I think they're referring to the ratio of household wealth to total value of the fed balance sheet. Which is a number easy to calculate and his claim is factually true (mostly because the fed balance sheet has never been bigger).

But while his claim is true, in a Boolean sense, I don't know what exactly we're supposed to conclude about the world based on it. This isn't a ratio I've ever seen talked about before.

I'm guessing they're insinuating that the size of the feds balance sheet is somehow related to inflation, which it is only in a fairly loose sense.

Some analysts joke that the first thing you’re shown when you arrive in hell in a chart of the S&P divided by the Fed balance sheet

What's the joke I don't get it

That US household net worth is falling despite the fact that real estate prices and stock prices are near all time highs.