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Fall 2002 Fall 2017 Summer 2002
Nothing in the economic corner of our culture elicits more collective fascination than the stock market. Media attention, conventional wisdom, parental advice, folklore, and scandal all seem to work overtime when it comes to “the market.” U.S. equity markets at the dawn of the twenty-first century are unique in terms of the broad participation of individual citizens—both the wealthy and middle class. 
Good morning. It’s great to be with you today. You are truly an awesome sight. The last time I spoke at a graduation was at my high school ceremony some thirty-three years ago. Then as now, I find it a very humbling task. 
More than 20 million Americans are counting on their 401(k) investments to help see them through retirement. Some predict that 401(k) holdings will grow from $500 billion to more than $2 trillion by 2006.1