(Bloomberg) -- Here's another way of thinking about how far stocks have come in nine years. Relative to balances in money market funds and cash among mutual fund managers, the value of global equities is the highest in almost two decades.

That observation courtesy of Ned Davis Research, which framed the comparison as an indication "cash is underweight" in Planet Earth's asset portfolio. Another way of describing it is that equities have risen so much from the depths of the financial crisis that their value is blotting out everything else to an extent not seen since the dot-com bubble.

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