Valuation warning: Shiller P/E near dot-com levels

The Shiller P/E is approaching levels seen before the dot-com bust, a stark warning for long-term investors. Historical track record shows CAPE above 30 leading to major drawdowns. Berkshire Hathaway's $397B cash pile reinforces the message that even disciplined value investors see few bargains. This aligns with existing concerns about overvaluation and mean reversion, tempering optimism despite strong earnings.