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How big is the Bond Market? Believe me you will actually find this interesting!

July 30, 2011 1 comment

I looked previously at how much money is invested in the stock market.  This blog will the first on a series on the “boring bond market”.  The first question to ask is how big is the bond market?  Let’s look first at the Corporate Bond Market.  The total Corporate Bond market at the end of the 1st quarter of 2011 was $11.3 Trillion dollars.  As discussed in a previous blog, the total Stock Market for US Stocks was $17.7 Trillion Dollars and the total for all the Worlds Stock Markets was about $60 Trillion Dollars.  So, the total bond market is about 20% the size of the total stock market and about 60% of the US Stock Market.  So, if we once again try to get our hands around this Trillion Dollar number we will divide it by the 95.6 million families in the US, it would mean that each family on average owns $118,000 woth of bonds in their portfolio.  We will look at that like we did stocks in future blogs about who really owns bonds.

Americans own $$1.6 Trillion dollars of Foreign Debt and Foreigners own $2.4 Trillion of US Company Bonds.  This means Foreigners own more of our bonds than we own of theirs which is opposite of the what happens with stocks where we own more of their stocks than they own of ours.

The bonds we own by who the issuer of the bond was is shown below.

Not too surprising is that the biggest share of bonds we have are the one’s issued by Companies.  It is what you think of when you think of bonds.  The typcial AAA rated US Steel or Ford  bond.  The second biggest area is Asset Backed Securities bonds.  The Asset Backed Security (ABS) is a bond that is issued on top of some other debt.  The biggest of these Asset Backed Securities is one’s made from Mortgages.  In other words, a bank sells its’ mortgages that it has to a company that then put’s it together with a whole bunch of other Mortgages that were sold to it and then floats a bond for the value of all these mortgages.  This means that if you buy this ABS Bond you basically are holding a bunch of mortgages and you are receiving the payments made by homeowners in the form of dividends paid by the bond issuer.  This seems like a great idea, you become the bank in essence with homeowners sending their house payments to you.  It was a very fast growing area in Finance for a number of years.  It was also the biggest single reason for the Great Recession we just suffered through!

The problem was that banks started lending money for mortgages to people that couldn’t afford the house.  Then the Traditional Bank packaged these mortgages up and sold them to a Bond Issuer (usually an Investment Bank like Bear Stearns, Lehman Brothers & Goldman Sachs).  You may recognize these names as two of them recently collapsed and took down the stock market with them.  In any case, the traditional bank no longer had to worry about the fact that the homeowner was not going to pay their mortgages because they just had passed the liability on to the Investment Bank.  The Investment Bank then turned around and sold these ABSs to a number of people.  Most of these bonds were bought by companies like Insurance Companies who felt like this was a nice safe investment.  Some of these you may have heard of, like AIG,  because the US Government had to bail them out too.  When you hear the term “Toxic Assets” on a company’s books, the Asset Backed Security is the prime one.  Mostly individual investors did not invest in these horrible investments, but, were still hurt because pension funds, insurance companies, mutual funds, etc, did buy them, so, you and I ended up getting indirectly hurt as the value of these stocks we owned fell dramatically.

Bet when you decided to read this you boring blog about bonds, you wouldn’t find out that bonds were the cause of demise of the US Economy.  In any case for reasons that seem obvious now, the Asset Backed Security is not as popular as it used to be.  It still is out there in a big way however with about $2.2 Trillion Dollars invested in these type of bonds.  That is less than half as much as what it was in 2008 when the whole mess started and a lot of this is due to the bonds actually defaulting.

In summary, we own a lot of bonds, but, only about 60% of what we have invested in the stock market.  The bond market while “boring” can also be risky as evidenced by the Asset Backed Securites Bonds fiasco of the last decade.   Even with the decline in the fortunes of the ABS Bond, bond ownership has been steady as we invested money in traditional Corporate Bonds at the same rate money was lost money in Asset Backed Securities as evidenced by the following chart.  So, bonds are an important vehicle in an investment portfolio.  I will be discussing what a bond really is, who owns them, and what to expect from them in future blogs.  So, come back and “bond” with me in the next few blogs.

Categories: Bonds

How much do we owe?

July 24, 2011 Leave a comment

I had looked at how much stock we own as an average American family, so, next I wondered how much do we owe in debt?  Again the Federal Reserve keeps a pretty good tab on how much in debt everyone is and how much we are borrowing or saving every year.    As of the 1st quarter 2011, all families had an outstanding personal debt of $13.3 Trillion dollars.  That works out to $139.000 (13.3 Trillion debt / 95.6 Familiies) for every family.  Of this debt, 75% is house mortgages and 25% is consumer credit.  So, the average family owes 3 times as much on the mortgage as they do all their other consumer debt combined (car loans, credit cards, other debt).   The total Wages and Rental income for people (i.e. not companies) was $9.2 Trillion dollars.  That is an average income per family of $96,700.  That means the debt to income ratio is 1.4 for every family.  So, it would take a year and a half of work, if you paid no taxes to pay off your debt.  How do you stack up?

This sure seems like a lot of debt.  But, a silver lining is we aren’t borrowing like we used to.  The following is a graph of the last few years for family borrowing.  As you can see the average family has negative debt the last couple of years which means we are saving more than we are borrowing.  We are paying down our debt.

This is certainly something to keep an eye on in the future.  This may be a combination of banks not lending like drunken sailors and them raising requirements for loans or it may because American families are just paying down their debt and doing more saving.  We have been averaging $270 Billion dollars a year in lowering our debt.  At that rate it will take “only” 49 years for families to pay back what we owe in personal debt.

So, we will always owe money it looks like.  This is to be expected as families buy homes, cars, etc and take loans to do this.  What about our government?  We all know that when the government owes money it means that we owe money because the government can only raise money through taxing us.  The National Debt for the US currently is $14.4 Trillion Dollars which works out to $150,000 per Family.  That means you owe more to pay back the National Debt than you do to pay back everything you owe in terms of your loans for homes, cars, personal debt, etc.  Makes the idea of a balanced budget amendment a lot more appealing.  Of this $14.4 Trillion about $9.4 Trillion dollars is owed in the general credit market.  So, how does the trend look for the government?  Are they starting to pay down their debt like Families are doing?

Well, it looks like the Government isn’t paying down the debt.  I know this was a trick question, as the government obviously borrowed more because of the latest economic stimulus packages to try and soften the recession.  I guess a government spin would be that they are not borrowing at the same accelerated rate in 2011 as they did in 2008, 2009 and 2010, but, I don’t know if that is something to get too excited about.

In summary, if we combine our personal debt with the debt the Government has so kindly saddled us with it looks like we owe nearly $300,000 in debt.  I know how excited that makes me!

Categories: Debt

How often are stocks traded?

July 17, 2011 Leave a comment

I know how many times I have been trading stocks.  So, I wonder how much stock gets traded in general and what the average amount of stock being traded is.  This blog entry will attempt to get a handle on how much gets traded in general and then compare it to how much an average person trades and finally compare to how much I have been trading.

The first place I looked for this information was the Census data which proved very interesting.  I came across a Net Equity/Stock Purchases by year.  This shows if money went in (a positive number) or went out of the Stock Market.  The following is 2000 – 2009 net purchases/sales in billions of dollars:

The 5 billion dollar in 2000 means that there was just about as much coming into the stock market as leaving it.  You can see in 2005 through 2007 money was leaving the market.  And in 2008 and 2009 it was coming in.  Compare this to the NYSE Year End Closing Price percent change in these years.

You can’t draw too many conclusions from this except to say in the last downturn people were getting out of the market before the big downturn and got back into it during the recovery.  You didn’t see the same pattern exactly in the dot.com bubble burst of 2002, so, it is hard to say for certain that the smart money left before the downturns.

In any case, while this has given some insight into how much in dollars goes into and out of the market from a net perspective, it doesn’t answer how much stock is traded.    An obvious candidate is just the sheer volume numbers.  Looking at the NYSE & NASDAQ, they have a volume of about 1.7 Trillion Shares a year that are traded.  These shares are traded with 5.4 Billion Transactions (i.e. number of actual trades).  Again, like in previous blog postings, I have a hard time wrapping my head around the concept of a trillion.  So, looking at some other numbers to get a perspective it means.  I will put it in terms of stocks traded per family.  There are 95.6 million families in the US (305 Million People / 3.19 People per Family).  So, for each US Family they trade as follows:

Stocks Traded per Family = 1.7 Trillion Stocks / 95.6 Million Families = 18,052 Stocks Traded per Family

Trades Made per Family = 5.4 Billion / 95.6 Million Families = 58 Trades a Year

So, much for buy and hold strategy.  In a previous blog entry I determined that about half the stock was owned by individual people.  That means to me that about half this 18,000 Stocks and 58 trades per year for a given family are being traded by Exchange Funds, Mutual Funds, Pension Funds and the like for them.  That would mean that an average Individual Investor trading for his family should trade about 9,000 shares per year in 29 trades on their own as an individual investor.  This means that the average trade size would be about 300 shares.  The trade size seems right, but, the 29 trades seems a little high to me.

To double check these numbers, I will look at my own trading.  I consider myself a fairly active trader that has traded quite a bit based on technical indicators.  So, looking at my portfolio strategy, for the first half of the year, I was shocked that I traded (bought or sold) about 90,000 shares of stock and made 57 trades.  So, that would mean for a year, I would expect to have traded around 180,000 shares and 114 trades which would be quite a bit above the average I came up with.  I know that a lot of the professionals are day trading, adjusting positions daily, etc.  So, maybe these numbers are legit.  They certainly seem reasonable given a mix of active traders and buy and hold types.

Another interesting fact is that the Market Capitalization for NYSE & NASDAQ was around 17 Trillion Dollars in 2010 and the Value of all the Shares Traded was 30 Trillion.  That means that an average portfolio “turns over” about 1.8 times a year (30/17).  Taking this a step further it would mean that an average investor holds on to a stock for less than 7 months (12 months / 1.8 Turnover).  If the average investor has around the $107,000 I calculated in previous blog that means he trades about $190,000 of stock per year.    So, to summarize, my mythical average family investor does the following:

  • Has a portfolio of around $107,000
  • Makes 29 Trades a Year
  • Assuming that they use discount brokers spends about $300 a year to trade stock
  • Trades 9,000 Shares a Year
  • Makes an average size trade of 300 shares per trade
  • Turns over his portfolio 1.8 times a year

But, we all know that there is no average family investor.  When I look at friends and family who own stock, I know that most people are either not trading stock at all or probably not doing it very actively.   So all our mythical average family investors are in there with the professionals trading stock, the question to be asked is are the  professionals the high volume traders or is it our average family investor.

Categories: Stock Volume, Stocks

Who really owns Stock in the United States – Part 4?

July 17, 2011 Leave a comment

So, half the families in the US own stock either directly or indirectly through mutual funds or IRAs.  If you make more money, have a college degree or are older, you are more likely to own stock.  So, as stock owners out there we have an average or mean of about $160,000 in our portfolio.  Again, this number doesn’t feel right because we have a gut feeling that it is concentrated more in a few wealthy individuals, rather than across all income and net worth brackets.  Again digging into the Survey of Consumer Finance (SCF) you can get some more insights into our mythical average family investor.

We saw in previous blog that around 50% of families owned stocks in some fashion, although it varies greatly by how much money you make and your age.  Also, in a previous blog we determined that wealth is concentrated, well, with the wealthy.  We also saw that there are significant differences between average (mean) and median wealth holdings.  If we had a median value for a stock holder it would probably be a better indication of this mythical “average” family investor.

Since we looked at wealth and income let’s look at the ownership of individual stocks, pooled mutual funds and IRAs in terms of the dollar amount owned by the age brackets we utilized in the previous blog.

It is obvious from the above chart that the people in the top 10% of wealth are getting a bigger and bigger proportion of the stock market, as well as getting wealthier at a much accelerated pace than everyone else.   The average combined stock ownership (individual stocks, mutual funds and IRAs) is over $1,000,000 for the wealthiest 10% of families.  As we saw, their total wealth was about $3.7 Million which means 27% their wealth is tied up in the Stock Market and over 73% in bonds, real estate and other assets.  The top 10% wealthiest people owned about 68% of the stock market in 2007 up from 60% in 1989.  While this is a high percentage, it was lower than I was suspecting.  If someone had asked me I would have said the top 10% of families owned 90%+ or the stock market.  Makes me want to go look at some of those “shock headlines” I thought I had seen before and do some investigating.

So, the portfolio value by wealth band in 2007 was:

It seems that regardless of your income bracket that the average (mean) size is 2 ½ to 3 ½ times bigger than the median portfolio size.  This means there is great variability in the portfolio values in all the wealth brackets.  It is not spread evenly within the band, it must be “lumpy”.  You can draw the assumption from this that the portfolios of the 50% of people above the median are significantly greater than the ones in the lower half because the mean is so much higher than the median.  In other words, regardless of the wealth of a person, some people invest more in the stock market than others in their wealth bracket.

What about age?  It seems like the people getting ready for retirement should have the biggest footprint as they are investing for that retirement on unlike older people they are willing to take more risks to accumulate wealth via the stock market.

Well somewhat of a surprise, the biggest group was the newly retired (ages 65 – 74) with an average stock portfolio of $302,000.  The next biggest group is the 55 – 64 group with an average of $299,000.  It goes down there by age group.  So, it appears that the older you get the bigger your portfolio is because you have invested for more years and the stock market has appreciated in general.  The only exception is the over 75 group, who have only $139,000 average portfolio sizes.   This makes some sense because they would be living off of this and moving to other more conservative investments like bonds and CDs.

So, now how does our average family investor look like with his $160,000 portfolio?  The $160,000 threshold in terms of age is around the 45–54 Age Group because their average portfolio is $177,000.  The 34–45 Age Group has an average portfolio of $78,000.  So we would say that if the average is $177K for the 45-54 Group this means that our $160K would probably be in their late 40s.  Let’s say 47.  They would definitely be towards the high end.  Since the 80% – 90% Bracket only has a $132,000 average portfolio, our mythical investor would have to be closer to the 90% wealth bracket.  Let’s peg it for talking purposes at 88% wealth bracket meaning only 12% have more money.

The approach up to this point has used averages or the mean in order to identify our average family investor.  But, looking at all the data it becomes more evident that the average person’s actual portfolio value is closer to the median than the mean.  We saw that the differences were quite a bit higher when looking at the mean versus the median.  There is a smaller group of people with very big portfolios and a whole lot of people with portfolios less than the average.

We showed earlier the median portfolio for all families.  Since, we are looking for to understand what the average portfolio a family investor is managing, we don’t want to include all the people that aren’t in the stock market.  So, we need to go back and find the Median Size Portfolio for people that are actually actively in the stock market.  This is also available in the SCF survey and is the Median Size Portfolio for Active Investors in the table below.

So, according to this analysis the new portfolio value for our average family investor is $107,000 instead of the $160,000 we have been using.  This is more representative of what kind of money the average family investor is playing with.  This investor is in their late 40s.  As they get older, they will start managing more money.

Categories: Stocks

What is the average American Worth?

July 17, 2011 1 comment

This blog is a little side note on the average wealth of Americans before we continue to delve into who owns stocks in the US some more.  The average worth of an American family in 2007 was $557,800 according to the Survey of Consumer Finance (SCF).  So, what is the average American family’s net worth in 2011?  Let’s assume that the US Gross Domestic Product (GDP) is a good indicator of the worth of the country and therefore can be used as a guide to adjust the average American Family’s worth.  The US GDP at the end of 2007 was 14.3 Trillion and at the end of the 1st quarter in 2011 was $15.  Therefore a good multiplier for wealth would be 15/14.3 = 1.0489.  This means that the average family net worth today would be about $585,000.

Before looking at the statistics, we have to talk about what type of statistics we are going to look at and what they are used for.  The mean or average is calculated by taking the total wealth of all families and dividing it by the number of families.  Another useful statistical figure is the concept of median.  The median family wealth measure would mean that half the families have more than this amount and half the families have less than this amount of wealth.  While, mean value of family wealth is $585,000, the median value is quite different at $126,000.  How do we interpret this?  It means that most families have significantly less than the $585,000 and a greater proportion of the wealth is held by the wealthiest individuals.  The following table for Median and Mean Income and Wealth I derived from the underlying data in the Survey.  Income is what you make in a year and Wealth is what you are worth in terms of all the assets you have (home, savings, cars, investments, etc).

There are a lot of interesting conclusions that you can come to by looking at the above table.

  • Income for the bottom 90% of the people tends to be fairly evenly spread inside their wealth bands (median is close to the mean).  This means that salary is spread evenly within the band and not skewed towards the high or low ends.
  • Income in the top band is not evenly distributed as the mean is almost twice as much as the median.  This means that a few individuals in this band make considerably more than others in the band.
  • Wealth is not directly related to income.  The more income you make the more wealth you can have as a percent of our income.  For example, the Lowest 20% of income have a Median Wealth of 8,500 for a Mean Wealth to Income Ratio of .65.  The wealthiest 10% by comparison have a Mean Wealth to Income Ratio of 5.4.  This makes sense, as the more money you earn, the more things you can accumulate.  Rather than spend all your money on things you immediately consume like food, gas, electricity, etc, you can spend it on assets that have an on-going value like houses.  Also, you have more income you don’t need to user right away that you can obviously invest in stocks, bonds ,etc.
  • The total wealth of the nation is concentrated at the very top.  The top 10% owns nearly 60% of the wealth.

Now how does this knowledge of unequal wealth distribution apply to who owns stocks. That will be the next blog subject.

Categories: Wealth

Who really owns Stock in the United States – Part 3?

July 17, 2011 Leave a comment

Now to investigate how many families really own stock and how it is distributed based on demographics like age of head of household, richest to poorest, etc.  There is not as much raw information on this as there were some of the other things I have been looking into.  But, again the Federal Reserve Board does have some statistics.  The main statistics that breaks down ownership of assets that I could find is the Survey of Consumer Finances (SCF) which is done every three years or so.  The latest full survey I could find was in 2007.  There was one done in 2010 which would be of much more relevance, but, it is not scheduled to be published until early 2012.  So, I will need to be satisfied with the pre-recession data and only get to speculate on what the effect of the recession has been.

According to the SCF in 2007, over 50% of US families owned stock.  The majority of this was owned via mutual funds or IRAs instead of owning individual stocks (Only 17% of families own individual shares of stock).  This 50% of families with either direct or indirect stock ownership is way up from the 30% in 1989.  My guess is this is due to a number of factors with the leading factor being the growth of Individual Retirement Accounts.  In fact, the IRA chart looks roughly the same as the stock holdings chart.  Also another factor is that the internet and discount brokers democratized stock market trading by making it both easier and cheaper for an investor.

Another interesting fact about these ownership charts is the downturn in 2001.  This coincides with the stock market downturn due to the dot com bubble crash in that time frame.  People got out of the market during this period.  With this in mind, I am sure people must have left the market after the recent recession and in some cases gotten back in as it has recovered over the last two years.  So, to hazard a guess, based on these factors, I would say that about 50% of Families actual own stock either directly or indirectly.

In the previous blogs, I had determined that the average family owned $160,000 worth of stock in the United States.  According the Survey of Consumer Finances, the average stock portfolio of households holding stock in 2007 was around $151,831.  Again, close enough to our working number.

So, if you are a stock owner do you own $160,000 worth of stock?  Again, I think what you own in stock is tied to what your income is, how old you are, etc.  That of course turns out to be true.  The SCF chart below shows the percent of income as bands.  For the families with incomes in the lowest 20% band only 15% of these families own stock.  For the families in the top 10% of income (90% – 100% band) over 90% of these families own stock.

So if you have more income, you are more likely to have extra money and therefore more likely to invest in the stock market.  Another perspective is looking at it by how old you are.  The next chart shows how many families own stock by the Age of the Head of Household which also correlates somewhat with income as you gain experience in the job market you usually make more money.

There are some minor surprises with this graph.  While the trend has been upwards over the last 20 years for families of all ages, they certainly don’t trend the same way.  As you would expect the two top groups are the ones with the most money and currently seriously saving for retirement.  For the Families with Head of Household between 45 and 64, about 60% of them own stocks.  The next group at over 50% is the 35 to 44 age group, which again makes some sense, as they are starting to earn more money and are having at least some vision of retirement.

The real surprise comes in the next groups.  People under 35 were saving much along the same trend line as everyone else until the dot com bust of 2001-2002 and then they got out and didn’t come back.  You can also see that the 35 – 44 year old group didn’t come back.  With all the press about saving for retirement and how Social Security is going broke, I feel that these age groups know they should be saving for retirement.  But, it appears that they aren’t at least in the stock market.   This is puzzling and a little concerning.  We can only assume this means that they didn’t have the money to get back in.  The question is will they get back in the stock market in the next few years and if they don’t how are they going to afford retirement.

Also, somewhat bewildering is the 65 – 75 age group and those over 75.  Both groups are buying stock.  In fact, they appear to be the fastest growing group in terms of families investing in the market.  It would be interesting to understand what percent of their investment is in stocks versus other things like bonds, CDs, etc.  Conventional wisdom is that you should be putting less in the stock market when you get older and while these statistics don’t identify how much they are putting in the stock market a larger proportion of the families appear to be investing at least some of their retirement money that they have to live on in the market.  This distribution in terms of actual dollars invested will be looked at in part 4 of this blog series on stock ownership.

In summary:

  • Since only half the families in the US own stock, our mythical Family investor has a portfolio worth $160,000 based on calculations done in my other blogs and validated in SCF Survey
  • Families that are getting close to retirement and are in their later middle age have more money and tend to be more into the market than other groups
  • Young people are not getting into the market as much as they were
  • Retired people are getting into the market faster than anyone else
Categories: Stocks

Who really owns Stock in the United States – Part 2?

July 17, 2011 Leave a comment

Well, obviously ultimately people own stock.  Looking at data from the census for this last decade, you can get a feel for just how people and institutions own this stock at least in the United States.  According, to the census there was over 20 trillion dollars associated with US Companies that had equity ownership (i.e. publicly owned) in 2010.  In 2008 , there was under 16 trillion dollars invested in the Market (i.e. Market Cap).  Does this mean that companies went public that were valued at 4 trillion dollars in 2009 & 2010.  I don’t think so.  So, what does this value really represent?

My understanding of the stock market is fairly simple.  The value of a company is determined by what people are willing to pay for stock on the chance that it will provide a return for them.  In the simplest form you buy a stock because you are expecting them to pay you out a portion of their earnings in the form of dividends.  Also in terms of valuation, you can also probably add to some extent that a firm does have some assets, as well, that also have value and in theory could be liquidated for income too.  So, you could make the case that a stock is worth the dividends it pays along with its’ residual liquidation value.

But, unfortunately it isn’t that simple.  There are many so called “growth” companies that don’t pay dividends.  I will address how many companies pay dividends (about 75%) and why others don’t and what the value of a stock should really be in another blog.  Suffice to say that a stock’s worth is what people will pay for a stock times the number of stocks outstanding (future Market Capitalization).  It really has nothing to do with what you paid for it or only what its’ dividends or liquidation value is.  It is what people are willing to pay you for it.  Again, that will be great subject for another blog as well.  So, this means for all US companies that people were willing to pay 16 trillion dollars in 2008 and in 2010 they were willing to pay 20 trillion dollars.  But, back to the subject of this blog, who in the heck owns all this stuff?

The following is a breakdown, of the ownership of stock in the first quarter of 2011:

So, about half (49.9%) is owned by individual investors (US and Foreign) actually making choices on individual stocks on what to buy or sell.  About a quarter is owned by mutual funds, exchange traded funds and Closed End Funds (24.8%).  In essence these are directly owned by individual investors who are more passive in nature and letting these types of companies buy stock for them.  They want to be involved in the market, but, don’t want to make decisions beyond rather broad decisions (i.e. a type of fund to invest in).  Pensions are the next big hitter with 17.0% of the stock market.  Of course, these belong to individuals too, but, you either have one or not and an individual in that past has made no decision as to what to invest in or not with their pension fund.  The pension funds have to think more long term and would be somewhat risk adverse in the market I would think.  They don’t need to look for big wins and need to be more oriented to overall, steady returns.  The rest (under 9%) is banks, brokers, insurance companies and other institutions trying to generate income from the market.

Knowing this breakdown now, will help me get a better feel for what kind of market moves are being made and what might be the motivation.  I was kind of surprised to see that half the market was people investing in individual stocks.  I had thought that most of the market was probably mutual funds (passive investors) and institutional investors.  The mutual funds and now exchange traded funds are still big players.  Of special interest here, is the impact of Exchange Traded Funds as they are completely passive investment vehicles.  I will blog later on ETFs and try to judge their impact.

I was also really surprised by the footprint of pension funds and insurance companies.  The percentage owned by pension funds is of special interest as we know that most people no longer have pensions and therefore these pension funds will be more and more focused on generating income to pay out the pensions instead of bringing in new money and investing it.  What will the impact of this be in the future of the stock market?  This will be another great topic for a future investigation.

Categories: Stocks