US T-bonds may be the next big trade. The last time the S&P 500-to-GDP ratio was similarly stretched was 1929 -- evoking parallels to the elections of Presidents Donald Trump in 2024 and Herbert Hoover in 1928. Bitcoin may have similar reversion inklings as the S&P 500 vs. MSCI World ex USA Index. Full report on the Bloomberg here: https://blinks.bloomberg.com/news/stories/t1yhe9gpwcgh {BI COMD} #gold #stockmarket #bonds #bitcoin @BBGIntelligence(Mike McGlone)