Extreme bubble pricing in stocks has been confined to the US; other equity markets range from fair price to moderate overpricing.

The test is valuation conditions as of January 2023. The claim has two parts: (a) extreme bubble pricing (valuations at historically extreme levels, around 2 standard deviations above trend or near record CAPE) existed only in the US equity market; and (b) other equity markets ranged from fair value to moderately overpriced. TRUE if standard valuation measures for January 2023 (CAPE, forward P/E against history, GMO forecasts) show the US alone at extreme levels and other major markets (developed ex-US, Japan, emerging markets) near fair value or moderately above it. MOSTLY TRUE if the US alone was extreme but some non-US markets were actually below fair value (cheap) rather than fair to moderately overpriced. MIXED if the US was elevated but no longer extreme, while other markets were near fair value. MOSTLY FALSE if one or more other major markets were also at extreme valuations, or if the US was only moderately overvalued, so the US-only framing is a distortion. FALSE if the US was not overvalued relative to history, or if extreme valuations were widespread across global markets.

Set before the research began.

No evidence with a verified quote was found apart from the claim's own source, so the claim was not judged.