The stock market's rally is making history: The S&P 500's market cap relative to disposable personal income adjusted for inflation reached a record 28x. This ratio has more than DOUBLED since 2020 and has now surpassed the previous peak of 25x set during the 2021 meme stock frenzy. This comes as the S&P 500 has rallied 116% while real disposable income has increased by just 13% since March 2020. For context, the ratio was just 13x at the 2000 Dot-Com Bubble peak. Stock market gains are outpacing real incomes like never before.(The Kobeissi Letter)