I read today that the market is at its lowest level since 2003. As a percentage of GDP (which calculation has the benefits of automatically adjusting for inflation and actual economic growth) it’s at its lowest level since 1995. I’ve updated the graph to show today’s change as well as focus in on 1982 to today. At end of Q2-1982 total stock market cap was 37%, its lowest level that I have data for (so, since at least 1952.) It reached 210% end of Q1-2000, went to 107% Q1-2003 and I now estimate it at 94%, a level last seen Q2-1995.