According to @KobeissiLetter, AAII’s retail asset allocation to stocks is about 70%, placing it near the highest levels in two decades. Source: The Kobeissi Letter on X (Dec 19, 2025), citing AAII. @KobeissiLetter also notes the current reading is in-line with the highs seen during the 2021 meme stock frenzy, underscoring elevated retail risk exposure in equities. Source: The Kobeissi Letter on X (Dec 19, 2025), citing AAII. For trading, this high retail equity exposure is a notable risk-sentiment gauge that cross-asset and crypto participants can monitor alongside BTC and ETH to contextualize risk appetite. Source: The Kobeissi Letter on X (Dec 19, 2025), citing AAII.