Much has been said about the degree to which US stocks have outperformed their global counterparts. Over the past 10 years owning US stocks has returned 13% compounded per annum (in dollars), versus 5% for the rest of the world.

Given the nearly 8% annual divergence in returns, many would ask if now is the time to invest in Europe, Japan or emerging markets. This is a particularly interesting question for your typical valuation-based investor who believes in mean reversion (as we do) to a lesser or greater degree...

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