"US stocks went up 18% last year (nearly double its historical avg) -- and the obituaries for American exceptionalism went out immediately. But a single year of relative underperformance isn't enough to erase decades of dominance, trillion-dollar capital advantages and a 174-percentage-point lead over international equities built over a decade. And never mind that $12 trillion of global ETF assets remain parked in US markets, 5x any other country. Or that 2025 was exceptional almost everywhere, with most country ETFs posting double-digit gains while the S&P 500 still rose "only" 18%. Global markets finally had a moment, but exceptionalism doesn't end in a year when nothing actually broke." 🔥🔥 - @psarofagis pushing back against the US doomers in a new note this morning..(Eric Balchunas)