I wonder how much the 10:1 addtion of the fiat money supply skews data.
Browse Symbol Stacks: ES: Rosenberg: S&P "Should Be 1000 Points Lower Than It Is Today" | Zero Hedge
Rosenberg: S&P "Should Be 1000 Points Lower Than It Is Today" | Ze...
As you can see in the chart below, the last two peaks in this ratio almost perfectly coincided with the dot-com crash and the 2008 financial crisis.
Now the ratio is at the highest level since 1975, which is another sign that reversion is near.