Good morning, investors. Stocks are now worth 2.4x the U.S. economy, the highest level ever recorded.
And history suggests markets don't stay this expensive forever.
Here's what happens next ↓
Uncharted Terriority
The Buffett Indicator just reached 239%, the highest level on record.
The Buffett Indicator compares the total value of the U.S. stock market to the size of the U.S. economy.
It's one of the broadest measures of market valuation.
Warren Buffett once said that when this ratio approaches 200%, investors are "playing with fire."
We're now well above that.