Foreign ownership of US assets has never been higher: Global holdings of US financial assets jumped +13.6% YoY in Q3 2025, to a record $64.1 trillion. Holdings have DOUBLED since 2018, and have grown at a +9.3% compounded annual growth rate (CAGR) since 2015. At the same time, the US net international investment position fell -11.2% YoY, to a record -$27.6 trillion in Q3 2025. This means foreigners hold $27.6 trillion more in US assets than Americans hold overseas. Meanwhile, in 2025, purchases of US stocks by investors from overseas surged +134% YoY, to $720.1 billion. US assets have never been in higher demand than now.(The Kobeissi Letter)