#19 The Value Investor
Behind the Balance Sheet
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Stocks as a Percentage of Wealth
Household ownership of stocks went from 50% to 10% over that 16, 17, 18 years. Institutional pension fund ownership of stocks likewise dropped from the 40 to 50 to 60%. So why would you own stocks? They just go down. Inflation took a hammer, took a machete to margins over that period. But it was a very activist Federal Reserve never quite getting behind inflation.
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