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As we wait in line for our vaccinations, each day the prospects for the economy seem brighter. Investors face a tricky decision. Should they look for companies and countries yet to recover from a dire 2020 or stay with areas that thrived during the pandemic? Valuations may influence your choice. If your portfolio reflects the shape of global markets, you will have significant exposure to the US. Looking at the average multiples of earnings for each stock market, the US appears expensive today. The S&P index is close to 20 times earnings and yielding 1.5 per cent, according to Bloomberg. This compares with the UK’s FTSE 100 at 12.8 times earnings and a yield of 3.2 per cent, which seems more secure after last year’s dividend cuts.