The US market is on fire: The market cap of US stocks relative to the US M2 money supply hit 305%, the highest since 2000. Over the last 3 years, this percentage has grown a whopping +125 points. This has now officially surpassed the pre-2008 Financial Crisis peak of ~290%. By comparison, the Dot-Com Bubble peak was ~370%. To reach such a level, the US stock market would need to grow another 21%, assuming a constant M2 money supply. We are witnessing a historic run.(The Kobeissi Letter)