Fed研究报告：20年熊市在望# Stock
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Historical data indicate a strong relationship between the age distribution
of the U.S. population and stock market performance. A key demographic trend
is the aging of the baby boom generation. As they reach retirement age,
they are likely to shift from buying stocks to selling their equity holdings
to finance retirement. Statistical models suggest that this shift could be
a factor holding down equity valuations over the next two decades.
http://www.frbsf.org/publications/economics/letter/2011/el2011-
of the U.S. population and stock market performance. A key demographic trend
is the aging of the baby boom generation. As they reach retirement age,
they are likely to shift from buying stocks to selling their equity holdings
to finance retirement. Statistical models suggest that this shift could be
a factor holding down equity valuations over the next two decades.
http://www.frbsf.org/publications/economics/letter/2011/el2011-
