The U.S. stock market is now worth about $75.7T.
The U.S. economy is around $31.8T.
That puts the Buffett Indicator near 238%, a record high and far above the 148% dot-com peak.
The rally has a story behind it: AI, resilient earnings, foreign inflows, and hopes that productivity improves.
But the number is still hard to ignore.
Since 2008, stocks have grown roughly 5x faster than the economy.
That is great for asset owners.
It also explains why the market can feel strong while the average household does not feel the same boom.