doug ramsey and david leibovitz talking us through the markets. >>> let's stick with the markets. we've seen an uptick in stock fund outflows but it's not the sign of bull market skepticism, it could be a matter of demographics mike santoli is here to explain. >> net outflows from stock flows have been more the rule than not over the last several years. part of that story begins with older americans and a structural way long-term are now becoming net sellers of stocks. they own most of them. baby boom erers account for 53%f all equity holdings. millennials, the biggest demographic group own maybe 3% it's very, very split right here i do think it's probably going to be accelerating because of the ages if you look at the selling kind of undertow that will be with us for a bit, there's a mandatory element of this. if you have an ira, you have to start taking withdrawals at 72 40% of assets in there are pegged between 2030. this is all coming out of the market on a net basis. the big question is how we'll absorb this and what it might do to the change in market character. you will be