The ratio of US financial assets to total assets is a long-run valuation signal: high readings (~60–65%) preceded the 1929 crash, the Dot-com bust, and the Housing bubble peak. Low readings (~40–45%) coincided with post-war reconstruction and the 1970s inflationary environment. This is a mean-reversion indicator — when financial assets represent an unusually large share of total wealth, future returns to financial assets tend to be lower relative to hard assets.