Buffett walking away from a deal despite Berkshire's massive cash hoard could be proof there aren't that many reasonably priced opportunities.
Little is cheap in the market right now as stocks' record run this year has driven multiples higher across the board and lifted most stocks.
The S&P 500 is up 25% this year, on pace for its best annual performance since 2013. An impressive rally this quarter has pushed stocks to all-time highs amid optimism on a U.S.-China trade deal and receding recession fears., the most common indicator for market valuation that measures current share price relative to per-share earnings estimates for the next 12 months, has climbed to levels last seen around last December's monster sell-off.
The S&P 500 is also trading at about 2.14 times sales estimates for the next 12 months. The only times the market reached such multiple was September 2018 when the sell-off began and in the first quarter of 2000 just before the burst of the tech bubble.
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