I noticed that the ratio of private American financial assets to U.S. GDP has reached a new all-time high: we have reached 6.7 times the GDP. To get an idea of what this means, just think that the previous record was 6.3 times in 2021.

What stands out is how this phenomenon has become even more pronounced in recent decades. Compared to the 1970s, growth has more than doubled. Essentially, assets are increasing much faster than wages, which means that those who already have capital can multiply it more easily than those who earn from work.

Now, looking at how money moves: investors with larger portfolios are massively shifting resources into stocks, reaching 65% of their allocations. This is the highest level since the end of 2021. Clearly, there is renewed confidence in the stock markets, even though the ratio of financial wealth to U.S. GDP remains in uncharted territory. It will be interesting to monitor whether this trend continues or if we will see a correction in the coming months.