Bargain basement US stock prices for Euro earners

Is there value for foreign investment in US markets? Given I now enjoy the benefits of earning in Euros I can look at my next trip to the U.S. (and corresponding shopping!) with the eagerness of someone getting $1.58 for each Euro I convert.

Or this can be put another way, I can get 58% more U.S. company stock than someone paying for that same stock in hard earned dollars. So to buy Apple (AAPL) in Euros would cost me 88.76 euros (a veritable bargain), or I could get Google Inc (GOOG) at 281.06 euros, and maybe an Apple 32GB iTouch at a cool 300 euros. This relationship is perhaps best represented by pricing the S&P in Euros.

In Euros, stocks are trading at levels last seen of late 1998, and very close to the lows of 2003. It may take a year for a discernable market rally and/or rising dollar/weakening euro to emerge (both of which would be considered bullish for U.S. equities), but for outsiders looking in there is real value in U.S. equities.

Don't let the bears blinker you otherwise.

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