Elevated asset valuations relative to disposable income are less a sign of “wealth” than a sign of impending market losses.

The ratio of net worth to income made a new all-time record high last quarter: Natixis economist Joe Lavorgna

Elevated asset valuations relative to disposable income are less a sign of “wealth” than a sign of impending market losses.

CUMULATIVE #GDP GROWTH MINUS FEDERAL #DEBT ISSUANCE < ZERO

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— Alastair Williamson (@StockBoardAsset) March 21, 2018

‘Bitcoin’s recent moves almost mirror that of the Nasdaq Composite Index in the lead-up to and aftermath of 2000, but at 15 times the speed.’ t.co/mKt5NcBnkt ht @SoberLook pic.twitter.com/cohtdikV8Q

— Jesse Felder (@jessefelder) March 20, 2018