This is based on data through February, but still:
The Q-ratio measures the market value of all the companies that comprise the stock market vs. the intrinsic value of those companies.
It’s a market-wide valuation measure just like the CAPE ratio, which tracks P/Es.
While it’s clear from the Q-ratio that the market is extremely overvalued, that statement would’ve been true for most of the past 7-8 years.
It does not mean a meltdown is imminent.