Global equities just hit another record

Global stock market value has now climbed to a record $166 trillion.
That is not a normal yearly move.
The market has added about $32 trillion in the past year alone, up more than 23% YoY.
Since the 2020 low, global equities have gained roughly $94 trillion in total market value.
The bigger signal is valuation versus the real economy: global equity market cap is now around 134% of global GDP.
This rally is no longer just strong. It is historically extreme.