Founder’s Note: I’m living vicariously through Sam Gatlin these days.
Overseas adventures are a theme around here recently, and our young analyst is off on an interesting one.
Here’s Sam with on-the-ground observations from one of the most interesting places on Earth…
Which also happens to have the No. 1 stock market in the world this year … – JC
Markets, Food, Sunshine, Wine: Inside This Bull Market
By Sam Gatlin
One of the greatest advantages we have in this business isn’t simply data, models, or charts.
It’s people.
We’ve built a network of traders, analysts, and investors worldwide. JC has been traveling and meeting these folks for decades.
He’s walked onto trading floors in London, shaken hands in Singapore, shared wine with investors in Madrid, sat down at dinner tables in Hong Kong, and charted late into the night in Mumbai.
Wherever you go, there’s someone who knows the local market better than anyone else.
And, if you’re part of this family, they’ll welcome you in.
This year, I finally began to step into that network in a real, personal way.
It’s one thing to talk markets online. It’s something else entirely to sit across a table, swap charts, and get a firsthand feel for what traders in different parts of the world are actually focused on.
And here’s the takeaway:
We are in the middle of a global bull market.
The problem? Most investors are missing it.
A World in Motion
Let’s start with the big picture:
Greece is the world’s No. 1 stock market this year, up nearly 70%. Spain and Poland are right behind, both up more than 55%.
In Asia, South Korea, China, and Vietnam are putting up historic numbers.
Meanwhile, the S&P 500 has gained just 13% – a respectable figure, but it’s lagging significantly behind in a year when global equities are breaking out everywhere.
Think about that: The U.S. has outperformed for decades, yet this year it’s one of the weakest.
The truth is, bull markets don’t stop at national borders. When money starts flowing into risk assets, it spills into places most U.S. investors never think about.
That’s what’s happening now.
Toronto: Where Nobody Cares About Gold
Last week I was in Toronto.
It’s the financial capital of Canada and one of the natural resource capitals of the world. The big mining companies are headquartered there.
The smartest natural resource investors on the planet live and breathe this market every day.
We spent hours together, discussing positioning, debating where we stand in the cycle, and swapping trading strategies.
It was the kind of conversation that makes you sharper just by being in the room.
But here’s what shocked me: nobody cared about Gold.
Nobody.
This, in a year when Gold miners have doubled.
Toronto is a place where Gold stocks are woven into the DNA of the market.
It’s a country where mining companies are among the largest stocks in the index. Right now, it’s booming.
Canada is up 25% in 2025, driven by strength in financials and mining stocks:
Toronto should be buzzing with excitement about Gold – and yet, the sentiment on precious metals remains dead quiet.
That disconnect is the opportunity.
Athens: The Top Market in the World
From Toronto, I flew to Athens.
It’s home to the best-performing stock market in the entire world this year:
Greece is up 67% in 2025, and the Global X MSCI Greece ETF (GREK) hasn’t been this high since 2014.
Price is climbing the right-hand side of a massive base, and it appears to have plenty of room left to run.
Half of the index is financial stocks, and those banks are surging higher.
Seeing a country ETF climb higher like this is rare, but when it happens, I pay close attention.
I’m not just watching it from my desk in Kansas. I’m here on the ground.
Earlier this week, I walked past the old Athens Stock Exchange. They stopped using this building in 2007, but the marble columns are still standing strong.
This was the beating heart of the Greek financial system for decades:
Walking past the old Athens Stock Exchange this week reminded me of cycles.
Not long ago, this country was on the brink of a full-blown financial collapse. Now, it’s back on top of the world.
Of course, I’ve already met traders here in Athens. They’re trading U.S. stocks, but they’re also capitalizing on the relative strength of Greek banks.
Markets, food, sunshine, and wine. I’m living inside the bull market, not just reading about it.
Next Stop: Dubai
Next week, I’ll be in Dubai.
It’s the 2025 CMT Global Investment Summit, a gathering of some of the sharpest analysts and portfolio managers in the world.
Fittingly, the UAE market is breaking out of a massive base:
The iShares MSCI UAE ETF (UAE) is up nearly 20% in 2025, trading at its highest levels since 2015.
After nearly a decade of chopping sideways, it’s resolving higher from a massive base, entering a brand-new primary uptrend.
Another previously overlooked market is emerging in this global bull market.
From Toronto to Athens to Dubai, the story is the same: bull markets are everywhere.
This isn’t about one country in particular. It’s about recognizing that the real bull market is happening in places most investors aren’t even watching.
You can stay home and keep staring at the S&P 500.
Or… you can step into the world as it actually is – broad, expansive, and full of opportunity.
How about you join me in this global bull market…
Stay sharp,
Sam Gatlin
Analyst, TrendLabs