Yes, and? What percent of that 10% are nearing retirement age or retired, and might want to de-risk? And personally I'd say that the 90th-99th percentile inves

Yes, and? What percent of that 10% are nearing retirement age or retired, and might want to de-risk? And personally I'd say that the 90th-99th percentile investor (if not 99.9th percentile) would still qualify as "retail" - what proportion of stocks do the top 1% (or 0.1%) of holders own?