Welcome to our exchanges at Goldman Sachs

markets update for Friday, February 5th.

Each week we check them with a leader across the firm

to get a quick take on what they are watching in markets.

This week we're continuing our exploration of the retail trading boom and what it means for investors.

I'm Jake Stewart, Global Head of Corporate Communications here at

the firm and we're joined by Joe Duran, head of personal financial management for

Goldman Sachs. Joe, welcome to the program. Thank you, Jake. I'm thrilled to be here.

So Joe, as we've discussed on this program a little bit this week, there's been a tremendous

number of individuals opening brokerage accounts to trade individual stocks.

How does the retail activity that's been getting a lot of

attention the media line up with the academic principles of retirement savings and

investing? Well it doesn't line out at all actually when you think about it

when you're looking at retirement it's typically

several years out you're making decisions that will affect you over your lifetime and

trading is really not about that it's about how much can I make right now,

how do I avoid losses right now,

so you're dealing with a different part of your brain,

you're dealing with your instincts

rather than with your judgment.

And I would just say that if you are making lifetime, life-changing decisions, you don't

want to be impulsive, you don't want to be emotional, and this is really like a sugar high,

...