US market slump: an opportunity for Asia?

It is well known that markets have an outstanding record of reverting to their long-term averages despite occasional irrational behavior from time to time. One of the most popular measures of market value is the P/E ratio. The price to earnings ratio of the S&P500 currently stands at 15.3 or 31.6, depending on the use of trailing or forecast earnings. This represents a meager return of between 3.2% and 6.5% compared to a "risk-free" rate of 4.6% for 30-year US. Government bonds.