One of the key indicators that major investors pay close attention to – the Warren Buffett Index – has just reached a record high of 236%, marking the beginning of the most expensive period in the stock market's valuation history.

• Dot-com bubble (2000): ~140%
• Peak of the global financial crisis (2007): ~110%
• Explosion of liquidity after COVID-19, now at 236%
This means that the total value of publicly listed stocks has now increased 2.3 times the GDP of the United States.
It's noteworthy that the Warren Buffett Index's major peaks are always followed by a period of significant price declines.
The current question is no longer about valuation itself, but whether liquidity will continue to expand rapidly enough to justify the valuation as "correct" at this point in time.
Meanwhile, capital continues to shift towards tangible assets such as #gold, where central bank demand, #ETF inflows, and concerns about currency devaluation remain structural drivers.
As financial assets become unusually expensive relative to the real economy, markets tend to seek alternative stores of value.