you are right that both the european and asian markets have outperformed the US.  I measure my investing results against a benchmark, and included in my benchmark I split equities 60% US and 40% international.  Like you I wonder if I shouldn't be more international, and note the -:), but as you know a lot of the return is exchange rate driven, and if that turns around,,,,,the numbers turn around.  and of course we spend $$ where we live and not euro's, pounds, or whatever.