AAI

EFA More Attractive Than SPY

The "lower valuation" of Europe vs US may be due to its different sector weightings, such as higher Energy weighting.

From The Horse’s Mouth: Yale's Endowment Officer Makes Financial Sense

Great piece, Geoff. Thanks for the headsup on QPP as well.

Domestic and International Stocks: Absolute and Relative Valuation Analysis

Steinhilber's long-term track record is worth looking at, because his long-term valuation discipline appears to have created substantial value. What's more, his investment letter on Monday 3/17/08 recommended that investors who are underweight equities add to their holdings, because the U.S. market is at valuation levels that have indicated the end of 70% of past bear markets. He's off to a good start with today's 4% equity rally.