As of 2019, the Millennial generation (those born between 1981 and 1996) officially surpassed the Baby Boomers as the largest living population group in the United States (Source: Pew Research). While much of our commentary and attention focuses on current trends and data, it can be easy to be so focused on the here and now that larger structural trends, like demographic trends, go unnoticed. While these current trends and data are critical for making tactical investment decisions, it is also important not to miss the forest for the trees given the time horizons our clients are typically working with.