Meb Faber’s World Beta has a great series of posts on Graham / Shiller PEs globally as at May 24:
If you look at the history of country CAPEs, they tend to bottom out in single digits around 7. Bull markets can push this number up into the 40s, with the median around 18. These may be slightly skewed by most of these markets being in existence since 1970. (Note: All time lows register at 3 (Thailand and Korea) and top out near 100 (Japan).
Belgium, Netherlands, France, Spain, Russia, and Italy are all trading at CAPEs below 10. Generational buying opportunity or prelude to more pain?
The market has moved a little since Meb posted these. The S&0 500 stands this morning at 20.66, down from 21.76 on May 24. It’s still well above its long term mean of 15.48, and median of 14.45.