> Those institutions are managing these investments on behalf of large capital pools–insurance company float, pension funds, 401ks, etc. Who does all that capit

> Those institutions are managing these investments on behalf of large capital pools–insurance company float, pension funds, 401ks, etc. Who does all that capital belong to (or who are its beneficiaries)? Regular Americans. Very likely included? The author himself! The Federal Reserve survey of consumer finances shows that the majority of equity is held by a small percent of people. Various shifts by corporations and government over the years have happened to raise the social security age, disrupt job security, unions and pensions, and shift middle class retirement funds into the stock market. None of this have had much impact other than that ownership of equity on the minority side of the equation may now be more widely distributed.