Subject: Re: S&P500 valuations
Superb post as usual, thank you!

I like to keep an eye on the 'Buffett Indicator' (ratio of total market cap to GDP) which Warren has described as, 'the best single measure of where valuations stand at any given moment.'
It currently stands at about 160% of GDP.
'If the percentage relationship falls to the 70% or 80% area, buying stocks is likely to work very well for you.
If the ratio approaches 200% as it did in 1999 and a part of 2000 you are playing with fire.' ~Warren Buffett

Fires all go out eventually...
All the best!

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