Cruising Towards Calamity?

Thoughts on the Market

October 16, 2025

Because it plays a massive role both domestically and in the portfolios of investors all around the world, this write-up will do a deep dive into the U.S. stock market. As of 2025, approximately 162 million U.S. adults -- more than half the population -- have some exposure to the stock market.  This massive number of domestic participants includes:

Types of Stock Market Exposure

• Direct investments: Individual ownership of stocks or mutual funds through brokerage accounts.
• Retirement accounts: Participation in 401(k)s, IRAs, and other pension plans that invest in equities.
• Indirect exposure: Through employer-sponsored plans, annuities, or financial products tied to market performance.

Although the distribution of ownership in the U.S. is remarkably unbalanced – with the wealthiest 10% of Americans owning a supermajority of all stocks owned by Americans – that doesn’t minimize the critical global role of the U.S. stock market.