Recent gains have failed to lift the market-cap/GDP ratio back to old highs and, to date, no major index has fully reversed its bear-market loss if the cumulative effect of 2+ years of consumer price increases are considered—small caps look especially bad when viewed through that lens.
Mar
07
2024
Which “New Highs” Are They Talking About?
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![Doug Ramsey / Chief Investment Officer & Portfolio Manager](https://leuthold.imgix.net/leutholdgroup.com/site_files/authors/DSC_3768_LR_Doug.jpg?h=150&w=150&fit=crop&fp-y=.15)