How to Play With Valuation Cycles in the US

AQR recently came out the paper saying that if you look at the US market, yes, it has outperformed all of its global peers in the last 30 years. But the majority of that outperformance has just been because the US multiples have gone up. And now the US market looks expensive relative to the rest of the world. How do you think about these kind of large valuation cycles and how do you play them as both an investor inside the US and somebody who can allocate outside?