Go Global

The Great Valuation Rotation Of The Roaring 2020s

Feb 17, 2026 4 min read paid

For most of the time since the pandemic, large-cap stocks have outperformed their smaller counterparts in the US stock market. That is, the LargeCap S&P 500 index has outperformed the MidCap S&P 400 and SmallCap S&P 600, collectively the “SMidCaps.” That started to change late last year as investors increasingly concluded that the former's earnings outlook had become riskier and its valuations

Ed Yardeni

Time To Sell America?

Jan 26, 2026 4 min read paid

The financial press was flooded with "American Exceptionalism" narratives throughout 2023 and 2024, and into early 2025. The April 15, 2024 cover story of The Economist was titled, "Riding High: The lessons of American exceptionalism." On May 25, 2024, the cover story of The Economist was "The almighty dollar." It focused on the dollar's enduring global dominance. The "Sell America"

Ed Yardeni

MARKET CALL: So Far, So Good For Our Rebalancing Call

Jan 18, 2026 5 min read

Last year, in the December 7 QT, we wrote: "It no longer makes much sense for us to continue recommending overweighting the Information Technology and Communication Services sectors in an S&P 500 portfolio .... The same can be said about overweighting the United States in the All Country World MSCI portfolio." It was time to rebalance, in our opinion, because the two sectors accounted for a remarkable

Ed Yardeni

Will Emerging Markets Outperform Again In 2026?

Dec 31, 2025 3 min read paid

The Emerging Markets (EM) MSCI stock price index may outperform both the US MSCI stock price index and the Developed Countries ex-US MSCI stock price index in 2026. It outperformed the former in 2025 but underperformed the latter and many of its constituents. The broader EM outperformance we expect in 2026 might last for a few years. That's because advanced economies have, on average, stagnated in both production

Ed Yardeni

MARKET CALL: The Impressive S&P 493 Ready For Broadway In 2026

Dec 13, 2025 4 min read paid

The S&P 500's Magnificent-7 might be less magnificent in 2026 as their fierce competition in the AI race starts to erode the monopolies they have enjoyed in search (Google), software (Microsoft), retailing (Amazon), advertising (Meta), electric vehicles (Tesla), smartphones (Apple), and GPU chips (Nvidia). The beneficiaries of that competition are likely to be the S&P 500's Impressive 493. A week ago, we

Ed Yardeni

MARKET CALL: Rebalancing Domestic & Global Stock Portfolios In 2026

Dec 7, 2025 4 min read paid

It no longer makes much sense for us to continue recommending overweighting the Information Technology and Communication Services sectors in an S&P 500 portfolio, as we have since 2015. The same can be said about overweighting the United States in the All Country World (ACW) MSCI portfolio, as we have been since 2010. Consider the following: (1) Rebalancing S&P 500 portfolio. The problem is that the

Ed Yardeni

Will Next Year Be Another Good Year To Go Global?

Oct 13, 2025 4 min read paid

Go Global has outperformed Stay Home so far this year. Based on FTSE data, the US stock market index (up 11.8% ytd) has underperformed the World index (13.4%) so far this year in local currency (chart). Its underperformance has been worse in US dollar terms since the greenback has been weak this year. Among the outperformers this year, in local currency, have been South Korea (56.0%), Spain

Ed Yardeni
David Yardeni

Investing In The World

Sep 22, 2025 3 min read

It's a big world with lots of investment opportunities. We continue to favor the United States, but it's hard to overweight the US when it already accounts for 64.7% of the market capitalization of the All Country World (ACW) MSCI (chart). That's up from a low of 42.0% in late 2009. We can also observe the outperformance of the US by tracking

Ed Yardeni
David Yardeni

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