I recently stumbled upon a Transcript from the 2013 Berkshire Hathaway meeting. It is in response to the Stock Market Capitalization to GDP indicator, which Buffett had used in 1999 to state that the stock market is overvalued.
Here’s the transcript:
In 1999, Buffett said that Corporate Profits are 6% of GDP in the US and that is not sustainable. Today, corporate profits are 10% of GDP...
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