The Big Picture brings attention to the fact that the S&P500 closed yesterday below the market level at the time which Alan Greenspan gave his Irrational Exuberance speech in December 1996. It’s hard to believe that after nearly 13 years we’ve wiped out so much progress. But who am I kidding? What we had for the past 13 years now seems like real progress at all: it appears to have been illusory, fake, and debt-driven.
Here are two interesting charts of the returns of various asset classes to give us a picture of where we are and what happened in our journey to get here. Here’s a YTD look:
Here’s a look at returns since the 2000 equity peak:
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