“Take a look at this chart, which in my opinion is among the three or four most important charts of the year. The gray line quantifies the macroeconomic climate in 10 advanced economies, while the red line represents equity valuations in those economies. Do you see it? Up until late 2011, the two lines moved in lockstep, as they logically should. After all, stock markets are a compilation of businesses, and businesses prosper when people prosper. So if the ‘real world’ is doing well, stocks should be too. And vice versa. The departure from reality began in late 2011 and has accelerated since.”
http://www.caseyresearch.com/cdd/too-far-off-center
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