Investor allocations in US stocks have reached the highest share in history.
Households, mutual funds, pension funds, and foreign investors financial asset allocation in equities just hit 52%.
Since 2022, this percentage has increased by ~7%, even surpassing levels seen in the Dot-com bubble.
At the same time, allocation in debt instruments like bonds has dropped by ~8% to historic lows.
Meanwhile, the S&P 500 has just hit its 23rd all-time high this year and is up 29% since October 2023.
Bullish sentiment is incredibly strong.
Es la sensación de que los bonos no se han ajustado a la inflación (sobre todo en Europa) y que sigue sin haber una gran alternativa…
Y todo esto a pesar de que se han enfriado las expectativas de bajadas de tipos desde final del año pasado:
Entering the year, the bond market was pricing in 6-7 Fed rate cuts in 2024. Today: just 1-2 rate cuts.
Abrazos,
PD : Dios pone casi todo, tú pones casi nada, pero Dios no puede poner su casi todo si tú no pones tu casi nada.
