According to the Kobeissi Letter, stocks now account for a record 48.2% of U.S. household financial assets. This includes directly held stocks as well as indirectly held stocks through life insurance companies, private pension funds, government retir

2026-09-12

According to the Kobeissi Letter, stocks now account for a record 48.2% of U.S. household financial assets. This includes directly held stocks as well as indirectly held stocks through life insurance companies, private pension funds, government retirement funds, and mutual funds. This figure has risen 13.9 percentage points since the 2022 bear market. In comparison, at the peak of the dot-com bubble in 2000, stocks made up 38.7% of U.S. household financial assets. To better understand this, this proportion never exceeded 20% between 1974 and 1992. Asset owners are benefiting.