Emerging markets have not traded above a price-to-earnings (P/E) ratio of 15x for a significant duration since 2000. MSCI China's forward P/E has re-rated near its 20-year historical average from previously oversold levels. Emerging market equities are at their lowest level relative to US equities since 1969, following a significant commodities and trade-driven run post the 1999-2000 tech bubble, but have experienced a relentless slide since 2009. The forward 12-month P/E ratio for the S&P 500 is 21.4, which is above its 5-year average of 19.5 and its 10-year average of 18.0. Similarly, the trailing 12-month P/E ratio for the S&P 500 is 26.7, exceeding its 5-year average of 23.8 and its 10-year average of 21.7. Despite analysts reducing Q4 EPS projections by 4% throughout the last quarter, the S&P 500 forward P/E remains elevated at 21.4.