For Japan, the 1990s are commonly referred to as the "lost decade." Those that know me are aware that I look beyond that and actually regard a quarter-century as the appropriate "lost" duration...

Pricey, and Japanese stocks, are typically not heard together in the same sentence. However, since last September’s market rout, earnings have deteriorated to the point that the Nikkei 225 is trading at over 175x forward earnings ... proceed with caution.