Retail investors are extremely bullish:

Allocation to stocks among retail investors in the AAII survey rose +0.7 percentage points in September, to 71.8%, the highest level since December 2017.

This also marks its 2nd-highest reading since July 2000.

Since April, this figure has risen +3.3 percentage points, its largest 5-month increase since October 2025.

To put this into perspective, average retail exposure to stocks since 1987 is 71.8%.

Meanwhile, allocation to cash fell -1.0 percentage point last month to 13.3%, its lowest since December 2017.

At the same time, allocation to bonds rose +0.3 percentage points, to 14.9%, remaining below its average of 15.9% since 1987.

Appetite for risk among retail investors is through the roof.

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