(MONEY Magazine) – The U.S. stock market isn't the world's most expensive: It's second to Switzerland, according to the Leuthold Group, an adviser to institutional investors. Venezuela and Brazil are cheapest. Leuthold looks at five valuation ratios, double-weighting price-to-book value and price-to-cash-flow.

Price-to-book ratio Price-to-cash-flow ratio VENEZUELA 0.5 2.2 BRAZIL 0.5 3.7 UNITED STATES 5.9 15.7 SWITZERLAND 4.2 17.3 WORLD MEDIAN 1.8 8.5