图解丨股票总市值TOP20经济体“巴菲特指标”对比

Core Insights - The Buffett Indicator, which measures the total market capitalization of U.S. stocks relative to U.S. GDP, currently stands at 241%, indicating an unprecedented overvaluation of the U.S. stock market compared to the economy [1] - Historically, Buffett suggested that a percentage between 70% and 80% could yield good investment results, while levels approaching 200% signal potential risks, as seen during the dot-com bubble [1] - Despite the high reading of the Buffett Indicator, which exceeds the dot-com bubble peak of approximately 150% and the pandemic level of 190%, the market has not experienced a significant downturn, largely driven by technology giants [1] Market Valuation - The current Buffett Indicator level of 241% suggests that stock market growth is outpacing actual economic growth [1] - Over the past two decades, the U.S. economy has shifted from asset-intensive industries to technology, software, and intellectual property-driven sectors [1] - The Buffett Indicator has remained between 150% and 200% for nearly a decade, significantly above Buffett's cautionary threshold, yet the market has continued to reach new highs [1]