What happens if you adjust the stock market for ALL the money printed by the Top 10 economies?

We all know the stock market has been on an absolute tear over the last two decades. But how much of that is actual, productive company growth, and how much is just central banks firing up the money printers worldwide? If we treat the total expansion of the global money supply as our baseline for "zero percent growth," the real returns of our portfolios look entirely different. Instead of just looking at the US and Europe, let's look at the top 10 economies. Because the stock market is a global