Typically before 1995 it was always below. But as you can see it has become totally disconnected to the real economy. So the real economy has grown by 2.9% annually since 2000. The equity markets have produced a 14.5% return. That is a massive bubble because asset values ultimately have to be supported by earnings and cash flow and real economics and they cannot diverge consistently from the underlying economy. (01:50–01:56)
CLAIM
Asserts that equity markets have produced a 14.5% return since 2000.
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