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It's truly amazing to me how much non-U.S. stocks have been punished during this bear market. In this time of fear, people are fleeing anything that is considered "risky" for the traditional safe haven of the U.S. market and U.S. Treasures, ignoring the fact that many of the world's problems originated here and that the United States will experience slow to no growth over the next several years.

As evidence of this, I heard on either Bloomberg or CNBC this morning that the MSCI index has an average P/E ratio of something like 8.5 while the S&P 500 is over 18. Despite the obvious problems out there, I personally believe that growth outside of the U.S. will be significantly stronger than inside of it over the next decade. So in the flight from risk people are selling stocks that are cheaper and at the same time likely to grow faster than U.S. stocks in the name of safety. Very irrational.

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