Odd Lots · Friday, July 10, 2026
Alex Altman points out that US household wealth is now 34% in equities, the highest on record and surpassing real estate (around 26%). This significant overexposure to equities means the stock market's performance has a profound impact on the broader economy and consumption.
“Take the US for example, the US, it's a phenomenon our lifetimes. Thirty four percent of US household wealth is now in equities, right, It's the highest on record. It's higher than dot Com. I think what's even more amazing about that stat is if you take the next largest component of household wealth in the US is real estate, and that is around about twenty six percent.”
“So the eight percentage point difference between those two sort of assets, so to speak, is also the widest on record. We as a society have never been this over index or overexposed to equities, and so I think that what you've seen within, say, the Levet ETF space is really just another small part of that broader ecosystem that has contributed to this enormous wealth creation.”
“What keeps you awaken night is that you have a structural impairment to equities that effectively no economist on the planet has a cell in an econometric model that says twenty percent inpairment to the SMP it basically destroys let's just call it around about sixteen trillion dollars of wealth.”