The majority of domestically-owned S&P shares are owned by either pension funds or IRAs (401ks): https://theirrelevantinvestor.com/2020/10/25/who-owns-the-stock

The majority of domestically-owned S&P shares are owned by either pension funds or IRAs (401ks): https://theirrelevantinvestor.com/2020/10/25/who-owns-the-stock-market/ https://theirrelevantinvestor.com/2020/10/25/who-owns-the-st... The foreign share is a roughly similar breakdown to the domestic share. How do you think Pension Funds get a return if not investing in equities in similar ratios to most people's 401k allocation?