Not a good idea to pronounce the market as 'overvalued' based on 1 or 2 indicators. GDP & earnings can grow faster than currently estimated. Buffett's own performance vs S&P500 has been subdued ovr past 10+ yrs. Ppl especialy Buffett & Finance professionals hav been calling TSLA overvalued since 2013, they were wrong n will be proved wrong again soon. So no point in following such useless indicators, as the dunamics of economy & markets keep changing ovr time.