During the last major bull market in US stocks, that ran from August 1982 until January 2000, the DOW rose more than 1,500%. However the public didn’t enter the market until 1996, 14 years into the 18 year trend.
This isn’t by any means unusual, bull markets follow a similar pattern: The so called ‘smart money’ enters first (These are the Jeremy Grantham’s and Marc Faber’s of this world), then the institutions begin to enter the market and then finally many years later the investment public enters the market.
It will be the same with the current bull market in US stocks. In fact, it’s my expectation that it will take even longer for the public to wake up to this bull market.