Summary

• The US is at the high end of its 20-year forward price-to-earnings multiple, but it is not the only highly valued market today.
• New Zealand is the most expensive, and Canada (in yellow) is also near the high end of its historic range.
• Bloated by a handful of US tech-AI companies, the premium of US stock prices over the rest of the world (below in black since 1970) is the most extreme since the 2000 tech bubble.

The US (in light blue below, courtesy of The Daily Shot) is at the high end (see diamond) of its 20-year forward price-to-earnings (PE) multiple, but it is not the only highly valued market today. New Zealand is the most expensive, and Canada (in yellow) is

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