英国金融时报：再见了，美国例外论

Core Viewpoint - The perception of "American risk" is becoming more prevalent among global investors, indicating a shift in how the U.S. market is viewed in light of geopolitical and regulatory uncertainties [1][4]. Group 1: Market Performance and Investor Sentiment - The U.S. stock market experienced a significant rebound in 2025, with the S&P 500 index rising approximately 16% after a brief downturn due to tariff announcements by President Trump [3]. - Despite the positive performance of U.S. indices, foreign investors are facing challenges, as the returns for European investors in the S&P 500 were only 2.6% due to the depreciation of the dollar [4]. - Concerns about potential sanctions and political influences are causing investors to feel apprehensive about purchasing U.S. assets, leading to a sense of indecision [4]. Group 2: Changes in Investment Strategies - Investors are increasingly questioning the reliability of the dollar as a safe haven, which has traditionally provided stability during market downturns [5]. - Asset management firms are not entirely divesting from U.S. investments but are adjusting their portfolios, with some reducing their U.S. exposure from 65% to 60% in favor of European and emerging markets [5][6]. - There is a growing interest in alternative assets, such as gold, as a hedge against the declining reliability of the dollar during crises [6]. Group 3: Geopolitical Influences - The shift in capital flows is evident, with marginal funds moving from the U.S. to countries like the UK, Australia, and Japan, reflecting investor concerns about U.S. market stability [7]. - The belief that the market fluctuations in April 2025 were temporary is being challenged, as investors recognize the potential for lasting changes in the investment landscape [7].