Warren Buffett's one-time favorite yardstick for stock market valuations has climbed to an all-time high, reviving fears that investors are once again testing the limits of market exuberance. The gauge, dubbed as the Buffett indicator, measures the total value of publicly traded U.S. stocks (Wilshire 5000 index) against the nation's gross national product. In a 2001 Fortune op-ed, Buffett called the indicator "probably the best single measure of where valuations stand at any given moment." The indicator has also been referenced by famed investors including Paul Tudor Jones. "If the percentage relationship falls to the 70% or 80% area, buying stocks is likely to work very well for you," Buffett said in a 2001 speech excerpted by Fortune magazine after the indicator had neared 150% the year

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