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Stocks Are Still Caught Up In "Irrational Exuberance"

|Includes: SPDR S&P 500 Trust ETF (SPY)
Warren Buffett has said that one of his favorite measures of value for the stock market is total stock market capitalization relative to GDP. The chart below shows that, according to this measure, before "irrational exuberance" (circa 1996) took over there was never a time in history stocks have been as overvalued as they are today.



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