Thought provoking article. I would note that many expect that the ageing demographics will result in an asset mix shift from equities to bonds and expect that to support bond prices and depress yields for perhaps the next decade. Perhaps, but if you look at the past decade of retail fund flows it has been overwhelmingly into bonds (mutual funds and ETFs). The bottom line is that I suspect any asset mix shift has already largely happened and now the dis-saving effect is likely to come to the fore