The era of “US Exceptionalism” is facing its sternest test in years as global investors execute a massive strategic pivot. According to a striking new “Flow Show” report from Bank of America’s Michael Hartnett, US stocks have fallen to their lowest share of global equity flows since 2020. So far this year, American equities have captured a mere $26 of every $100 flowing into global stock funds — a staggering collapse from the $92 peak seen in 2022. As the S&P 500 grapples with an extreme valuation premium and a cooling tech narrative, the world’s capital is migrating toward cheaper, growth-oriented markets in Europe, Japan, and Emerging Markets. This shift isn’t just a momentary dip; it’s a fundamental rebalancing of…
