Investing in a New World
Will US stocks keep delivering outsized returns?
How should you invest in this world? Almost every investor—in the US or outside of it—is positioned the same way. Investors are more concentrated in stocks than ever, especially US stocks. They are—implicitly or explicitly—betting that US stocks will keep winning, as they have for the past few decades. But valuations are much higher than they were when stocks started this bull run. Trump wants the US to win—but will US stocks keep delivering outsized returns, even when the US winning is already embedded in their price?