Last Thursday’s post showed the benchmark S&P 500 index recently plunged from record highs into correction territory (down more than 10%) faster than at any other time in history—just six days.

So, are there now bargains to be found?

Not yet, according to legendary investor Warren Buffet’s “Buffet Yardstick”.  The Buffet Yardstick is a valuation measure that shows the market value of all publicly traded stocks as a percentage of the country’s gross national product.

As it stood earlier this week, the numbers show that stocks are just as expensive as they were in 2000—right before a 50% drop, and they are 20% more expensive than they were ahead of the 57% plunge during the Financial Crisis.  (Chart: