Mebane Faber updates countries' cyclically-adjusted price-earnings ratios (CAPE) for the start of the year, and Greece, Russia, Ireland, Argentina, Hungary, Jordan, Austria, and Lebanon make the list of the cheapest - all under 10.
How did the CAPE do in 2013? If you bought the 5 highest-priced countries - Peru, Colombia, Indonesia, Mexico, and Chile - you would have lost 17.8%. If you bought the 5 cheapest - Greece, Ireland, Argentina, Russia, and Italy - you would have gained 20.7%.
2014's full list is here (subscription required).