This is the issue right here, despite the recent wobbliness, in general US equities are still priced richly, if not for perfection.
Reposted from
Bob Elliott
Despite the backup in bond yields and little change in the economic consequences of the tariffs from the "pause," equities are still pricing in pretty euphoric expectations at 19.3x multiples on 12m forward earnings still pushing all-time highs.
Comments
https://www.gspublishing.com/content/research/en/reports/2025/04/08/0bf285f5-8d4a-478c-843f-4b4ea81256d5.pdf
GS: "Non-US markets, while cheap relative to the US, are not
particularly inexpensive relative to their own history"