Key Points

• The Shiller CAPE ratio indicates that U.S. stocks are historically expensive right now.

• The emergence of leveraged single stock and complex option income strategies in the ETF marketplaces is a dangerous development for most investors.

• Earlier this year, Buffett criticized the current mood of Wall Street and the number of people “gambling” with their money.

Warren Buffett hasn’t really hidden the fact that he’s not a big fan of the current market environment.

He’s said that investing in U.S. stocks at current valuation levels is like “playing with fire.” He said that the recent pullback in the S&P 500(SNPINDEX: ^GSPC) earlier this year was “nothing” and not even close to the level that would have motivated him to put Berkshire…