I'm not sure the levels of the S&P and Nasdaq are priced in a sophisticated way. Prices are set by the largest buyers and seller which in this case is the US pu

I'm not sure the levels of the S&P and Nasdaq are priced in a sophisticated way. Prices are set by the largest buyers and seller which in this case is the US public buying in either directly or via pension funds and the like. The public fund buying has been ~50bn / month which is considerably more than people like Buffett's selling. The market is on the high side by most metrics, see eg. https://www.currentmarketvaluation.com/ https://www.currentmarketvaluation.com/