Further to the framework that @Raoul Pal lays out regarding demographics and the baby boomers, it appears that a material number of small businesses in the US are owned by BBs and these are being hit for six by COVID and lockdowns. Never to recover. Invested capital evaporating into thin air.
 

 

The $68 trillion transfer of wealth in America is evaporating amid crisis

https://www.cnbc.com/2020/11/05/68-trillion-transfer-of-wealth-in-america-is-evaporating-amid-crisis.html?__source=iosappshare%7Cnet.whatsapp.WhatsApp.ShareExtension