If valuations actually matter anymore, and the U.S. is in fact overvalued - then what do we want to buy? This week we look at cyclically adjusted price-to-earnings ratios (CAPE) of other foreign markets and the returns that they generate. Fittingly, we also discuss the difference between risk, volatility, and the permanent loss of capital.
5/20/14 Chart of the Week: Not All Markets Are Overvalued