Cleanest Dirty Shirt - Or 3rd Most Expensive Equity Market In The World?

Tyler Durden's picture

Presented with little comment except to rhetorically ask (Tom Lee) - where's the value?


Cyclically Adjusted Price/Earnings Ratios (Shiller PEs) for global stock markets...


Source: Barclays

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flacon's picture

Valuations..... they are just so passe. 


Gold and Silver update:



Thomas's picture

One also has to assume that the reported earnings are valid. This forces me to stretch my imagination a bit too far.

Stackers's picture

psst. Failbook is still running 130+ P/E

tallen's picture

You think Facebook is bad, look at Linkedin. How is this POS worth over $12Bn?

gjp's picture

Obscene tulip bubbles wherever you look, Amzn and crm too.

Home of the greatest financial scams, home of the world's printing press, home of the wolrd's biggest ponzi market. That simple.

Water Is Wet's picture

+1 on AMZN and CRM.  AMZN looks pretty ridiculous with its 2,9XX times P/E multiple on all the finance sites.  CRM hasn't reported an actual profit in something like 2 years.  And yet the stocks levitate, the employees get to cash out their stock options at ridiculous prices, and they're rich.

Clowns on Acid's picture

Yeh but their CEO is so cool - swims with dolphins and has great rock concerts at their annual conferences.

Market loves loves SaS companies.

ball-and-chain's picture

The Government and banks can control the price of gold.

Don't fool yourself.

And, if it gets to expensive, they can confiscate it.

The whole thing is rigged.

The only solution is to tune in, turn on, and drop out.

Screw the man.  Screw his money.

MeelionDollerBogus's picture

That's where the guns & immigration thing comes in. You can get yourself across almost any border with the right amount of gold in hand provided you also look like you can defend what else you got and don't look like you got a lot more. Any more perhaps. Or shoot at people who try to take the gold.

If government could control the price of gold as you say then confiscation would have been more effective in the 1930's and gold price today would still be 35. See how it's a fair bit above 35? Ya, that's right, they failed.

MeelionDollerBogus's picture

better update : goldpricemodel 2013 projection

I'm sure someone will feel butt-hert(tm) that I'm no BrotherJohnF fan, but pushed in a corner on paltalk the guy could NOT answer credible questions about how gold, uranium, land prices, food, etc., ought to move to match his calls for silver. He's just like any number of randoms giving his 2c.

What I'm putting up is solid math. Where I have no math I have no data or no time to process it & I have given no opinion, generally.

IMA5U's picture

Gloom Doom and Zero Hedge


Happy New Year!!!

SheepDog-One's picture

'Facts'....'Gloom and Doom'...who can even tell the difference anymore?

Cursive's picture


Kafkaesque or Orwellian?  Regardless, ignoring reality is the New Normal.  Not ignoring reality is the new crime against nature.

icanhasbailout's picture

Cyclically adjusted? Give me cynically adjusted.

Flakmeister's picture

If you believe cyclically adjusted PE ratios as a measure of value you can convince yourself of anything...

BTW, Bon Anno...

Conman's picture

USA USA USA, we can do it, we can be #1!

I am Jobe's picture

Hookers getting cheaper in Europe.

Flakmeister's picture

Should have added this is a jolly good read....

Some bad news is that he is predicting $2500 Au and $125 Ag... and JHK never gets the short term predictions correct...

DoChenRollingBearing's picture

Low P/E countries like Italy, Israel and Finland do have some world-class companies.  But, I do not know the P/Es of those particular companies...

cynicalskeptic's picture

Wasn't the Zimbabwe Stock Market the best performing in the world for a while a few years back? know - about the time they were printing $Z 10, 20, 50 and 100 TRILLION dollar banknotes.....

LawsofPhysics's picture

Priced in what? Details matter. I see a lot of paper promises, good luck with that.

ZFiNX's picture

The dark side clouds everything.


When an illusion is created, it is not important to interpret whether what it is telling you is factual.

It is important to interpret what the illusion is trying to get you to do.

This is by the merit of it being an illusion in the first place.

swissaustrian's picture

Thank god they excluded Switzerland. The SMI and SPI are basicly just as overvalued as US equities

ebworthen's picture

$5 Trillion$ of FED "easing" has spun a lot of cotton candy.

Who is supposed to pay that debt and who is making out like bandit$$$?

monopoly's picture

What someone calls "gloom and doom' we call it "facts and truth". There is a difference. Although Obama and Congress would just stare at us with those deer eyes in the headlights.

WallowaMountainMan's picture

i see the 'world' is rated in the top ten. is that the whole world, or just the world as we know it?

bullmarket's picture

With trailing earnings on the s&p 500 at 14 times ,how you adjust to 21 for the future? I guess ther will be a recession.

Bogdog's picture

Time to liquidate everything in my scottrade and buy dry beans.

ekm's picture

I've been saying it since the global bailout in Nov 2011 right after MFG collapse:

It's supply and demand. If price is too high, it's because the gov is buying stocks. For commoners, the price is too too too too too high.

q99x2's picture

3rd dirtiest shirt in the fraud indexes.

jcaz's picture

Tom Lee will have that same Ivory Tower look on his face when it all crashes down- "Why didn't my equations explain this?".......