Apr. 28 at 8:28 PM
PTJ flags Buffett Indicator at 252% mkt-cap/GDP—dwarfing 1929 (65%), 1987 (85%), and 2000 dot-com peak (170%). Equity leverage is structurally extended, raising tail-risk premia across cyclicals 🏛️
Valuation context favors rotation into FCF-yielding defensives with durable moats.
$PFE trades sub-10x fwd,
$CVS offers integrated care optionality, and
$COST compounds via membership economics—asymmetric vs index beta.