By now everyone has seen some version of this chart of "US exceptionalism", one which shows that the US equity market now comprises an insane 75% of the MSCI World Index.

This takes place at a time when existing trends and narratives were pushed to new extremes in 2024. Indeed, the idea of US equity market exceptionalism "has taken such deep root that it’s impacting so much else, including the strength of the dollar as foreign savings pour into US Tech stocks."