COMMENT: There are quite a few illuminating charts in this presentation. Page six illustrates that the ownership of equities and bonds rose between 1989 and 2001, but has since declined and page seven shows that the decline in equity ownership is the primary driver. With rise of self directed 401ks and the decline in defined benefit plans the run up is not as surprising as the decline since 2001. Page 14 shows that equity owner’s willingness to take risks tends to move in line with the S&P 500 index. This could be linked to confidence. Page 12 points out that equity and bond ownership rises both with age and income. Page 17 has a chart that shows that higher educated are more likely to be equity or bond owners no matter their income level. Figure 3.2 on page 27 points out that equity and bond investor financial goals vary by age.