The ratio of market cap to GNP has stayed above 100% for over a year now. Even during the stock market boom of 2002 to 2008 this did not happen although the extreme this indicator reached then was about 150%, something we have not seen as yet in the present phase.
See my blog of July 9, 2014 for the original note on using TMV/GNP ratio to gauge whether the market is cheap or expensive, and my monthly blogs on this subject.
