http://main.hsi.com.hk/hsicom/table/MnPEHSI.html Go there. Hang Seng PE is 15.95, and thats end of last month... Mainland china H-shares aren't much different. I think a bit lower at the moment. Nasdaq PEs (as well as S&P) were astronomical in comparison during tech bubble. read the charts and study the fundamentals.. everything is a gamble, by the way, especially trend following when valuations are out of control (which they usually are, if you are trend following).
I wasn't talking about buying Shanghai; I was talking about FXI (which is approx equiv to hhi.hk H shares). Shanghai is nuts; we all agree.
I dont really put much weight in P/Es I think other things are MUCH more important. What we have here that i feel is more important is a perception that the economy is overheated...which is why the govt is trying to put the brakes on. if the govt puts the brakes on..no amount of P/E justification can save you. look back to october 19, 1987 for a famous overnight move in trying to slow the economy..the speech started with "unfortunately"