To me, context is about pattern recognition.

It's connecting the dots.

It's giving readers an ability to synthesize

a number of different perspectives

so they can understand how the greater whole works,

because nothing really occurs in isolation anymore.

I'm Tim O'Brien and I'm the senior executive editor at Bloomberg Opinion.

On our platform, we ask tough questions and solve complex problems with the facts in mind.

Start exploring our opinion coverage and more at Bloomberg.com slash subscribe.

Who you put your trust in matters.

Investors have put their trust in independent registered investment advisors to the tune of $4 trillion.

Why? Learn more at find your independent advisor.com. Welcome to the Bloomberg Surveillance Podcast. I'm Tom Keene always with Michael McKee.

Daily, we bring you insight from the best in economics finance investment and

international relations find Bloomberg surveillance on iTunes sound

cloud Bloomberg dot com and of course on the Bloomberg Bloomberg. Our single best chart today is arguably the most famous chart in modern equity theory.

Roger Ibbitson of Yale University, everybody had this wall on their wall in the 70s

and 80s and it is just nothing more in semi-log

standard and pours 500 back to the depression. Brian Leavitt with us on what we

know, what we've lived. There's all sorts of history in there, the

depression and then moving to the 1937 falloff and then World War II

on to the Malays of the 70s and then up up we go brian is well is this index

overvalued right now the index is overvalued compared to his historical average

...