As the S&P 500 bounces around record levels, observers from Blackstone Group’s President Tony James to Yale Professor Robert Shiller find U.S. stocks overvalued, but the same isn’t true for foreign equities.

“A few foreign markets might be knocking on the door of mild overvaluation, but almost all developed and emerging markets are not overvalued,” says Doug Ramsey, chief investment officer at the Leuthold Group, an institutional research firm in Minneapolis. “Emerging markets generally are on the low end of fair value now.”

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