If you bought the exact low in 2002, you got 500% in two years, 800% in 2006, and 5,000% if you held to the 2017 cycle top. But this just assumes you bought on the default news when it was the major worldwide story.
I don’t know anything about public equities but if I were doing PE I would go straight to Japan. That is the spot.
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People say platitudes about different countries. Japan, "bad corporate governance makes it uninvestable." A a chart of Nikkei makes that seem reasonable. But I learned a funny detail: the late '80s Japan bubble was twice the size of dotcom's. Only now are valuations good again.
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Always have to backfit a narrative to the price action. Japan peaked at 60x earnings. Had the U.S. hit 60x earnings, the S&P would have been at 4,500 at the turn of the century, and we'd still be down 25% from the peak today.
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