2025 was defined, from a foreign policy perspective, by America being markedly hostile to its allies. (Greenland, Canada, Ukraine, higher tariffs on allies than enemies, talk of withdrawing from NATO, actively withdrawing from other global institutions).
I’m not here to debate politics or morality. However strictly from a markets perspective, there are a lot of pissed off importer markets that are desperately looking to diversify and de-risk their supply chains. I also strongly believe that the circular financing of AI will not be able to continue indefinitely, and the full cost of tariffs and healthcare subsidies has not been passed on to US consumers … yet.
All this at a time when market cap of US companies is higher than all of Europe and Asia combined. Tl;dr, I am 70% USA and I want to be less than 50.
For me, I’ve been holding BABA, NVO, Sea, Santander, BAE, GSL and a bunch of ASX stocks (I’m Australian).
Looking at ASML, OVH cloud, SAP, Mercado Libre and Siemens.
But I’m looking to hear other people’s perspectives of competitive international firms.