Retail investors continue piling into stocks: Retail investors’ net inflows into US ETFs and single stocks hit a record ~40 billion in March. This is ~10 billion higher than the previous all-time high posted at the beginning of the 2022 bear market. Not even the meme stock mania in 2021 saw such massive retail inflows into equities. As retail investors buy the dip, major indices have pushed lower and entered bear market territory. Many retail investors are experiencing their first bear market.