AWARDS
As Otavio (Tavi) Costa points out, global hashtag# Stock markets are currently experiencing the second most expensive year in history based on the ratio of market capitalization to GDP. The only time valuations were higher was in 2021, at the peak of the market. Today, this metric stands at 7 percentage points higher than the levels seen at the height of the tech bubble in 2000. US stocks, which represent nearly 60% of global market capitalization, are by far the largest contributor to this high valuation. Source: Tavi Costa, Crescat Capital, Bloomberg
