On the Demand workbench, bubbles do not display on bubble chart. Also, you will notice that the stage field for Demand records in a list view does not render as a stage, but as a string instead.
London Patch 6
This issue is related to the use of List v3. Once List v3 has been turned off, the stage and bubble chart renders correctly.
Deactivate List v3 in the system properties: sys_properties.do?sys_id=20f92b41d7033100b0b044580e6103fb.