The 12-month forward P/E ratio for US equities is up to 21.8x, more expensive than 90% of the time over the last 20 years.

Even excluding Big Tech, US stocks trade at 19.2x, still well above the 20-year median.

By comparison, Europe trades at 15.6x, Japan at 17.8x, and Asia Pacific ex. Japan at 14.8x.

This means US equities are +40% more expensive than the rest of the world, excluding the US (15.5x).

The US has almost never been this expensive.