美股不再独美！从“抛售美国”到横扫全球，华尔街资金疯狂外迁

Core Viewpoint - Investors are shifting their focus from U.S. equities to international markets, betting that the U.S. advantage will narrow, marking a significant change in investment strategy [1][2]. Group 1: Market Trends - The MSCI All-Country World Ex-U.S. Index surged 29% last year, outperforming the S&P 500's 16% increase, indicating a strong performance in international markets [2]. - Global indices, including the European Stoxx 600, South Korea's Composite Index, and MSCI Emerging Markets Index, have outperformed major U.S. benchmarks since 2026 [1]. - Investors are increasingly allocating funds to international markets, with a net inflow of $51.6 billion into international equity ETFs in January, reflecting a significant shift in investment behavior [2]. Group 2: Investor Sentiment - Fund managers express optimism about global markets, citing fiscal stimulus in Japan and increased military spending in Europe as positive developments [1]. - There is a growing belief among investors that diversification into international equities is becoming essential, as evidenced by inquiries from clients about increasing overseas stock allocations [6]. - Despite the shift, many still believe that U.S. equities will continue to lead the global market, albeit with a reduced advantage compared to previous years [5][6]. Group 3: Economic Indicators - The depreciation of the U.S. dollar by approximately 10% since its peak in 2022 has enhanced the relative value of overseas companies, making international stocks more attractive [5]. - Concerns about the expanding national debt and political volatility in the U.S. are prompting investors to consider reducing their exposure to U.S. equities and rebalancing their portfolios [6].