal in the buying of retail turning into the selling of retail in the last five months.

This shows you that a lot of the retail

froth that was potentially in the market has come out. I'm Allison Nathan and

this is exchanges at Goldman Sachs.

To help us understand how the role of the retail investor in the markets has evolved,

I'm joined by three of my colleagues across the firm who have a unique view into how individual

investors are trading.

John Marshall, head of Derivatives Research in Goldman Sachs's research division,

Greg Tordo, a portfolio manager of small to mid-cap stocks in our asset management division,

and David Hedia, who manages the America's

equity execution team in our global markets division. John, Greg, and David,

welcome to the program. Thanks for having us. Thanks for having us.

So let me kick off the conversation by saying that it's well understood at this point that the

pandemic spurred a new generation of retail investors.

We've all heard the stories of day traders,

you know, flush with their stimulus checks,

driving up certain tech, you know, in other stocks.

But just a level set, how much of an influence did these investors really have on markets?

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