Deutsche Bank
Deutsche Bank's Binky Chadha reminds us that earnings growth has been relatively strong in the US. Furthermore, investors have been willing to pay an increasing premium for those earnings, which is seen by the increasing price-earnings multiple.
One important reason earnings per share growth has been strong in the US is that American corporations have been spending trillions of dollars buying back the outstanding shares of their companies.
As you can see in this chart, when it comes to net buybacks - the difference between buybacks and issuance - in the last twelve months, no market in the world comes close to the level of buybacks seen in the US.