Using "Fisher Effect" a 7 year term structure of instantaneous GDP (which is NGDP)  is derived.  This is used to qualify US equities.  R2000 is fair value to 7 year forward GDP, and is 20% rich to 7 year basis of instantaneous GDP.  SP500 is 20% rich to 7 year GDP and is 40% .... https://t.co/0lB8gtEQW2