The Kobeissi Letter says equities now account for 48.2% of U.S. household
financial assets, a record. That figure includes direct holdings and indirect
exposure via life insurers, private pension funds, government retirement funds
and mutual funds. The share has risen 13.9 percentage points since the 2022 bear
market; it was 38.7% at the 2000 tech peak and never exceeded 20% between 1974
and 1992. Asset holders have benefited.
