US Stocks Too Expensive? Consider Japan

About 38 per cent of the enterprise value of the world's listed companies — roughly $40.6 trillion out of $107 trillion, according to data from Aswath Damodaran — comes from firms based in the United States. It would therefore be unreasonable not to have a significant chunk of your portfolio invested in the world's largest and most diversified economy. Unfortunately, American businesses are extremely expensive.