For the past 16 years, the world has piled into a “long US” trade. American stocks, bought with dollars, have propped up investment portfolios around the globe since the Great Financial Crisis.
From March 2009 to early 2025, the S&P 500 soared by 600%—that’s seven times! Why would anyone own anything else when SPDR S&P 500 ETF Trust (SPY) was sizzling?
But bulls don’t run forever. Last summer, we contrarians discussed a potential inflection point for SPY—the likelihood that the index’s best gains were behind it.
And here we are.
A global trade war has triggered a flight from SPY.… Read more
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