Will millennials drive the roaring 20s?

Demographics will turn from a headwind into a tailwind within the next couple of years.

Summary

I believe the sharply rising stock prices we have been observing in the last years are not just a story of an accelerated innovation cycle accompanied by paradigm shift in monetary policy. There are also demographic factors at play which are about to turn into a substantial tailwind for stock market valuations. Specifically, this relates to the m…