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TIP565: Why Buffett is Doubling Down on Japan w/ Dan Rasmussen
We Study Billionaires - The Investor’s Podcast Network
Are pension funds and big endowments heavily weighted towards US investments?
Pension funds and big endowments heavily invest in private equity, which is mainly focused on the US. This leads to a significant US bias in portfolios, as individuals also own US real estate and businesses. Recent memory of the US performing well diminishes arguments for international investment. This strong conviction is evident in the premium valuation of US stocks compared to international stocks. Listing on the US exchange and passive investment flows contribute to the consensus and push valuations higher. However, higher valuations suggest lower future returns.
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