It's the demographics, stupid. and that's why a long bear market has begun, Michael Dolan...

|By:, SA News Editor

It's the demographics, stupid... and that's why a long bear market has begun, Michael Dolan writes. Movements in the ratio of people in their prime saving years to both retirees and younger adults has presaged long cycles in equity prices from the 1970s swoon to the 1980s-1990s boom, as baby boomers swelled the ranks of prime savers. The worry for the U.S.: the ratio peaked in 2010.