📊 U.S. equities are far ahead of liquidity. The MSCI USA market cap / M2 ratio has reached a record ~270%, up +120 pts since 2022. This exceeds the 2000 dot-com peak by ~40 pts and the pre-2008 high by ~75 pts. For comparison: • UK / France: ~60% (still below pre-pandemic) • Japan: ~60%, highest since the 1990s Equity valuations have rarely run this far ahead of money supply. 📈

📊 U.S. equities are far ahead of liquidity.

The MSCI USA market cap / M2 ratio has reached a record ~270%, up +120 pts since 2022.

This exceeds the 2000 dot-com peak by ~40 pts and the pre-2008 high by ~75 pts.

For comparison:
• UK / France: ~60% (still below pre-pandemic)
• Japan: ~60%, highest since the 1990s

Equity valuations have rarely run this far ahead of money supply. 📈