"of course, just 12 months ago, the markets were doing much better than the respective economies."
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TJ Parker...
Not to mention that on an historical basis, valuations are insane by almost any recognized parameter. I am not sure about Europe, but the US and Japanese economic statistics have to be taken as a mixture of fact and fiction, with the fiction predominating. The same is true of the earnings reports, which are almost pure fiction.
mlsoft