Believe it or not, hedge funds do not run the stock market. In fact, they own only 3 percent of the market.
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"Hedge funds and ETFs represent small but growing shares of the equity market," wrote Goldman Sachs' David Kostin in a new report to clients.
"Households directly own 38 percent of the US equity market," he wrote. "However, the total effective household ownership is closer to 80 percent when combined with indirect ownership in the form of mutual funds (20 percent), pension funds (16 percent), and insurance policy holdings (7 percent)."
Here's the chart breaking down the ownership mix since the 1940s:
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