Shocking stat of the day: Foreign purchases of US equities are up to a record ~$850 billion over the last 12 months. This figure has more than QUADRUPLED since the start of 2025. This is also ~450% above the average recorded during since 2000. As a % of total equity market cap, foreign purchases are up to ~1.3%, the highest level since the post-Financial Crisis recovery in 2010. By comparison, the 2021 meme stock frenzy peak was ~1.1%. Foreign demand for US equities has never been stronger.(The Kobeissi Letter)