Uses information obtained from federal income tax returns and mail and telephone surveys of stock-owning families to evaluate the effect on American equity markets of the shift of stock ownership from individuals to institutions. Presents new information on individual investors, their future plans, and the possible consequences of changes in government policy or economic environment. Suggests the most efficient ways to encourage individual stock ownership. Examines the pros and cons of numerous proposals and mechanisms for improving the securities markets, including new material on disclosure requirements, options, short sales, and index funds. Provides charts and tables to illustrate information on the individual as an investor.