This is insane: The Nasdaq's market cap relative to the US M2 money supply has hit a record 176%. This means the market value of the Nasdaq is nearly TWICE as large as the the total stock of liquid money in the economy. The ratio has now exceeded the 2000 Dot-Com Bubble peak by ~45 percentage points. Never in the history of financial markets has the rise in stock prices exceeded the growth of the money supply by this much. At the same time, the Nasdaq’s market cap relative to US GDP has risen to a record 129%, almost double the Dot-Com peak. How much further can it go?(The Kobeissi Letter)