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A few more warning shots over the bow of the emerging markets ship. Keep in mind "P/E" has become a very subjective topic - more important than any specific numbers are the comparative valuations. On one hand you should pay a premium for growth (which is completely lacking in much of the developed world), on the other hand you used to pay lower multiples for risk. But whose to say the systems of the US or UK should be considered any less risky anymore. Not with our "financial innovation".
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