Are US stock valuations giving investors vertigo?

Amid the relentless ascent in global equity valuations since March, none has soared as high as those of US stocks.

As shown below, the Russell 1000 multiple is up more than nine points from its March low, far outdistancing the average five-point gain for its developed peers. At a forward PE of 22.9×, the Russell 1000 is near a 15-year peak and has further widened an already huge premium to those of other developed markets, which have converged around 15-16×.

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