Price one asset in units of another (gold/NDX, SPX/gold, value/growth) to strip out the common currency and see the relative regime. Gold/NDX is the clean example: Nasdaq winning 1993–2000, gold winning 2000–2011 (~10x in the ratio), Nasdaq 2011–2021, and a base turning up since ~2021 — a monthly candle +13% in gold’s favor in 07/2026. The ratio answers the question Hard assets leaves open: within the anti-bond camp, equities or gold? (The 1970s answer: gold during the inflation, equities only after it broke.)
The abuse mode, from the same post: once the historical regimes are drawn, the author freehands the future half of a “cup” through 2033 and boxes a “capital rotation event.” Past regimes on a ratio chart are data; a drawn future is an opinion in chart costume. Kindred failure to Check the stat against its own chart — the chart smuggles in what the evidence doesn’t contain.