Dangerous over-valuation, or a New Era?

Business Insider recently featured a chart from Vanguard Group founder Jack Bogle, who observed that the market cap to GDP ratio has become highly elevated to its own history starting about 1996. You might recall that the market cap to GDP ratio was also said to be one of Warren Buffett's favorite equity market valuation metrics, though he has been silent on the issue for a number of years.

What's going on? Has the stock market become dangerously overvalued, or is this a New Era?

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