Thanks milesg, that's an interesting article to ponder.
For the last couple of years, the US has been getting much more reasonable in aggregate P/E terms. By some measures, the US recently became more attractive than the Australian market. I am following the aggregate P/E in the UK Financial Times, which currently has the US and Australia both around 18.
If, for argument's sake, the US is no longer the most overvalued market, it would be difficult to say what is (maybe Japan or China?)
