What in the world is cheap right now? After a bull market in equities lasting almost five years, it's a very pertinent question to ask. Developed world shares as a whole - as measured by the MSCI World index - are up by 116 per cent in that time. Many individual national stock indices are up by even more.
As I have discussed more than a few times lately, this strong performance has clearly made the search for good value harder. For example, a low proportion of developed-market shares meet the criteria for SG's Quality Income index, (http://bit.ly/GOZGyF) which is not a good sign for stocks in general.
That said, there is a widespread belief that certain countries' markets - especially in continental Europe - may still present an opportunity, while others - and particularly the US - are seen as dear.