The US was the valuation exception over the past cycle
CYCLE ADJUSTED PE (CAPE) RATIOS
50
50
45
45
DEVELOPED MARKETS EXCLUDING US
40
40
35
35
US (MSCI)
30
30
25
25
20
20
15
15
10
10
EMERGING MARKETS
5
5
US$ EPS & US CPI USED. MSCI INDICES. US RECESSIONS SHADED.
0
0
1980 1985 1990 1995 2000 2005 2010 2015 2020 2025
1
Sources: MSCI, BLS, NBER
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