AMERICAN EXCEPTIONALISM IS OVER! We all know it, it's Europe's time to shine! #1020250

...oh, and I'm gonna buy a bunch of American assets when you're not looking

"When it comes to the US, investors the world over now love to Bash All Day, Buy All Night.""When it comes to the US, investors the world over now love to Bash All Day, Buy All Night."

Then I got back to New York, looked at the numbers and saw that, even as opinions of the US plunge, the money is flowing in like never before. Last year foreigners poured around $1.6tn into US financial assets, including nearly $700bn into stocks, both new records and significantly higher than the levels of recent years. The story is much the same for US corporate bonds, with foreign purchases up sharply.
But for a brief “Sell America” wave last April, foreigners were big buyers in every month of 2025. They were aggressively “buying the dip”, just like US retail traders. From Singapore to Seoul, they are staying up all night to trade on increasingly popular after-hours US trading platforms.

Cute graph:

WHY?

1. Inertia... we've always been buying U.S. assets so we'll keep doing that, TINA. No good reason.
2. US tech lead... if you think AI and Big Tech are revolutionizing the world (and make a bunch of dough in the process) you sort of kind of gotta be here.

If the AI mania fades, American assets could be hit hardest. More than half of US economic growth last year can be explained by the billions US firms are investing in AI infrastructure, and the waves of capital flowing into US financial assets.

Oops? Maybe orange man ought to be nicer to foreigners:

America’s spending habits rest more than ever on the sentiment of strangers. Last year, foreign portfolio inflows were large enough to finance the entire US current account deficit — and then some. [...] The scale of US dependence on speculative foreign capital has never been so high.

https://archive.md/ixaEr