The passive bid weakening requires some combination of slowing employment growth, accelerating unemployment, or retirees withdrawing money from stocks; the inflow size is already shrinking but still large enough to keep markets up, and a young, under-employed generation may eventually reduce 401k inflows.
causalpending
Speaker
Bill FleckensteinEvidence Quote
“Some combination of that has to affect the supply and demand balance... the size of the of of the flow is shrinking but it's still enough.”
Source
Bill Fleckenstein: We've Gone Past The Point Of No Return, Only An Epic Crisis Can Fix— The Julia La Roche ShowCreated: 6/18/2026, 1:58:45 PM
My Notes
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