A recent report from Credit Suisse Asia looks at valuations specifically PB and PE Ratio Emerging Markets based on both current and five year averages. Unfortunately the report does not contain any data, however, the chart itself is a bit explanatory. Many countries are trading at under a 10 PE TTM and five year average and a PB under or close to one for both current and the five year average. Although the macro concerns are well known in many of the countries below, it sure beats the heck out of buying some 3X inverse leveraged loan REITs. Additionally, Korea stands out as both cheap and more stable. In one of the less publicized speeches at the Ira Sohn Conference, Li Lu made the case for buying South Korean preferred shares. Additionally,

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