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.
“虽然贵，但贵得让人放心”（reassuringly expensive，系著名广告语——译者注）这种话，就留给广告人去说吧。随着亚洲和西方股市之间的估值鸿沟不断扩大，许多投资者正紧张地考虑退路。亚洲的预期市盈率为23倍，比3年均值高出约30%；美国和欧洲的预期市盈率分别为16倍和13倍，较趋势水平高出7%和11%。过去3年，东西方之间的市盈率之差平均为4.5倍，目前是8.6倍。
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