Are stock ownership figures nearing bubble territory?
Latest polling data provides some insight into the bull's sustainability.
Are annual charts leaning bullish or bearish?
A Euphoric, All In Bubble?
Once a year, Gallup conducts a poll that provides some insight into the sustainability of the bull market in stocks (SPY). The concept of an investment bubble implies irrational investor confidence. If skepticism and fear were near all-time, bubble-like lows, we would expect a very high percentage of U.S. households to be in the stock market (VTI), as was the case near the euphoric 2007 stock market peak (see graph below).