the US broad market, have obviously delivered mark-to-market returns better than (c) for a long time.

Ignoring (a) for the moment, the interesting thing is that profits have grown faster in group (c) than in group (b). Surprise! Typical European firms have grown in value faster.

Jim, are you aware that you sing you a completely different tune than not long ago?

For completely different reasons you investing wise left the US. That was just in the 2nd half of last year. Directly before you posted why Hershey is a great investment, why Carmax, DG etc. etc. --- and not why European companies are better investments.

This 180° turn in your song reminds me, always interested in psychology, on Lionel Festinger´s theory of cognitive dissonance: You turned the back on the US, out of your own will, and this changes your mindset accordingly.

Please don´t feel offended. It´s just that (unfortunately) I have a trait bringing me in trouble with people, that I want to open their eyes for what they don´t (want to) see in themselves.