US equity valuations (based on CAPE) versus emerging markets. While we think the US still has the strongest economy, economic growth or strength does not equal returns. Check out the chart below but keep in mind as well while CAPE does not always predict future returns and is close to useless short term, it does say alot. See below for actual returns.

CAPE US versus Emerging markets

Full presentation in PDF here. Charts via Wall Street Rant (via Abnormal Returns)