Dew I agree that the valuations are looking better, but my point was that they are kind of irrelevant, unless they stand out as the best on the market, and even then, they will keep getting better until the balance of money supply/money demand goes inflationary again. The demographic question was tangential to my post, and I probably should have left it out, focusing on the overall money supply versus today's spike in the demand for money.
On another note: How confident are you that emerging markets will respect patent rights on expensive new medicines? I have not listened to big pharma webcasts lately.
