The 45% rise was missed, and Polish retail investors missed the biggest bull run in 20 years.

Jin10 data reported on August 29, the Polish stock market’s largest rebound in years has not attracted retail investors. After being frustrated again and again by the stock market’s violent fluctuations, Polish retail investors have chosen to store cash to lock in profits. Before 2025, Poland’s benchmark WIG20 index has been stagnant for most of the past 20 years, unable to return to the levels seen during the emerging market boom in the early 21st century. However, with this year’s unexpected rebound in the stock market, the WIG20 index has risen by 45% in US dollars, while Polish retail investors have largely stayed out of the stock market, missing out on this bull run wealth. As the stock market soared, retail investors paradoxically reduced their exposure to equity funds. Data from IZFiA shows that nearly 1 billion zloty was withdrawn from Polish stock strategies from January to July, while 22 billion zloty was invested in money market and debt funds.