Lack of liquidity globally

When loan at low to negative rate.  However, many equities trading below 5-10 times with a return of equity close to as high as 20%. The only reason to explain is the world actually still growing but diluted.  Especially liquidity may gone to other areas where hoping a U turn when they re-enter equities markets.  Opportunities are everywhere from China to Singapore. US to Europe and even locally Malaysia.