Leave “reassuringly expensive” for the ad men. The widening valuation gulf between Asian and Western stocks has a lot of investors nervously eyeing the exits. Asia's forward price/earnings ratio, at 23 times, is teetering some 30 per cent above its three-year average; the US and Europe, at 16 and 13 times, are 7 and 11 per cent above trend, respectively. The spread between Eastern and Western p/es has averaged 4.5 over that period; now it is 8.6.
「雖然貴，但貴得讓人放心」（reassuringly expensive，系著名廣告語——譯者注）這種話，就留給廣告人去說吧。隨著亞洲和西方股市之間的估值鴻溝不斷擴大，許多投資者正緊張地考慮退路。亞洲的預期本益比爲23倍，比3年均值高出約30%；美國和歐洲的預期本益比分別爲16倍和13倍，較趨勢水準高出7%和11%。過去3年，東西方之間的本益比之差平均爲4.5倍，目前是8.6倍。
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