Chile – Yes, its lofty P/E of 23 is expensive, and its stock market is up 41% in 2010. However, the country is just emerging from recession and it has an excellent government with policies that appear likely to drive growth. Sometimes – not often – high valuations are justified. I believe Chile may be one such example. The easiest way to buy Chile is the EFT, iShares MSCI Chile Investable Market Index Fund (ECH).