139% Above Its Mean. Every Prior Peak Collapsed." This is the Q Ratio — the broadest measure of US stock market valuation vs. the replacement cost of assets. Right now? 139% above its long-run average. We just touched 147% — above the 3 Standard Deviation line. Here's what history shows every single time this chart got extreme: 1929 peak → -64% 1937 peak → -64% 1968 peak → -65% 2000 dot-com peak → bottomed at -18% (cushioned by Fed intervention) Mean reversion isn't a theory. It's the most reliable pattern in 120 years of market data. The arithmetic mean is 0.84. We are not at 0.84. Markets don't stay at 3 standard deviations. They never have. The only question is timing! Source: VettaFi / Advisor Perspectives — February 2026