| FROM A NATION OF PRODUCERS TO A NATION OF GAMBLERS | |||||||||||||
| U.S. EQUITY HOLDERS - NEW YORK STOCK EXCHANGE (2002 Factbook) | |||||||||||||
| % of Tot | 1950 | 1970 | 1990 | 1995 | 1997 | 1999 | 2000 | 2002 | % of Tot | C.A.G. % | |||
| SECTOR | (1950) | (in US$ Billions) | (2002) | ('50-'02) | |||||||||
| Private Pension Funds | 1% | $1.1 | $67.1 | $561.9 | $1,289.2 | $1,765.4 | $2,156.9 | $2,195.1 | $1,414.8 | 13% | 15% | ||
| State & Local Gov Pension Funds | 0% | $0.0 | $10.1 | $293.0 | $678.9 | $1,295.2 | $1,343.2 | $1,335.1 | $937.0 | 9% | new | ||
| Life Insurance Cos | 1% | $2.1 | $14.6 | $97.9 | $315.4 | $582.2 | $964.5 | $940.8 | $701.7 | 6% | 12% | ||
| Other Insurance Cos | 2% | $2.6 | $13.2 | $79.9 | $134.2 | $176.9 | $207.9 | $194.3 | $150.3 | 1% | 8% | ||
| Mutual Funds | 2% | $2.9 | $39.7 | $233.2 | $1,024.9 | $2,049.4 | $3,400.0 | $3,226.9 | $2,005.0 | 18% | 13% | ||
| Closed End Funds | 1% | $1.6 | $4.3 | $16.2 | $38.2 | $54.2 | $39.9 | $35.3 | $27.1 | 0% | 6% | ||
| Bank Personal Trusts | 0% | $0.0 | $87.9 | $190.1 | $224.9 | $259.3 | $338.3 | $356.8 | $227.2 | 2% | new | ||
| Foreign Sector | 2% | $2.9 | $27.2 | $243.8 | $527.6 | $881.7 | $1,537.8 | $1,625.5 | $1,192.9 | 11% | 12% | ||
| Households & Non-profit Orgs | 90% | $128.7 | $572.5 | $1,795.4 | $4,182.9 | $5,737.6 | $9,342.8 | $7,408.0 | $4,021.4 | 37% | 7% | ||
| Other | 1% | $0.8 | $4.8 | $25.8 | $79.5 | $156.7 | $249.9 | $294.1 | $282.7 | 3% | 12% | ||
| TOTAL EQUITIES | $142.7 | $841.4 | $3,537.2 | $8,495.7 | $12,958.6 | $19,581.2 | $17,611.9 | $10,960.1 | 100% | 9% | |||
| INSTITUTIONAL HOLDINGS | $10.3 | $236.9 | $1,472.2 | $3,705.7 | $6,182.6 | $8,450.7 | $8,284.3 | $5,463.1 | 50% | 13% | |||
| U.S. GDP | $294.0 | $1,040.0 | $5,803.0 | $7,401.0 | $8,318.0 | $9,274.0 | $9,825.0 | $10,443.0 | 52% | 7% | |||
| Institutions equity's share of U.S. GDP | 4% | 23% | 25% | 50% | 74% | 91% | 84% | 52% | |||||
| Households equity's share of U.S. GDP | 44% | 55% | 31% | 57% | 69% | 101% | 75% | 39% | |||||
| Total equity's share of U.S. GDP | 49% | 81% | 61% | 115% | 156% | 211% | 179% | 105% | |||||
| % of Equity Held by US Pensions | 1% | 9% | 24% | 23% | 24% | 18% | 20% | 21% | |||||
| % of Equity Held by Mutual Funds | 2% | 5% | 7% | 12% | 16% | 17% | 18% | 18% | |||||
| % of Equity Held by US Institutions | 7% | 28% | 42% | 44% | 48% | 43% | 47% | 50% | |||||
| % of Equity Held by Foreign Sector | 2% | 3% | 7% | 6% | 7% | 8% | 9% | 11% | |||||
| % of Equity Held by Households | 90% | 68% | 51% | 49% | 44% | 48% | 42% | 37% | |||||
| Holdings of Foreign Equity by US Residents | $1.2 | $6.6 | $197.6 | $197.6 | $1,183.9 | $2,026.6 | $1,832.4 | $1,214.7 | |||||
| NOTE: C.A.G. = Compound Annual Growth | |||||||||||||
| Source: Annex Research | (based on NYSE Fact Book 2002; | GDP - US government statistics) | |||||||||||