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The Pension Crisis
The baby boomers have the maximum allocation to equities they've ever had because they didn't save enough money. The next downturn in the business cycle, you'll see the economy go to recession and the equity market halve on the retirement date of all of the baby boom generation. And they will never be able to buy the dip again. Nothing changes unless a whole group of the populations wiped out or they suddenly discover 50 million, 50 year olds.