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DC Lite #420
Institutional allocations to equities are at the highest level since November 2007
Daily Chartbook
August 13, 2025
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1. Homeowner household growth. "US homeowner households fell for the first time in 9 years. This corroborates the dud of a peak selling season reported by homebuilders and resale agents in our surveys this spring. Not enough first-time homebuyers to offset older folks aging out of their homeownership years."
2. ETH liquidations. "Shorts are feeling it: ~$66M in short liquidations on Aug 12 with price near $4.62k. This is the second largest shorts liquidation event this year-to-date."
3. Retail options. "15-week net buying streak and 25 of the last 27 trading days. Friday's activity hit the 99th percentile, 41% above 12-month avg ... [this is the] 6th longest bullish option steak since 2020."
4. Institutional investors vs. equities. Institutional allocations to equities are at the highest level since November 2007.
5. Valuation vs. earnings. And finally, "since the October 2022 low, the S&P 500 price index is up 84%, earnings are up 18%, and the P/E-multiple is up 48%. It’s normal for valuations to lead during the first year or two of a bull market (as price anticipates earnings), so seeing the multiple still lead after 34 months is unusual."
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