KOSPI Valuation

CAPE = index ÷ 10-year average of inflation-adjusted index earnings; Korea's series starts in 2013, so compare it with its own history, not the US CAPE. Buffett Indicator = KOSPI market cap ÷ trailing four quarters of nominal GDP; it runs structurally high because Korean exporters earn much of their profit abroad, so its distance from its own mean matters more than the 100% line. Neither is a timing signal.