I always find these charts instructive in terms of where we are over the longer cycle in terms of valuation relative to economic activity of the US.
The two biggest changes post-1996 has been the increasing US exposure to overseas growth, and rates that started low went to ultra low.
Market Capitalization as % of GDP
Market Cycles Above and Below Trend Line
Please use the comments to demonstrate your own ignorance, unfamiliarity with empirical data and lack of respect for scientific knowledge. Be sure to create straw men and argue against things I have neither said nor implied. If you could repeat previously discredited memes or steer the conversation into irrelevant, off topic discussions, it would be appreciated. Lastly, kindly forgo all civility in your discourse . . . you are, after all, anonymous.