Yet another example of our unusual economic times is presented by the chart below. I have recently published a series of examples that compares the current market environment to that of the internet bubble. Today, the comparison of the non-financial market cap of the S&P 500 harkens back to 1929.

Our current situation does not necessarily mean that we will shortly endure a market crash and 1930s economy. However, there is no denying the current fragile state of the global economy and high level of investor complacency produced by extreme optimism.

These factors, plus an abundance of potential catalysts for market volatility, will likely produce an investment landscape in the years to come that is rich in both significant risks and opportunities.

Caution and attention are warranted.