Stock prices in the US are the highest in the developed world by some measures, but markets are more overpriced in Finland, Belgium, and Ireland according to Wellershoff & Partners CIO Joachim Klement in his 2015 update to CAPE Around the World. In addition to calculating the regular CAPE (cyclically adjusted PE) multiples for 38 different countries, Klement uses a combination of interest rates, growth rates, and inflation to estimate what a ‘fair’ CAPE would be for each country. He estimates that Finnish stocks are 125% more expensive than they should be, compared to 39.4% overvaluation in the US. Switzerland…