Core Viewpoint - The S&P 500 is currently trading at bubble-like valuations, with certain valuation metrics reaching record high levels, such as the Buffett indicator and a Shiller PE ratio of approximately 40, which is just below the levels seen during the 2000 dot-com bubble [1] Valuation Metrics - The Buffett indicator, a measure of market capitalization to GDP, indicates that the market is overvalued at record high levels [1] - The Shiller PE ratio, a cyclically adjusted price-to-earnings ratio, stands at around 40, which is a significant indicator of potential overvaluation, closely approaching the levels observed during the dot-com era [1]