FOLLOW UP: I see you haven’t received any other replies so I’ll elaborate. I basically talking about demographics driven demand, particularly for equities, and the demographic I had in mind was age (so perhaps there is a better word since its narrower than demographics suggest).

A number of studies have been done on this, but they are NOT widely published or disseminated. I remember John Hancock (believe it or not) has a studying showing how the population at at certain age tracked the stock market very closely, and in some cases adversely.

Their r^2 (coefficient of determination) was very high.

The implication is that the stock market for 2008 – outward could take a very large dip due to age and population issues, unrelated to otherwise fundamental values of equities.

Try to get your hands on the John Hancock study — it was compelling.