Where to find value? Just as any real value investor knows that companies which have lower valuation metrics on average far outperform the S&P 500, so too countries which are cheaper outperform those which are more expensive. So which countries have the cheapest valuations? By a long shot based on PE its Greece. Some other countries in the single digits in terms of PE, Russia, Spain, Argentina, Italy, Ireland and Austria.
Everyone knows the macro risks in these countries, but then again we have always argued you will never find a stock which is both cheap and has every qualitative aspect you want (especially when investors are bullish). Investors gain exposure straight through ETFs or scout for companies in these countries (as Wilbur Ross, Seth Klarman, Dan Loeb, Paul Singer and many other great investors have been doing). See below for the Country PE Ratios (the cheapest of course). This is your starting point for all those complaining that bonds, stocks etc. are too pricey and its hard to find value (PE of 3, can’t find much better value then that).