Welcome to our exchanges at Goldman Sachs markets update for Thursday, June 18th.

Each week we check in with a leader across the firm to get his or her take on what they're watching in markets. I'm Jake

Stewart Global Head of Corporate Communications here at the firm and my guest

today is Philip Berlinsky, CEO of Global Equities, your Global Markets

Division.

Welcome, Philip.

Hi, thanks for having me.

So just before we get started, why don't you just give us a quick intro

and explain your role here at the firm?

All right, thanks.

So I joined the firm as an analyst in 1998 and I've done various roles across

equities since then both in our investing businesses and our trading businesses and

then most recently I'm CEO of equities and also most of my

experience is from Europe where I spent the first 20 years in Europe and I moved to

New York City a year ago. A great time to move to New York City. You're getting to see the best of it. So let's start big picture. You're talking to clients all the time. What are you hearing from them and what's your high-level view on on equity markets right here in mid-June. Okay, sure.

I mean, I can just give a quick narrative and kind of where we are now,

because I think the biggest question is,

why are equities where they are?

And so that's a question that we keep getting. and I would say it's maybe not the most hated

rally that I've seen but I think a lot of people scratching their heads and I think hopefully we can get into

retail participation later on because I think that's I think that may be part of the

culprit although it probably is much smaller than people expect. So look I think I

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