Americans have rarely been this bullish on equities: In December, 55% of US consumers expected higher stock prices over the next 12 months, the 3rd highest monthly reading since this question was first asked in 1987. Since April 2025, bullish sentiment has surged +17 percentage points and is just shy of its all-time high set in December 2024. By comparison, this metric peaked at ~47% during the 2000 Dot-Com Bubble and at ~51% in 2018. This is also well above the 49-year average of 36%. Meanwhile, only 25% of consumers expect lower stock prices over the next year, near the lowest since 2020. This metric stands below its long-term average of 28% and the March 2025 high of 47%. Bullish sentiment is incredibly strong.(The Kobeissi Letter)