valuation
The Buffett Indicator, 1947 to Today
US corporate equities as a share of GDP, from the post-war trough to the present. What the ratio measures, and what it does not.
Why has the Buffett Indicator Been Rising for Twenty Years?
The ratio has roughly doubled since 2006 and sits above every previous peak. The largest single reason is that the thresholds everyone quotes were calibrated on an economy whose corporate profit share no longer exists.