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Where do you live? http://www.cathypickens.com/writing-tips/ medicine personal statement service Alec Young, global equity strategist for S&P Capital IQ,told me the 12-month forward price-earnings ratio for emergingmarkets is 10, compared to around 14.5 for the S&P 500. Thatmeans investors see developing markets trading at a discount tothe biggest U.S. stocks.