The cyclically adjusted price-to-earnings (CAPE) ratio is a valuation metric typically used to gauge whether entire stock market indexes are overvalued or undervalued. It was developed by Nobel-winning economist Robert Shiller during the dot-com bubble, so it is sometimes referred to as the Shiller P/E ratio.

Pairing the VanEck Morningstar Wide Moat ETF with a broad-market US fund like the iShares S&P 500 ETF ( ASX: IVV ), and some local quality names, can give you a Buffett-inspired, globally diversified portfolio without the need to analyse hundreds of balance sheets yourself.