Who Owns Stocks in America?

Check out the accompanying pdf and chart collection. (1) From V to swoosh? (2) Setbacks on the health front of the world war against the virus. (3) October’s flash PMIs remained strong in US, but weakened in Eurozone. (4) Progress on the vaccine front. (5) We are rooting for the stock market to consolidate, not for another panic attack. (6) A simple question with a complicated answer: Who owns equities? (7) Equities come in assorted varieties: publicly traded, closely held, directly held, and indirectly held. (8) Households have been holding about 60% of all equities in US since early-1980s. (9) Proprietors’ income is comparable to corporate profits. (10) S corporations generate as much pre-tax profits as S&P 500 corporations after taxes. (11) S corporate profits taxed as dividends in personal income. (12) So who owns equities? It’s complicated.