The U.S. stock market makes up less than half of the $127 trillion global equity market.
Which means the majority — more than $60 trillion in value — comes from companies headquartered outside the United States.
Fifty years ago, maybe I’d tell you to just stick with U.S. stocks. They were easier to trade, the selection was plenty, and access to foreign markets was a headache.
But it’s 2025. Everything has changed.
All the important global companies trade right here on U.S. exchanges. You can buy Alibaba (BABA) the same way you buy Microsoft (MSFT).
Same goes for Taiwan Semiconductor (TSM), Toyota (TM), AstraZeneca (AZN), HSBC (HSBC), Shopify (SHOP), Sony (SONY), TD Bank (TD), Ferrari (RACE), Wheaton Precious Metals (WPM) — the list goes on.
These stocks are just as simple to own or trade as anything based in America.
So ignoring them isn’t a “preference.” It’s leaving money on the table. Especially in an environment where Technology isn’t the one carrying the market.
Most countries don’t have big Tech sectors. What they do have is everything else — Industrials, Financials, Energy, Materials.
It’s not just a Bull Market in America. It’s a Bull Market on Earth.
New All-Time Highs for Stocks Ex-U.S.
On Friday, international equities — excluding the United States — closed at their highest level in history.
Here’s the chart of the MSCI All Country World Index ex-U.S. (ACWX) hitting new all-time highs:
By definition, this index contains zero American companies. It’s Europe, Japan, China, Canada, Taiwan, India, Australia — the rest of the world.
And while they keep yelling about “U.S. concentration” and “only a handful of stocks making new highs,” it’s simply not true. The reality is the opposite: More stocks than ever are going up.
Don’t take my word for it — take the U.S. out of the equation entirely.
The data is right there.
The rest of the world is making the highest highs ever recorded — and it’s leaving the U.S. behind.
Even with the S&P 500 up 15% this year, on pace to double its average annual return, the United States is still one of the worst-performing stock markets in the world in 2025.
Add a Little Latin Flavor
We started buying Brazilian stocks this month. A lot of them are setting up for a year-end rip — and maybe even a spillover into 2026.
The MSCI Brazil ETF (EWZ) just closed at new 52-week highs on Friday, and the Latin America 40 Index Fund (ILF) is hitting its highest level since the spring of 2022:
The trend is up. And these aren’t tired, late-cycle trends. They’re fresh breakouts no one is paying attention to.
Everyone’s too busy whining about their quantum stocks or complaining that a few U.S. names have “too big” a market cap.
Let them be distracted. That’s fine.
By the time they finally notice what’s happening down here, we’ll be the ones selling them our shares.
Stay sharp,
JC Parets, CMT
Founder, TrendLabs