⚠️ US Market vs Money Supply at Record

US stock market cap to M2 ratio at ~270% highest on record

~30pp above the 2000 Dot-Com peak

More than 2x the 2020 low $RAVE

By comparison: $PIPPIN

• UK, France, Japan ≈ 70% of M2

US equities have never traded this rich relative to money supply. $OPN