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It all seems so obvious.

The U.S. economy remains robust, with unemployment at a nine-year low and real GDP growing at an annualized 3.5% in the latest quarter. Meanwhile, overseas markets are confronting the double whammy of political upheaval and economic malaise.

So why own foreign stocks?

Before we hit the sell button, maybe we should take a moment to play market strategist. The game is simple enough. All you have to do is figure out three numbers: the current dividend yield, how fast corporate earnings will grow, and what valuation investors will put on those earnings.

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