> Why would you expect US Fed data on US residents to have anything to do with Norway’s sovereign fund? It is unclear if 93% of all stocks owned by Americans a

> Why would you expect US Fed data on US residents to have anything to do with Norway’s sovereign fund? It is unclear if 93% of all stocks owned by Americans are owned by the richest 10% of Americans, or if 93% of all stocks traded in the US are owned by the richest 10% of Americans. The defined benefit plan beneficial ownership is actually more so all taxpayers (since most are government employees), since they are on the hook for the benefits of the equity investments don’t live up to the expected returns. This would impact everyone via higher taxes, although exactly who and how much is up to politics. I guess my point is the whole of society kind of has its eggs in the public equities basket.