US stock valuations are at 2001 levels:

The US stock market’s P/E ratio relative to global stocks reached 1.8x, the highest since the 2000 Dot-Com bubble.

In other words, investors now have to pay nearly twice as much for US stocks than for their global counterparts for the same earnings.

Over the last 15 years, the relative valuation of US stocks has DOUBLED.

Since 2009, the S&P 500 and Nasdaq have returned 447% and 786%, massively beating the MSCI World ex-USA index gain of 52%.