The chart below is a live, interactive version of the Equity Preference chart I first discussed in my piece, “Competition, Equity Preference and the Decade Ahead for the S&P 500”. It shows the proportion of the U.S. aggregate investor portfolio allocated to equities using data from the Federal Reserve. As discussed in my piece, the higher the equity preference, the lower the subsequent 10-year equity returns. In other words, the greater the demand for future equity returns, the lower the supply of those returns.