Household Participation In Stocks Near All-Time Record

 

Many claim that the average retail investor has not yet jumped into the current long-running historic bull market in equities. 

In fact retail investor participation is near a historic extreme:

The above chart is as of December 10 2017. 

Per the American Association of Individual Investors, cash allocation in brokerage accounts is at its lowest level (13.9%) since the 2000 market peak (12%). 

Margin debt levels are at all-time highs, in both relative and absolute terms.

The same is true for professionally-managed accounts and mutual funds, and for accounts of professional traders.  All at or near historic low in cash allocation, all at or near historic high in stock participation, and all at or near historic high in margin debt.

Pension funds have a record low allocation to cash.

Short positions on volatility (VIX) recently shattered the previous all-time record.

Auto debt, student loan debt, non-financial business sector debt, and total debt are all at all-time highs. 

Reject the idea that this is a "hated" bull market.  It's extremely over-subscribed and over-believed.



 

 

 

 

 



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