On: ‘Buffett Indicator’ Warns Stocks Doomed for Worse ...

[entangledqubit]

Which part did you read as claiming "business is harder"?

[ikeboy → entangledqubit]

"Since the people who would spend the money (i.e., the less wealthy) don't have it, making returns becomes more difficult."

The claim is that there's less spending and this means returns, i.e. business profits are harder to get.

[entangledqubit → ikeboy]

I guess I read it more as valuations get bloated which makes the returns more difficult but not that business profits themselves are "harder" to get in an effort per unit sense.

[ikeboy → entangledqubit]

It's talking about consumer spending, which would affect business profits potentially but not business valuations directly.