“The American Exceptionalism” is beginning to loosen, and funds are re-aligning.

A year ago, Donald Trump launched the “Trade Day” tariff policy, essentially using trade wars to reshape global distribution rules. But the market’s initial reaction was very straightforward: panic + sell-off + distrust.
Over the past year, the market has gradually formed two core trading logics:
The first is called “TA­CO” (Trump will always retreat):
Every time policies are announced aggressively → market crashes → funds buy at low points → wait for policy discounts to land and rebound.
This essentially is—using uncertainty to make swings.
The second, more important one: “Moving away from US allocations” is happening.
Japan, Europe, and emerging markets are outperforming US stocks overall, and this is not just short-term volatility but driven by three long-term concerns:
1) Policy reversals (tariffs, geopolitical conflicts)
2) Fiscal deterioration (deficits + uncontrolled interest expenses)
3) Overvaluation (US stocks are priced with long-term premiums too high)
In other words— the logic of “just buy US stocks” over the past decade is beginning to shake.
【Guru’s Viewpoint】
This should not be understood as “America is no longer viable,” but rather as understanding the essence:
*It’s not America’s decline, but the global asset pricing power dispersing.
*It’s not that US stocks can’t be bought, but that you can’t only buy US stocks.
The more likely future pattern is:
✔ USA: Core assets in technology + AI (continue to be strong)
✔ Japan/Europe: Valuation recovery + industrial reshoring
✔ Emerging markets: Demographics + growth dividends
In a nutshell:
From “All in America” to “Global Rebalancing.”
Anyone still holding onto the belief in a single market will be swept away by the times.
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