>I'm not clear on where the stocks they sell come from -- stocks they
>already owned in 1959 or bought in 1975-6? And where did they put the
>money from the sales?
Dunno where they came from, and the Fed isn't very helpful. I'm guessing it's older people selling stocks they bought in their youth, and people of all ages liquidating inheritances. Where do they put it? Mutual funds, banks, bonds. Seriously rich people have a lot of their assets in bonds; after a certain point, they're more interested in preserving capital than expanding it.
Doug