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?
If most of the market is baby boomers that could change the valuation of stocks.
Baby boomers do not invest in the market.
A cat eating
A girl in a dress is holding hands with an adult.
There are reported correlations between long-term PM exposure and mortality in men.
There are also attractions away from the city center.
A man in a gray dress is staring out a door.
An adult is looking out the window.