Katie Koch on high retail investor participation in the stock market

We're pretty excited about the increased participation of retail investors in the equity market.  Deeper market participation with more views being expressed is very good for active management, so we like bigger retail participation.  I also think it's interesting that people dismissed this as just a pandemic phenomenon, but that's clearly not true now because the world's reopening and the retail investor is still very engaged in ETFs, but also in these meme stocks.  And the activity remains elevated.  We invest in some of the brokers that cater to retail investors and volumes are still up 4x vs. pre-pandemic...  If you believe that this activity will continue, you should be focused on the beneficiaries of that retail activity and that would include things like exchanges, brokers and actually social media.

~ Katie Koch, Co-Head of Fundamental Equity, Goldman Sachs Asset Management, Bloomberg interview, 5:30 mark, June 11, 2021