How valuable is this metric considering that the biggest companies now draw a significant % of revenue from outside the U.S.?

I'm sure there are other factors that make this metric not great for comparisons with other time periods, e.g.:

- rates

- accounting differences

I estimate you’re talking 25% from overseas.

If that bothers you, just multiply valuations by .75

Doesn’t make much difference even without doing the same adjust for previous eras.

Buffett indicator survives this argument. He’s a smart guy.