The Economist.
If anyone has come to define American exceptionalism, it's Warren Buffett.
He explained his bullish thesis back in 2005.
This is the most remarkable success story in the history of the world
if you think about it.
In 1790, we had less than 4 million people in this country.
There were 290 million people in China, there were 100 million people in Europe,
and they all had the same intellect we had, they were in the same general climate,
they had lots of natural resources.
And 215 years later, those 3.9 million people, I think, actually,
have 30% or so of the world's GDP.
So, it does not make sense to bet against America.
In the decade since that speech, US outperformance has motored on,
and a handful of tech stocks have been powering it.
If you're invested in a fund that follows the S&P 500,
about 40% of your money is effectively tied to the performance of just 10 companies,
most of which are deeply invested in AI development.
But has America's stock market supremacy now come to an end?
Many global investors are thinking about how to diversify their concentration out of the US
and where and how to make really long-term bets in other markets