Good article. It raises the point for stock prices "when so many people are retiring and will be net sellers of stocks and bonds to fund their retirement cost of living, where are the buyers going to come from?". I don't think it bodes well for stock returns or the bond market going forward. Now that does not mean stock prices will not go up in nominal terms. Enough "quantitative easing" (money printing in a kinder and gentler terminology) can make anything go up in nominal terms. But in real value based on purchasing power I don't see returns being very good at best and disastrous at worst.

John