Foreign demand for US assets remains strong: US equities have attracted an annualized +132 billion in foreign net inflows, on track for the 2nd-best year in history. By comparison, the 2024 record was +163 billion, while the 3rd-best year was +80 billion in 2021. Foreign investors have also bought an annualized +40 billion of US bonds, on track for the 4th-highest inflow in history. Foreign holdings of US equities now stand at an all-time high of 20 trillion, up +3 trillion since 2024. Global investors are piling into US markets.(The Kobeissi Letter)