The Financial Post reports in its Friday edition that in just four months, there has been a notable shift in favour of stocks north of the border compared with their peers in the United States. Guest columnist Marius Jongstra writes that in the context of the much more overbought, crowded, overvalued and exuberant conditions in the U.S., there is a path ahead to relative outperformance in Canadian stocks. A clouded macroeconomic backdrop in Canada is keeping the S&P/TSX Composite Index from overweight territory for now, but the landscape has improved enough for Mr. Jongstra to review his a previous underweight stance. Valuations on the S&P/TSX composite are far from the stretched conditions that U.S. investors face south of the border. A forward price-earnings multiple of 15.3 times is more or less in line with its historical average of 14.7 times (dating back to 2010). For the S&P 500, however, the index trades at a whopping 22 times, more than five points above the norm. The almost seven-point gap between Canadian and U.S. multiples is among the widest readings on record. Investors recently have been unwilling to want commodity exposure, but this asset class is now unloved, underowned and ripe for gains.