04 vana nlperception.com May 10 Asia EM Equity Indices (MSC!) •10% C • c • C • 03 • 03 44 • 2 T3 2 9 a a U 0. Z a -5% YOY YTD Perolrmance (RI4S) One measure to help get an idea of where valuations are is to look at the size of the stock market in relation to the size of the overall ma