True, though I would guess that bank holdings dwarf those, even looking at marginal investors. Banks not holding stocks is the more important side of this model, because that’s the part which allows Treasury yields to be systematically lower than they “should” be compared to stocks.
True, though I would guess that bank holdings dwarf those, even looking at marginal investors. Banks not holding stocks is the more important side of this model, because that’s the part which allows Treasury yields to be systematically lower than they “should” be compared to stocks.