Foreign investors are buying US equities at a record pace:
Private investors outside the US purchased a record +$646.8 billion of US equities in the 12 months ending in September 2025. Purchases have doubled since the start of the year. This is now 66% ABOVE the+$390.0 billion high seen in 2021. Meanwhile, foreign private-investor purchases of US Treasuries were +$492.7 billion during the same period. Rolling 12-month non-US buying of Treasuries has remained above +$400 billion for 4 straight years. Source: The Kobeissi Letter
Retail investors and Quants dominate US stocks trading
Source: Empirical research, RBC
Investors are holding one of the lowest proportions of cash in modern history:
November BofA global fund manager survey. "Cash levels of 3.7% or lower has occurred 20 times since 2002, & on every occasion stocks fell and Treasuries outperformed in the following 1-3 months:" BofA
This is Historic: Retail investors own the risk.
Households are holding a record 52% in equities, up from 25% after 2008. That’s above every cycle before it. Source: Goldman Sachs, zerohedge
The "K-shaped" economy in one chart...
The top 10% of American households own 87% of all stocks, nearly 85% of all private businesses and 44% of Real Estate Another way of looking at this: The bottom 90% increasingly don’t matter in official economic data Source: Amy Nixon @texasrunnerDFW
Retail investors bought nearly $2 BILLION of US stocks on Friday, Oct 10, following the market pullback.
This marks the BIGGEST buying day since the April 2025 sell-off and one of the largest on record. Mom-and-pop investors are still buying the dip. Source: Global Markets Investor, Vanda
Leveraged ETFs now have almost $160 Billion in assets, a new all-time high 🚨🚨
Source: Barchart
Warren Buffett's 6 rules for money
Source: Investment Books (Dhaval) @InvestmentBook1
