US Indices vs International: Where Are the Best Opportunities Right Now?

US markets have dominated global equity performance for the past decade. But with valuations stretched on the S&P 500 (forward P/E ~21×), some traders are looking overseas. **Current opportunities outside the US:** **Japan (Nikkei 225):** Breaking 30-year highs, benefiting from weak yen (export earnings), corporate governance reforms driving earnings growth. **India (SENSEX/NIFTY):** Structural growth story, demographics, tech expansion. Premium valuations but strong earnings growth justification. **Germany DAX:** Beaten down by energy crisis and manufacturing weakness. Contrarian opportunity if China recovers. **Hong Kong (Hang Seng):** Extremely cheap but political risk and China deleveraging headwinds keep institutions cautious. US indices still win on liquidity and momentum — but the margin of outperformance may compress over the next cycle. Are you diversified across international indices, or primarily focused on US markets?