Subject: Re: Buffett Market Indicator
Buffett indicator may need to revised a bit since a lot of the big names in the S&P 500 index are global companies now.

I've looked at this. Oddly, it's not nearly as big a factor as you might expect.

Yes, big US firms get a lot of revenue outside the US...but they always did. It's higher now, but not night-and-day higher. For example, US-source S&P 500 revenue was about 73.5% in 1992 and is about 70.9% now. (The S&P 500 isn't the whole US public market, but presumably it accounts for the lion's share of total export revenue by listed firms)

The other issue is what fraction of business activity counted in GDP is captured by non-US and private firms. Another valid concern, but I don't think it changes very rapidly.

Jim