Fear seems to be back in the global stock markets as emerging markets are dropping at a rapid pace.
Royce Associates' David Nadel thinks that markets around the world are trading at 30% to 60% discounts to historical multiples. He thinks that emerging markets are much more attractively priced that the U.S.
Bill Fleckenstein thinks we are getting closer to the moment in time that easy money policy worldwide starts to be withdrawn and that is what the market is starting to price in. People who had borrowed money at very low rates to invest internationally are now exiting positions before interest rates start to rise.