THE END OF THE ERA OF U.S. OUTPERFORMANCE?

The 'tourist examines the stretched nature of US stock market sentiment

I know it’s a tired tradition on Wall Street, but the turning of the calendar has encouraged me to reflect on my themes for 2023. In this post, I’ll explore what I view as the most important subject of this year - the market’s ill-timed overweighting of U.S. financial assets - but I thought it would helpful to include the entire list of themes (which wi…