While the fundamentals of the finance past valuation are past. I am sure the high PE multiples are driven by the projected growth not for one quarter but for coming years. Recalling exactly the same book. World in flat ( Had it flattened enough) definitely know they are enough bumps in lot more areas and its slowly catching up.
I can challenges the author . If we can come up with a consensus for real estate investing in India.
Emerging Markets: An Increasingly Poor Bet? - Seeking Alpha
Consider for example the Price to Earnings (PE) ratios of these markets (on estimated 2007 earnings):
United States S&P 500: 15.5x
United Kingdom FTSE 100: 12.1x
France CAC 40: 12.4x
Germany DAX 30: 12.6x
China Shanghai: 42.7x
India Sensex: 22.4x