Asia ex Japan

Asia ex Japan Is Trading Around Its 10-yr Average Price-To-Book

World recently hit +1 Stdev from 10-yr average

[REITs]

Q2 hedge fund letters, conference, scoops etc

Asia ex Japan

  • Global markets are expensive, not bubble yet

US still trading +2 Stdev from 10-yr average

Asia ex Japan

  • US 10-year bull run hitting its peak

Asia ex Japan is trading around its 10-yr average

Asia ex Japan

  • Unlike the US, Asia valuations are not stretched
  • Developed Asia ex Japan appears cheap

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