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As the S&P 500 continues to go upwards without any hesitation, prices and valuation metrics have increased dramatically in recent years. Investors are waiting for a correction where prices revert back to the mean, but the market does not seem to care. While the Nordic market isn't cheap by any measure, it's not as expensive.
MSCI World is as of this writing (Nov 30, 2017) trading at a P/E of 22.04, a Forward P/E of 17.39 and yielding 2.25%. At the same time, the MSCI Nordic Countries Index trades at a P/E of 17.87, Forward