The end of US exceptionalism? Not quite.

For more than a century, it has been “very unwise” for investors to position themselves against the United States, according to professor Paul Marsh of London Business School. The US is likely to remain dominant in terms of market size in the future, but its outperformance may well be coming to an end, he argues. Today, US equities account for nearly two thirds of global market capitalization, and the world’s largest bond market sits in the same jurisdiction.