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- ⚠️CHART OF THE WEEK: The US stock market has never been this expensive
⚠️CHART OF THE WEEK: The US stock market has never been this expensive
Relative to US wages, the market is at its highest valuation in history.
🔥🔥 GLOBAL MARKETS INVESTOR PORTFOLIO — UP 53% SINCE JANUARY 2024 DURING THE MARCH-APRIL 2025 MARKET TURMOIL, MAJOR US INDEXES FELL NEARLY 20%, WHILE THE GMI PORTFOLIO GAINED OVER 5%, FIND OUT HOW BELOW:
It now takes ~200 hours of work in the US on average to buy 1 S&P 500 contract, the most in history. This ratio has doubled since the 2020 Crisis low. By comparison, the 2000 Dot-Com bubble peak saw ~110 hours at its highest point.

Crash Expert: “This Looks Like 1929” → 70,000 Hedging Here
Mark Spitznagel, who made $1B in a single day during the 2015 flash crash, warns markets are mimicking 1929. Yeah, just another oracle spouting gloom and doom, right?
Vanguard and Goldman Sachs forecast just 5% and 3% annual S&P returns respectively for the next decade (2024-2034).
Bonds? Not much better.
Enough warning signals—what’s something investors can actually do to diversify this week?
Almost no one knows this, but postwar and contemporary art appreciated 11.2% annually with near-zero correlation to equities from 1995–2024, according to Masterworks Data.
And sure… billionaires like Bezos and Gates can make headlines at auction, but what about the rest of us?
Masterworks makes it possible to invest in legendary artworks by Banksy, Basquiat, Picasso, and more – without spending millions.
23 exits. Net annualized returns like 17.6%, 17.8%, and 21.5%. $1.2 billion invested.
Shares in new offerings can sell quickly but…
*Past performance is not indicative of future returns. Important Reg A disclosures: masterworks.com/cd.
When markets get this expensive relative to earnings power, history shows that future returns tend to be lower. The disconnect between the market and the real economy has never been greater.
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