Subject: Re: S&P overvaluation
The "Buffett Indicator" is currently at an all-time high. As of late September 2025, the ratio sits at 218%, which is significantly above its long-term average and higher than any previous peak in its history.

"If the stock market has a period of outperformance of its long-term return, it is inevitably followed by some period of underperformance.
But people being optimistic and greedy by nature take the recent short-term outperformance as a sign of good things to come, rather than a warning of bad things to come." -Seth Klarman

https://buffettindicator.net/#...