The US stock market has roared past every caution sign on its way to a dizzying 36% surge since the April lows. It’s now staring down one favored by investing legend Warren Buffett. The “Buffett Indicator,” an imperfect but useful metric for assessing whether equity valuations have become bloated, has risen past its pandemic-era record that preceded 2022’s bear market. The measure pits total market capitalization of US stocks, currently at around $72 trillion, against gross domestic product. These days, i ...