One of the few times I respectfully disagree with sundance at CTH. About 1/3rd of stocks are owned by retirement plans like 401Ks and IRA's, while pension plans own about 20% of the stock market.
References: https://taxpolicycenter.org/taxvox/only-about-one-quarter-corporate-stock-owned-taxable-shareholders
https://retiregenz.com/what-percentage-of-the-stock-market-is-owned-by-pension-funds/
Those are Scott Bessent’s numbers. Very informative interview.
https://freerepublic.com/focus/f-news/4308906/posts
Furthermore, Sundance clearly doesn’t get capital markets if he thinks Wall Street bankers are pulling all the strings. The market’s a beast—it stomps where it wants. Bankers and traders are just overpaid weathermen, yelling forecasts and pretending to be experts while the storm ignores them.