Bloomberg Surveillance · Friday, July 10, 2026
Cameron Dawson noted that the current bull market is exceptionally powerful due to a twenty percent year-over-year earnings growth. She observed that individual investors have high equity allocations (around 71%), indicating they are 'all-in,' while institutional investors remain on the sidelines with significantly lower equity positions.
“It is certainly a bull market, not just within prices, but certainly within the earnings. And that's why this market has been so powerful and resilient to everything you've thrown at it this year is because, unlike prior times when you've had things like energy shocks and geopolitical crises and you would see earning sestiments get cut, you've seen earning sestiments go up twenty percent on a twelve month four basis this year, which is why this market has been able to shake off any kind of negative news.”
“Well, if you look at the aggregate allocation metrics out of something like in American Association of Individual Investors, what you can see is equity allocations are at all time highs at seventy one percent allocations. So this gets you back to prior highs that we saw in times like twenty twenty one or twenty eighteen. So certainly this looks like an individual or a household area that is all in on equities. You see a very different story when you look at institutions, where institutions are the ones who've been sitting on the sideline. Something like Deutsche Bank's consolidated equity positioning is just in the forty first percentiles. So it's a tale of very different cities. Households are all in, institutions are on the sidelines.”