Average P/E ratio of  S&P 500 is 13.47, average P/E ratio of Dow Jones is  12.45, average P/E ratio of Nasdaq is 20.13 !!!

Now you can compare it to european indexes and you get completely different numbers roughly half of these values.

AMZN has still P/E ratio around 36, the same is for EBAY etc.

Now you can compare it with chinese stocks where you can buy them for less than cash or european shares that you can buy for less than PE=8.

If company has all revenues from US and there will be high inflation.What do you get ?

You get what you got if you bought shares of Berkshire Hathaway 10 years ago. In Czech korunas I would be losing BIG,BIG time.

Why not to buy commodities ETFS when they are dirt cheap or why not to buy gold?

By the way here are Warren Buffett's picks:

IR=- 54%
USG=- 60%
WLP=- 50%
BAC=- 50%
UNH=- 54%
KMX=- 50%
AMP=- 50%
NRG=- 57%
WBC=- 50%
GSK=- 30%
SNY=-30%

Why american stocks can't have the same P/E ratios as europeans (9) ?

Why BRK that will be hardly catching up with S&P 500 and have revenues of 113B couldn't have PE 9?

I don't get it.

It makes perfect sense to buy what is cheap: chinese stocks for less than cash, european stocks, commodities stocks that are dirt cheap and if market recovers they will benefit most. 

If unemployment will rise and other stuff will explode like credit card debt,derivatives etc.

You get the same number as  you had in 70's; 30's and 50's that is PE=9.

It means DOW JONES=6000; S&P 500=700; NASDAQ=1200