BREAKING: US household equity holdings are up +$4 trillion year-to-date. This follows +$10 trillion, +$9 trillion, and +$8 trillion for in 2025, 2024, and 2023, respectively. Since 2023, US equity holdings have surged a massive +$31 trillion in total. Households now own ~40% of the entire US equity market, the highest percentage in at least 20 years. This is followed by foreign investors at 18%, active mutual funds at 10%, ETFs at 10%, and pension and government retirement funds at 9%. Asset owners are winning.(The Kobeissi Letter)