A Decade of U.S. Market Exceptionalism Probably Won’t Repeat

Market cycles and current rich values make it unlikely that U.S. equities will continue to outperform

香蕉视频苹果下载Rank the performance of stock markets over the past decade and, in rough approximation, these are the results: U.S. first, everywhere else way behind.

Bears often argue that U.S. market exceptionalism is a bubble, especially with valuations as high as they are.

However, the primary reason for the outperformance of U.S. stocks is that America...