Is This the End of the US Exceptionalism Trade?
Episode publishedPodcast: Odd LotsOdd Lots
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Hello, and welcome to another episode of the Odd Lots podcast. I'm Joe Weisenthal. And
I'm Tracy Alloway.
Tracy, US exceptionalist. Like, to my mind, the big question for investors is, like, we've had this fifteen year plus run of where it's, like, the only game in town has been you invest in The US. You did not get paid for diversification. Arguably, you didn't even get paid for diversification within The US because you should've just been in tech stocks the entire time. Yeah. But I really feel like this is the moment where people are asking, like, is this one trade that's worked out so well? Is it coming to an end? You
know what I really like? I like talking about US exceptionalism in markets because no one immediately starts debating, like, the definition of US exceptionalism. That drives me crazy.
Right. Because in in the broader realm of, like, just some politics or society or life, like, as The US I am not purchasing it's unambiguous. Yes. In markets, it's unambiguous that US assets have just been where you wanna be for a long time.
So not only have US equities outperformed recently, but they've really come to dominate the market as a whole, like, as a proportion of the market. So the entire world, you know, even with US stocks falling recently, the entire world basically still has an overweight on America. Right?
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