Low rates are inflating global share markets
New record highs for the Dow Jones Industrial Average (DJIA) in the US overnight, closing up yet further at 18,209.
And now the FTSE 100 will also lead to obligatory "partying like its 1999" headlines in the British tabloids as it closed at a new record.
When I was at Uni in the late 1990s there was a good deal of debate taking place as to whether the FTSE could ever reach 7,000, the index surging to a tech bubble inspired peak of 6,930 by the turn of the century.
Cohabiting in a student flat in freezing Sheffield in the north of England there was also lively debate as to how Australians as depicted on Neighbours could seemingly be employed as waiters and casual barstaff yet afford to live in enormous detached houses on Erinsborough's sunny Ramsay Street (cf. Jarrod "Toadfish" Rebecchi who worked in the coffee shop in 1997, became a barman in 1999 and later became one of the hotel staff at "Lassiters").
A decade-an-a-half on and the FTSE has finally broken a new record high of 6,943.63, although market valuations are a notably little less stretched this time around.
There is a good deal of misinformation surrounding share markets, and it is important to recognise here that total returns have been a good deal stronger than implied by the capital return index.
If dividend returns are included in the returns this would add nearly 2,500 to the capital return index since 1999, and as such an equivalent total return index for the period since that time would sit comfortably above 9,300.
Alas, the world moves on and I've long since lost touch with the latest Neighbours news and views - according to the internet "Toadie" has been a lawyer since 2003, although it is unclear from my research whether he still lives on Ramsay Street.
Some key data releases are due out this morning and tomorrow morning.