Retail investors just bought $48 billion in stocks in 3 weeks. At all-time highs. This is the biggest retail buying spree ever recorded. Bigger than the meme stock era. Bigger than the pre-2022 crash buying. Household equity allocation? 45-49% of financial assets. For context, the dot-com peak was 40%. Every single time households have gone this all-in on stocks, it’s ended badly.