Subject: Re: OT: DEV ex US (IDEV ETF)
Don't ignore earnings growth.
Yes, it won't go on forever.

US market itself has bifurcated. S&P PEG is ~1.7 vs non-S&P 1.2. VEA, comparable to IDEV also 1.2. EM VWO < 1.

Earnings growth about 16% for S&P, US non-S&P, EM. About 12% for developed.

As Bogle said, (assuming constant P/E), your returns are earnings growth + dividends.