Take the following as truth: But if the composition of the market has changed considerably, so that it is now composed largely of baby boomers investing with a 20-year--or greater--horizon, might this not change the valuation of stocks, bid up their prices, and lower the equity premium?
Then the following statement: "Baby boomers are large and have a big effect on the market." is true, false, or inconclusive?
Answer: Inconclusive