US equities have gained significantly relative to the rest of the world since the GFC. Valuations based on price to book have remained stable since the GFC for the rest of the world while the value of US stocks have exploded higher. This clearly due to tech explosion that does not have high book values, yet it does suggest that the future of US equities may be more suspect especially of tech comes back to earth. A US virus the rest of the world is a tech versus all other industries bet.
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