Baby Boomers as structural sellers of equities while corporations in this cycle have been the main buyers. But corporations are only going to buy when things are going well. Factset's last quarterly (next one due soon) had corporations buying back 2/3rds of their earnings last year. Hard to see why Goldman expect buyback rates to grow a lot this year, apart from needing to get to a positive net equity demand number. If corporations 'only' buyback $500bn, then net equity demand is zero according to their other numbers.