The period where Europe outperformed the usa from 2003 - 2007 was a bull marketyea but you keep making that point, but its still the case that european markets are better and better value, and emerging markets have done even worse than europe. I think we are entering a period like after 2001 and the dot com crash, although i dont think it will be as extreme as 2001, when the euro was actually worth less than the US dollar. I think Europe, emerging markets and commodities will out perform and the US market takes a back seat like what happened from 2001 to 2008, the canadian economy did much better than the US in that period, maybe also another global property bubble that seems to be well underway already.
Another striking point about the ftse index , its gone nowhere in 20 years and now has average yields of over 4%, yet people are bamboozled about all the negativity surrounding brexit, yet its hardly the case that the UK goes back to 1998
I'm arguing if the U. S enters a bear market, there is no way europe won't join in.
European equities are always cheaper and the dollar strength since 2015 has made zero difference to European stocks.