Mr Market is here to serve you, not to guide you. When he quotes you an insane price, take advantage of him! The US market has gained 70% of the last 5 years and is currently trading at 19 times earnings, that seems pretty expensive for sure. US investors are still too optimistic, they are not worried about a crash as they know the Feds will come in to prop up a weak market. To them its like having a free put option. Heads investors win, Tails they activate the Fed put option to save themselves. Looking east, worries of a hard landing has caused the China market to lose more than 20% over the last 5 years and is currently trading at only 7 times earnings! Investors fear of the slowing growth, the property bubble, the overcapacity, the raising labor cost blah blah blah u just name it, just ......