Demographics are bad for most of the developed world US, Japan, EU. Retirees and pensioners will at some point need to withdrawal money from their funds, bank accounts, pensions etc. Baby boomers in the US, are on average in their late 50s, early 60s, just past their peak earning years, and right now at around the peak of their lifetime wealth, and heavily invested in the markets. When this wave recedes, the demographics will not sustain a recovery in the markets. Japan’s real estate and stock market has still not recovered since the 90s because of an aging population.
Spot on.