Foreign investors are buying more US stocks than ever: Non-US investors bought a record +$1.55 trillion in US financial assets in 2025, according to the Treasury Department. This marks a +31% increase from +$1.18 trillion in 2024. Net equity purchases totaled +$720 billion, while +$409 billion flowed into Treasury notes and bonds. Europe led with +$873 billion in net inflows, followed by the Cayman Islands at +$277 billion, Canada at +$84 billion, and Japan at +$56 billion. On the other hand, China sold -$209 billion, with its Treasury holdings ending 2025 at $684 billion, the lowest since 2008. US assets recorded net inflows in every month of 2025 except April. Everyone wants US assets.(The Kobeissi Letter)