For most of financial market history, bonds were owned by institutions and trusts, while stocks were owned largely by wealthy individuals. Public speculation came and went, and wealthy people also owned bonds, but the stock market was, for the most part, a domain of the wealthy. When I started out as an investment counsel in the early 1950s, this structure was still very much in place. All our clients were rich individuals; institutional accounts were scarce as hen’s teeth. The institutional business in the equity market would remain in the minor leagues for another decade at least. Insurance companies, endowments, and trusts were still working under old fashioned restraints and held minimal amounts of equities. Not-so-wealthy individuals were still on the periphery, as most of them did not yet have enough to start playing in the market while those that did have some money did not yet have the courage. [download]
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