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Nobel winner's math is showing S&P 500 unhinged from reality

James Tobin's Q ratio indicates equities in US are valued about 10% above cost of replacing their underlying assets

At 2,260 days, the bull market that began in March 2009 this month exceeded the 1974-1980 rally as the second longest since 1956. Its duration is sowing anxiety among professionals.

New York

IF you sold every share of every company in the United States and used the money to buy up all the factories, machines and inventory, you'd have some cash left over. That, in a nutshell, is the math behind a bear case on equities that says prices have outrun reality.