How can you have euphoria when nobody gives a sh*t?

In early 2013, the “It’s 1999 again” bears came out of the woodwork and I spent a day looking at the way the stock market’s new highs were being covered by national newspapers all over the country.

Surely, in 1999, everyone was both aware and excited about the milestones in the market – if we were anywhere near a mania-like atmosphere, wouldn’t we be seeing something similar today?

But instead of wall-to-wall market coverage – there was just about nothing. Most business sections mentioned it, but the stock rally didn’t make the front cover of anything. And even the mentions were skeptical in nature, there was precisely zero ebullience to be found in the mainstream press. (See ‘Meanwhile on Main Street…’)

Sorry, no bubble without an accompanying mania – bubbles are never just about price, but about investor behavior as well. The people who got this wrong, and were without the context of what a real bubble looks like, ended up missing out substantially.

And the funny part is that this disinterest in stocks continues to this day.

This week we learned that only 7% – SEVEN PERCENT – of Americans are aware that the US stock market went up by 30% last year.

This is quite a mania – a mania of apathy.

Gallup (via Jason Zweig):

Screen Shot 2014-08-20 at 9.15.21 AM


U.S. Investors Seem Unaware of Bull Market’s Strong Gains (Gallup)

Read Also:

Meanwhile on Main Street… (TRB)

This content, which contains security-related opinions and/or information, is provided for informational purposes only and should not be relied upon in any manner as professional advice, or an endorsement of any practices, products or services. There can be no guarantees or assurances that the views expressed here will be applicable for any particular facts or circumstances, and should not be relied upon in any manner. You should consult your own advisers as to legal, business, tax, and other related matters concerning any investment.

The commentary in this “post” (including any related blog, podcasts, videos, and social media) reflects the personal opinions, viewpoints, and analyses of the Ritholtz Wealth Management employees providing such comments, and should not be regarded the views of Ritholtz Wealth Management LLC. or its respective affiliates or as a description of advisory services provided by Ritholtz Wealth Management or performance returns of any Ritholtz Wealth Management Investments client.

References to any securities or digital assets, or performance data, are for illustrative purposes only and do not constitute an investment recommendation or offer to provide investment advisory services. Charts and graphs provided within are for informational purposes solely and should not be relied upon when making any investment decision. Past performance is not indicative of future results. The content speaks only as of the date indicated. Any projections, estimates, forecasts, targets, prospects, and/or opinions expressed in these materials are subject to change without notice and may differ or be contrary to opinions expressed by others.

Wealthcast Media, an affiliate of Ritholtz Wealth Management, receives payment from various entities for advertisements in affiliated podcasts, blogs and emails. Inclusion of such advertisements does not constitute or imply endorsement, sponsorship or recommendation thereof, or any affiliation therewith, by the Content Creator or by Ritholtz Wealth Management or any of its employees. Investments in securities involve the risk of loss. For additional advertisement disclaimers see here:

Please see disclosures here.

What's been said:

Discussions found on the web
  1. Gary commented on Nov 16



  2. Orlando commented on Nov 19


    thanks for information!

  3. SATTA MATKA commented on Sep 14

    … [Trackback]

    […] Information to that Topic: […]

  4. 토토 commented on Oct 18

    … [Trackback]

    […] There you can find 32079 more Info to that Topic: […]

  5. tangerine bank account signin commented on Nov 29

    … [Trackback]

    […] Information on that Topic: […]

  6. hottest we wig with free shipping commented on Dec 08

    … [Trackback]

    […] Find More to that Topic: […]

  7. order pain pills online commented on Dec 10

    … [Trackback]

    […] Here you will find 39654 more Information to that Topic: […]

  8. 김치티비 commented on Dec 18

    … [Trackback]

    […] Info on that Topic: […]

  9. replica watch commented on Dec 31

    … [Trackback]

    […] Information on that Topic: […]