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Perhaps I didn't explain correctly (or I am misunderstanding).

I do not mean a fundamental change that will permanently alter the actual valuation or prices in the stock market. I'm talking about a bubble partially caused by the demographics shift that will only last until the cause (increased investment by the highest paid people in the nation) is gone.

From the summaries I found of Shiller's book, it sounds vaguely like what he's saying. I do agree that stock prices are too high even now, but I was making the explanation that the baby boomers are funding the bubble, and will continue to do so until a certain time.
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