This post may be a little late given the run up in Asian Equities we have seen over the last few days, however, I believe that it is useful when investors think about market valuations. Another reason for sharing this post would be over the last few days of meeting with fellow investors, a common question was what are the chances of a recession? Let’s take a look at the chart above. If we were to chart out the Price-to-Book ratio for the MSCI Asia ex-Japan, it fell to 1.27x during September. While markets could go lower than the 2008-09 lows of 1.23x, we see the ACxJ at similar levels of 1.22x in 2003 (SARs episode) and 1.19x in 2001 (Global Recession). While the lowest level during this entire period would be during the Asian Financial Crisis in 1997/8 where it hit 0.94x......