Methodology. The black line is the 10-month moving average of the cash allocation component of the AAII (American Association of Individual Investors) Individual Investor Asset Allocation Survey — a monthly read on what US retail investors hold in cash as a percentage of their portfolio (last survey of each month; survey history begins November 1987). The full history is taken from the official AAII spreadsheet archived on the Internet Archive's Wayback Machine, because AAII now keeps current figures behind a subscriber dashboard. This page updates automatically whenever the Internet Archive captures a newer copy of the spreadsheet, and recent months can additionally be patched in manually. The red dashed horizontal line marks the extreme low level (15%) — cash allocations at or below this level have historically coincided with frothy equity-market positioning. The top panel shows the S&P 500 (monthly closes, log scale) from Yahoo Finance so the two panels share a single time axis, mirroring the i3 Invest presentation this page replicates.