The chart shows countries that have a total equity market capitalization of over USD $1 trillion. Average positive price to earnings ratio (PE) is 22.3 and the S&P 500 PE is 29.95. S&P 500 closed Friday at 3811. If the S&P 500 were trading at the global average PE of 22.3, it would be at 2841 or down 25% from here. Conversely, if all other markets were trading at the S&P 500 PE multiple, the other indexes would be up almost 50% on average, and that would be wealth creation of $25 trillion in the other countries. Hopefully, everyone else moves up to the USA PE, but markets don’t seem to work that way.