The sell America trade is looking pretty good

"President Trump is proud of the “best stock market in history,” as he proclaimed on February 8. But which country is he looking at?

US stocks have done pretty well during the last year, with the S&P 500 index up a tidy 14%. The narrow Dow Jones index closed above 50,000 for the first time on February 6.

But US stocks have been laggards, not leaders, during the past 12 months. Global stocks, excluding US shares, have risen by 28% during the last 12 months. That’s double the return of the S&P 500. Stocks in many other countries have sharply outperformed US shares…."

https://open.substack.com/pub/ricknewmanreport/p/markets-2026-02-sell-america-trade-global-stock-outperformance?r=e0w9w&utm_campaign=post&utm_medium=web&showWelcomeOnShare=true

Most of this 10-year charts shows the \"American exceptionalism\" trade in which US shares beat everybody.

But foreign shares have sharply outperformed US shares during the last year. Is it Trump?