MSCI US vs Europe Shiller P/E ratio

Morgan Stanley presented an interesting perspective on US vs European Shiller P/E ratios in their February 2010 “In the Flow” report. American stocks are valued 1.2x higher than European stocks:

The same report also provides an update per (end of) February 2010 for the ShillerPE for US stocks:

Note that the value of 17.0x deviates significantly from the data from Robert Shiller, which is at a CAPE value of around 20x for Feb/Mar 2010.

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