This is your market Minute. Rob Arnott, founder, and chairman of research affiliates thinks that US stocks are overpriced as a result of investors, migration to safety are not says US investors have blinders on leading them to overlook opportunities and foreign equities where stocks are comparatively cheap.

The most serious mistakes, investors make our performance by chasing whatever has done well by more, whatever has faltered, shun it. And secondly, blinders focusing strictly on domestic opportunities.

I'm not bearish when things are cheap. Stocks outside the US are reasonably cheap. Value stocks outside the US are very cheap. And we find all sorts of narratives relating to China relating to Ukraine for not investing outside the US.

But the US is priced at more than twice the valuation, multiples of non-US stocks.

And so to avoid those two mistakes, it's awfully useful to think in terms of forward returns, not past returns and forward returns are simply a function of what's the yield, what's the historical growth in income? And if there's any valuation means reversion towards historic norms, is that going to help you or hurt you?