BREAKING: The total value of the US stock market has surged to 350% of the US M2 money supply, the highest level since the 2000 Dot-Com Bubble. Since the 2022 bear market, this ratio has surged +170 percentage points. Over this period, the S&P 500 has rallied +118%, while M2 has risen +9%. In other words, the stock market's gain has outpaced the money supply growth by 13x. The last time equity market growth exceeded M2 growth by a larger amount was from 1995 to 1999. Asset owners are winning.