Thoughtful Money with Adam Taggart US Stocks To Underperform For For Years Ahead | Kevin Muir
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Mar 6, 2025 
Kevin Muir, a market veteran and founder of The Macro Tourist, shares his insights on the looming underperformance of U.S. stocks due to shifting capital dynamics. He argues that U.S. assets are overvalued, predicting that capital will flow out of the U.S. in the coming years. The conversation delves into the impact of fiscal deficits, trade policies, and rising nationalism on market sentiment and potential investment opportunities abroad. Muir also highlights the risks of market concentration and the importance of diversifying investments amidst economic uncertainty.
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Fiscal Deficit Impact
- US fiscal deficit spending has boosted financial assets, especially stocks.
- Reducing this spending will likely slow the economy and lower asset prices, despite some benefits from lower rates.
Global Fiscal Shift
- Trump's policies are changing global fiscal dynamics.
- Other countries will increase spending due to perceived threats, while the US reduces it, potentially leading to US market underperformance.
Overowned US
- The US is massively overowned; diversify globally.
- Career risk has pushed investors into US assets, creating a potential reversal opportunity.