Are stocks overvalued worldwide? The IMF says yes, claiming American and Japanese stocks are the priciest — set to tumble once investors come to their senses. Together, America and Japan account for more than 70% of developed world stock market capitalization. If they tanked, so would global markets. China wouldn’t be immune, as plunging developed world stocks would raise fears of a global recession cratering demand for Chinese goods and services. Thankfully, though, you can relax. I’ve spent decades researching stock valuations. They aren’t predictive. Not in the U.S., China or anywhere else — in any time period anyone really cares about.