As many of our clients will be aware, one of our current global big-picture calls is the fact that asset price bubbles are inflating and will most likely get bigger before eventually bursting. Based on some simple arithmetic and an assumption about the size of the equity risk premium, equities are overvalued by some 40% globally. To gauge which countries are most at risk to a correction, we have run this scenario, with some caveats around it, through our Financial...