@JanLauwers5@robin_j_brooks I would suggest you to read Mr Brooks' tweets about how Germany, France, Italy and other EU countries channeled funds to Russia via so-called trades with central Asian countries due to some sorts of sanctions during the war.
Two most valuable EU companies are a company selling obesity drugs to Americans, and a company selling handbags to Asians. What an innovative and future proof economic model.
@skyquake_1 I think the point to make here is you can't purely rely on Fwd P/E to explain the subsequent 10 yr returns. There are many other factors playing in the time period. The chart is nice to understand only one side of the story. It is not the complete story.