No. A good American Fender P-bass can be considered "the standard", but far from "the ultimate". Leo Fender said his G&L instruments were better than his pre-CBS Fenders. Pandora's Box=open. Yes, there are many manufacturers of P basses that equal current Fender quality while beating their price point. AFAIK, none of these are American-made however. IMO one of the best sweet spots of bang/buck ratio is a deal on a used American Fender or G&L. Me, I play a 90's Korean P/J by Vantage.