Many young people sit at tables in a room, talking among themselves, while one particular young man in a purple jacket gestures with a piece of paper at a girl in a yellow shirt and black jacket.
A group of people are gathered for socializing.
But if the composition of the market has changed considerably, so that it is now composed largely of baby boomers investing with a 20-year--or greater--horizon, might this not change the valuation of stocks, bid up their prices, and lower the equity premium?