Foreign investors are piling into US assets: Investors outside the US now hold a record ~$39 trillion in US equities, Treasuries, corporate, agency, and other bonds. Since the 2022 bear market, this figure has surged +$16 trillion, or +70%. Over this period, foreign holdings of US stocks have doubled to a record $24 trillion, accounting for ~62% of the total. At the same time, foreign Treasury holdings have grown +$2 trillion, to $8 trillion, an all-time high, representing ~21% of the total. To put this into perspective, during the 2020 pandemic, investors outside the US held just ~$19 trillion in US assets. Foreign demand for US assets is historically strong.(The Kobeissi Letter)