401(k) participation

In my argument about Exxon, I talked about the profit sharing that goes on in 401(k) plans.  At the time I didn’t know how many people actually have 401(k)s.  There’sa  good article at http://www.msnbc.msn.com/id/23255937/ that says:

The unanimous decision has implications for 50 million workers with $2.7 trillion invested in 401(k) retirement plans.

That’s not quite as many people as I would have hoped, but certainly a ton of capital.  That’s on average $54,000 in each 401(k) account.
For my own 401(k) I am going to reduce my small cap exposure.  I think they had a great 5 year run after the dot com bust, but I wonder whether they’re well positioned to cash in on the flattening global economy.  My father in law who work’s as a consultant in this field suggested beefing up on the Fidelity Contrafund, saying it’s very well run.

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