This note looks at where the marginal net buying for equities may come from. We explore the changing nature of equity ownership and how this might impact volatility. We look at the impact of the collapse in commodity prices has had on sovereign wealth funds and conclude that a material risk to markets, for the West at least, comes from very poor fund flows. We are probably more optimistic on the Western economic outlook than consensus, but it is not obvious where the net new buyers come from. Please contact us for a copy.