More than six years into a bull market, U.S. stocks look expensive. But it looks like Poland is on sale.
Stocks in Austria, France, Italy, Japan, Malaysia, Peru, Singapore and Spain also appear relatively inexpensive, based on the cyclically adjusted price/earnings ratio, or CAPE, as calculated by Joachim Klement, chief investment officer at Wellershoff & Partners, an investment consultancy based in Zurich.
This figure is also known as the Shiller price/earnings ratio, or Shiller P/E, as it was popularized by Robert Shiller, a Yale University economist and Nobel Prize winner.