Broad stock ownership is historically recent (only ~4% of Americans owned stocks in the 1950s, 19% by 1983), and the resulting dominance of equities in household net worth is now permanent, not a cyclical peak that reverts.

29:00how it can change. And Josh has written about this with a relentless bid. 401ks and IAS absolutely change this. No. and and I wrote a whole chapter in risk and reward about the history of equity ownership in this country. So in the 1950s it was like 4% of people own stocks. By 1983 it was 19%. So people were way underinvested in equities before. Now you would say what

29:21about pensions? Pensions made up a bigger piece of it. But here's the thing, a pension really is like a bond. It's not like an equity. And the pensions back in the day in like the 60s and 70s, they didn't really invest in stocks very much. They were they were heavily invested in fixed income. there way there were like rules that said you couldn't have more of than like 50% or

29:4030% of your money in certain states in invested in stocks in a pension like most of the pensions invested in bonds too. So this is this is the new normal and the stock market is just more important than ever and that's we're never going back to where that isn't the case. Okay. So Eric Belchunis kind of on a similar note he published this note in Bloomberg that basically said is the

30:01stock market too big to fail and he said you know 55 to 60% of people own stocks and he gave all these rules or all these reasons why he thinks that the Fed could step in and buy stocks during the next downturn and I think he's absolutely right. I think it could happen. It would not shock me. People would be so angry. Japan already done this. >> Japan did that for years.

30:21>> China has done this. So here's his six reasons why the stock market is so important that we would maybe stop in and step in and buy. And in a financial crisis that would not shock me at all. People would be so angry and it wouldn't I wouldn't surprise me if it happened. So he says the stock market is our retirement fund. Totally agree. We have the biggest stock market in the world.

30:39It's outsiz 60% 65% however. He says the Trump accounts are going to add a bunch of new investors. I don't think that's as big of a deal as he does. Like all the new babies are going to get account. I I we'll see. I think there's so many accounts out there. I think adding one more account is not really going to move the needle. We already have 401ks and

30:57IAS and Roth IAS and HSAs and 529s. >> Can I say something? So many accounts. >> Speaking of making people mad, that might make people really mad. >> Do it. >> I think that sending people checks during an economic downturn is a is the most effective way to fight a recession. Now I >> you and old Johnny Maynard canes think that >> I know what happened last time. It