There is no one point of data in this article beside options that point in the direction of opinion at the end. What am i missing? Foreigners don't seem to be selling ust, domestic investor are mostly stable regardless of the situation but in recend month they seem to drive the sell off (this does not confirm narrative that world is dumping US). Also we can't really exctrapolate trend only bcs we know that someone is selling (which we don't know). If i am wrong please correct me.
Great breakdown. I agree capital flows are the "mosaic" that moves markets under the surface, but they're so often treated as an afterthought.
Feels like we’re entering a phase where flow dynamics — not just fundamentals — will increasingly dictate outcomes, especially with so much latent USD exposure globally.
One would have thought that both Miran and Bessent, having worked in the macro hedge fund space should have been more than acutely aware of the pandora‘s box which they were opening, no?
Nice work. Important to note there is $62T of foreign capital onshore in the US, or 213% of GDP. With such a large distortion, even just some prudential risk management can have major consequences.
There is no one point of data in this article beside options that point in the direction of opinion at the end. What am i missing? Foreigners don't seem to be selling ust, domestic investor are mostly stable regardless of the situation but in recend month they seem to drive the sell off (this does not confirm narrative that world is dumping US). Also we can't really exctrapolate trend only bcs we know that someone is selling (which we don't know). If i am wrong please correct me.
Really sharp breakdown. Love how you’re framing this not as a rotation out of the U.S., but a quiet re-pricing of global moats.
Feels like the next cycle will reward resilient, boring excellence over narrative-driven hype.
Great breakdown. I agree capital flows are the "mosaic" that moves markets under the surface, but they're so often treated as an afterthought.
Feels like we’re entering a phase where flow dynamics — not just fundamentals — will increasingly dictate outcomes, especially with so much latent USD exposure globally.
Seems like foreign investors aren’t dumping US assets across the board — but they’re definitely more cautious. A slow shift, not a fire sale.
One would have thought that both Miran and Bessent, having worked in the macro hedge fund space should have been more than acutely aware of the pandora‘s box which they were opening, no?
Nice work. Important to note there is $62T of foreign capital onshore in the US, or 213% of GDP. With such a large distortion, even just some prudential risk management can have major consequences.
Good work.
This is a great article, and is essential reading to help you pull out the truth from the mosaic of data, information and noise out there.