No interest in individual ADRs? (Aside from the mining issues that we know you like, that is.) I'm tempted by a long SBWRY/short BUD; SBWRY PE still close to 20, but at least Africa, China, & Eastern Europe, where SBWRY sells beer, might grow someday, and the US, where BUD (PE over 20) sells most of its beer, won't grow as much. I wish SBWRY would trade down in local-currency terms, but the Rand discount is good.
Second, have you seen this piece the Cleveland Fed did last month?
clev.frb.org
Their argument is that the S&P relative to GNP is not so far out of line, on an absolute, historical basis or given a growing, low inflation environment. I have my criticisms, but it does appear that if the US manages to eke out some growth without inflating, that stock prices could remain elevated for some time.
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