> stocks have never been more detached from the underlying economy than now - i mean look at the total market cap of US stocks to GDP - it’s something like 170%

> stocks have never been more detached from the underlying economy than now - i mean look at the total market cap of US stocks to GDP - it’s something like 170% I haven't done the research, but: how much have the underlying dynamics changed, though? Has concentration increased the percentage of GDP that goes through public companies? In other words, if 20 years ago, 25% of GDP flowed through US public companies, and now it's 35%, you'd expect the ratio of public companies' capitalizations to GDP to increase a lot. I'm not saying this is good or bad, but it wouldn't be "detached from the underlying economy", it'd be a direct reflection of it.