International markets are having a standout year and finally outperforming the U.S. market for the first time since the 2008 financial crisis — a long-overdue reversal. But, that shouldn’t be surprising since markets are cyclical in nature (see chart below). We know that the U.S. has been trading at historically high valuations, which are traditionally accompanied by below-average future returns. So, now the question becomes: Have international market valuations caught up?