The Oracle of Omaha's "best single measure of where valuations stand at any given moment" is giving off all the wrong signals.

This has been a banner year for Wall Street and investors. The benchmark S&P 500 ( ^GSPC 0.01% ) , iconic Dow Jones Industrial Average ( ^DJI 0.51% ) , and growth-fueled Nasdaq Composite ( ^IXIC -0.28% ) have all rallied to numerous record-closing highs.

But things looked far different six months ago. Shortly after President Donald Trump unveiled his tariff and trade policy , a mini-crash ensued, leading the S&P 500 to its fifth-steepest two-day percentage decline since 1950 .

Since this mini-crash troughed on April 8, the Dow Jones, S&P 500, and Nasdaq Composite have rallied by 24%, 35%, and 50%, respectively, through the closing bel

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