The ratio of the Nasdaq to US Treasuries return is currently at a record 8.2x.

To put this in perspective, even at the peak of the 2001 bubble, the largest tech bubble in history, this ratio was ~4.8x.

In other words, the Nasdaq to US Treasuries return ratio is now 70% HIGHER than it was in 2001.

It’s now also 5.5x HIGHER than it was at the peak of the 2008 financial crisis.

There has never been a larger gap between return in equities and US Treasuries.

Something needs to give.