… look at the table ranking the top and bottom 10 countries by PE10 valuation. The bottom features a couple of usual suspects (Russia and Greece), although in the case of Greece you might argue that earnings are now structurally lower so the PE10 is less useful for that particular market. At the top end, it’s likewise many usual suspects: America and a selection of high growth Asian countries (and Japan). While there are some similarities between those at the top and bottom it’s hard to make a broad sweeping statement which generalizes the two groups  –