“In 2020, there were 480 IPOs (including an incredible 248 SPACs) – more new listings than the 406 IPOs in 2000….The strangest feature of this bull market is how unlike every previous great bubble it is in one respect. Previous bubbles have combined accomodative monetary conditions with economic conditions that are preceived at the time, rightly or wrongly, as near perfect, which perfection is extrapolated into the indefinite future. The state of economic excellence of any previous bubble of course did not last long, but if it could have lasted, then the market would justifiably have sold at a huge multiple of book. But today’s wounded economy is totally different: only partly recovered, possibly facing a double-dip, probably facing a slowdown, and certainly facing a very high degree of uncertainty. Yet the market is much higher today that it was last fall when the economy looked fine and unemployment was at a historic low. Today the P/E ratio of the market is in the top few percent of the historical range and the economy is in the worst few percent. This is completely without precedent and may even be a better measure of speculative intensity than any SPAC.” ~ Jeremy Grantham, GMO, “Waiting for the Last Dance: THe Hazards of Asset Allocation in a Late-stage Major Bubble”

Amounts in USD:
CountryFund8/22/1912/31/20% ChangeGDP ($B)
South KoreaiShares MSCI South Korea Capped ETF (EWY)52.3586.0564.4%1,642
IsraelETF Managers Trust - BlueStar Israel Technology ETF (ITEQ)42.6468.7461.2%395
DenmarkiShares MSCI Denmark Capped ETF (EDEN)61.6597.6158.3%348
TaiwaniShares MSCI Taiwan Capped ETF (EWT)34.3153.0854.7%605
ChinaiShares MSCI China ETF (MCHI)56.1080.9744.3%14,343
SwedeniShares MSCI Sweden Capped ETF (EWD)28.0239.8042.0%531
NetherlandsiShares MSCI Netherlands ETF (EWN)30.1341.3437.2%909
New ZealandiShares MSCI New Zealand Capped ETF (ENZL)51.7468.0731.6%207
IndiaiShares MSCI India Index ETF (INDA)31.0140.2229.7%2,875
IrelandiShares MSCI Ireland Capped ETF (EIRL)39.3750.5028.3%389
United StatesSPDR S&P 500 Trust ETF (SPY)292.36373.8827.9%21,374
JapaniShares MSCI Japan ETF (EWJ)53.3967.5626.5%5,082
ArgentinaGlobal X MSCI Argentina ETF (ARGT)24.5430.3823.8%450
FinlandiShares MSCI Finland Capped Investable Market Index ETF (EFNL)35.9044.2923.4%269
GermanyiShares MSCI Germany ETF (EWG)26.0231.7722.1%3,846
SwitzerlandiShares MSCI Switzerland Capped ETF (EWL)37.1544.6820.3%703
PakistanGlobal X Funds - Global X MSCI Pakistan ETF (PAK)24.5228.8517.7%278
FranceiShares MSCI France ETF (EWQ)29.1633.2614.1%2,716
AustraliaiShares MSCI Australia ETF (EWA)21.3423.9512.2%1,393
ItalyiShares MSCI Italy Capped ETF (EWI)26.2729.4412.1%2,001
NorwayGlobal X MSCI Norway ETF (NORW)11.2012.5512.1%403
PortugalGlobal X Funds - Global X MSCI Portugal ETF (PGAL)9.8611.0011.6%238
TurkeyiShares MSCI Turkey ETF (TUR)23.9926.5010.5%754
CanadaJPMorgan BetaBuilders Canada ETF (BBCA)24.3126.8310.4%1,736
VietnamVanEck Vectors Vietnam ETF (VNM)15.9117.499.9%262
RussiaVanEck Vectors Russia ETF (RSX)22.0824.159.4%1,700
MexicoiShares MSCI Mexico Capped ETF (EWW)39.3342.999.3%1,258
QatariShares Trust - iShares MSCI Qatar ETF (QAT)16.9118.459.1%183
Hong KongiShares MSCI Hong Kong ETF (EWH)23.4624.645.0%366
PeruiShares MSCI All Peru Capped ETF (EPU)33.1334.684.7%227
AustriaiShares MSCI Austria Capped ETF (EWO)19.1519.833.6%446
MalaysiaiShares MSCI Malaysia ETF (EWM)27.8728.803.3%365
SpainiShares MSCI Spain Capped ETF (EWP)26.7027.041.3%1,394
PhilippinesiShares MSCI Philippines ETF (EPHE)33.3432.70-1.9%377
Saudi ArabiaiShares Trust - iShares MSCI Saudi Arabia ETF (KSA)31.7431.11-2.0%793
United KingdomiShares MSCI United Kingdom ETF (EWU)30.1329.29-2.8%2,827
IndonesiaiShares MSCI Indonesia ETF (EIDO)24.5523.42-4.6%1,119
GreeceGlobal X MSCI Greece ETF (GREK)27.0625.46-5.9%210
South AfricaiShares MSCI South Africa ETF (EZA)46.6343.84-6.0%351
SingaporeiShares MSCI Singapore Capped ETF (EWS)22.8821.48-6.1%372
ColumbiaGlobal X MSCI Colombia ETF (GXG)35.0432.39-7.6%324
PolandiShares MSCI Poland Capped ETF (EPOL)20.6519.02-7.9%592
BraziliShares MSCI Brazil Capped ETF (EWZ)40.9137.07-9.4%1,840
ThailandiShares MSCI Thailand Capped ETF (THD)87.9677.07-12.4%544
ChileiShares MSCI Chile Capped ETF (ECH)35.7530.21-15.5%282
Regional Funds
Emerging MarketsiShares MSCI Emerging Markets ETF (EEM)39.6451.6730.3%NA
International DevelopediShares MSCI EAFE ETF62.7472.9616.3%NA
FTSE EuropeVanguard FTSE Europe ETF (VGK)52.1860.2415.4%NA