No, that was true for the last century with today's notion of price it can be highly exceeded because stocks reflect many more expectations and their valuations are driven by value to a lesser extent than they were and so the price can be at higher multiples of value than it was in the last century due to increased interest and expectations. the total number of people interested in a stock is simply growing much faster than the number of available shares. Well that's just my quick impression. A detailed rationale would require a lot of work which I won't do, but I wonder if any of the analysts who do this will figure it out :-)