This slide shows valuation measures for international equity markets. The left-hand side shows the price-to-earnings discount of international v.s. U.S. equities. On the right-hand side, we show the difference in dividend yields between international and U.S. stocks. We can see that international equities are trading at a significant discount to the U.S., now more than one standard deviation cheap relative to the U.S., and international equities offer on average about a 1% yield pickup relative to the U.S.