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.