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This is one of the most striking facts I have come across in a long time: US companies now account for 65% of the world’s total market capitalization. Via Stephen Moore’s Unleash Prosperity Hotline:

No wonder all the traders on the floor of the New York Stock Exchange broke out in a “USA, USA, USA” chant when Trump visited last week.

The HOTLINE has frequently reported on the rising global dominance of American stocks. The end of November marked a new milestone: US equities now represent over 65% of global market capitalization. Japan is number two at just 5.5%. China’s companies are about one-twentieth as valuable as U.S. firms.

Here is another measure of how American traded companies are outperforming the rest of the world:

Bloomberg notes how badly foreign markets have lagged:

Over the last decade, in price terms, the MSCI Europe has lagged the S&P 500 by an average compounded rate of 7.7% per year, while the MSCI Emerging Markets has lagged by 9.6%. That’s terrible underperformance.

Can this imbalance possibly continue? Maybe:

Can it continue? The bull case is that the political party that wants America to follow Europe on energy, tax, and regulatory policy lost this year. Badly.

It is amazing how far you can get by avoiding self-inflicted wounds.