Americans own more stocks than ever: US household allocation to equities as a % of financial assets is up to a record 47.1%. This percentage has surged +16.6 points since the 2020 pandemic low. Since 2008, allocation to stocks by Americans has risen +142%. This is also 8.4 percentage points above the 2000 Dot-Com Bubble peak of 38.7%. At the same time, household cash allocation is ~16%, near an all-time low. US households have never been more bullish.