Overseas investors are piling into US stocks: Foreign investors now allocate a record 63% of their US financial assets to equities. This percentage has more than DOUBLED since the 2008 Financial Crisis. This also surpasses the 2000 Dot-Com Bubble peak by ~10 percentage points. By comparison, the long-term average allocation is ~40%. As a result, foreign investors now own a record $21.3 trillion in US stocks and equity funds, surging +170% since 2020. Foreign investors are doubling down on US markets.(The Kobeissi Letter)