27:
131:
A study by two
European academics published in May, 2022 found the Buffett Indicator "explains a large fraction of ten-year return variation for the majority of countries outside the United States". The study examined 10-year periods in fourteen developed markets, in most cases with data starting in
199:
by large US technology and life sciences multinationals), or that the profitability of US companies has structurally increased (e.g. due to increased concentration of technology companies), thus justifying a higher ratio; although that may also revert over time. Other commentators have highlighted
208:
Buffett's original chart used US GNP as the divisor, which captures the domestic and international activity of all US resident entities even if based abroad, however, many modern
Buffett metrics use US GDP as the metric. US GDP has historically been within 1 percent of US GNP, and is more readily
112:
metric showed favorable or poor times to invest: "For me, the message of that chart is this: If the percentage relationship falls to the 70% or 80% area, buying stocks is likely to work very well for you. If the ratio approaches 200%–as it did in 1999 and a part of 2000–you are playing with fire".
190:
There is evidence that the
Buffett indicator has trended upwards over time, particularly post 1995, and the lows registered in 2009 would have registered as average readings from the 1950–1995 era. Reasons proposed include that GDP might not capture all the overseas profits of US multinationals
150:
The same studies show a poor annual correlation between US GDP growth and US equity returns, underlining
Buffett's belief that when equity prices get ahead of corporate profits (via the GNP/GDP proxy), poor returns will follow. The indicator has also been advocated for its ability to reduce the
111:
Buffett explained that for the annual return of US securities to materially exceed the annual growth of US GNP for a protracted period of time: "you need to have the line go straight off the top of the chart. That won't happen". Buffett finished the essay by outlining the levels he believed the
412:
828:
What's in the future for investors--another roaring bull market or more upset stomach? Amazingly, the answer may come down to three simple factors. Here, the world's most celebrated investor talks about what really makes the market tick--and whether that ticking should make you
132:
1973. The
Buffett Indicator forecasted an average of 83% of returns across all nations and periods, though the predictive value ranged from a low of 42% to as high as 93% depending on the specific nation. Accuracy was lower in nations with smaller stock markets.
108:". Buffett said of the metric: "Still, it is probably the best single measure of where valuations stand at any given moment. And as you can see, nearly two years ago the ratio rose to an unprecedented level. That should have been a very strong warning signal".
162:
The
Buffett indicator has been calculated for most international stock markets, however, caveats apply as other markets can have less stable compositions of listed corporations (e.g. the Saudi Arabia metric was materially impacted by the 2018 listing of
417:(E.g. if US GDP is USD 20 trillion and the market capitalization of the Wilshire 5000 is USD 40 trillion, then the Buffett indicator for the US is 200%; i.e. US public companies are twice as big as annual US economic output.)
585:
237:
520:
Or more technically, item NCBEILQ027S, from Line 62 in the F.103 balance sheet of Table S.5.q of the "Integrated
Macroeconomic Accounts for the United States" (Market Value of Equities Outstanding) file.
140:
Buffett acknowledged that his metric was a simple one and thus had "limitations", however the underlying theoretical basis for the indicator, particularly in the US, is considered reasonable.
147:
of 2007–2009. GDP captures effects where a given industry's margins increase materially for a period, but the effect of reduced wages and costs, dampening margins in other industries.
143:
For example, studies have shown a consistent and strong annual correlation between US GDP growth, and US corporate profit growth, and which has increased materially since the
466:
De-trended data of
Buffett's original calculation basis (see above) has had the following lows and highs from 1950 to February 2021 (expressed a % deviation from mean):
549:
1255:
764:
115:
Buffett's metric became known as the "Buffett
Indicator", and has continued to receive widespread attention in the financial media, and in modern finance textbooks.
1352:
455:
Using the more common modern
Buffett indicator with the Wilshire 5000 and US GDP, the metric has had the following lows and highs from 1970 to February 2021:
444:
Using Buffett's original calculation basis in his 2001 article, but with GDP, the metric has had the following lows and highs from 1950 to February 2021:
104:. In the essay, Buffett presented a chart going back 80 years that showed the value of all "publicly traded securities" in the US as a percentage of "US
1112:
723:
407:{\displaystyle \operatorname {Buffett\ indicator} ={\frac {\operatorname {Wilshire\ 5000\ capitalization} }{\operatorname {US\ GDP} }}\times 100}
624:
1288:
1144:
67:
in 2001, who called it "probably the best single measure of where valuations stand at any given moment", and its modern form compares the
2168:
2143:
1345:
63:
used to assess how expensive or cheap the aggregate stock market is at a given point in time. It was proposed as a metric by investor
692:
79:. It is widely followed by the financial media as a valuation measure for the US market in both its absolute, and de-trended forms.
167:), or a significantly higher/lower composition of private vs public firms (e.g. Germany vs. Switzerland), and therefore comparisons
1050:
870:
2248:
1338:
999:
Swinkels, Laurens and Umlauft, Thomas S., The Buffett Indicator: International Evidence (March 30, 2022). Available at SSRN:
550:"Warren Buffett's favorite market indicator soars to record high, signaling stocks are overvalued and a crash may be coming"
436:
peaks at 137% in Q1 2000, while the versions following Buffett's original technique, peak at very close to 160% in Q1 2000.
1583:
60:
2389:
977:
939:
910:
810:
220:
for "corporate equities", as it went back for over 80 years; however, many modern Buffett metrics simply use the main
1202:
429:
217:
1608:
2319:
451:
A high of 87.1% in 1968, a high of 159.2% in 2000, a high of c. 118% in 2007, and a high of 189.6% in (Feb) 2021.
462:
A high of 81.1% in 1972, a high of 136.9% in 2000, a high of 105.2% in 2007, and a high of 172.1% in (Feb) 2021.
2136:
159:
ratio metrics; and that it is not affected by share buybacks (which don't affect aggregate corporate profits).
86:", crossing the 200% level in February 2021; a level that Buffett warned if crossed, was "playing with fire".
1602:
842:
213:
151:
effects of "aggressive accounting" or "adjusted profits", that distort the value of corporate profits in the
1021:
473:
A high of +58% in 1968, a high of +96% in 2000, a high of c. +30% in 2007, and a high of +80% in (Feb) 2021.
2394:
2379:
2085:
2025:
1821:
1727:
1225:
178:
The Buffett indicator has also been calculated for industries (but also noting that it is not relevant for
1320:
1082:"One of Warren Buffett's Favorite Metrics Is Flashing Red—a Sign That Corporate Profits Are Due for a Hit"
1811:
1779:
1683:
1637:
1620:
1573:
1292:
1149:
2301:
1596:
1590:
448:
A low of 33.0% in 1953, a low of 32.2% in 1982, and a low of c. 79% in 2002, and a low of 66.7% in 2009
2374:
2313:
2129:
1265:
959:
662:
2384:
2260:
1985:
1660:
1081:
196:
152:
2347:
1939:
1800:
1695:
1578:
875:
470:
A low of -28% in 1953, a low of -51% in 1982, and a low of -5% in 2002, and a low of -27% in 2009
958:
Sanz, Jorge L.C (2016). "Chapter 26: Understanding Buffett Indicators in Different Industries".
1827:
511:
index, or using different definitions of GDP, and even using GNP (Buffett's original divisor).
128:, listed the Buffett indicator as one of his "Eight Best Predictors of the Long-Term Market".
2272:
2254:
2197:
1965:
1774:
68:
2336:
2289:
2186:
2100:
2020:
1785:
1769:
1732:
1614:
1557:
1525:
483:
8:
2226:
2174:
2030:
1975:
1899:
1759:
1689:
1518:
1491:
847:
590:
433:
124:
1310:
1282:
1172:
2070:
2045:
2005:
1990:
1909:
1879:
1848:
1806:
1550:
1460:
1450:
1198:"Wilshire 5000 Total Market Full Cap Index/Gross Domestic Product (GDP at 2007 prices)"
1086:
815:
96:
2325:
2295:
1934:
1919:
973:
935:
931:
906:
902:
629:
83:
209:
available (other international markets have greater variation between GNP and GDP).
2307:
2283:
2237:
2035:
1955:
1751:
1632:
1508:
1427:
1383:
1361:
965:
554:
231:
A common modern formula for the US market, which is expressed as a percentage, is:
2152:
2110:
2105:
2040:
2015:
1950:
1924:
1904:
1863:
1858:
1853:
1838:
1833:
1721:
1655:
1647:
1535:
1422:
507:
Note that slightly different Buffett indicators can be calculated when using the
144:
899:
The Conceptual Foundations of Investing: A Short Book of Need–to–Know Essentials
2202:
2192:
2065:
2060:
1960:
1945:
1706:
1701:
1666:
1465:
1432:
1378:
1370:
969:
802:
200:
that the omission by metric of corporate debt, could also be having an effect.
64:
26:
2368:
2353:
2342:
2278:
1929:
1914:
1889:
1843:
1795:
1498:
1455:
1442:
1393:
1117:
225:
72:
35:
2331:
2090:
2010:
1980:
1970:
1790:
1764:
1513:
1503:
1486:
1417:
1412:
1388:
1197:
806:
722:
Regan, Michael P.; Hajric, Vildana; Ballentine, Claire (12 February 2021).
581:
421:
119:
101:
20:
1004:
459:
A low of 34.6% in 1982, a low of 72.9% in 2002, and a low of 56.8% in 2009
2232:
2095:
2075:
2055:
2050:
1995:
1884:
1816:
2080:
2000:
1677:
1540:
765:"Market Cap to GDP: An Updated Look at the Buffett Valuation Indicator"
508:
221:
192:
2266:
2242:
2208:
1716:
1711:
1626:
1545:
1256:
Market Cap to GDP: An Updated Look at the Buffett Valuation Indicator
693:"The Buffett Indicator at All-Time Highs: Is This Cause for Concern?"
488:
156:
1330:
1000:
897:
Cornell, Shaun; Cornell, Bradford; Cornell, Andrew (December 2018).
2220:
2121:
1894:
1530:
1230:
1113:"The Buffett Indicator Revisited: Market Cap-to-GDP and Valuations"
428:
of the ratio; for example, the Buffett indicator calculated by the
1738:
724:"Warren Buffett's Favorite Valuation Metric Is Ringing an Alarm"
2214:
1481:
1298:
928:
Japanese Equities: A Practical Guide to Investing in the Nikkei
164:
2180:
1404:
1051:"What Is the Relationship Between Corporate Profits and GDP?"
1139:
1137:
1135:
1026:
432:
peaks at 118% in Q1 2000, while the version calculated by
1132:
105:
82:
The indicator set an all-time high during the so-called "
76:
39:
1022:"Is There a Link Between GDP Growth and Equity Returns?"
657:
655:
653:
651:
649:
647:
1311:
Buffett Indicator: Where Are We with Market Valuations?
94:
On 10 December 2001, Buffett proposed the metric in a
896:
758:
756:
754:
752:
750:
748:
746:
744:
721:
644:
240:
953:
951:
871:"Future Returns: The Value Gap Is Too Big to Ignore"
586:"The Eight Best Predictors of the Long-Term Market"
741:
686:
684:
406:
1145:"Market Cap to GDP Ratio (the Buffett Indicator)"
948:
543:
541:
539:
537:
2366:
1289:Market Cap to GDP Ratio (the Buffett Indicator)
1106:
1104:
681:
171:international markets using the indicator as a
534:
2137:
1346:
801:
576:
574:
572:
1101:
717:
715:
713:
1075:
1073:
1071:
2144:
2130:
1353:
1339:
569:
420:The choice of how GDP is calculated (e.g.
175:measure of valuation are not appropriate.
797:
795:
793:
791:
789:
787:
785:
710:
1321:Market Cap to GDP: The Buffett Indicator
1283:Stock Market Capitalization-to-GDP Ratio
1068:
622:
618:
616:
614:
612:
610:
608:
25:
1016:
1014:
1012:
840:
623:Ponciano, Jonathan (12 February 2021).
580:
547:
16:Aggregate stock market valuation metric
2367:
1223:
1048:
1005:http://dx.doi.org/10.2139/ssrn.4071039
782:
762:
2249:Present value of growth opportunities
2169:Cyclically adjusted price-to-earnings
2125:
1360:
1334:
1110:
1079:
925:
843:"MoneyBeat: Buffett Indicator Flares"
625:"Is The Stock Market About To Crash?"
605:
2215:Enterprise value/gross cash invested
2151:
1009:
957:
811:"Warren Buffett On The Stock Market"
548:Mohamed, Theron (10 February 2021).
868:
690:
13:
1249:
1226:"Are We in a Stock Market Bubble?"
1049:Hansen, Steven (15 October 2015).
392:
389:
386:
380:
377:
372:
369:
366:
363:
360:
357:
354:
351:
348:
345:
342:
339:
336:
333:
321:
318:
315:
312:
309:
306:
303:
300:
290:
287:
284:
281:
278:
275:
272:
269:
266:
260:
257:
254:
251:
248:
245:
242:
212:Buffett's original chart used the
100:essay co-authored with journalist
57:Market capitalization-to-GDP ratio
14:
2406:
1276:
1224:Richer, Felix (9 February 2021).
1203:Federal Reserve Bank of St. Louis
1001:https://ssrn.com/abstract=4071039
841:Scholer, Kristen (14 June 2015).
430:Federal Reserve Bank of St. Louis
218:Federal Reserve Bank of St. Louis
1609:Electronic communication network
1111:Vohra, Navin (29 January 2021).
763:Minski, Jill (4 February 2021).
691:Ang, Carmen (17 February 2021).
2320:Risk-adjusted return on capital
1217:
1190:
1165:
1042:
993:
926:Naito, Michiro (October 2019).
919:
890:
862:
834:
514:
869:Max, Sarah (2 February 2021).
501:
1:
1603:Multilateral trading facility
1080:Tully, Shawn (19 June 2019).
527:
424:), can materially affect the
214:Federal Reserve Economic Data
2181:Cash return on cash invested
2026:Returns-based style analysis
1822:Post-modern portfolio theory
1728:Security characteristic line
1285:(Investopedia, January 2021)
7:
1780:Efficient-market hypothesis
1684:Capital asset pricing model
1621:Straight-through processing
1293:Corporate Finance Institute
1150:Corporate Finance Institute
477:
185:
10:
2413:
2302:Return on capital employed
1597:Alternative Trading System
970:10.1142/9789813149311_0026
439:
203:
89:
18:
2390:2000s in economic history
2314:Return on tangible equity
2159:
1872:
1747:
1646:
1566:
1474:
1441:
1402:
1368:
1177:St. Louis Federal Reserve
216:(FRED) database from the
135:
2267:Price-earnings to growth
1661:Arbitrage pricing theory
494:
118:In 2018, finance author
19:Not to be confused with
2209:Enterprise value/EBITDA
1940:Initial public offering
1801:Modern portfolio theory
1696:Dividend discount model
1579:List of stock exchanges
663:"The Buffett Indicator"
182:valuation comparison).
2221:Enterprise value/sales
1828:Random walk hypothesis
1270:CurrentMarketValuation
667:CurrentMarketValuation
408:
224:index, or the broader
44:
1966:Market capitalization
1775:Dollar cost averaging
1266:The Buffett Indicator
409:
29:
2290:Return on net assets
1786:Fundamental analysis
1770:Contrarian investing
1733:Security market line
1638:Liquidity aggregator
1615:Direct market access
1526:Quantitative analyst
1303:BuffettIndicator.net
964:. pp. 685–710.
809:(10 December 2001).
484:Economy monetization
238:
153:price–earnings ratio
2395:Economic indicators
2380:Valuation (finance)
2175:Capitalization rate
2031:Reverse stock split
1976:Market manipulation
1900:Dual-listed company
1760:Algorithmic trading
1690:Capital market line
1492:Inter-dealer broker
1260:AdvisorPerspectives
1173:"US GDP vs. US GNP"
848:Wall Street Journal
769:AdvisorPerspectives
591:Wall Street Journal
434:Wilshire Associates
125:Wall Street Journal
2348:Sustainable growth
2071:Stock market index
1910:Efficient frontier
1849:Technical analysis
1807:Momentum investing
1629:(private exchange)
1519:Proprietary trader
1461:Shares outstanding
1451:Authorised capital
961:Business Analytics
669:. 11 February 2021
404:
61:valuation multiple
45:
2362:
2361:
2296:Return on capital
2164:Buffett indicator
2119:
2118:
1920:Flight-to-quality
1672:Buffett indicator
1362:Financial markets
1299:Buffett Indicator
584:(5 August 2018).
396:
385:
332:
326:
265:
84:everything bubble
49:Buffett indicator
2402:
2375:Financial ratios
2308:Return on equity
2284:Return on assets
2238:Operating margin
2153:Financial ratios
2146:
2139:
2132:
2123:
2122:
2036:Share repurchase
1748:Trading theories
1633:Crossing network
1591:Over-the-counter
1428:Restricted stock
1384:Secondary market
1355:
1348:
1341:
1332:
1331:
1272:, February 2021)
1262:, February 2021)
1243:
1242:
1240:
1238:
1221:
1215:
1214:
1212:
1210:
1194:
1188:
1187:
1185:
1183:
1169:
1163:
1162:
1160:
1158:
1141:
1130:
1129:
1127:
1125:
1108:
1099:
1098:
1096:
1094:
1077:
1066:
1065:
1063:
1061:
1046:
1040:
1039:
1037:
1035:
1018:
1007:
997:
991:
990:
988:
986:
955:
946:
945:
930:(1st ed.).
923:
917:
916:
901:(1st ed.).
894:
888:
887:
885:
883:
866:
860:
859:
857:
855:
838:
832:
831:
825:
823:
799:
780:
779:
777:
775:
760:
739:
738:
736:
734:
719:
708:
707:
705:
703:
697:VisualCapitalist
688:
679:
678:
676:
674:
659:
642:
641:
639:
637:
620:
603:
602:
600:
598:
578:
567:
566:
564:
562:
555:Business Insider
545:
521:
518:
512:
505:
413:
411:
410:
405:
397:
395:
383:
375:
330:
324:
298:
293:
263:
33:
2412:
2411:
2405:
2404:
2403:
2401:
2400:
2399:
2385:2000 neologisms
2365:
2364:
2363:
2358:
2255:Price/cash flow
2198:Dividend payout
2155:
2150:
2120:
2115:
2106:Voting interest
2016:Public offering
1951:Mandatory offer
1925:Government bond
1905:DuPont analysis
1868:
1864:Value investing
1859:Value averaging
1854:Trend following
1839:Style investing
1834:Sector rotation
1749:
1743:
1722:Net asset value
1648:Stock valuation
1642:
1562:
1470:
1437:
1423:Preferred stock
1398:
1364:
1359:
1279:
1252:
1250:Further reading
1247:
1246:
1236:
1234:
1222:
1218:
1208:
1206:
1196:
1195:
1191:
1181:
1179:
1171:
1170:
1166:
1156:
1154:
1143:
1142:
1133:
1123:
1121:
1109:
1102:
1092:
1090:
1078:
1069:
1059:
1057:
1047:
1043:
1033:
1031:
1020:
1019:
1010:
998:
994:
984:
982:
980:
956:
949:
942:
924:
920:
913:
895:
891:
881:
879:
867:
863:
853:
851:
839:
835:
821:
819:
803:Buffett, Warren
800:
783:
773:
771:
761:
742:
732:
730:
720:
711:
701:
699:
689:
682:
672:
670:
661:
660:
645:
635:
633:
621:
606:
596:
594:
579:
570:
560:
558:
546:
535:
530:
525:
524:
519:
515:
506:
502:
497:
480:
442:
376:
299:
297:
241:
239:
236:
235:
228:index instead.
206:
188:
145:Great Recession
138:
122:writing in the
92:
43:
31:
24:
17:
12:
11:
5:
2410:
2409:
2398:
2397:
2392:
2387:
2382:
2377:
2360:
2359:
2357:
2356:
2351:
2345:
2340:
2337:Short interest
2334:
2329:
2323:
2317:
2311:
2305:
2299:
2293:
2287:
2281:
2276:
2270:
2264:
2261:Price-earnings
2258:
2252:
2246:
2240:
2235:
2230:
2224:
2218:
2212:
2206:
2203:Earnings yield
2200:
2195:
2193:Dividend cover
2190:
2187:Debt-to-equity
2184:
2178:
2172:
2166:
2160:
2157:
2156:
2149:
2148:
2141:
2134:
2126:
2117:
2116:
2114:
2113:
2108:
2103:
2098:
2093:
2088:
2083:
2078:
2073:
2068:
2066:Stock exchange
2063:
2061:Stock dilution
2058:
2053:
2048:
2043:
2038:
2033:
2028:
2023:
2018:
2013:
2008:
2003:
1998:
1993:
1988:
1986:Mean reversion
1983:
1978:
1973:
1968:
1963:
1961:Market anomaly
1958:
1953:
1948:
1943:
1937:
1932:
1927:
1922:
1917:
1912:
1907:
1902:
1897:
1892:
1887:
1882:
1880:Bid–ask spread
1876:
1874:
1870:
1869:
1867:
1866:
1861:
1856:
1851:
1846:
1841:
1836:
1831:
1825:
1819:
1814:
1809:
1804:
1798:
1793:
1788:
1783:
1777:
1772:
1767:
1762:
1756:
1754:
1745:
1744:
1742:
1741:
1736:
1730:
1725:
1719:
1714:
1709:
1707:Earnings yield
1704:
1702:Dividend yield
1699:
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1277:External links
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65:Warren Buffett
53:Buffett metric
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73:Wilshire 5000
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50:
41:
37:
36:Wilshire 5000
28:
22:
2163:
2091:Tender offer
2011:Public float
1981:Market trend
1971:Market depth
1791:Growth stock
1765:Buy and hold
1674:(Cap-to-GDP)
1671:
1514:Floor trader
1504:Market maker
1487:Floor broker
1475:Participants
1418:Golden share
1413:Common stock
1389:Third market
1324:
1314:
1302:
1269:
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1235:. Retrieved
1229:
1219:
1207:. Retrieved
1201:
1192:
1180:. Retrieved
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1167:
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1122:. Retrieved
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983:. Retrieved
960:
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120:Mark Hulbert
117:
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110:
102:Carol Loomis
95:
93:
81:
75:index to US
56:
52:
48:
46:
21:Buffett Rule
2326:Risk return
2273:Price-sales
2211:(EV/EBITDA)
2096:Uptick rule
2076:Stock split
2056:Squeeze-out
2051:Speculation
1996:Open outcry
1885:Block trade
1817:Pairs trade
1237:19 February
1209:19 February
1182:18 February
1157:18 February
1124:18 February
1093:18 February
1060:19 February
1034:19 February
985:19 February
882:18 February
854:18 February
822:18 February
774:18 February
733:13 February
702:18 February
673:18 February
636:14 February
597:21 February
561:18 February
509:S&P 500
222:S&P 500
173:comparative
2369:Categories
2223:(EV/Sales)
2177:(Cap Rate)
2101:Volatility
2081:Stock swap
2001:Order book
1752:strategies
1678:Book value
1546:Arbitrager
1541:Speculator
1030:. May 2010
528:References
193:tax havens
71:of the US
1717:Fed model
1712:EV/EBITDA
1627:Dark pool
1558:Regulator
1403:Types of
1369:Types of
1315:GuruFocus
728:Bloomberg
489:EV/Ebitda
399:×
157:EV/EBITDA
55:, or the
2217:(EV/GCI)
2046:Slippage
2006:Position
1991:Momentum
1895:Dividend
1574:Exchange
1531:Investor
1231:Statista
876:Barron's
829:nervous.
478:See also
422:deflator
186:Trending
51:(or the
2354:Treynor
2343:Sortino
2322:(RAROC)
2183:(CROCI)
1935:Haircut
1739:T-model
1551:Scalper
1371:markets
1327:, 2021)
1317:, 2021)
1305:, 2024)
1295:, 2021)
1087:Fortune
816:Fortune
440:Records
204:Formula
97:Fortune
90:History
59:) is a
2332:Sharpe
2316:(ROTE)
2304:(ROCE)
2292:(RONA)
2257:(P/CF)
2251:(PVGO)
2171:(CAPE)
1956:Margin
1824:(PMPT)
1686:(CAPM)
1536:Hedger
1509:Trader
1482:Broker
1405:stocks
1153:. 2021
1055:NASDAQ
976:
938:
909:
630:Forbes
384:
331:
325:
264:
169:across
165:Aramco
136:Theory
34:
32:
2350:(SGR)
2339:(SIR)
2328:(RRR)
2310:(ROE)
2298:(ROC)
2286:(ROA)
2275:(P/S)
2269:(PEG)
2263:(P/E)
2245:(P/B)
2233:Omega
2229:(LTV)
2205:(E/P)
2189:(D/E)
2111:Yield
2086:Trade
2021:Rally
1942:(IPO)
1830:(RMH)
1803:(MPT)
1782:(EMH)
1735:(SML)
1724:(NAV)
1698:(DDM)
1692:(CML)
1663:(APT)
1656:Alpha
1623:(STP)
1617:(DMA)
1611:(ECN)
1605:(MTF)
1599:(ATS)
932:Wiley
903:Wiley
495:Notes
42:ratio
1946:Long
1750:and
1680:(BV)
1667:Beta
1239:2021
1211:2021
1184:2021
1159:2021
1126:2021
1095:2021
1062:2021
1036:2021
1027:MSCI
987:2021
974:ISBN
936:ISBN
907:ISBN
884:2021
856:2021
824:2021
776:2021
735:2021
704:2021
675:2021
638:2021
599:2021
563:2021
328:5000
47:The
1003:or
966:doi
402:100
195:or
155:or
106:GNP
77:GDP
40:GDP
38:to
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