Please read the following supplementary material. 

 - what is your take of the current stock market valuation? Please have the discussion focus on whether the Stock Market Capitalization-to-GDP ratio is still a good valid indicator. If so, how do you use it; if not, what are the drawbacks?

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https://www.ceicdata.com/en/indicator/united-states/market-capitalization–nominal-gdp

https://www.forbes.com/sites/nicksargen/2021/09/02/us-stock-market-capitalization-at-2x-gdp-how-ominous-is-it/?sh=8997cbd5864e

https://sgp.fas.org/crs/misc/IF11327.pdf

https://www.gurufocus.com/buffett_assets_allocations.php