Beyond the Border Breakdown

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It was only a few trading days ago that most U.S. equity indexes were at the highest levels in the history of Earth. They are cheerfully and blissfully overvalued, far more than all prior bubbles, and no meaningful breakdown has occurred in over 30 months. Even so, the markets outside the U.S. has been ripping at the seams, and I wanted to share seven charts that are illustrative of that happy fact: