It is a good indicator of investor confidence.  You're right, and I don't deny the importance of that from the perspective of economic forecasting.

As far as it being a good proxy for the capital stock, I'm not sure whether it's good or not.  There are eleventy-million factors inherent to stock prices, and they'll vary from investor to investor.  Jerome and Laurent are probably the guys to ask on that.

Be nice to America. Or we'll bring democracy to your country.