30% above the average. Households bought $1.6 trillion in Q3 of 2025, for example. (Foreigners bought a further $650 and $700 billion in Q3 and Q4, respectively.)
American capital markets are ridiculously deep.
American market valuation is more than twice the entire US GDP. So ridiculous is a good description of what's going on.
Stock versus flow.
There is even a name for marketcap/GDP, Buffett Indicator. And historically the current value is very high.
Where did you get spending? That's net buying of stocks by non-financial Americans. It's the new money that has, on average, gone into the U.S. stock market from that section of investors every year. A third of it going into these new issuances doesn't need to break anything.
¯\_(ツ)_/¯.
Almost certainly, to some degree. But that doesn’t mean anything has to drop. Just not rise, or not rise as much as it would have. Or potentially some other company that would have gone public or sold shares doesn’t do it now.
Other than it not going somewhere more productive. Are you willing to just bury 1/3 of your income in the back yard?