They say the stock market is terribly expensive. It might be true in most cases, but not all countries are the same.
Using the average P/E ratio as guide, we find Europe in general as a risky bet: Austria, Portugal, Italy, Mexico, France, UK, Belgium and Spain have very high P/E's. On the average, but still expensive, we find US, Australia, Canada, Germany and Japan, all around P/E=20.
More interesting markets can be Norway, Singapore or Hong Kong, our favorite bets.
And if you are willing to risk, China and Russia seem cheap.
To look for World data, we strongly recommend Star Capital.
There is not a hidden tool to make money in the markets, but it is always interesting to more or less know where we are.