Are Market Cap to GDP and Cyclically Adjusted P Still Valid Ways to Consider Market Valuation?

Adam Bergman: Are market cap to GDP and cyclically adjusted P still valid ways to consider market valuation? Charlie Munger: I would say that both of the standards you mentioned are not paramount at all in our valuation of securities. It's just not quite as simple as having one or two formulas and then saying the market is undervalued or overvalued, he says.